Most Malaysian civil servants expect to retire by 60 but prefer to work after that, according to a report from Kumpulan Wang Persaraan (KWAP), the country’s second largest pension fund.
The conclusion is from a report by KWAP, which manages the retirement savings of civil servants, and think tank MyAgeing, based on the views of more than 6,200 survey respondents.
It found that 85.9% plan to retire between the ages of 56 and 60, 9% between 51 and 55, and 5.1% between 41 and 50.
But only 35% of respondents believe they have enough savings for their old age.
The findings highlight the importance of offering flexible work arrangements to pensioners, which can help retain valuable expertise and experience while accommodating their hopes for reduced work hours or a more balanced lifestyle, according to the report published on October 22.
“Organisations and community initiatives can leverage this preference by creating opportunities for pensioners to participate in volunteering work, mentoring programmes, or other forms of social engagement,” it adds.
