Tuesday, August 08, 2006

Malaysia: Workers Choosing To Delay Retirement

According to an article by Chan Ching Thut in The Star, "more Malaysians are planning to retire later than at age 55, with the main reasons cited for the delay being higher pay while working, enhanced retirement benefits, and new and challenging responsibilities." This is the result of a pulse survey conducted in May 2006 by Accenture.

Accenture partner and human performance senior executive Joan Hoi said "One-third of Malaysian workers interviewed have changed their plans for retirement within the past five years."

Separately, Hoi noted that a significant finding from their Aging Workforce survey was on the management of the knowledge assets of a company: Globally, one quarter of employers surveyed revealed that their organisations would allow older workers to retire without any transfer of knowledge, and in Malaysia, 48% cited “small, informal discussions” or “1 to 2 weeks' process” as the methods used by organisations before employees retire, while 15% said their organisations would let them go without any transfer of knowledge.

Source: The Star "More Malaysians choose to delay retirement" (August 7, 2006)

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