Preparation for Pre-retirement Planning of Generation Y Employees

Abstract

The objective of the research was to study preparation for pre-retirement planning of Generation Y employees and factors related to it. A case study approach was adopted at Singha Estate Public Company Limited where this survey research was carried out on the sample of 120 employees. To collect data, survey questionnaires were used as the main research instrument. The data analysis was utilized by employing not only descriptive statistics, namely, frequencies description, percentage, average, standard deviation but also a Chi-square test as inferential statistics.

                The findings revealed that Gen-Y employees had a highest awareness on pre-retirement planning with an average of 4.40 while that of overall preparation for retirement was 3.80. Considering related topics which are physical health, economic aspect, housing, social aspect, and occupation, the study indicated that Gen-Y employees put an emphasize on life planning for social aspect with an average of 4.12. Housing was their second focus with 3.78 The other averages were 3.77 for occupation, 3.69 for financial aspect, and 3.68 for physical health respectively. This research also found that factors related to preparation for pre-retirement of Gen-Y were personal factors including work positions and income sufficiency. In addition, awareness factors associated with preparation for pre-retirement planning of Gen-Y employees had statistical significance of 0.05.

                In this regard, the employers should provide their employees with opportunities for side jobs as well as equip them with knowledge on Provident Fund’s benefits and health. In addition, the employers should organize trainings to enhance employees’ knowledge on planning related to health, finance and occupation to increase their preparation for retirement.