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Some people think that it is necessary to increase the age of going off work. Other people disagree and say that there is no need in it.
The number of available jobs at any given time is limited. If aging employees are allowed to work as long as they want, youngsters will have a tough time finding jobs. Since youngsters are much more productive than aged people, this is not advisable. People aged 60 or above are likely to be plagued by many health problems. This could cause them to take days off work. They also lack many skills that jobs require.
In other words, there is no justification for retaining 60 plus employees when young and better-qualified people are ready to occupy their position. An organization that has a large number of young people on its payroll is likely to be more productive than an organization where the majority of workers are sixty plus.
On the other hand, people become wiser as they age. Aged employees may be able to take more mature decisions than their younger counterparts. They also have decades of experience behind them. Therefore, it is advisable that governments and companies design special employment schemes for older people. Their knowledge and experience could be used to train fresh employees. Retired people can also start something on their own.
In conclusion, increasing the retirement age is not practical because it will adversely affect an organization’s productivity. It will also increase unemployment. Instead of increasing the retirement age, governments need to design special employment schemes that fully utilize the knowledge and experience of retirees.