Executive director, National Council for Senior Citizens (NCSC), Angela Toyloy, has suggested that the current age at which persons are required to retire from full-time employment be extended.

The age of retirement for men is 65 years, which is expected to be the same for women by March 2016.

Speaking with JIS News, following the NCSC's conclusion of a series of retirement seminars, in Kingston, Toyloy underscored the importance of making the adjustment, noting that many persons are living longer.

Continue contributing

As such, she said, they should be afforded the opportunity, in particular, to continue contributing to the labour market, should they so desire, through arrangements facilitating formal extension of their tenures at organisations to which they are employed.

"When we retire at age 60, or 65, we may live another 20 or 30 years, and (the duration of) that time would be used paying out pensions... (which can be) a whole lot...instead of paying salary," she argued.

The executive director further noted that extending retirement age is likely to help rather than hinder young persons entering, or who are already part of, the workforce.

Demographic shift

"Based on the demographic shift, you find that we have lesser young persons (in the workforce) in comparison to the ageing demographic. Older persons can be used as consultants or part- time workers...the workforce does not have to entirely constitute retired persons,...(and) they can help to guide the younger generation," she explained.

According to the World Health Statistics 2014, published by the World Health Organisation (WHO), based on global averages, a female born in 2012 is expected to live to the age of 73 years, and a male, up to 68.