The UAE is comparable to many other countries in its retirement age for workers, with men and women in the private sector retiring at 60, according to a new report by HR consultancy Mercer.
However, employees in the Gulf state were found to work more years when compared to their counterparts in Indonesia and Thailand whose citizens are eligible to retire at 55. Workers in India can also finish their life of employment between the ages of 55-58, the Worldwide Benefit and Employment Guidelines report found.
In Saudi Arabia, there is no limit on the retirement age for expatriates, but there is a current proposal under consideration to make it 60 for them in the near future, Mercer added.
In the public sector, the report found that women in the UAE benefit by being able to retire five years earlier at 55.
Other countries that see the five-year advantage for women include Saudi Arabia, Jordan, Russia, Taiwan and Vietnam. While the same principle also applies in the UK, Argentina, Austria Chile, Serbia and Poland, the retirement ages are higher, standing at 65 for men and 60 for women, the report stated.
“Our report addresses disparities in skill-set issues across the globe,” said Mazen Abukhater, principal at Mercer.
“For example, a company envisioning a particular market for its experienced and ample supply of talent would want to know that workers could — and likely will — retire in their 50s. However, in a bordering country, this same company could face a retirement age nearly 15 years older, which would introduce a completely different set of talent issues,” he added.
The UAE is expected to significantly increase hiring as it begins preparations to host Expo 2020 in Dubai. A MEED report forecasts that 277,000 jobs will be created between 2013 and 2031, with the bulk of them in hospitality and tourism sector.
Although the country is focusing on boosting Emiratisation and providing more job opportunities for locals, several expatriates are expected to be hired, especially in sectors such as construction and real estate, to meet growing demand.