Raising the retirement age

SHOULD the retirement age in Malaysia be raised from 60 to 65?

According to the Department of Statistics Malaysia, the labour force participation rate for individuals aged 55 to 64 was 67.5% in 2020. For individuals aged between 25 and 54, the rate was 81.5%. By encouraging older workers to remain in the workforce, the country’s overall labour force participation rate could be increased, leading to improved economic productivity.