In my opinion, retirement should be optional for employees. After 55, many employees’ especially top contributors are still able to offer leadership and management skills, technical expertise and guidance. These are invaluable assets that can be used to groom future leaders and successors. Keeping them employed avoid more loss of talent in our country. Still, those who prefer to retire should be allowed to do so.
Our lifespan is now longer than 75 years. This means that a retiree aged 55 has to support himself for another 20 years or more without an income. The average Malaysian is expected to have RM120,000 in his EPF. That will give him RM500 per month or RM16.67 per day, during his retirement.