In this contemporary era, the world is witnessing a tremendous employment crisis due to the recent economic downfall around the world. While many nations have increased the age of retirement to tackle the situation of unemployment, it also creates a barrier to youth who are willing to enter into the workforce. From my view, the benefits of raising the retirement age outweigh the drawbacks.
On the one hand, it will create an unemployment crisis for the youth who want to join the workforce or are newly graduated. In addition, increasing the retirement age will encourage the implementation of obsolete rules and regulations which may not be seen as a barrier to advancement. Furthermore, this will lead to creating serious obstacles to implementing new technological advancements because senior citizens who are still in the workforce may not possess the qualities which are essential to carry out the implementation of technology. In addition, this will hamper the succession management process as it reduces the opportunity for youth to take leadership positions.
On the other hand, the senior citizens who are in the workforce may get the opportunity to share their experience with the newer generation, which will work as a catalyst to solve serious problems. Moreover, they can nurture the young generation in the right direction, which in turn transforms them into skilled employees as senior employees train themselves in the light of their experience. In addition, it will be easier for the older generation to keep their mental stability as they are working in a social environment.
To conclude, while increasing the retirement age has a negative impact on the employment rate, it can benefit the young generation through getting the opportunity of first-hand information, the right direction for their career, which may lead them to a successful life.