In the years to come, retirement age will play an increasingly important role in the framing of public policies of governments across the world.
Retirement age has direct and indirect implications on the economic and social conditions in a society. Today, we can find that it varies from a minimum of 45 years in Turkey to 70 years in Australia.1
Determining the age for retirement is a tricky job for any employer – whether it is the government or a private firm. Policy makers consider several factors like demography, fiscal cost of ageing, health, life expectancy, nature of profession, supply of labour force etc while deciding the retirement age.
In this article, Sibin Sabu, Research Assistant at CPPR takes a detailed look at the factors that policy makers need to take into consideration while deciding the retirement age. The article busts certain myths related to retirement age and suggests that the retirement must be delinked from age.
The Views of the author are purely personal and does not in anyway represent that of CPPR