Mandatory retirement age refers to the specified age at which an individual is legally required or mandated to retire from their employment or occupation. It is a predetermined age limit established by laws, regulations, or company policies, and it applies to a particular category of employees, industries, or professions.
The purpose of instituting a mandatory retirement age is often two-fold. Firstly, it aims to ensure career progression and job opportunities for younger individuals by creating vacancies in the workforce. By encouraging turnover, it allows for fresh perspectives, new talent, and advancements within organizations.
Secondly, mandatory retirement age also serves to protect older workers from potential age-related issues such as declining performance, the risk of accidents, or health concerns. It is predominantly implemented in physically demanding or high-risk occupations to guarantee the safety and well-being of both the retired individual and their co-workers.
The designated retirement age may vary across countries, industries, and even within different organizations. Commonly, it ranges from 60 to 70 years, but exceptions or variances can exist based on contextual factors, job requirements, contractual agreements, or social policies.
It's important to note that mandatory retirement age is separate from voluntary retirement, where an individual chooses to retire at their desired age or upon meeting certain criteria.
