Malaysia’s international trade and industry deputy minister Mukhriz Mahathir has expressed concern that raising the retirement age to 60 would lessen opportunities for graduates and young people, according to Bernama, the Malaysian national news agency.

The idea that “there is only a fixed amount of work to be done” is “one of the best-known fallacies in economics”, according to an online glossary on the website of The Economistmagazine.

Minister Mahthir told reporters in Malaysia: “Obviously, an increase in retirement age is going to have an impact on availability of jobs for young people to enter.”

Bernama also reported that the minister was concerned with giving university graduates confidence that their degree will lead to a place in the job market.