Thursday, March 30, 2023

Retirees are returning to the workforce due to the financial pressures

Social NewsRetirees are returning to the workforce due to the financial pressures

While most of us do save up for our old age, through the Employees’ Retirement Scheme (EPF) at least, it appears that this saving is far from enough for our retirement, especially when the cost of living has increased significantly now.

As for the elderly who do not have enough funds for their retirement, they would have no choice but to return to the workforce.

In an interview with The Star, Yap Siew Kin, 60, who is working as a cashier at a hypermarket in Mutiara Damansara, Petaling Jaya, says that she is grateful for the employment opportunity.

“Not many companies want to hire people like me who are already in their 60s. I am grateful to still have a job so I can support my 80-year-old mother,” she said.

Nonetheless, Yap is only one of the growing number of senior citizens who have returned to the workforce after retirement.

According to the observation by The Star, it was reported that the rising cost of living, heavy financial commitments and insufficient savings are among the reasons cited by such individuals.

Yap share that after she retired as a clerk at a legal firm, she withdrew a portion of her EPF savings. However, she soon found out that it wasn’t enough to sustain my mother and myself.

“Also, food prices kept going up, so I decided to go back to work,” she said, adding that she has to pay RM800 for rental of her apartment in Shah Alam, Selangor.

“I also set aside some money every month for medicine to treat my high blood pressure,” she said.

She said her priority now was to ensure a good life for her elderly mother.

Another interviewee, Hussin Abu, 68, who has been working as a truck driver since 2013, shares that he tried being a school canteen operator.

“I withdrew my EPF savings to start the business with my wife, hoping it would be the start of something great.”

“But we soon realised we were in over our heads. We suffered huge losses and used up all our savings,” he said.

Despite that, he said he did not want to rely on their 3 children as they were also saddled with financial commitments.

Meanwhile, Janakay Kuppusamy, 64, who started as a store assistant about 4 years ago, shares that some people asked why he still works at this age.

“Apart from my sister, I have no one else to turn to. I must work to earn an income,” she said, adding that her EPF savings were insufficient.

While most of us are hoping for a comfortable retirement, it seems that this would only true for those who have save up enough.

What do you think about this? Share your thoughts!

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