The Future of Retirement in Indonesia

The number of people aged 60 years
and over is increasing. ;According to the UN, by ;2050 it is projected
to reach almost two billion, or 22% of the world’s population. Increasing
longevity is changing the way we live and work. HSBC is dedicated to advancing
the global debate on maturing populations and our changing approach to ageing
and retirement. By building a vast resource of knowledge to engage and inform
a range of people worldwide, we aim to help governments, individuals and businesses
better understand the significant changes they are going to experience.

The Future of Retirement: What the
world wants
study is the world’s largest
survey on attitudes to ageing, longevity and retirement conducted amongst
21,329 individuals and 6,018 private sector employers in 20 countries and
territories across five continents. The results compare the attitudes of employers
and consumers regarding ageing and retirement.

Indonesians view later life as a time for spiritual fulfillment and family
companionship and support. When asked what brings happiness in later life,
religion and faith top their list but health and their family are also extremely
important to them. Though few plan to stop working completely in retirement,
and view work as a source of continued mental stimulation, Indonesians are
not very likely to oppose mandatory retirement. Indonesians prefer enforced
additional private savings as the best approach to avoid a retirement funding
shortfall.

  • Most view
    retirement as a whole new chapter of their life. Indonesians would most
    like to use this time in their life to spend more time with their grandchildren.
  • Indonesians
    think that they should bear most of their retirement costs, with assistance
    from their family. What actually happens is that their family members bear
    most of their retirement costs, while they assist with the cost.
  • Most have
    saved money specifically for retirement or have calculated their potential
    needs.
  • The biggest
    concerns for Indonesians centre on health and caring for ageing relatives.

Indonesian employers do not value older workers as much as most countries.
They believe more than any other country that when older employees leave the
company it makes room for younger workers who are ready to take their place.
Conversely, Indonesia has the smallest number of employers who feel that when
older workers retire, companies lose valuable knowledge and skills. They are
among the least active internationally at offering older workers flexible
working practices and are the most in favour of being able to enforce a mandatory
retirement age.

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