Malaysia expected to become a ‘super-aged nation’ by 2056

PETALING JAYA: Malaysia is an ageing nation – in 2020, a World Bank study found that at least 14% of the population was expected to be aged above by 2044, with this age group expected to exceed 20% of the population by 2056, giving it the status of a “super-aged nation”.

And as rising costs see retirement funds dwindling rapidly, recruitment experts say the employment scene has also seen more seniors looking to re-enter the workforce.

Hire.Seniors, a recruitment portal that connects seniors and retirees to companies in need of experienced and skilled resources, said there was a 50% rise in the number of seniors registering as job seekers over the past three years.

Its recruitment director Yap Siew Eng said many seniors attributed their desire to continue working as a way of contributing towards the home front as well as to the industries they work in.

“At the personal level, most want to stay active mentally and socially.

“Others do so to support themselves or even to better manage the increasing cost of healthcare while also enabling them to maintain or enjoy a better lifestyle.

“The rising cost of living and inflation are other contributing factors,” Yap said, adding that there was also a rise in the number of applicants from the B40 group on the Hire.Seniors platform.

She said many were not particular about which industries they entered, with their main concern being jobs they could confidently take on.“There are also those who prefer to return to an industry they are familiar with.

“Generally, they are happy to be given the opportunity to contribute through their experience and skills,” she added.

JobStreet Malaysia managing director Vic Sithasanan said the employment market for senior talent was sizeable as skills, experience and expertise were virtues sought after by most organisations.

“Organisations understand that strong leadership with good governance propels their teams forward and leaders with an established track record in managing volatility, uncertainty, conflict and ambiguity (Vuca) are in great demand.“Senior workers are also especially well placed to take on leadership roles, given their years of experience in navigating challenges,” he said.

Vic added that senior job seekers never truly retire and often return to work for various reasons.

“Senior workers are driven towards employment so they can keep earning a steady income, allowing them to sustain expenses and a lifestyle developed in their prime working years while being financially independent from their kin.“Remaining in employment also aids senior workers to put their otherwise plentiful spare time to better use by keeping their minds honed on industry developments and not settle into an otherwise unexciting routine,” he said.