Retirement age increased by 5 years order issued: Johannesburg: Like India, employees and officers employed in government services in different countries are adamant on the demand for increase in their retirement age.
In India, currently 62 years of age has been fixed for retirement for employees of central services. A few months ago, it was also made clear by the government that at present they do not have any proposal in this age limit. In future, decisions will be taken after considering such issues.
However, meanwhile news has come that the South African government is preparing to implement a proposal of May from next month i.e. July. This proposal is also related to increasing the retirement age of employees in government services. The government had approved this proposal only last month.
In fact, the South African government had announced a major policy change in May to increase the retirement age for public servants from 60 to 65 years. The government had said that by fulfilling this long-standing demand, millions of employees will benefit from it. At the same time, the heavy pressure on the pension system can also be reduced.
Why was this decision taken?
Retirement age increased by 5 years order issued: South Africa has been working on reforming its public service pension system over the past few years. The increase in life expectancy and the growing number of early retirees has put a lot of pressure on the Government Employees Pension Fund (GEPF). To ensure stability in the system and a better financial position for citizens, the government has implemented the age increase. The country’s Minister of Public Service and Administration had said that this move not only brings South Africa in line with international standards, but will also prove to be helpful in solving institutional problems within the civil service.
These sectors will be affected
Retirement age increased by 5 years order issued: This new policy being implemented by the government will prove beneficial for all government employees including health, education, defense and administrative sectors of the country. It will especially benefit those employees who are nearing retirement and are not ready to leave their job yet. With this decision, government employees will now be eligible to receive higher pension benefits.
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