Mahathir agreed with Youth and Sports Minister Syed Saddiq Syed Abdul Rahman that raising the retirement age would have adverse consequences on the economy by stunting opportunities for those entering the labour market.
I am not sure whether the ministry had prepared a proposal on the matter, or if it was just from MTUC. The MTUC might have its reasons for the raising of the retirement age, perhaps based on the increasing life expectancy, lack of skilled labour force, ageing of the labour force and to match the retirement age in other countries.
Needless to say, even if we are sympathetic to the idea of raising the retirement age, the financial position of the country could be a major obstacle. This is perhaps the most compelling reason why the MTUC is pushing for the extension of the retirement age in this year’s budget.
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