Discussion Company limited by shares is the most common type of company structure in Malaysia.

Such limited companies may be either public or private. In Malaysia, public sector and private sector retirement age are not same. Currently, retirement age for public sector is 58years while private sector is 55years. This has not changed upward although the government had risen the retirement age. There are some employers who retire their employees at 60years but these are for senior employees only. Certain specific sector retire their employees much younger such airlines stewardess. Quite a lot of private sector employers also retire their female employees at 50years. As we are concerned, in the recent Budget 2012, Prime Minister Dato Seri Najib Tun Razak announced that the retirement age for the civil service would be increased from 58 to 60. Currently at 58, Malaysia has one of the lowest retirement ages in the world which much lower than neighbouring countries. In The Star newspaper (Lo, 2011) mentioned that countries such as Singapore, Philippines, Laos, Thailand and even Brunei have extended the retirement age to between 60 and 67. Graph below show official retirement ages around the world 2002-2007 (Orr, 2011).

Source: Americans work longer

Due to this matter, some people may agree but others may find this a little bit troublesome. For employee that has a good performance, the retirement age should he or she be offered to retire is 60 years. The proposal of retirement age of 60 years should only eligible to those who perform well in terms of job performance, work attendance and colleague relationships. Related to this increment, employees may apply but employers need to make a screen to the request based on the criteria set. Thus, only committed employees produce the best work performance and this increment shows their contribution of civil servant towards nation. For those disagree about this retirement age, they would think this proposal will not run smoothly if this is being offer for those who are not willing or not sincere doing their work. This will only harm the position and cause loss of company itself. Besides, health status also effect on retirement. Generally, individuals in poor health generally retire earlier than those in better health. This group totally feels this does not necessarily imply to them because poor health status leads people to retire earlier. These shows the main reason for their concern was that workers might be less effective when their age increased. Congress of Union of Employees in the Public and Civil Service or CUEPACS is a trade union safeguards for public sector workers in Malaysia. Cuepacs president Dato' Hj. Omar Osman said in Berita Harian (30 September 2011), there are 200,000 vacancies not filled in various government departments and agencies. In contrast, civil servants retire at the age of 58years is in less than 20,000 people a year. So, students and unemployed person dont have to worry since there are many vacancies for them. Yet, some might feel they will suffer because there would be fewer job openings for graduates in the market which then increased rate of unemployment. They even felt that elderly workers should be enjoying their retirement early rather than prolonging their work life whereby they may go for a holiday or just rest at home with their family. Moreover, this issue rise because they afraid it restricts for promotion in the work. Instead of it, private sector dont have to fear since this solely focused on working in the public sector alone. As a result, these kinds of minded people should work hard and be a positive person. They should have an attitude such being creative innovative, manage to communicate well with others and some more. Instead of workers, the other way is that government should give motivation to the civil servants so that they will feel very happy to do their job. If the civil servants are not satisfied, then it will lead to the low performances and productivity. Not only that government need to delegate authority more to the civil servants that can be trusted and have capability to do whatever task given and have a sound and good decision making. Cuepacs president also stated the expertise and experience of civil servants are still very much in demand and by rise the retirement age it would be able to give an option for those with experience to serve the country. Additionally, they also fight to extend the retirement age limit to enable personnel face a variety of services the cost of living including medical, housing and daily necessities. As we know, the cost of living is rising as the world developing. For

instance, a young graduate earning RM2850 per month will struggle to buy and maintain a car, rent a room, pay his handphone bills, purchase a computer and put food on the table. This become more difficult for a family of five with a total income of RM3000 living in KL. Before this, as stated in The Star on 28 September 2011, EPF chief executive officer Tan Sri Azlan Zainol wish for Budget 2012 was for the retirement age to be raised to 60 because a long retirement period was one of the factors that contributed to inadequate retirement savings. When they are not mentally and physically prepared, the EPF savings that gained cant cover their life. In the past, many people did not even past their retirement age but now people live longer said by Shamsuddin Bardan who is Malaysian Employers Federation (MEF) executive director (The Star,2011) Research World Health Organization (WHO) released this year found that life expectancy of Malaysian people is the 11th highest in the world with an average age of 73 years to achieve where it is announces by Minister in the Prime Minister, Tan Sri Dr. Koh Tsu Koon (The Star, 2011). The trend of Malaysian quality of life index and health index, 1980-1998, is shown in graph below. If the retirement age still at 55years, there will be 18years left for retirees to live. Surely, this would be more difficult especially if they do not have other alternative or source of money. The majority of Malaysians are not only ill prepared for retirement but are also unconcerned about financial security in their twilight years, according to an independent survey commissioned by Prudential Assurance Malaysia Bhd. When Malaysians stop working, they want to travel, spend time with the family and be more involved with the community. Financial security is crucial to fulfill these dreams.

Source: Malaysian quality of life 1999.

Among retirees available in Malaysia, there are also those who have retired early or are not working with the private sector that may be caused health problems, inability to work under high pressure and has been in business themselves, especially in rural areas. As a result, many workers are waiting for the retirement age of 55 years to withdraw money for the purpose of EPF contributions may meet the requirements, perform the hajj or start a small business. Therefore, this group is improper to wait until the age of 60 years to withdraw the EPF contributions. Therefore, extended of retirement age is objected by various parties, particularly young people from the private and public sectors, who described the effort as a silly, social problems and crime described the EPF, the body entrusted to protect the savings more than eight million members do not have the money and own agenda. Some might propose the selection of the option to withdraw earlier before retirement age according to the needs and desires have their invaluable contribution during the serving in the sector. This is more comprehensive and provides space for individuals to choose freely and fairly and equitable at all levels of an organization

Kenapa perlu naikkan usia: Tengok link ni: http://www.themalaysianinsider.com/breakingviews/article/the-case-for-malaysia-to-raise-theretirement-age-khaw-veon-szu-lindsey-allwright/ Ini berlaku kerana sistem di dalam perkhidmatan awam tiada daya tarikan bagi sesetengah orang. Negara lain seperti Singapura telah meningkatkan tarikan sektor awam. Mereka tawarkan ganjaran istimewa kepada kakitangan dan pegawai yang berkhidmat melebihi 10 tahun. Ini telah menjadi satu daya tarikan dan boleh mengekalkan pekerja

References 1. Orr, A. (2010). Americans work longer. . Retrieved November 3, 2011 from http://www.epi.org/publication/americans_work_longer/ 2. It is timely to consider just how old a Malaysian should be before retiring. Retrieved November 2, 2011 from http://thestar.com.my/news/story.asp?file=/2011/3/27/sarawak/8357926&sec=sarawak 3. Cuepacs nafi umur bersara 60 tahun tutup peluang pekerja muda. Retrieved November 2, 2011 from http://www.bharian.com.my/bharian/articles/CUEPACSnafiumurbersara60tahuntutuppelu angpekerjamuda/Article 4. MEF: Increasing retirement age from 55 to 60 is ideal. Retrieved November 2, 2011 from http://thestar.com.my/news/story.asp?file=/2011/9/28/nation/9586507&sec=nation 5. Survey: Most Malaysians ill prepared for retirement. Retrieved November 2, 2011 from http://biz.thestar.com.my/news/story.asp?file=/2007/8/8/business/20070808141058&sec =business 6. Lo, A. (2011). Why workers should retire at 60. Retrieved November 3, 2011 from http://thestar.com.my/news/story.asp?file=/2011/10/2/sarawak/9616458&sec=sarawak