PUTRAJAYA, Feb 14 — The Bill to raise the retirement age of employees in the private sector is in the final stages of drafting.

Human Resource Minister Datuk Seri Dr S. Subramaniam hopes the Bill can be tabled at the next session of Parliament, which begins on March 12.

“But first, we have to study one or two issues,” he was quoted by Bernama as saying.

At present there is no mandatory retirement age set for the private sector, unlike the public sector.

Under the proposed law, the retirement age for private sector employees will be raised from 55 to 60 years and they may be given a four-year extension if their services are further required.

Malaysian Trades Union Congress (MTUC) secretary-general Abdul Halim Mansor has welcomed the move as it will benefit over six million private sector employees nationwide.