Several countries have rules where it is mandatory for old people to retire from work at a certain age. There are advantages and disadvantages to this approach, while it might be beneficial for the younger generation in the job market, it might also causes the elderly people’s mental health to decline.
Making retirement compulsory at a certain age might ensures more job opportunities for the newer generation. Older generation of employees are usually more experienced and skilled compared to their younger counterparts, making it challenging for the younger generation to professionally advance their career, especially at a senior level. By enforcing rules where elders need to retire, companies will have to be prepared for the younger employees to take over. For instance, an executive who have reached a certain age and have to quit the company can then be assigned to mentor and hand over the position to someone more junior than him. This will keep the job market healthy as there will always be a chance of career progression for the upcoming generations and less possibility of a monopolistic job occupation.
On the other hand, forcing elderly individuals to retire might cause problem for their mental health. This is because the disappearance of their main activity might make old people feel as though they are not a useful member of the society anymore. For example, a doctor who is forced to stop practicing because of his age might found himself not knowing what to do to fill his time now. He might also feel that all his studies and experiences are now useless. Without a proper replacement activities for the work they used to do, retired elders might experience a lack of mental stimulation which impacts their well-being in the long run.
In conclusion, setting a retirement age might be useful for the younger generation’s progression in the job market. However, it might also have the negative impact of affecting the older generation’s mental health.