Lots of working people are scared when comes planning for their retirement day, as well as there are some of them are confident to face theirs restful years. This people who fear with their retired age are the person whose are lack of knowledge about financial matters so they will ignore their planning for retirement as long as they can. The effect is, they will try to continue to work as long as they can work. Recently, the Ministry of Human Resource’s Malaysia, increase the retirement age to 60 years old for government sectors. As Hunt (2009) state that Malaysian confident for their retirement have decrease rapidly in some way. According to Lai Cheng Tung & Jean Dennis Comeau (2012) the people who agree with the new retirement age as they claim that they required more retirement savings, increasing retirement age will increase the life expectancy, and this provide retention of talent or improving skill proficiency especially in expert job that need longer years of experience to master it. To support more agreeableness in increasing retirement age, based from Life Insurance Association of Malaysia (LIAM), 5% and less than that percent are prepared completely for their retirement (Habib, 2007). All of the statement showed that Malaysian are still good enough to continue working even most of them are lately around 60’s as a period for preparing themselves before retired.
PROBLEM STATEMENT
The conflict begun from some retires are complaining and show their not agreeableness with new retirement age since they not really interested in continuing their career due to cost of living in their place. Some of retires working at urban or rural areas but been paid in same wages. Even some of them are not agreeing but them hardly to ...
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...rganization until the age of the 60 years old and it will showed the the better of the retirement age plan that affect from career advancement resulted from the high performance work system.
According to the researcher, different group of age has different resulted on the retirement age and among age 21 until 34 showed that 32 percent were agree on this retirement age, age group 35-54 were resulted in highest resulted which is 64 percent were agree on this new retirement age and the group of age above 55 were resulted in small percentage of agree which is only 4 percent. (Lai Cheng Tung, Jean Dennis Comeau. 2012). This study found that the different type of age group were resulted in different opinion about the new retirement age seen that at the middle age were have the most agree of percentage and this is due to the awareness on this new retirement age benefits.
The subsequent paragraphs contain a general analysis as well as a description of the legal questions and principles that were raised in the age discrimination case of Mckinney v. University of Guelph. This case raised the issue of whether a company or organization (in this case, a post secondary institution for education) should have jurisdiction over the age at which an individual must retire. Additionally, this document contains an analysis of the laws of mandatory retirement and how they are still currently in effect in countries such as China. Along with the aforementioned is a description of how mandatory retirement is imperative to population management,
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
An aging population is indeed a problem for the society and will possibly cause many social and economic difficulties in the future. According to David Foot (2003), professor of Economics at University of Toronto, an effective birth rate of 2.2% against current 1.75% will be necessary to replace the current work force in the near future and the government’s policy of bringing in more immigrants will eventually fail (Foot, 2003, 2). However some people predict that the increased size of an aging population will drive growth in the home, health care, and many other industries resulting in job creation and economic growth (Marketwire, 2013, 1). Majority of the people are of the opinion that the issue will be mainly in the health care and economic activity. As humans age, they start to develop health problems, leading to more visits to a medical clinic putting extra burden on health care system.
(Bendick, Brown & Wall, 1999). A new awareness of older workers has emerged as retiring
221). Conflict theorists focus on the issues that divide the young from the old such as ageism. Society does not embrace the elderly population, which results in a constant battle against stereotypes, ageism and fighting to maintain equal standing in the workplace (Dittman, 2003). In an occupation, elderly workers are seen as washed up and worthless. Competition amongst workers can therefore lead to ageism and the dismissal of the elderly (Carl, 2011, p. 222). Conflict theorists focus on the economical side of aging and therefore focus on profit. In a capitalist society, the elderly are seen as incompetent and less productive; because productivity is tied to profit, these people are consequently removed from their positions. This causes segregation amongst society’s age
Through the years, people age and become less productive. For these reasons, they have to prepare some plans that help them secure their own future. But, there are instances that lead an individual to an early retirement. Some lack motivation and enthusiasm in their work. Others are not capable of working anymore as well because of the health issues that they are facing. Regardless of the reason, it is important that one has to work so that by the time they retire, they will not end up broke. Having this in mind, many people are already investing in a simple IRA.
Elder employment has its personal value and social functions. At the personal level, it would improve the elder people’s life quality from three aspects: first, getting employed could to a great extent ameliorate elder citizens’ economic situation; second, it will bring them independence and dignity (they no longer need to totally rely on offspring or government; third, it brings self-realization by giving the senior citizens a sense that they are making contributions to the society and they are still valuable to others. Also, senior employment has considerable social and economic functions: first, by improving the life quality and economic status of senior citizens, it relieves the tension within families; second, the senior par...
In elderly population most of the research carried out so far emphasizes on the functional problems and diseases. When it comes to successful aging elderly (SEA), it has been recommended that health status should be used to distinguish between elderly subgroups populace and disease-free people possible describe successful aging elderly (SAE).
The Australian government will increase the age pension from 65 to 70 by 2035(Australian Department of Human services [AU]). This announcement has lots of challenges for Australian people who are under 50; some people support the rise and find it beneficial for the future economical life. However, others are against the announcement as it has lots of concerns for their future plan, as they have to work longer to save more for their retirement. The current population ageing put pressure on the young workers who support retirees and their families, at the same time it affect the economic development. So the rise of pension has advantages and disadvantages on the future life standard of most Australians. It is beneficial decision from the government to provide a productive and qualified future life.
The world is said to reach a population of 9.2 billion people in 2050. The economy of a country is affected in multiple ways; one of the factors affecting the progression of an economy is the life expectancy. In the past decade, the sizes of families are decreasing due to many reasons such as low fertility rates, economic reasons, high education, and etc. causing an increase in the elderly population. Over the years, the life expectancy is continuing to rise at a phenomenal rate as the technologies advance to protect myriads of lives. The increased ageing population has been putting constant pressure on the economies to provide for the sick and the unemployed. In turn, this hinders the progress of the economy. But on the contrary, the increase in older citizens in an economy has also benefitted t...
When the project analyzing about age discrimination, it could not proceed without mentioning about the social economic status and retirement policies. Because of the employment market will be always influenced by economy and government’s strategic incentives such as social security policy, and medical care policy.
In the Philippines, the ages to be considered a senior citizen are those who are aged 60 years old and over. The senior citizens made up 6.8 percent of the 92.1 million household populations in 2010, higher than the 6.0 percent recorded in 2000 and the number reached over six million in 2011 and it is seen to double in 16 years. The number of people 60 years old and above, or those considered as senior citizens, has increased, as the country's household population increases. With the growing number of senior citizens, there is a generalized notion associated with senior citizens such as degeneration and decline of health and well being but on the contrary, most of them are still active and productive, performing significant roles at home and
Various researches can determine possible reasons as to why consumers have quite a lot of trouble making financial decisions that can be the most beneficial later in life. In the context of savings for retirement, conclusions from a test reveal that self-regulatory state, possible future orientation and more and better financial knowledge can and most likely will influence a consumers intentions for retirement investments, for example, setting up a 401K in the USA. Other studies suggest consumers who show higher amounts of future orientation are usually more likely to start up a retirement plan. Studies also show that financial knowledge and financial orientation toward ones future can help to influence the chances of one participating in a 401K plan.
Can anyone imagine what will happen to Malaysia after a few more decades? Debt crisis in Malaysia is getting more severe due to lack of management among individuals. Serious debt crisis might lead to bankruptcy to our country. Nation leaders should lead others away from debt. If this scenario continues, Malaysia might follow the footstep of Greece, Spain, Italy, and Portugal. Debt crisis can be avoided by providing trainings and courses to the employees, improve individual personal finance management and filtering candidates in hiring process.
Retirement comes early for most people. Early meaning that we are not ready for what comes with it. Most people would love to retire today, but unfortunately it is nearly impossible. It takes a lifetime for a person to become financial stable and adequately equip with assets that have been gained throughout someone’s life. Everyone must start young, in fact the sooner the better. Any money, or savings that can be applied today will always come with an enhanced future. So is it worth it to work harder and save now in order to possibly access a pleasant retirement? With out effort now we will be dependent on other sources in our retirement years, sources that may not come through for everyone who needs it. There are three ways to help Americans be better prepared now. These methods include saving money now, and investing in sources with returns. Do not become one of the millions of Americans who fall into government assisted retirement plans by lack of preparation and planning.