At long last...the parents of those jobless graduates understand why their graduated children could not get reasonably employed as per their qualification and discipline of studies. It is mainly because the old folks just refused to retire at 55!! This definitely deprived the younger generation of Malaysians to takeover the management of the country.......

The private sector can employ a worker until he is 70 under a proposed law that mandates a minimum retirement age of 60, the Malaysian Employers Federation (MEF) said today.

By G. Manimaran, The Malaysian Insider

KUALA LUMPUR, Sept 27 — The private sector can employ a worker until he is 70 under a proposed law that mandates a minimum retirement age of 60, the Malaysian Employers Federation (MEF) said today.

Its executive director Shamsuddin Bardan said the new law will raise the current retirement age from 55 but would still allow qualified employees to continue working according to their contracts.

“The new law only sets a mandatory limit of 60 but if there are those who can work until 65 or 70, they can based on the availability and needs of employees and employers respectively,” he told The Malaysian Insider today.

He said the proposed Private Sector Retirement Age Act would bring Malaysia up to speed with other markets in the region which have already set the retirement age at 60.

“The private sector has used this age (55) since independence. Then, the life expectancy was only about 50 years but now it has reached 73 to 74.

We need to use experienced human resource,” he said.

The Malaysian Insider understands that only a few workers currently continue until 65 or 70.

The Employees Provident Fund (EPF) has also welcomed the government’s move to extend the private sector retirement age.

Its chief executive Tan Sri Azlan Zainol wants the law to be tabled at next month’s parliamentary sitting.

The Malaysian Insider reported yesterday that the government was drafting a law to raise the minimum retirement age to 60 with an option to extend for a further four years.

Comments (9)...

written by Free 2 Live, September 27, 2011 19:49:45

Employee is welcome to work longer if they choose to. However, If the EPF withdrawal age is forced to move from 55 to something higher, then I believe somebody is using our money and EPF is bankrupt! ..

written by Continue-corrupting Heads of Departments, September 27, 2011 18:00:06

This is good news to those hold positions of power in departments, institutions, agencies and GLCs. A few more years of opportunity to corrupt, steal, plunder the allocations of funds through dubious dealings in tenders contracts and kick-backs that are happening so openly in all these government places.



No wonder they still ask for extension of service after retirement age is up so as to continue corrupting, just like their BN leaders never want to step down, with the motive solely to suck out and pocket from the government allocation funds. Though they, as government servants, may not get a million but hundred of thousands can be taken from kickback for each contact awarded to their own cronies. But they easily became millionaires even before they retire finally.

See, it's good news for these corrupted heads of departments! written by Simple Employee, September 27, 2011 16:39:36

EPF withdrawals MUST remain at 55. Any attempt to amend this ruling is a NO NO DEAL!!! ..

written by F A Long, September 27, 2011 15:47:11

Shotcut to early retirement - MKT ??? ..

written by arazak, September 27, 2011 14:22:18

Yeah right. . ., we will also believe you if you said that Big Fat Mama is still a virgin when she married you! ..

written by Short man, September 27, 2011 14:16:10

As an employee , as long as I am healthy and willing to work , I am certain I could be employed on a contract basis , even if I am well above 55-yr old.

As an employer , as long as my employee is healthy and willing to work , I will definitely want him/her to continue to work for me .

As long as I could withdraw all my EPF money when I am 55-yr old and continue to contribute my EPF if I am being employed .This is an arm length mutual benefit to the employee and employer.

So what is the fuss ! After all the private sector is not a welfare department , whereby they could dish out money like the GOM at the expense of the tax payers

There are far too many laws in this country already ! ...

written by Littlebird, September 27, 2011 13:38:57

Like it or not - I have to work till my last breath. ...

written by Up Yours!, September 27, 2011 13:14:02

Sounds more like EPF not having enough money for withdrawals on 55? ...

written by Revolution, September 27, 2011 13:08:16

The private sector has used this age (55) since independence. Then, the life expectancy was only about 50 years but now it has reached 73 to 74.

Give retirement at 55 while people dies at 50 ...Like that they were sure you die before you get retire ... So now , should be 80 ?