A Deputy Chairman of the African Union Commission (AUC), Mr Kwesi Quartey, has said Ghana needs to reconsider and review its retirement age upwards from the stipulated 60 years.
Mr Quartey said that would help the nation benefit from the knowledge and experience of people who fell within that age bracket who were still very productive.
“As people age, they acquire knowledge and experience in their areas of expertise and they become valuable resources where they can deliver to the best of their ability. Most people, at the age of 60, are still productive and active and they tend to be at the height of their prowess,” he stated.
He, therefore, suggested that the retirement age should be made flexible so that if a person was healthy and willing, he or she would be given the chance to continue working for some few more years after attaining 60 years.
The 2010 Population and Housing Census showed that although the proportion of older persons (60+ years) decreased from 7.2 per cent in 2000 to 6.7 per cent in 2010, in terms of absolute numbers there had been a seven-fold increase in the population of the aged from 215,258 in 1960 to 1,643,978 in 2010.
The proportion of the female elderly population was 56 per cent, compared with 44 per cent for males.
The minimum retirement age in some developed countries had gradually increased from 60 to 62 years by 2018 and it is expected to be gradually reviewed upwards from 65 to 67 years by 2023.
In the United States, the retirement age is between 62 and 65 years and it is optional.
In Belgium, the legal retirement age is 65 in 2019, but it is expected to be reviewed in 2025 to 66 and by 2030 it will be 67 for both women and men.
In Australia, the retirement age is to be increased gradually to 67 years by July 2023, but currently it is 65.
In Singapore, the Retirement Age Act (RAA) was replaced by the Retirement and Re-employment Act (RRA) in 2012. Under the RRA, the statutory minimum retirement age is still 62, but employers are now required to offer re-employment to eligible employees who turn 62 up to the age of 65.
Spain is no different, as it is reviewing its retirement age from 65 to 67 years by 2027.
However, in Africa, the retirement age is 60 years.
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