Retirement age Bill unlikely to be passed this year

Human Resources Minister S Subramaniam said that the proposed Private Sector Retirement Age Bill, which will raise the retirement age from 55 to 60, is unlikely to be made into law this year.

According to the minister, the draft Bill still needs to be vetted by the Attorney-General’s Chambers.

“(It) will not be tabled during this sitting of Parliament, it will be done at the next,” Subramaniam (right) was reported by English-language daily The Star as saying.

He said that as such, employees due to retire this year will not be “saved” while those due to retire in 2013 are in a better position to have their employment extended.

The retirement age proposal was initially opposed by the Malaysian Employers Federation while the Malaysian Trades Union Congress supported the move, which it claimed would benefit six million employees nationwide.