It is widely recognized that there has been an increase in the age workers retire in many countries. While acknowledging certain benefits of increased retirement age, I would contend that more glaring drawbacks outstripped the benefits.
Granted, higher retirement age can somehow be beneficial. One prominent advantage is the reservoir of experience grey workers possess. With this diverse knowledge, they say, senior employees can bring about a multidisciplinary approach to problems which can be used to solve companies’ problems efficiently. Aside from this, raising the retirement age can secure the workers’ finances to cover their daily expenses, instead of waiting for the support from family and welfare which can place a financial burden on both family’s members and governments.
However, I am convinced that the aforementioned benefits pales in significance when compared to the disadvantages. Firstly, grey workers who may find themselves no longer being neither passionate nor motivative about their jobs will inadvertently work to earn money, leading to the lackadaisical working attitude. Regarding the societal level, having more retiring employees may exacerbate the social inequalities. The young workers who deploy their talents and inovations to companies will find it unjustifiable to be paid as equaas those senior but work farless effective. This would lead to a sense of resentment among the young onesl as those seniors but work farless effectively. This will demoralize employees and instill a sense of resentment. Worse still, while old workers are often perceived to be veteran and experienced, recruiters usually believe those who have just graduated as inexperienced, leading to a rise in unemployment rates.
To summarize, while increased retirement age can bring about effective problem-solving skills to companies and enable grey workers to secure financial stability, I would contend that these advantages are arguable and the drawbacks are more pronounced given the half-hearted attitude, worsening of social inequalities and an increase in unemployment rates of the young.