Cambodia and Vietnam will increase the retirement age as a result of the rise in population aging in each Asian countries, AFP reported.
Cambodia’s Ministry of Civil Service has raised the retirement age for all civil servants to 60, ensuring that just about 2,000 civil servants who retire by the tip of the 12 months will proceed to work.
The current retirement age for civil servants ranges from 55 to 60, depending on the position held.
As reported by the Phnom Penh Post newspaper, under the brand new ruling, the retirement age has been standardized to 60 years.
Chut Monny, undersecretary on the Ministry of Civil Service, told The Post that the brand new law will apply to individuals who retire from November.
“The law is not going to affect individuals who retired in October,” he added.
Meanwhile, Vietnam’s parliament passed a law raising the retirement age to 60 for girls and 62 for men.
According to Vietnam Express, the retirement age for men shall be step by step raised from 60 to 62 years by 2028, while the retirement age for girls shall be increased from 55 to 60 years by 2035. It said that from 2021, the retirement age for men will increase by three months per 12 months while when women’s retirement age will increase by 4 months per 12 months.
The recent retirement age can also be aligned with the health and life expectancy of Vietnamese employees.
Vietnam’s current population is roughly 96.2 million, and the proportion of elderly people is roughly 11.7 percent. The United Nations forecasts that the proportion of individuals over 65 in Vietnam will increase to 12.9%. in 2030 and 23 percent in 2050
Meanwhile, Singapore will step by step increase the retirement age by three years to 65, its prime minister announced in August this 12 months.
The retirement age will increase to 63 in 2022 from the present retirement age of 62 and to 65 by 2030, Prime Minister Lee Hsien Loong said, as quoted by Times of latest straits.
