Calvin Cheng, a fellow at the Institute of Strategic & International Studies (Isis), said the current practice meant that employees found difficulty in balancing well-being and security.

Cheng said under the flexible retirement scheme, employees would be allowed to retire at 65.

“A flexible system would widen the retirement window, allowing workers to request phased retirement from age 50 to age 60, with 60 being the last year to request for phased retirement,” he said at a roundtable hosted by Isis here today.

The discussion revolved around the sandwich generation, which refers to the current demographic of middle-aged individuals struggling to balance care towards their aging parents and raising children.

He said there was a need for policy-makers to look beyond economic growth and make the well-being of employees a core objective.

“As the proportion of older Malaysians grows, prioritising GDP (gross domestic product) alone will risk overlooking pressing challenges to the quality of life for this large and expanding group.”

Cheng said smooth retirement transitions benefitted retirees and their families by alleviating the financial burden on the younger generation.

He also said a retirement policy should not only focus on extending one’s work life, but also how to extend access to a leisurely life.