The combination of increased life expectancy and new retirement age policy in Malaysia has important implications for human resource management. The Ministry of Human Resource of Malaysia proposed a bill to increase the retirement age in the private sector to 60 years which has resulted in a swirling debate. This has raised many arguments implying demographic, economic, social and political points of view; both in favour of, and against the proposed policy. Malaysia has been slower in taking steps to increase the retirement age as compared to neighbouring ASEAN countries. It is imperative to study the implications of the proposed new policy from the aspect of human resources. The collected qualitative data was analysed for the emerging key themes using a coding method. The data was analysed by reading through the scripts, sorting the opinions into specific response categories and grouping common themes and repeated words and phrases. Findings suggested that most of the respondents (86%) agreed to raise retirement age policy, some remains skeptical (14%). Among the positive points stated by the respondents are the contribution to the nation growth, ensure financial security, reduce reliance on foreign labours, mental and physical fulfillment for older workers. The majors perceived drawbacks among respondents are on the issues of potentially reduce job opportunity, career advancement for younger workers, low productivity and higher cost compare to younger employees.
Retirement age policy analysis: a case study from HR perspective
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Retirement Age Policy Analysis
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