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76yo PMX Says 26.1% of M’sians Above Age 60 Continue to Work as They Don’t Have Income Security

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Feat Image Anwar Ageing Nation
Source: Bloomberg & Wiki Impact

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Prime Minister Datuk Seri Anwar Ibrahim recently shared some worrying statistics about our country’s imminent shift from an ageing nation to an aged nation, including how the old population in Malaysia is more susceptible to poverty.

Speaking at the International Social Wellbeing Conference 2024 at the Renaissance Hotel, Kuala Lumpur yesterday, Anwar said that the world is experiencing a demographic shift towards an ageing population at a rate never seen before.

 

Malaysia will become a “Super-Aged Nation” in 37 years

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Quoting data from the UN, it is estimated that in 2050, the population of those aged 65 and above will reach 1.6 billion out of 9.7 billion of the world population.

As for Malaysia, the Prime Minister asserted that it would only take 23 years for our country to make the shift from an ageing nation to an aged nation, with 14% of the population above the age of 65.

Moreover, it would only take another 14 years thereafter for Malaysia to reach a “Super-Aged Nation” status, with 21% of the population being over 65.

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The effects of having an aged nation

Anwar then delved into the effects of Malaysia being an aged nation, such as how the World Bank projected that our demographic change is expected to contribute about one-third of the decline in GDP growth rate between 2020 and 2050.

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For illustration purposes

Furthermore, the expected increase in government spending on healthcare and social assistance will coincide with a decrease in the tax base stemming from the shrinking labour force as a percentage of the population.

Anwar added that it is projected that the old-age dependency ratio in Malaysia will decrease significantly from 10 adults for every elderly person in 2020 to 3 adults for every elderly person in 2060, signifying that no longer can the elderly depend on the familial structure for assistance. 

 

26.1% of Malaysians above age 60 continue to work due to not having income security

Portrait Older Man Checking Blood Pressure Home

For illustration purposes

Worse, the old-age population is more susceptible to poverty compared to the average Malaysian population with only 29% of Malaysians having a pension or pension-like income during retirement.

The Prime Minister further revealed that 1 in 4 EPF members exhausted their EPF savings within 5 years of reaching withdrawal age, with the lump-sum nature of the EPF benefit resulting in many Malaysians not being able to maintain a reasonable standard of living during retirement.

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For illustration purposes

Besides that, a recent survey found that 26.1% of respondents aged above 60 will continue to work until their health fails as they face challenges in achieving income security to finance their retirement needs.

 

How the MADANI Government is planning to better the lives of older Malaysians

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For illustration purposes

Accordingly, Anwar, who himself will turn 77 years old this August, announced that the Unity Government is committed to bettering the lives of older Malaysians and building a more inclusive and just society for all Malaysians. These include:

  • Raising both the ceiling and the floor of the economy to ensure that economic growth benefits more Malaysians
  • Widening the umbrella of social protection to cover everyone
  • Strengthening 2 pillars of social protection
  • Spurring the labour market
  • Prioritising investments in the silver economy
  • Prioritising investments in critical sectors such as healthcare, pharmaceuticals and infrastructure conducive to active ageing


So, what do you guys think of Anwar’s statement? Share your thoughts with us in the comments!

 

Also read: 70yo M’sian Spends All of His EPF Worth RM700k in 3 Years, Blames His Kids for Not Providing for Him

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Source: 123RF
Source: freepik
Source: Harian Metro
Source: 123RF

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