Retirement Age In Malaysia Private Sector

The employees in the public sector are offered two types of retirement plans which include the pension scheme.

Retirement age in malaysia private sector. On sunday the malaysian trade union congress mtuc urged the government to introduce the cost of living allowance of rm500 or more to private sector employees and increase the mandatory. In the private sector however the law provides for a minimum retirement age i e. The malaysian government has by policy a mandatory retirement age for its employees. To strengthen the social safety net for workers especially the vulnerable groups.

Retirement age men in malaysia averaged 58 18 from 2009 until 2019 reaching an all time high of 60 in 2013 and a record low of 55 in 2010. This is a compulsory retirement policy and there is no way to work beyond this age. The retirement age in malaysia is 60 years for employees in the public sector. After serving the government for a minimum of 10 years one can go for early retirement which is at the age of 40.

Inadequate epf savings as 75 of epf members have savings of less than rm50 000 upon attaining the age of 54 years. Retirement age men in malaysia remained unchanged at 60 in 2019 from 60 in 2018.