The Bill to raise the retirement age of employees in the private sector is in the final stages of drafting, according to The Malaysian Insider.
At the moment, 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.
Source: Bill to raise private sector retirement age in final drafting stage
Further update: Thursday, June 14, 2012
Minimum Retirement age Bill tabled for first reading
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