KUALA LUMPUR, Oct 23 – A growing number of seniors in Malaysia are applying for jobs after retirement to cope with the rising cost of living and longer life expectancy, according to Jobstreet, a Southeast Asian employment website.
The online employment company’s managing director Vic Sithasanan said there has been a 13 percent rise in job applications from seniors aged 60 and above between January 2023 and the end of August 2024.
He said the trend was likely due to factors such as the rising cost of living and extended life expectancy, which necessitates longer careers for financial stability.
“The reasons reflect personal motivations and broader economic factors, but the most pressing is the rising cost of living,” Sithasanan said.
“On Jobstreet’s platform, we’ve seen the number of senior users aged 60 to 99 grow 2.6 times from 2022 to 2023, with a 2.4-fold increase in Q1(the first quarter) of 2024 alone compared with 2022.
“Seniors are motivated to extend their careers to increase their financial safety net.”
He added that with longer life expectancies, seniors feel the need to sustain their income for a longer duration, prompting many to seek employment opportunities beyond the retirement age.
Sithasanan said an estimated 1 percent of the current 3.9 million seniors are actively searching for jobs, which reflects a significant portion of the aged population in the job market.
“As the workforce ages and the value of experience becomes more apparent, companies will — if they have not yet already — recognize the benefits of hiring senior talent,” he said.
“This requires a shift in perception, and the need to create a working environment that supports and encourages the hiring of older workers.”
