LATELY, there has been some discussion in our country about raising the retirement age from 60 to 65, and this proposal has potential implications for the country’s workforce, economy and society. According to the Department of Statistics Malaysia (DOSM), the labour force participation rate for individuals aged 55-64 was 67.5% in 2020, compared to 81.5% for individuals aged 25-54. By encouraging older workers to remain in the workforce, the country could increase its overall labour force participation rate.
