Besides having to support his two children who are still studying, he said he chose to work because it kept him active and healthy.
“We should be given a chance to work as long as we are mentally and physically fit and able to contribute to the organisation,” he said in welcoming the proposal to increase the retirement age for employees in the private sector.
He added that it would also help reduce their financial burden, especially since they did not have a monthly pension to rely on like civil servants.
Still hard at work: Affandi works at a petrol station to support his two children who are still studying.
It was reported yesterday that the retirement age for employees in the private sector looked set to be extended as both the Government and the Malaysian Employers Federation were in favour of it.
The Government agreed with unions that the retirement age, now set at 55, had to be increased as people lived longer and needed money to support themselves for the next 20 or 30 years. However, the exact age for retirement has yet to be decided.
According to last year's Employees' Provident Fund (EPF) report, active members at the age of 54 had an average of about RM146,000 in savings.
A 2003 survey commissioned by the EPF found that 70% of retirees used up all their EPF money within 10 years after they stopped working.
Vasantha Thannimalai, 56, who is providing home tuition after retiring as a kindergarten teacher last year, welcomed the move.
“Many working parents who retire at 55 still have financial commitments, such as providing for their children's education,” she said.
Retired nurse Faridah Bakri, 60, decided to get back into the workforce four months after her retirement.
“My children are now all grown up and there is not much for me to do at home,” she said, adding that she also needed to support her son's education at the time.
“I decided it would be better to work instead of using up my savings.”
Faridah served as a nurse for 31 years before retiring at 55.
- Source from The Star, 29 September 2011 by P. Aruna.
