Nowadays, in some countries the government has implemented a policy that increase the retirement age in work. The retirement age increase has both advantage and disadvantage impact on society.
On the one hand, expending the retirement age could face some challenges. Firstly, the retirement age from work raise making the elderly workers increase leading to the decrease in performance at work. The important element at work is the ability to concentrate, health, mental and physical conditions, remember ability, which will decline gradually according to the age of people. This phenomenon can have negative impact on business, reduces the revenue of businesses. Another disadvantage is that the unemployment rate will increase if aged workers are not retirement, limit the job opportunities for young labourers. Finding job is a challenge with young people. It can be seen that, many student graduated from university can not find suitable job with profession leading the unemployment. People will do not have income if they do not have job. This puts pressure on the employment insurance fund, releases the economic growth.
On the other hand, there are several reason why increasing retirement age also has advantage to society. Firstly, keeping elderly workers has advantage impact on the development of business. To explain more, elderly workers have work experiences, the businesses can thanks to those who have long working experience to training and transfer their priceless experience to new members, helping companies maintain a qualified workforce. Secondly, increasing retirement age also remain economic steadily. This mean the government will release burden about pension system and social sercurity fund of elderly workers not having income. People working long time has steady income to pay for their expenses. This helps to maintain the country’s economic stable.
In conclusion, the policy raising the retirement age from work in many countries nowadays has both positive and negative effect on society and economic. However, I strongly believe that positive elements of raising the retirement age from work are overweigh negative elements.