What do you think is the right age for retirement? Give reasons

Some countries allow their citizens to work till the age of 65 or 70 years while some need them to retire at 50 years.

What do you think is the right age for retirement? Give reasons.

Introduction

Retirement indicates the end of the service period of an individual. In India, the current age for retirement is sixty. Recent developments indicate that the government is planning to increase this to sixty two. This change is said to come into force from March 1, 2014. In some countries, the retirement age is different for men and women.
The implications of retirement.

In any workforce, it is important that there is a steady circulation of the employees. This means the current employees should be replaced with new blood. This helps in generation of new ideas. The purpose behind allotting a mean age for discontinuing service is to ensure that employees have a source of income after their term of service, and have some form of financial security. It is also required to allow the younger workforce to take up higher posts of decision making, and phase out the older employees.

In my opinion, it is difficult to find one size that fits all. Some people would want to retire early and enjoy their old age in peace and quiet. On the other hand, there are some people who would want to be active, and generate an income even after their retirement. At the same time, it is important to retire the senior workforce to allow the next generation to earn their bread, and get more opportunities at the managerial level.

It is in this view that the government has flexible options like Voluntary Retirement Scheme (VRS). This policy states that an employee can choose to retire before the retirement age of sixty if the following conditions are fulfilled:

• The company is unable to provide for all its employees, and is looking for a way to downsize its workforce,

• The employee opting for VRS has completed forty years of age, or has completed ten years of service in the organization,

• The employee holds any designation, except that of director, and

• The employee has not availed this benefit before.

Conclusion

To conclude, I feel that it is essential to have a retirement age. However, this can be flexible. Apart from the VRS, the retirement age can begin at fifty five, and go up to sixty five. Sixty should be the age for retirement. Between sixty and sixty five, the employee can be given an extension of service. Between sixty and sixty two, the employee’s responsibilities are slowly reduced. By sixty five, she or he is relieved of major responsibilities, and has to hand over responsibilities to the successor. The person can stay on in an honorary advisor’s position if required, but not as an employee.

This ensures that employees can choose when they want to stop working, at the same time it ensures that they are relieved of their duties at a fixed age.