Aged Society: A Pitfall
The aging of the workforce is occurring globally and has significant impact on organizations. The Malaysian population is ageing. Although, not as quickly as the populations of a number of Asian nations, or of parts of Europe; the rate is sufficient to cause a concern. The life expectancy of Malaysians has increased in year 2012 with an average of 73.8 years or equal to 71.1 years for males and 76.7 years for females. The birth and death rates are 26.05 births/1,000 population and 5.29 deaths/1,000 population respectively. These figures have placed a greater liability on the government’s shoulder, and have become a push factor for the country to revise a new retirement age for the public servants. The ‘aged population’ impinged on the new challenges faced by the Malaysian government, which had to deal with an unproductive aged workforce. A new retirement age from 58 to 60 years old has been introduced and this could have a positive effect on this cohort, in maintaining financial security. However, keeping older employees might affect organizations’ performance and productivity. The organizations need to pay more attention on them, since they are less effective and might be affected by numerous health problems. An innovative culture should be introduced and this could be a good indicator for organizations that deal with these ‘expensive’ workers.
 Fadilah Puteh, Nor Intan Rafidah Binti Abd Radzuan & Noor Shahidah Shazlina Bt AbdGhafar, "New Retirement Policy And Impact Towards Publicsector Employee Retirement Preparations: Malaysian Perspective” 2nd International Conference On Business And Economic Research (2nd ICBER 2011), 2011.
 Public Service Department of Malaysia, Retrieved from: http://www.jpa.gov.my/v3/soalan-lazim/sistem-saraan-malaysia/siri-1/
 Malaysiakini, "CUEPACS mahu kerajaan wujudkan gaji minimum,” Retrieved from: www.malaysiakini.com/newa/155445, 2011.
 Population of Asia, Retrieved from: www.worldstat.info/Asia/Malaysia, 2010.
 Dele Olowu, "Civil service pay reforms in Africa”, International Review of Administrative Sciences, 2010.
 Siti Norfazlina Yusoff and Nurzafifa Kamarunzaman, "The extension of the retirement age: decent or deprived?” IEEE symposium on humanities, science and engineering, joint chapter, SHUSER 2012.
 Hunt, L. (2009, April 4). Planning for retirement. The Star.
 Maule, J. (1995). Perspective: How to make early retirement work. Personnel Review.8. 6-16.
 Minister of Manpower (MoM) , Singapore Government, "Retirement And Re-Employment Act”, Retrieved from: http://www.mom.gov.sg/ employment-practices/employment-rights-conditions/retirement/Pages/ retirement.aspx.
 Emily Brandon, "why retirement age is increasing”, retrieved from: http://money.usnews.com/money/retirement/articles/2010/11/15/why-the-retirement-age-is-increasing, (2010).
 Glenn Davidson, Stan Lepeak & Elizabeth Newman, "The Impact of the Aging Workforce on Public Sector Organizations and Mission”, International Public Management Association for Human Resources, 2007.
 J. L Powel, and I. G Cook, "Global ageing in comparative perspective: a critical discussion,” International journal of sociology and social policy, vol. 29, pp. 388-400, 2009.
 DeVaney, S. A., & Lytton, R. T. (1995). Household insolvency: A review of household debt repayment, delinquency and bankruptcy. Financial Services Review, 4, 137–156.
 Garman, E. T., & Forgue, R. E. (2006). Personal finance (7th ed.). Boston: Houghton Mifflin Co.
 Tengku Aizan Hamid, Jariah Masud, "Financial well-being of older Malaysians,” 2010.
 Government of Western Australia (GoWA), Public Sector Commission, "A Guide to Managing an Ageing Workforce, at www.publicsector.wa.gov.au. (n.d).