Retirement Age In Malaysia

Minimum retirement age is 60 the minimum retirement age of an employee shall be upon the employee reaching the age of 60 years pursuant to section 4 1 of the minimum retirement age act 2012. If like me you retire to malaysia but still have school age children you can find a number of excellent international schools in the main population centres such as marlborough college in johor and epsom college at bandar enstek south of kuala lumpur. The minimum retirement age for employees in malaysia is regulated by the minimum retirement age act 2012 which came into force on 1 july 2013.

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The minimum retirement age of an employee in malaysia is 60.

Retirement age in malaysia. In malaysia the congress of unions of employees in the public and civil services cuepacs wants the government to consider extending the retirement age for civil servants from 60 to 62 but the government has no immediate plan to extend it as the current retirement age is deemed as sufficient. Your company cannot ask you to retire before that age. According to hsbc bank malaysia s latest survey report on retirement life expectancy in malaysia has grown with the average male living until age 72 and female to age 77.

An age before which employees cannot be terminated except with just cause and excuse. According to official data the life expectancy of malaysians had surpassed 70 years in 1988 and stayed around 75 in the past decade. The current retirement age suits the average life expectancy of 74 5 years according to the statistics department.

In the private sector however the law provides for a minimum retirement age i e. In accordance with the retirement and re employment act rra the minimum retirement age is 62 years. There are some top universities too.

You have this protection if you. The malaysian government has by policy a mandatory retirement age for its employees. Retirement age men in malaysia remained unchanged at 60 in 2019 from 60 in 2018.

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. 7 retire in malaysia. That could mean another 17 years living in retirement should a man or woman retire at age 55.

A long retirement period 15 years in malaysia s case requires prudent financial planning by both the public and individuals. Find a fiduciary financial adviser in malaysia to stretch your retirement nest egg even further as a practicing independent financial adviser with cfp credentials i am firmly rooted in the belief that financial advice should be given without bias or a desire to earn investment commissions and transaction fees.