Many careers,
as well as companies, have mandatory retirement ages. A mandatory retirement
age is the age that a person in a particular job is automatically required to
retire. It comprises of the maximum age a person that can perform a particular
job.
When
considering the official positions on companies; the current procedure is based
on the pension’s minute. The retirement age of 55 provides employees to request
for work ahead of the age of 55. This establishes an obligation for employers
to consider those requests based on objective criteria means that age 55 people
sometimes live with good health, expert knowledge and skills.
Today,
the life expectancy at birth has risen to about 72 for males and 76 for
females. Sri Lankans are today living longer. So far, they retire from paid
work at the same age as before. Public officers once they turn the age of 60
years give up working. But retirement is an unproductive interval between
regular employment and death. This is quickly disappearing. The compulsory
retirement opens many avenues for an active retiree to follow part-time
employment or even a second career.
Retirement
in a late life brings certain point of leisure with a certain level of wealth. The retirement at 60 characterizes a loss of efficiency
for society by older people. Today a person in sixties lives longer, is better
educated and is in better health. It does not make economic sense for the
society to continue to pay a pension for a longer duration to a retiree. Increasing
the age of retirement is an intimidation in that; it delays a younger person
from entering the labor market.
At
present most public sector jobs are in the service sector, in knowledge
generation. Generally, in most countries the normal retirement age is 65 and
possibly even 70. There is also provision for early voluntary retirement where qualified
staff can voluntarily retire between 50 and 59. Early retirement in the
interest of the professional exercise of duties may be permitted between 55 and
65 years arising as a result of an organizational review. In addition, early
retirement due to redundancy may be permitted when there is a loss of a post
that requires an employee to be shifted.
As we
know the importance of old people’s value we must treat them well in an
effective manner. The new joiners for the company should help the people who
are in the point of retirement by joining the post. The usual retirement age in contracts of
employment is 65. Some retirement ages are established by law and the law sets
out the maximum age of staff.
If you
are self-employed, there is no set retirement age.
However,
in general, the concept of retirement of people consists of several
advantages and disadvantages.
·
Loss of Experience
One of
the major disadvantages of a mandatory retirement age is that it requires
people to leave a position at greater experience level. This means that they
will not be allowed to remain at the organization to pass on their knowledge to
younger people.
·
Younger Generation
Entering Workforce
However,
by pushing an older group of people out of a particular profession makes the
box open for the younger generation to enter the workforce. If a profession
does not see significant turnover, then younger people will often be less liable
to train to enter it. The younger crowd is trained to offer a good
qualification.
·
Loss of Income
Many
people who are pushed out of a job after they reach a particular age are not
qualified to perform work. It is often extremely difficult for older workers to
get hired, particularly for positions in which they have little experience.
Today
there are stiff debates about age when people should retire. In reality, some
people think that it is fair to make for 55 years old the age boarder for
retirement. However, other people think that 60 years of age is a late time for
people to retire by enjoying the life with work. Personally I think that people
should retire earlier than 55 years of age.
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