KUALA LUMPUR, Nov 4 — Nearly three-quarters of Malaysians are in favour of raising the private sector retirement age, a move expected to boost retirement savings in the face of the rapidly rising cost of living.In a survey conducted by Jobstreet earlier this month, 72 per cent of respondents supported the proposal to raise the minimum retirement age from 55, with most (34 per cent) saying they preferred to retire at age 60.
Another 15 per cent said they wished to retire at 65 while 12 per cent said they wanted to work as long as they could contribute, without any mandatory retirement age.
Eighty-four per cent said it was necessary to raise the retirement age as increased live expectancies placed greater burden on savings, while 73 per cent said the move would ensure retention of skilled talent.
However, those who supported the move were also wary that retained workers might be less effective due to their age (46 per cent) and possible health issues they might encounter (46 per cent).
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