Nearly 80 percent of interviewees believe that raising the retirement age will be an effective measure to alleviate the pressure of a manpower shortage in Hong Kong, according to a recent survey conducted by the Hong Kong Institute of Human Resources Management (HKIHRM).

HKSAR Government announced on January that it would extend the retirement age of newly-hired civil servants from 60 to 65. As one of the strategies adopted to expand the potential workforce, the new policy is expected to encourage other employers to adopt similar measures to extend the working life of their employees.

The HKIHRM conducted a poll online from April 1 to 24 to explore the views of its members and other HR professionals on raising the retirement age.

Of the 386 interviewees, 82 percent support raising the retirement age. 78 percent of the supporters agree that raising the retirement age will be an effective measure to alleviate the pressure of the manpower shortage. 71 percent suggest that the retirement age should be set at 65, while 24 percent hold the view that the age should be raised above 65.

Among the supporters of the measure, 74 percent believe "they are still in good health and can work longer". Other reasons include "want to remain productive and contribute to society", "choosing to work is better than being forced to retire", "financial condition cannot yet support a life of retirement", and "enjoy working".

The survey also reveals that 79 percent of the interviewees said that their employers have set a standard retirement age for employees. About 66 percent of them require employees to retire at 60. Even though most interviewees support raising the retirement age, about 40 percent of the interviewees are expected to retire at 60, and another 36 percent hope to retire between 61 and 65.

David Li, President of HKIHRM, pointed out that raising the retirement age is an option that could help reduce the manpower shortage. Experienced employees are important human resources for companies.

However, Li also said that companies should consider whether raising the retirement age might hinder the promotion of younger employees. They should have a succession plan to ensure business continuity.

This article was edited and translated from 《香港近八成受访者认为提高退休年龄能有效缓解劳动力短缺》, source: Chinanews.com.