More Seniors Returning to the Workforce to Cope with Rising Living Costs

A growing number of seniors are re-entering the workforce in Malaysia to combat the rising cost of living and extend their financial security. According to Jobstreet by SEEK, job applications from seniors aged 60 and above have increased by 13% between January 2023 and August 2024.

Key Factors Driving This Trend:

1️⃣ Rising cost of living

The increasing expenses of daily life have made it necessary for many seniors to supplement their retirement income.

2️⃣ Longer life expectancy

With people living longer, there's a growing need to maintain a steady income stream.

📌 Job Market Insights:

🔹 Increased senior job seekers: The number of senior users on Jobstreet has grown 2.6 times from 2022 to 2023.

🔹Diverse job preferences: Seniors are seeking various roles, including part-time, consultancy, and mentorship positions.

🔹Skills and experience: Seniors offer valuable expertise and can mentor younger employees.

🔹Upskilling and reskilling programs: Companies are investing in training to keep senior employees updated on industry trends.

🔹Age-friendly workplaces: Creating inclusive environments that support the needs of older workers.

🔹Flexibility: Offering flexible work arrangements to accommodate family or health commitments.

As the workforce ages, it's essential for companies to recognize the value of senior talent and create inclusive environments that support their needs. By embracing diversity and promoting age-friendly practices, businesses can benefit from the unique skills and perspectives that senior employees bring to the table.

Source: The Star Online

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