In numerous countries today, the retirement age has been increased, which has sparked debate regarding its benefits and drawbacks. This essay will examine the reasons why the advantages of increased retirement age outweigh the disadvantages.
The growth of retirement age poses a major challenge for the younger employees. They may be confronted with the job competition. Regarding the former, extending the retirement age can limit job opportunities for younger individuals entering the workforce. This phenomenon might thereby lead to higher youth unemployment rates and cause frustration and economic hardship for younger generations seeking employment. As a result the government could confront the consequences of an unbalanced situation in work labour.
However, it seems to be beneficial for companies in this case. They may maintain numerous senior workers, who have experienced practices through many years before. This means that companies do not need to have training courses for newbies, wasting a lot of the money. Instead of that, the senior employees may create the profits for the companies, by using their practical knowledge.
In conclusion, while the rise of retirement age can create drawbacks in terms of the unemployment rates in young people, these benefits must be weighed against manageable drawbacks. In the future, I believe that instead of the dependence on the age factor, work labour may focus on the quality and potential of the employees, fostering the profit and the prosperity of the companies.