It is true that employees in various nations have retired late. In this essay, I will analyze both the benefits and drawbacks of the phenomenon to assert an impartial perspective. This is because late retirement can lead to a high unemployment rate among young individuals, and such a trend may also be economically beneficial.
On the one hand, there will be a limited number of job opportunities for young employees. To explain, many elderly individuals with profound experience in certain fields may have their own advantages over juvenile competitors in getting an occupation. Thus, numerous firms may prioritize those who do not need training for their roles in order to save time and money. Consequently, young employees might not be able to compete with the older generations, leading to a high number of young unemployed people. For example, medical institutions often prioritize expert doctors with a wide range of experiences instead of freshers.
On the other hand, late retirement can benefit the national economy. This stems from the fact that the longer employees work, the more taxes they pay. Specifically, if these people exert themselves at work for a longer time, they can still earn money for their living. As a result, such old individuals still need to fulfill their tax duties, increasing national monetary reserves.
In conclusion, I believe that maintaining a balanced stance is necessary. The reason for my assertion is that late retirement can both result in a higher rate of young employees who are unemployed and hold an economic advantage.