Brian Groom MARCH 26, 2019  

Why, asked Philip Larkin in his poem “Toads” (1954), “should I let the toad work/ Squat on my life? Can’t I use my wit as a pitchfork/ And drive the brute off?”

The post-second world war generation took up their pitchforks with gusto and escaped work as early as they could. Many retired in their fifties, aided by redundancy packages from employers who feared that older workers could not keep up the pace.

Now we see a reversal. Average retirement ages are rising throughout the developed world as individuals with inadequate pension savings face longer lifespans, employers confront a shortage of younger workers and governments struggle to fund services for ageing populations.

Newly released data shows the UK’s labour market created 473,000 jobs in the year to January despite Brexit uncertainty, the fastest annual growth for two-and-a-half years. Those aged 50-plus accounted for more than two-thirds, as the number of retired people reached a 25-year low.

Around the world, the average effective age of retirement has been rising for a couple of decades. The UK rate reached 65 for men (up from 61.7 in 1998) and 63.9 for women in 2017, above France and Germany but below the US and Japan, according to the OECD, the club of developed nations. In the US, older workers are sometimes referred to as “perennials”, as influential in their way as millennials.

People currently in their 20s are likely to be working into their late 70s and even 80s, say Lynda Gratton and Andrew Scott, authors of The 100-Year Life. In South Korea, the average effective retirement age for women is already above 73.

Governments are raising the age at which people can receive a state-funded pension. In the UK, the trend has been fuelled by the decline in defined-benefit company pension schemes and by equalisation of the state pension age resulting in fewer women retiring between 60 and 65.

Many welcome the change as a way to keep active and use their skills, though they may also be making the best of necessity. Older people have fuelled UK growth in self-employment. Even the number of chief executives of FTSE 100 companies over 60 has doubled in the past 20 years.

One might think the interests of people, employers and governments were aligned. Yet there are doubts about whether change is happening fast enough.

Insurer Aviva warns that UK businesses could face a shortage of up to 3m workers in the coming decade. Japan’s workforce is forecast to shrink by 22 per cent by 2040 without urgent action to increase the number of working women and older workers.

In Britain, almost 1m people aged 50–64 who are not in employment say they would like to work. Older workers face discrimination in recruitment and progression: across the OECD, only Turkey and Slovenia have lower levels of on-the-job training for older workers. They face higher levels of long-term unemployment, low pay and gender pay differentials.

The charity Centre for Ageing Better urges employers to adopt “age-friendly” practices such as ending age bias in recruitment, improving provision of flexible working, continuing training and progression for workers of all ages, and supporting carers and those with health conditions.

The British government has abolished mandatory retirement ages and widened the statutory right to request flexible working. There is more that can be done, particularly on enforcement, but real progress will happen only when more employers see it as in their interest.

There are examples of good practice across the world. CVS, the US pharmacy chain, allows staff to transfer temporarily to stores in warmer states during winter months, mirroring older customers’ behaviour. Carmakers such as BMW and Porsche are redesigning factories ergonomically to suit older workers.

In the UK, Aviva is pioneering the “midlife MoT”, a review of career, wellbeing and finances for over-45s. Centrica, owner of British Gas, is among companies offering paid leave and flexible working to carers so it can retain their skills.

Many employers have negative stereotypes, however, believing wrongly that older workers are less productive. They miss their skills and experience only when it is too late. According to the Milken Institute’s Center for the Future of Aging and the Stanford Center on Longevity, older employees take fewer sick days, are more adept at resolving conflicts, have a strong work ethic and are loyal.

Economics aside, people need not just longer working lives but better-quality, satisfying work. That is not easy when many are on insecure contracts or in what anthropologist David Graeber calls “bullshit jobs”. It is vital, though, if people are not to suffer Larkin’s desultory resignation in “Toads Revisited” (1962): “Give me your arm, old toad;/ Help me down Cemetery Road.”

The writer, formerly the FT’s business and employment editor, insists he is only semi-retired

Source: https://www.ft.com/content/34ec4970-4b3a-11e9-bde6-79eaea5acb64

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Source: Channel News Asia – CNA Insider By Desmond Ng

FUJISAWA, Japan: There’s something about the slight, white-haired woman that captivates her audience – be they Japanese Girl Scouts, the students in her computer classes, or TEDx talk attendees who give her a standing ovation.

At home, when she works on her code for the smartphone application she developed for the elderly, software programmer Masako Wakamiya focuses intently as she hunches over her laptop.

This 82-year-old retiree is one of the world’s oldest app developers. She is living proof that age is no barrier to computer literacy, coding and – in her words – just “going for it” when she finds something she wants to try.

It was this attitude that inspired her to create her app, after she noticed the dearth of fun apps aimed at active agers, as a Channel NewsAsia series on spunky seniors, Super Octogenarians, finds out. (Watch the episode here.)

And more than 20 years after she learned how to use the computer, this sprightly techie maintains the same philosophy of ageing and lifelong learning.

“There are many people who chase after anti-ageing remedies, but it’s not possible to overtake a setting sun,” she said.

“I feel that it’s better if you refine who you are on the inside than on the outside.”

Mdm Wakamiya is such an inspiration that she was invited to speak at the United Nations earlier in February about the merits of digital technology for the elderly.

She also participated in Apple’s Worldwide Developers Conference last year, where she got a special mention from Apple chief executive officer Tim Cook for being the oldest developer at the event.

FROM THE ABACUS, TO EXCEL

Her Hinadan app is a game in which users must decorate and arrange a series of dolls for Hinamatsuri, a traditional Doll’s Day festival celebrated in Japan.

The iPhone app stimulates the use of memory by requiring players to place the Hina dolls correctly.

It signifies how far Mdm Wakamiya – who blogs regularly in Japanese and English (with help from Google Translate), besides giving talks – has come from the time she started working in 1954, when she used an abacus for maths.

She was 18 years old and fresh out of high school when she joined a bank, and worked there as a clerk until the age of 60.

Computer illiterate when she left her job, she bought a computer anyway to make friends and interact online. It took her three months to learn how to use it.

“I was happy to (retire), as it meant I’d have more time to myself,” she said.

“I joined an online club for seniors called Mellow Club. That’s when my world started to expand. By then, we were already moving into the Internet era, and my interest started to grow too. It made me happy.”

One of the things she learnt was the spreadsheet application Excel. As she mastered it, she transitioned from student to teacher, guiding other seniors in the use of computers and the software.

Her efforts hit a roadblock, however, as the elderly “weren’t very fond” of Excel. To make it more user-friendly, she started using the programme to create art instead, and now teaches them that.

“Unlike creating financial reports … Excel art is a form of art, so there’s that sense of excitement,” she said. “When someone’s able to create what they envisioned, they tell me, ‘Sensei (teacher), I was able to do it!’

“The expression that they have at that moment is always so full of happiness.”

TAKING MATTERS INTO HER OWN HANDS

She later asked software developers to create more games for the elderly – but met with a repeated lack of response.

“There was a lack of apps that seniors could enjoy using, especially game apps,” she said.

“(When I) asked younger people to make them, they weren’t always willing. Then they told me, ‘Why not try and make one yourself?’

Not one to back off from a challenge, she bought programming books and consulted with a programmer who lived in a town 300km away, via Facebook Messenger and Skype.

Since Hinadan’s launch last year, it has been viewed about one million times worldwide, with 53,000 downloads. “I didn’t expect such a huge response to my childish app,” she said of the media coverage.

“I (also) met up with people from Apple Japan, and maybe a month later, they invited me to America with them (at Mr Cook’s invitation) … He graciously told me that he was inspired by me.”

When she returned from Silicon Valley, more reporters visited her home and interviewed her. A publisher even asked her if she would write a book, and she became the author of “Your life gets more interesting when you hit 60”.

Mdm Wakamiya said: “Because of the Internet, the world has become smaller. And to have the entire world know that I created something was unthinkable (in the past).”

NEVER TOO OLD

Photographer Hitoshi Iwakiri was excited to meet the octogenarian after reading up and hearing about her.

“I thought she was an amazing senior. I was inspired by her spirit of trying out new things at that age,” he said. “She’s someone who invents and pioneers new things.”

Working with the theme of “never too old”, for the Super Octogenarian programme, he captured her adventurous spirit through her expressions and movements.

The thought of removing her wrinkles or making her “prettier” never crossed his mind.

“The wrinkles of the elderly look like dark mountain ranges, depending on the light,” he described. “But they’re actually age lines, and they reflect their lives so far.”

To him, Mdm Wakamiya does not express her life through her appearance but through “what she wants to do … and her talents”.

Her happiness comes from knowing that others find her app useful and a joy to use – which is why an English version is being developed.

“Seniors who’ve never touched a smartphone in their lives began using and appreciating (one) because of the app. This made me very happy,” she said.

“To those who feel that growing older isn’t a good thing, I want to tell them all the great things about growing older.”

Source: https://www.channelnewsasia.com/news/cnainsider/masako-wakamiya-japan-82-app-developer-oldest-apple-9976022

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Two recent studies characterize the value and strengths of older workers in the American economy — and decry their underuse in the American workplace.

In April, the Employee Benefit Research Institute (EBRI) released its 2015 Retirement Confidence Survey and found, among other things, that the percentage of people expecting to work past age 65 continues climbing, to an all-time peak.

With the cost of unplanned turnovers running between $7,400 and $31,400 per employee, depending on the industry, greater stability translates into bottom-line security for companies with a higher census of mature workers.

Second, data from Aon Hewitt and Gallup indicate that workers who are 55+ are more engaged and motivated than younger workers. According to Aon Hewitt, 65 percent of 55+ workers are engaged, compared to 60 percent of workers overall. (The study defines engagement as consistently speaking positively about the employer, having an intense desire to be part of the organization and exerting an extra effort to contribute to business success.)

The study connects the dots between these qualities and a direct effect on business success: A 5 percent difference in engagement translates into a 3 percent increase in revenue, it noted.

Higher levels of engagement among older workers correlate to the extra-monetary values they derive from their jobs, including pride in their work, seeing a job as an important part of personal identity, continued personal growth and a feeling that there is still a lot to accomplish in their work.

The Dilemma Businesses Face

Interestingly, but perhaps not surprisingly, these are precisely the same extra-monetary values that Encore.org has identified as most present in those people seeking encore careers — those who plan to contribute to the greater good in their communities when they leave their current jobs.

All this raises an interesting dilemma for businesses that invest in mature workers: How should companies retain this talent and keep their levels of engagement high when many of these workers appear to be drawn to a next career that would offer them the opportunity to give back?

I’d point to the experience of Intel, which a few years ago gave all of its U.S.-based retirement-eligible employees the opportunity for a fully paid Encore Fellowship upon retirement. (The fellowship lets them explore opportunities in the nonprofit sector for the next stage of their careers.) Intel has found that the Encore benefit has kept those nearing retirement more engaged.

By showing that it understands and values mature talent, Intel has positioned itself as an employer of choice — improving its attractiveness to younger employees, allowing the company to retain older talent and managing retirements in line with the firm’s strategic needs.

But pioneering can be lonely work. Intel and a few other corporate innovators are riding the cutting edge of the encore movement, integrating the needs and assets of older workers even as they move into new forms of employment. Other firms seem far less aware of the opportunities mature workers represent or of the rising tide of experienced workers who seek to continue working into their 60s and beyond.

There’s a lot of valuable data collected in AARP’s new report, enough to make a pretty unshakable case for harnessing the talent of mature workers in the marketplace — and plenty of food for thought for employers.

By Jim Emerman

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For many people, being semi-retired is preferable to being fully retired. Reasons vary from the oft-cited need for supplemental income to just wanting to remain busy. Whatever the explanation, a significant number of retirees plan to work part time after they retire.

In fact, 60% of people over age 60 said they planned to look for a job after retirement, according to Harris Interactive. And a survey by Merrill Lynch and Age Wave found that three out of four workers over the age of 50 said their ideal retirement would include working.

Why People Choose a Semi-retired Life

One of the most often named reasons for people working at least part time after retirement is financial need. The elimination of most defined-benefit pensions is one reason for that. Workers with social security as their only retirement income often feel they have no choice but to get a part-time job.

That said, according to the Merrill Lynch survey, 80% of retired respondents said they worked part time because they wanted to. Only 20% said they had to work.

For some the desire to get a part-time job is about not wanting to vegetate. Longer life expectancies have brought about what some call a reimagining of later life that concentrates more on being active than relaxing and taking it easy.

Others use retirement as an opportunity to start their own business. For many, the idea of a new career based on an interest, passion or hobby is often a strong motivator.

“After a lifetime of hard work and the stress of the daily grind, retirement can be a daunting concept even for those fortunate folks with substantial savings and wealth,” says Timothy R. Golas partner, Spurstone Executive Wealth Solutions, Avon, Conn. “How they will invest their time and continue to have meaning in their lives is a real and emotional challenge after they have often defined their value through their career and their work.”

Merrill Lynch noted that 83% of respondents in its survey said working was an antidote to aging. Almost two-thirds (66%) said they believe not working would lead to health problems and mental decline.

“Working into retirement or opting for semi-retirement can be great for longevity and quality of life not only because it helps a person maintain their mental faculties, but it also generally increases social interaction, which can be a large factor in quality-of-life assessments, especially for single seniors,” says Matthew J. Ure, vice president, Anthony Capital, LLC -Southwest Region, San Antonio, Texas.

“The culture is changing. More people want to stay active and continue contributing to society. A semi-retirement could be the best of both worlds,” says Patrick Traverse, investment advisor representative, MoneyCoach, Mt. Pleasant, S.C.

Types of Work Available to the Semi-retired

With few exceptions, almost any type of work for which a retiree is qualified can be turned into a part-time position. You can:

Switch from full time to part time – Shifting to part-time status with a previous employer is one of the easiest transitions to make. For someone who expects to have a hard time winding down from the old job, part-time status could be a perfect fit.

Become a consultant – Some retirees who can’t or don’t want to work for their old employer, become a consultant in their old line of work. The biggest obstacle to this can be the existence of a non-compete agreement with the previous employer that could prevent soliciting former clients for a pre-determined number of months.

Work from home – One of the most desirable arrangements is a position that allows a retiree to work from the comfort of home. Fortunately, thanks to the Internet and smartphones, jobs including writing a blog, website development, bookkeeping, tax preparation and many more can easily fit into the “work from home” basket.

Start a small business – For retirees who want to jump in with both feet, turning a hobby, passion or lifelong (or new) interest into a startup business can be immensely satisfying. This type of venture, however, can easily turn into putting in far more hours than you did while working full time. Additionally, “you will want to consider how much of your retirement funds you are using to start this business. Don’t invest a large portion of them in a risky venture or you could put your retirement in jeopardy,'” warns Kirk Chisholm, wealth manager at Innovative Advisory Group in Lexington, Mass.

Get a job – Others want to simplify their lives by letting someone else call the shots. Examples include working in a retail store, for a nonprofit organization or church, and in the service industry – such as home healthcare or being a driver (limo, senior shuttle or even school bus, to name a few).

Factors to Consider

Beyond the specifics listed above there are other factors to weigh if you plan to work while retired.

“Depending on how many hours you work per year, you could still receive access to your employer’s retirement plan and health insurance. There is also the potential to increase your Social Security benefits, depending on your earnings history,” says Mark Hebner, founder and president of Index Fund Advisors, Inc, Irvine, Calif., and author of “Index Funds: The 12-Step Recover Program for Active Investors.”

The Bottom Line

More people are choosing to continue working part-time after retirement – some because they have to, most because they want to. The reasons aren’t as important as the need to pay attention to the consequences of the inevitable collision between retirement income and employment income.

Anyone approaching retirement or recently retired needs to consider the financial consequences of working while retired. Consulting with a trusted financial adviser is always a smart thing to do.

Read more: The Rise of the Semi-retired Life | Investopedia http://www.investopedia.com/articles/retirement/102516/rise-semiretired-life.asp#ixzz4wTZc7BBD

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WITH her blood pressure at an all-time high, and migraine attacks becoming a daily occurrence, Shereen decided it was time to retire from her job as a school teacher.

So at the age of 50, she took optional retirement on the advice of her doctor.

“I decided to retire because my blood pressure had shot up, and my doctor warned me that if this continued, there was a risk of getting a stroke,” she says of her decision some seven years ago.

“I discovered that I was slowly losing my skills, and that my memory wasn’t what it used to be. Also, my son was studying overseas, so I needed some income,” she explains.

Finding a job proved harder than she had expected.

“There were job offers, but they were for full-time roles. Hours were from 9am to 6pm, five-and-a-half days a week, and the salary they offered was between RM2,500 and RM3,500.

“I wasn’t keen because of two issues I didn’t want the pressure of a full-time job, and for my hours and experience (30 years of teaching experience), I didn’t think the pay was worth the effort I have to put in,” she says.

Many applications and interviews later, Shereen finally found a job as a part-time lecturer in a college near her home.

Her schedule differs every semester, but she works an average of three hours a day, three to five days a week (depending on the semester), and she’s very happy with this arrangement.

“Things are really good right now. I have ample time to prepare for my lessons, and still have enough time for my family and for household chores.

“I’m happy I can still keep active, and I, too, am learning in various ways from my students,” she says, adding that she’s been with the college for almost six years now.

“So far, my bosses like my performance and work ethics, and I’m very, very glad they appreciate senior citizens like me who can still contribute to society.

“I plan to continue working even in my 60s, as long as I am still able to contribute professionally. I have no plans to stop for now, but I may take fewer classes as I grow older,” she says.

Another retiree, Steven says he, too, found it hard to get back into the workforce since retiring from property development at the age of 56 some six years ago.

“I initially thought of taking a break for about a year, and then continue working, but once you retire, it’s so hard to get back into the workforce.

“I’ve tried applying for work many times, but as soon as they find out my age, most employers don’t get in touch with me again,” he says.

Steven, 62, says he’s spent most of his time at home helping with chores and running errands for the family, but retirement wasn’t quite what he had imagined either.

“It affected my health. I became forgetful and even suffered depression,” he says, adding that he has since received treatment for his condition.

Fortunately for him, he recently found a job as a site supervisor via his contacts, and says he’s happy to be back at work.

“The job is tiring, but it keeps me physically active and mentally alert,” he says.

Shereen and Steven are two examples of retirees who have found it relatively difficult going back into the workforce post retirement, and many quarters feel the time has come where this should not be the case.

National Council of Senior Citizens Organisation Malaysia (Nacscom) president Datuk Dr Soon Ting Kueh says the corporate sector should be more flexible in hiring senior citizens as they have a wealth of knowledge and experience that they can still share within their industries, even though they have passed their retirement age.

“If I am 59 (years old) today and I have expertise in a particular field, it doesn’t mean I lose my expertise tomorrow when I turn 60. We are still good at what we do, and we are still able to contribute.

“Not all retirees may want to go back to work after they retire, it’s an individual choice. But that opportunity should be made available for those who want to go back to work,” he says.

Relating to recent news reports about the rise in number of senior citizens who end up in welfare homes after being abandoned by their families in hospitals, Dr Soon adds that a two-prong approach should be used to reduce such cases of abandonment.

“On the one hand, we need to educate and instil a sense of filial piety in our children. Your parents brought you up and when the time comes, you should also carry out your responsibility towards them.

“But we’re also trying to push the idea of self-reliance and self-sufficiency. You (the elderly) should be prepared for a retirement where you are comfortable with what you have, without having to depend on hand-outs from relatives or social organisations,” he says.

He urges senior citizens to have a contingency plan “in case you cannot depend on anyone else, even if it means living a more frugal lifestyle”.

“I think the Government should also encourage the corporate sector to hire senior citizens. They have a lot of experience which can come in useful,” he says.

Malaysian Employers Federation (MEF) executive director Shamsuddin Bardan concurs, saying that statistics from the Employees Provident Fund (EPF) 2011 Annual Report shows that there are currently about 240,000 senior citizens between the ages of 56 and 85 who are still formally employed. Of that, about 210,000 are from the ages of 56 to 65.

“This 240,000 may sound like a big group, but it only represents 4% of some six million Malaysians who are in that age group.

“In Malaysia, we still do not have a culture of hiring those with grey hair, but I think the time has come for us to look at our resources and our requirements. How long can we keep up the current trend of depending on foreign labour?” he asks.

He adds that based on Malaysia’s productivity value of US$14,217 (the value of productivity of one Malaysian employee), the productivity value for the potential labour force of six million senior citizens is at about RM85.3bil.

Shamsuddin adds that as Malaysia moves towards being a knowledge and service economy, “age will not really be a barrier” as far as human resources is concerned.

But more incentives need to be in place, if more senior citizens are to come back into the workforce.

One incentive could be allowing retirees to have a tax-free income. (Malaysia’s minimum retirement age has recently been raised to 60, and is expected to be enforced next year.)

“These people have been paying taxes all their lives, perhaps now the Government can afford to let them off taxes.

“As for companies, perhaps they should be allowed double tax deductions when they hire senior citizens. If there are such policies in place, the perception to hiring retirees will start to change,” Shamsuddin says.

Such changes in policy may have to come sooner than expected.

On Oct 1, in conjunction with the International Day of Older Persons, the United Nations released a report urging governments around the world to work on policies to cope with ageing.

The report, titled World Population Ageing: 1950-2050, was prepared by the UN’s Population Division, under the Department of Economic and Social Affairs.

It had four major findings population ageing is unprecedented, pervasive, profound and enduring. The report stated that “by 2050, the number of older persons in the world will exceed the number of young for the first time in history” and it will have “major consequences and implications for all facets of human life”.

“In the economic area, population ageing will have an impact on economic growth, savings, investment and consumption, labour markets, pensions, taxation and intergenerational transfers. In the social sphere, population ageing affects health and healthcare, family composition and living arrangements, housing and migration. In the political arena, population ageing can influence voting patterns and representation,” it said.

It was reported that an estimated one in nine people around the world are older than 60, accounting for some 810 million of the seven billion global population. According to the report, the size of the elderly population is expected to swell by 200 million in a decade to go beyond one billion people and soar to two billion by 2050.

For some retirees, such as Steven, going back to work for another few years may not be a bad idea at all, especially if it means keeping him active, healthy, happy and self-reliant.

“Before I started working again, on a happiness scale of one to 10, I was probably at a three or four. Now that I’m back at work, I’m probably around a six or seven.

“My time is fully occupied, and because I’m physically active, I sleep better at night. And at the end of the month, I can look forward to getting my salary. What’s not to like?” he says.

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Malaysians are expected to continue to stay active in the workforce and seeking employment beyond the age of 60 years old, pushing the need for measures to be put in place to deal with ageing labour matters as the country is set to become an ageing nation, a survey found.

The survey, conducted by University of Malaya’s Social Security Research Centre (SSRC), showed that greater life expectancy also means individuals must either delay his/her retirement and work more years, save more while working and have lower consumption in retirement.

“As a result of declining fertility and increasing life expectancy Malaysia is currently experiencing a steady increase in the proportion of older people relative to the total population.

“The number of Malaysians aged 60 years and above is projected to reach 3.5 million in 2020 and 6.3 million in 2040 which is about 20 percent of the total population,” SSRC director Professor Datuk Norma Mansor said.

Quoting a report by the Statistics Department in 2016, she said it also showed that a male aged 65 in 2016 could expect to live to age 80 years and a female is expected to live to age 82 years.

“Ageing can entail multiple losses, including loss of work and physical functioning. How prepared are we in meeting our health and financial obligations in later life?” she said in the report titled “Ageing and Retirement: Perceptions and Expectations among Malaysians“, made available to Bernama here today.

Norma said of the 518 Malaysians who had responded to the survey, almost all had indicated that they would like to live to at least 80 years, yet many are not self-assured financially about having a comfortable life throughout their retirement years.

She said only slightly half of those surveyed were confident of having a comfortable life while the rest were not very optimistic. Professionals were found to be more certain of having a comfortable post-retirement life compared to their non-professional peers.

According to the same report, 70 percent of those surveyed said they would expect to live between six to 20 years more after attaining the age of sixty and will continue working as long as their mental and physical capabilities permit.

They also felt that there should not be mandatory retirement, as it was seen as one of the most efficient methods for many individuals to finance the increased number of years in retirement.

“In preparation for post-retirement, respondents indicated their plan to boost their savings by reducing current expenses and reduce their cost of living in retirement.

“A quarter of those surveyed had intended to move to cheaper location, while others would turn to family members for assistance or consider living in assisted living facility such as a retirement village, while a good number of respondents said they would turn to government for old age support,” she said.

Norma also pointed out that currently only 80 percent of the total 13.5 million employed labour force in Malaysia had some form of retirement savings and government pensions although government pensions were not contributory.

She said as a preparation for the increase in the number of ageing workforce, organisations had to think now about how they would deal with that change in a way that was appropriate for the industries they were in and the workers they employed.

According to her, workers too had to be willing to continually upgrade their skills and undergo retraining.

She also revealed that the Centre was working on a blueprint for ageing and how to prepare for it in Malaysia.

“Post retirement jobs may entail a different nature of job, which one may even find interesting. On the issue of employing people post-retirement, these are labour matters,” she added.

She pointed out that since financial issue is an important reason for retirees to return to the labour market, employers should consider offering “bridge jobs” either full or part-time as an extension of current work that would help ease worker’s transition into retirement.

Citing Singapore as an example, she said its Special Employment Credit (SEC), which was introduced in 2011 to support employers and to raise the employability of older Singaporean workers and persons with disability, provided wage-offset to employers hiring Singaporean workers aged 55 and above until the re-employment age ceiling of 67.

In Australia, she said the Wage Subsidies for Matured Age Job Seekers (RESTART) employers can receive up to AUD$10,000 depending on eligibility for a full time employee while in Japan, its government provides subsidy programs under the “Law for Employment Stabilization for Older People” to employers who either continue employment of existing older workers or who hire older persons. — Bernama

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ON September 4, the prime minister apparently said that Malaysia is ranked as one of the best retirement countries, even if “one or two” still refuse to do so. Well the truth is, there is actually a huge population that have chosen not to retire.

According to the Employee’s Providence Fund (EPF) annual report in 2016, there are officially 156,587 Malaysians working beyond the age of 60, roughly a third of them working beyond the age of 65.

Thus, “one or two” isn’t the most accurate figure, even if the prime minister wants to use it for a jibe at his political opponents. However, it does highlight a valid question – why are people choosing to work beyond their retirement?

First and foremost, the main problem that others have which my parents won’t have to go through is the need to consider the issue of not being able to afford retirement.

If you look at the statistics in the EPF annual report at the age of 66-70, the average EPF account would only have RM140,194 per person. At the age of 70-75, the average savings would be a mere RM189,541 per person.

How exactly are these figures supposed to be enough for a senior citizen to cope with living, and for how long?

With our life expectancy estimates in 2010-2015 at 75 years old, how does one live with RM140,194 for another 5 years?

Instead, senior citizens are told to depend on filial piety – the idea that kids will be able to cope with their spending habits when their parents retire. Perhaps we could do a poll and ask how many actually give an allowance to their parents, and how many actually still borrow cash from them in their twilight years.

Secondly, let us look at the background of senior citizens who are currently still working.

My parents are an example – and if there is one major reason why they are working, it is because they have gotten so used to it that being out of work makes them less healthy. Well, for one of them, it was also the breakfasts of pulut and ikan masin daily.

And then, there is the issue of them starting to talk to the cats.

All this being said, though, many senior citizens find themselves depressed after retiring, especially when they spent their working years dealing with everyday issues and then to be reduced to just simple housework. Case in point, Steven in this piece.

What he highlighted is also something I noticed when my parents took one year off, or even 6 months off. To put it lightly, my parents are workaholics – to put it not so lightly, they are insanely dedicated to their jobs because they love it and have done so for more than 40 years.

When you’ve been doing it for more than four decades, you would think that the mind, body and soul of someone would have made the stress and interaction of the office into their normalcy. Take that away, and you would in fact ruin mental and physical health.

Thus, how do other countries deal with this? How do they keep senior citizens busy enough to continue living a hectic, normal lifestyle which they would have had while working?

Well, for the Americans, they have the American Association of Retired Persons (AARP) and the Association of Mature American Citizens (AMAC) depending on political leaning. For the UK, there is Age UK and also adult education centres like City Lit.

For Malaysia, I am sure we have so many associations which ensure that retirees can have enough friends to keep them occupied – seeing as how my father himself keeps in touch with his Royal Military College (RMC) gang as well as both of them interacting with their Universiti Sains Malaysia alumni association.

But none of these occupy all their time, or even a major part of their time.

I do not agree with the Malaysian Employers Federation (MEF) in regard to getting senior citizens to replace foreign labour because that would mean getting our aged population to take up jobs in sectors that are unsuitable – I mean, do you really want to make our grandfathers, grandmothers and parents become trash collectors or work on a manufacturing line or a plantation for minimum wage?

Perhaps they meant the “expat” population in our corporate sector, which I would agree with.

But I must say that this whole idea that Malaysia is a great country to retire in, solely depends on who chooses to retire here, because I honestly don’t see Malaysians themselves arguing this point.

If anything, it would probably be a great place to retire dependent on currency exchange rates – especially with savings in the US Dollar, the Euro or the Pound Sterling. – September 8, 2017.

* Hafidz loves to ruffle feathers and believes in the EA Games tag line of challenging everything. Most times, he represents the Devil’s Advocate on multiple issues.

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight.

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