Industry players want more time to implement new retirement age - Mustapa
KUALA LUMPUR, June 21 — The Ministry of International Trade and Industry will be discussing with the Human Resources Ministry the time-frame for the implementation of the new retirement age for employees in the private sector, after having received feedback from industry players.
Its minister Datuk Seri Mustapa Mohamed said in principle, the private sector agreed to the new minimum retirement age of 60 for the sector, but needed to be given enough time to implement the move.
"The government is willing to hear them out. However, this matter is under the jurisdiction of the Minister of Human Resources and it is up to his wisdom whether to agree or not to the request (more time to implement the new retirement age)," he told reporters after holding a dialogue with commerce and industry representatives here today.
He said the said the representatives also asked the government to exercise caution so that the business climate in the country was not affected by escalating costs without commensurate productivity increase, in particular labour and overhead costs.
Among the business associations represented at the meeting were the Malaysian Manufacturers Association and Malaysian Malay Chamber of Commerce. — Bernama