Some 76% (or seven in 10) of employees in Malaysia expect to retire only between the ages of 60 and 65, according to a 2015 survey by the Randstad Workmonitor.
The findings of the survey showed that the percentage was higher than their Singapore (59%) and Hong Kong (62%) counterparts.
One factor why Malaysians may have to work past the current retirement age of 60 is that they could have planned far less for retirement and might find it difficult to accumulate a comfortable pension.
Although the government has made mandatory EPF contributions for both employers and employees, the survey findings demonstrated that many Malaysian employees do not have a proper plan for retirement.
Randstad, one of the world’s largest recruitment & HR services providers, highlighted that only one in 10 employees surveyed is willing to save 40% of their income for their pension, with the balance looking to set aside 20% or less.
Other findings of the Randstad Workmonitor survey revealed that 68% of employees think it is harder for older workers (above 55) to acquire new skills.
Also, 85% of the surveyed employees believe that their acquired skills and competences will last them their entire career. The report also found that 87% of employees think that employability is their own responsibility, not their employer’s.
The Randstad Workmonitor was launched in the Netherlands in 2003 and now covers 33 countries around the world, encompassing Asia Pacific, Europe and the Americas.
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