Over the past few years, the retirement age has been increased in many nations. Although there can be no doubt that there are some benefits to keep individuals staying longer with their occupations, I maintain the opinion that the drawbacks will likely be more significant, especially the negative affection on young labor sources.
On the one hand, it cannot be denied that increasing the retirement age from work can exert many positive effects on ensuring quality and specialism of each specific occupation. An explanation for this strength lies in older workers’ experience, which they have accumulated throughout the time they are attached with their professions or jobs. To be more specific, older workers are more likely to meet all job demands in a stable way since they are so proficient and have access to a reservoir of knowledge about a specific sector. Consequently, keeping old generation staying longer with their job is a good way to ensure work quality, which positively affects the solidity of country’s economy.
However, this line of reasoning is not sound because it fails to factor in the multi-industry innovation over the world. This could be explained by the fact that experiences and knowledge of some old workers are not likely to meet the creativity in the way some professions perform due to its outdated, which affect the progress of a country. In addition, this trend also has a negative impact on young labour resources. This is mainly due to the reduction of positions in the labour market, which are occupied by older employees instead of young force. Therefore, the lack of opportunities to express potential and creativity of young people result in the waste of talents. Consequently, a country’s economy will be at risk of falling behind the world average. For example, although the trend of growing retirement age for teachers in Vietnam brings a lot of benefits, it has a negative impact on innovative educational methods which should have been applied by the young force.
In conclusion, while there are many advantages regarding raising the retirement age of work, I believe that the disadvantages will likely prevail.