I would like to applaud the authorities for introducing the National Retirement Scheme (SPK) to replace the Employees Trust Fund (TAP) and Supplemental Contributory Pension (SCP) in a bid to improve on the current pension fund.
It is a timely move, especially given that the new scheme takes into account the inflation rate to ensure the well-being of retirees.
However, in my view, the authorities should review the retirement age, which is currently set at 60. While the country is pushing for economic growth and market expansion, it will take time before we see the benefits of our efforts.
In the meantime, the job market remains rather anaemic, so much so that a lot of youth have trouble securing employment straight out of school.
One of the reasons, I believe, lies in the retirement age. A lot of us in our 50s are still in the workforce, making job opportunities few and far between.
Perhaps it would be better to encourage retirement at the age of 55, to free up the job slots for the next generation. In some way, it is like killing two birds with one stone by addressing the employment or underemployment issue and allowing people who have worked their whole lives to enjoy their hard-earned pensions a little earlier.
As Muslims, we believe a person is only destined to live for 60 or 70 years. With the change in retirement age, it would allow us to prepare for the hereafter, such as performing umrah, haj and other religious obligations, while we are still healthy enough to do so.
Ready To Rest
