The World Bank has called for the country’s minimum retirement age to be increased to 65, albeit gradually over the longer term. Concurring with the bank, Minister in the Prime Minister’s Department (Economic Affairs) Datuk Seri Mustapa Mohamed believes it is necessary for Malaysians to work longer in the future to ensure adequate financial protection in old age.
KUALA LUMPUR: Faced with inadequate retirement savings and longer life expectancy, Malaysians will eventually have to work longer beyond the current retirement age of 60, according to the World Bank and the minister in charge of economic affairs.
The World Bank has called for the country’s minimum retirement age to be increased to 65, albeit gradually over the longer term.
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