Abolish Mandatory Retirement Age
After several decades of falling, the mean retirement age has risen in OECD countries over the last one and a half decades. Researchers argue that extending working lives is a significant element in the quest to overcome the challenges of an ageing population. This process may involve removing the incentives inherent in pension schemes that encourage people to retire early. Similarly, disincentives and barriers for those who wish to extend their working lives should be removed. This paper presents arguments that in favor of the abolishment of mandatory retirement age.
There are several reasons why the mandatory retirement age should be abolished. First, allowing older staff to work would encourage a far-reaching approach to issues like flexibility, performance and enhancing occupational health. This is because workers above the age of 65 need closer attention and flexibility in their work schedules. Occupational health issues such as ergonomics and safety also need to be improved if an older workforce is to be maintained. This has the advantage of influencing long-term improvement of workplaces. Secondly, workers close to the retirement age usually have a wealth of experience and are dedicated to their work. In addition, many of the would-be retirees do not have much in pensions to sustain them comfortably for the remainder of their lives. This has been occasioned by decreasing annuity rates over the last few years. This implies that retirees do not have much money to spend. The burgeoning number of retirees will eventually begin to have a negative impact on the economy.
Extending employment for workers beyond the age of 65 is a significant element in the quest to overcome the challenges of an ageing population. This paper asserts that the mandatory retirement age should be abolished and highlights two main points underpinning this statement. First, allowing workers to after they attain 65 years of age is beneficial because it is bound to influence better workplaces. In the process of fulfilling the sensitive needs of the older workers such as settling occupational health and flexibility issues, even the younger workforce will benefit. Secondly, the economy will improve since the burgeoning older population will have enough money to spend. This implies that new approaches will have to be implemented by human resource managers to assess a worker’s suitability to work through means other than on the basis of age.