Retirement

What is the age for retirement in Malaysia?

If you answer is 55 years old, you need to update yourself :)

If your answer is 60 years old, please read on till the very end.

Coming July 1, the official retirement age for employees will be revised to 60 years old:
http://www.themalaysianinsider.com/malaysia/article/minimum-retirement-age-act-will-be-implemented-from-july-1

Whether this is a good news or a bad news, it depends on your perspective.

If you're an employee and a subordinate in a company, it means:

• You can look forward to a longer career path.
• You can expect to pay more taxes over your life.
• You can expect your boss to be staying around for 5 years longer.
• You can expect your promotion to be delayed for 5 years longer because your boss will only be leaving by then.
• You can expect to only get to withdraw your hard-earned EPF savings 5 years later.

If you're an employee and taking a management role in a company, it means:

• You can look forward to retire 5 years later than your initial plan.
• You can expect to enjoy authoritative power for 5 years longer.
• You can expect to feel the competitive threat from your next level subordinate to replace your for 5 years longer.
• You can expect to have the need to reinvent yourself for 5 more years.
• You can expect to only get to withdraw your hard-earned EPF savings 5 years later than your initial plan.

If you're an employer and owner of a company, it means:

• You can look forward to having a bigger pool of manpower to hire into your workforce.
• You can look forward to getting better bargains in hiring employees because supply would greatly exceed demand.
• You can look forward to having lesser headache because there will be lesser turnover in your company as employees grab more tightly to their jobs because competition in the job market gets more intensed.
• You can expect to contribute more to EPF.
• You can expect to face more and more dinosaurs in your company that you try to get rid.

If you're a retail shop or restaurant owner, it means:

• You can look forward to having more sales revenues because people are going to enjoy 5 years of extended buying power.

If you're the owner of a bank, it means:

• You can expect having lesser worries of people failing to pay up their loans and mortgage.

If you're the government, it means:

• You can look forward to more people paying taxes.
• You can look forward to more people contributing to EPF.
• You can look forward to business owners paying more taxes as their revenue increases.
• You can look forward to having lesser headache in taking care of the elderly people's welfare because they can take care of themselves for 5 years longer.
• You can look forward to having a better package to offer to offshore investors in terms of workforce because the salary demands have gone down due to supply exceeding demand.

Who's the real winner?

Is this a good news or a bad news? Depends on your perspective.  :)