Research from KWAP and MyAgeing finds that 45.8% of these employees would be willing to work outside of the public sector after retirement if they had access to flexibility.
By Maggie Mancini
Most civil servants in Malaysia say they would prefer to continue working after leaving the public sector—provided the work arrangement is flexible. The Retirement Strategic Agenda report released by KWAP and MyAgeing finds that, on average, respondents anticipate retiring at 58 years old. Most of them (85.9%) say they plan to retire between the ages of 56 and 60. Â
Only a small portion, just under one-tenth, expect to retire between the ages of 51 and 55, while a small minority (5.1%) say they want to retire between the ages of 41 and 50. For those who want to continue working after their retirement from civil service, 45.8% say they would if they had access to flexible working arrangements. Â
Others, around 15%, say they are open to voluntary work, while 5% would consider working part-time jobs. Â
Civil servants believe they have slightly better old-age job security given the reliability of the public sector’s defined-benefit pension system. According to the study, 35% feel they have enough retirement savings, even if it may not cover their basic needs. Further, 27% of respondents say they have enough for their basic needs, while just 10% say they have enough for retirement and to carve out additional savings as well. Just 17% of workers feel their pension will not be adequate. Â
The primary barriers to saving for retirement include the cost of basic expenses (88.1%) and the need to pay down debt (78.1%). Other factors include education expenses for children and grandchildren (57%). Â
