MALAYSIA’S retirement age is set at 60, although it is yet to be certain if it will remain so or will increase following the general state of retirement savings and healthy ageing among Malaysians, whose life expectancy now stands at 75.
This is still below the average retirement age in OECD (Organisation for Economic Cooperation and Development) countries, which was recorded at 63.6 years for women and 64.4 years for men in 2022. Many countries have increased their retirement age to keep up with the growing aged population, albeit in strategic and gradual phases.
China
China is raising its retirement age by up to five years to address its rapidly ageing population and strained pension system. By 2025, men will retire at 63 (up from 60), female office workers at 58 (up from 55), and female blue-collar workers at 55 (up from 50). These changes will be phased in over 15 years
Singapore
The current minimum retirement age is 63 but those who want to keep working can be re-employed until the age of 68. To support an ageing workforce, the retirement age will rise to 65, and re-employment to 70 by 2030, allowing time for everyone to adjust
Thailand
The retirement age was 60 for most workers. It has recently been extended to 63 for government and state enterprise employees. As part of efforts to ensure stable incomes for retirees as the population ages, the government is also introducing a mandatory pension programme for those not covered by existing plans, with contributions from both employers and employees, ranging from 3% to 10% of salaries.
Indonesia
The country has been gradually raising its retirement age by one year every three years since 2014. Currently, it’s set at 57 and it will continue rising until it reaches 65 by 2043. This phased increase is part of broader pension reforms aimed at keeping the system sustainable and supporting a growing number of retirees.
Philippines
While government employees must retire at 65, they have the option to retire at 60. A new proposal aims to lower the optional retirement age to 56, allowing workers to enjoy benefits earlier. The goal is to give civil servants more time with family and personal pursuits while ensuring the sustainability of the Government Service Insurance System.
France
France has gradually raised its mandatory retirement age from 60 to 62 for both men and women since 2010 until the new retirement age was fully implemented in 2018. Last year, France further extended the retirement age to 64 for people who were born after 1968.
United States
The statutory retirement age in the US is 67 for all workers born in 1960 or later. Although they can only receive their full Social Security benefits when they reach 67 years old, the US Census Bureau shows that many retire earlier – men at 65 on average and women at 63.
Japan
Japan’s retirement age has been 65 for all since 2013. In April 2021, Japan passed a law to raise the retirement age to 70. However, it is not mandatory.
Italy
The full retirement age in Italy is 67 for both men and women. To get pension payments, individuals who enrolled after 1995 must have made at least 20 years of effective contributions.
– Sources: Various
