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KUALA LUMPUR: Policies that encourage productive employment of workers are needed, such as better training opportunities and lifelong learning, said the Minister of the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed (pix).
He said such policies will allow Malaysians to work longer, live longer and healthier lives, with less physically demanding occupations and with more digitally-enabled workplaces.
“Realizing productive and inclusive aging requires policies that are based on solid evidence.
“As in almost all high-income countries, a longer working life will, in turn, require gradual adjustments to the age at which the majority of Malaysians retire,” he said in his opening remarks when introducing the report of the World Bank, “A Ray of Light: Inclusive Aging for Malaysia” here today.
According to the report, more than seven percent of the country’s population will be 65 or older by 2020, which means Malaysia is becoming an aging society.
The rate of aging will increase in the coming years and the proportion of the population aged 65 and over is projected to double to 14% in 2044 and reach 20% in 2056.
Mustapa said the provision of minimum income protection for older Malays requires further improvements in coverage and adequacy of social security schemes.
“EPF’s i-Saraan plan and SOCSO’s social security plan for self-employment point in the right direction, but there is scope for strengthening the links between these plans and for further collaboration with industry associations.
“However, even with such proactive measures, it is unlikely that social security schemes can cover the entire workforce,” he said.
Therefore, a modest, tax-financed, broad-based social pension may also be required, he added.
“As any increase in tax expenditures can be challenging in the context of the fiscal impact of the Covid-19 pandemic, providing minimum income protection for older workers will require a combination of public policy measures, both on the side of the spending as well as income, “he said.
Mustapa noted that for the elderly care sector to become a new engine of economic growth, it will be vitally important to create an enabling market and regulatory environment for the private provision of elderly care, and to strategically reorient public funding towards care for the elderly in the home and community. .
“In light of the Covid-19 pandemic, it will also be crucial to continually improve the aging care infrastructure and service standards to ensure the health and safety of nursing home residents,” he said. – Called
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