In 2020, the life expectancy at birth has more than doubled to 71 years compared to just 32 years in 1900. Advancements in technology and improved hygiene have contributed to a significant increase in the lifespan of people, with many now living into their 80s. As a result, the government has decided to raise the retirement age considerably. While this decision is understandable, it has sparked significant outrage among the public.
To begin with, even though statistics say all human’s natural life has increased, it does not correlate to their productive years. It is expected that most prolific workers are between 20-60 years, with the average retirement age being 63 for women and 65 for men. Raising the retirement age will cause the senior citizens being forced to work more to sustain themselves and their generations, putting their health and safety at risk. Furthermore, it limits the youthful teenagers from getting a job because most employment spots have been taken, causing underemployment.
However, there are benefits from this decision. If the pension age gets elevated, companies can hold on to their older personnel longer as they contribute more work from their experience. They also require less resources than the youngbloods who are still in their early development of life, hence why companies
To sum it all up, while having more older, experienced worker would benefit companies more, raising the retirement age will risk the elderly’s health and safety, while also increasing underemployment for the younger, more productive worker who has more energy than the elders