Home > News > Nation
Wednesday April 11, 2012 MYT 12:00:00 AM
Sunday May 26, 2013 MYT 12:43:39 AM
A PROPOSAL to increase the retirement age in the private sector to 60 will be tabled at the next Parliament sitting in June.
The draft proposal for the Private Sector Retirement Bill contains feedback from various stakeholders, said Deputy Human Resources Minister Datuk Maznah Mazlan.
She said meetings and consultations had been held with government agencies, employers and workers’ groups.
“The draft of the proposed laws to bring the retirement age for the private sector in line with civil servants is with the Attorney-General’s Chambers and expected to be tabled at the next sitting,” she told Parliament yesterday.
Under the proposed law, the retirement age for private sector employees will be raised from 55 to 60 to match the retirement age of government employees.
The Malaysian Employers Federation (MEF) had initially opposed the move while the MTUC welcomed it, saying it would benefit more than six million private sector employees nationwide.
On a separate issue, Maznah also clarified a question raised by Sim Tong Him (DAP-Kota Melaka) on whether the proposed pension scheme might see an employee’s contribution to the Employees Provident Fund slashed from 13% to 5% following the increase in the retirement age.
She said the EPF contribution rate would be determined by a proposed law for a pension scheme, which is currently under study.
“The ministry has come up with the terms of reference and is now holding talks with the relevant parties,” she said.
Maznah added that the study would also include comprehensive studies covering expert views from the International Labour Organisation and the World Bank.
Tags / Keywords:
Proposed Private Sector Retirement Age Bill unlikely to be passed this year
Subramaniam: Drafting of private sector retirement age bill in final stage
Debate on private sector retirement age in June
Private sector retirement age proposal to be tabled in June
Extend retirement age to 60 immediately, private sector urged
Loga Bala: Renaming of roads at request of Conference of Rulers
Mine blast victim succumbs to brain injury
Document to combat threat of militants presented to MPs
Hishammuddin: No restriction on delegates to speak their mind
Gambian faces 10 years in jail 39-year-old charged with cheating
Belgium: No restrictions on palm oil
Google offering new Chromebook buyers 1TB of free cloud storage
Ibrahimovic inspires PSG to 3-1 win against Ajax
Territorial Army Regiment willing to help in ops at Cameron Highlands
Copyright © 1995-2014 Star Publications (M) Bhd (Co No 10894-D)