Although augumenting the pensionable age in a significant number of countries has some specific benefits for their economic situation , I believe that these positive effects are overshadowed by multiple adverse influences on young people and creativity at work.
On the one hand, this development has some advantages to improving work productivity. To begin with, old workers who have familiarity with their jobs have substantially contributed to the product yields. Indeed, with their rich source of experience, they can address competently many issues while working. Moreover, newcomers who have just started to work for a short time may accumulate knowledge from former generations, resulting in meeting the requirements for their career. Accordingly, young workers can raise their awareness of work responsibilities, enhancing the efficiency of their jobs. For example, in Vietnam, individuals advocate for the labor policy to raise the retirement age, allowing young people to receive various value lessons from older workers.
On the other hand, I believe that the disadvantages of this view outweigh its advantages. The main drawback is that raising the pensionable age may lead to unemployment among young people. Keeping slots for old members negatively affects recruiting the youth, resulting in wasting labor sources. Another downside of this trend is limiting creativity at work. Undeniably, young staff with plenty of creativity may come up with more innovative ideas compared to aged workers, increasing manufacturing yield. Hence, raising the retirement age may limit the creativity in innovating product processes, having fewer opportunities to compete with other countries in trade.
In conclusion, despite some positive impacts, I suppose this stance triggers more negative effects on the financial situation and labor workforce.