Is early retirement a good idea?
Mohammed Al Balushi –
Is working for 25 or 30 years a long period? Will employees get tired and bored and for those reasons most of the employees decide to retire early? Will the early retirement affect the social life, create financial crisis and problems in family life as suggested by some reports?
It is not because of the workload or work pressure, but it seems that everyone is mentally sick under the current dilemma. “I must wake up at 3.45 am and get ready for work. I reach home back by 8 pm every day. I have my holiday on Friday”, said Abdul Hameed, who lives in Manama, one of the cities in UAE, and works in Dubai. “I wish if I could go for early retirement”, he added.
It has to be identified as to what are the root causes for early retirement. Is it something related to the attitude of the person or due to some external factors and forces? Is 30 years a reasonable period for retirement or it is too long? If it was reasonable then why there are employees looking for early retirement? How can the government make a better policy to fix the age and number of years for the retirement for both government and private sectors, where the result should give some economic gains for individuals and state?
It has also been noticed that there are employees who work even after completing 30 years in service or they are above 60 years old. It was found that such categories did not make any retirement plans and if they leave, they lose a lot of benefits, including health insurance. Do employers benefit if such categories stay longer? Will these employees add value with their old attitude and working style? However, their experience may be needed and can be good. Where will the new generation go if most of the positions are still occupied? “One of the mistakes most of the employers make is that they don’t advise their employees about the retirement plan”, said Marwa.
“December 31, 2015 will be my last working day. I will be completing 20 years of service with the government”, said Sultan. He has been congratulated by most of his friends through WhatsApp. “I will take rest for around two months and then start a new page in my life”, he added excitedly.
It has been read from one of the reports and surveys that “Caban-Martinez and his colleagues analysed survey data from more than 85,000 adults aged 65 and older. (The mean age was around 75.) In general, people who kept working were nearly three times as likely to report being in good health than those who had retired”. It however means that if human brain and the body remain busy with activities that will lead to good health.
The same report highlights that, “Compared with white-collar workers, blue-collar workers still on the job were 15 per cent less likely to report multiple chronic diseases, like heart disease, diabetes and cancer. And all types of workers reported better mental health, compared with those who were retired or unemployed”.
Those who go for retirement, particularly early retirement and don’t engage themselves in some activities or starting their own small businesses, then they will face some health problems.”
“I don’t think I can continue for 25 or 30 years in service. I will first settle all my bank liabilities and then I go for retirement. I still have around three years to settle all my dues. I have already made my plans for life after the early retirement. I will go for more research and write some books”, said one of the lecturers at Sultan Qaboos University.
“I am entitled for retirement. I can submit my resignation even tomorrow, if I want so. The problem is that I don’t know what to do next. I have not decided what to do after retirement”, said one of the Army personnel.
How will the normal retirement and early retirement affect the pension programme and scheme? Has this area been carefully thought about?
Going in for retirement might not be easy for some because of improper plans. Nevertheless, the government should take it as an economic opportunity for the state and a good break for the individual.