Malaysia needs to relook the retirement age policy

“Malaysia has passed a crucial milestone in its development trajectory this year and has become an ageing society; defined per the international convention as having 7% or more of the population aged 65 and above, ” World Bank's Firas Raad said. He noted that rapid ageing means that Malaysians would have to work longer.

PETALING JAYA: Malaysia needs to relook at its retirement age policy, considering that the country is becoming an ageing society, said World Bank Group representative to Malaysia and country manager Firas Raad.

In a statement, he said Malaysia’s demographics had shifted to an era of low fertility and low mortality from a situation of high fertility and high mortality previously.