Topic > Raising the Retirement Age - 1608

Many workers are afraid when it comes time to plan for retirement, and some of them are confident about facing their restful years. These people who fear with retirement age are the people whose lack of knowledge of financial matters, so they will ignore retirement planning for as long as possible. The effect is that they will try to continue working as long as they can. Recently, Malaysia's Ministry of Human Resources increased the retirement age to 60 for government sectors. As Hunt (2009) states, Malaysians' confidence in retirement has somewhat declined rapidly. According to Lai Cheng Tung and Jean Dennis Comeau (2012) people who agree with the new retirement age because they say they need more retirement savings, increasing the retirement age will increase life expectancy and this will ensure the talent retention or skill improvement especially in expert work that requires multiple years of experience to master. To support greater agreeability in raising the retirement age, according to the Life Insurance Association of Malaysia (LIAM), 5% and less than that percentage are fully prepared for retirement (Habib, 2007). All the claims show that Malaysians are still good enough to continue working even though most of them are lately around 60 years old as a period to prepare before retiring. STATEMENT OF THE PROBLEM The conflict started by some pensioners complain and show that they do not agree with the new retirement age since then they are not really interested in continuing their career due to the cost of living in their place. Some retirees work in urban or rural areas but receive the same salary. Even some of them do not agree, but hardly ... middle of the paper ...... organization up to the age of 60 and will show the best of the retirement age plan that affects from career advancement it is the result of the high-performance working system. According to the researcher, different age groups had different results on the retirement age and between 21 and 34 years old it was found that 32% agreed on this retirement age, the 35-54 age groups were found to have the most high is that 64% agree on this new retirement age, while the over 55 age group resulted in a small percentage of agreement, equal to only 4%. (Lai Cheng Tung, Jean Dennis Comeau. 2012). This study found that different types of age groups led to different opinions on the new retirement age, as the middle-aged had the most agreement and this was due to awareness about the benefits of the new retirement age.