A bill to raise the retirement age in theprivate sector to 60 years will be tabled at the next session of Parliament if it is accepted by representatives of employers and employees.
Human Resource Minister Dr S. Subramaniam said the proposed bill was still being discussed by the Malaysian Trade Union Congress (MTUC) and the Malaysian Employers Federation (MEF).
“The bill was proposed by the ministry and it is still being drafted,” he told reporters after attending the ninth Yayasan Melaka International College’s convocation yesterday.
He was commenting on a report that the proposal to extend the retirement age in the private sector from 55 to 60 years was supported by the MTUC and the MEF. Subramaniam said actually, the retirement age in the private sector was at the discretion of employers and not governed by any laws.
He said the proposed bill would not only consider life expectancy of Malaysians that had increased to 75 years but would also protect private sector employees.