Although some people agree that the increasing of retirement age in some nations has a lot of benefits, I still believe that these advantages are overshadowed its profits.
On the one hand, this development has some advantages to improving work productivity. The first reason is that the old have rich source of experience, they can address many difficult problems effectively. Moreover, new workers can refer the way that seniors have done to raise the awareness of their responsibility. 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. As a result, increasing the retirement age from work has many benefits but also has potential disadvantages.
On the other hand, I believe that the disadvantages of this view outweigh its advantages. Firstly, when the retirement age increases, the more unemployment rate of young people will be augmented. Keeping positions for the old negatively affects recruiting the youth, leading to a waste of young labor resources. Another downside of this trend is limiting creativity at work. It is undeniable that the young always come up with more intelligent idea than the elder generations, 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.