Many nations have recently decreased the retirement age. Are the benefits of this change greater than the drawbacks? Explain your viewpoint with reasons and include appropriate examples based on your knowledge or experiences.
Retirement age, which has been decreased in many countries, sparks significant debate about the positive and negative impacts. This essay will strongly advocate the negative side that affect on both the economy and the retired people themself.
In economic perspective, Company's productivity will record a decline. Initially, the elderly employees usually are the most experienced figures in any organization, alongside holding managerial positions such as Chief of department. For example, Dr. Hoang, working as a CEO at Long Chau pharmacy, is well known in his field. His mind still has a lot to contribute as CEO to increase the sales of the pharmacy, but he is forced to retire due to old age. The strict rule of retirement has taken away productive old individuals that can still be able to contribute to the economy.
On the personal levels, financial burden might be unavoidable for old-retired people. As they are old, health is a serious problem that can negatively impact their life if they are not treated with medical aid. Unfortunately, buying medicines and visiting doctors usually cost a lot of money, and the decrease in retirement age exacerbates the problem by cutting down their monthly salary. Proponents of the notion may argue that they still have pensions to cover. It is true that pensions can cover them, but only to some extent as pensions are a proportion of their taxes, and pensions in some countries, especially developing ones, are far from great.
In conclusion, the disadvantages of lower the retirement age outweigh the merits on both personal gains and economy. Following this notion only leads to financial burden for the early retirement people and weakens the economy.
Retirement age, which has been decreased in many countries, sparks significant debate about the positive and negative impacts. This essay will strongly advocate the negative side that affect on both the economy and the retired people themself.
In economic perspective, Company's productivity will record a decline. Initially, the elderly employees usually are the most experienced figures in any organization, alongside holding managerial positions such as Chief of department. For example, Dr. Hoang, working as a CEO at Long Chau pharmacy, is well known in his field. His mind still has a lot to contribute as CEO to increase the sales of the pharmacy, but he is forced to retire due to old age. The strict rule of retirement has taken away productive old individuals that can still be able to contribute to the economy.
On the personal levels, financial burden might be unavoidable for old-retired people. As they are old, health is a serious problem that can negatively impact their life if they are not treated with medical aid. Unfortunately, buying medicines and visiting doctors usually cost a lot of money, and the decrease in retirement age exacerbates the problem by cutting down their monthly salary. Proponents of the notion may argue that they still have pensions to cover. It is true that pensions can cover them, but only to some extent as pensions are a proportion of their taxes, and pensions in some countries, especially developing ones, are far from great.
In conclusion, the disadvantages of lower the retirement age outweigh the merits on both personal gains and economy. Following this notion only leads to financial burden for the early retirement people and weakens the economy.