Asians want to up official retirement ages

Official retirement ages across Asia are out-of-date and need to be raised say the majority of Asian investors, according to new research from Manulife.

The findings, taken from the Manulife Investor Sentiment Index survey for the first quarter of 2014, show that just over half the Asian investors surveyed region-wide said they agreed with raising the retirement age, with a quarter disagreeing and the remainder undecided. Investors in Indonesia, Malaysia and Philippines were most in favor of such a move, with two-thirds or more saying yes. About half of those in Hong Kong also agreed. Only in China was there a clear majority (64 per cent) who disagreed with an increase.

Asians already recognise there’s a need to work beyond the normal retirement age in their respective locations, both to make ends meet and to enjoy a higher quality of life that comes with being actively engaged in the workplace and community. The survey shows 60 percent of Asians expect to work either full- or part-time in retirement, with around 80 per cent viewing it as a way to stay connected and healthy, as well as a source of income. Those surveyed expect to work an average six years beyond the official retirement age of their country.