MALAYSIA ARE WELL PREPARED FOR OLD AGE?

Old Age Meaning-WHAT

1. The number of people age 60 and older per 100 working age people (age 15-
59). (The higher the number, the more elderly people there are to be supported by
younger working adults.)
2. Malaysia ranking-103 (United Nations, Department of Economic and Social Affairs,
Population Division (2013)). Malaysia is expected to become an aging society by
2021 (source : The Ant Daily : 2 March 2014)

Is Malaysia prepared?

YES

1. Presence of policy that protect old age

a. e.g : The new National Policy for Older Persons and Plan of Action for
Older Persons were approved by the Government of Malaysia on January
5th 2011 to re-look into incorporating the developmental and reintegration
of the older persons in the society, in order to instill older persons with a
high sense of self-worth and dignity

2. The Government involvement in the development of senior communities

a. The existence of retirement villages, and is pushing for a robust
mobile healthcare industry that caters for those who wants to age at the
comfort of their homes that can be covered by insurance

3. EPF tax relieve by the government

a. There has been examples such as during the 2011 Malaysian Budget,
where to ensure private sector employees and self-employed to have
sufficient savings upon retirement, the Malaysian government had
announced a tax relief up to RM6, 000 for Employees Provident Fund
(EPF).
4. The introduction of Private Retirement Scheme (PRS)
a. Private Retirement Scheme (PRS) is more user-friendly. PRS is a voluntary
long-term investment scheme to help individuals accumulate savings upon
retirement. It complements the mandatory contribution made to EPF
(Budget 2011)
b. Through this way, the individuals may choose to invest in based on
their retirement needs, goals as well as risk appetite.

5. The extension of retirement in the public sector.

a. The mature employees will bring greater stability especially towards
the organization. A stable workforce has many benefits that will gear up
the organization to higher level. By maintaining mature or aged workforce it
could reduce turnover rates and at the same time be able to reduce
recruitment costs. Besides, the greater work experience and problem
solving ability possessed by them will contribute to better
improvement within the organization
b. public servants are able to have prudent financial security as a
preparation upon their retirement

6. The affordable hospital cost

a. In Malaysia, public health is highly-subsidized. That is why it is one of
the most affordable countries in the world. For example, a GP treatment at
a government hospital in Malaysia is charged at an incredibly low
RM1, a rate established way back in 1982
CONCLUSION

Malaysia is well prepared for old age as an aged is an asset for the organization and
country. Their possessing skills, knowledge and full of experiences could derive and
benefit the country into the higher level as meeting national objectives in producing a pool
of talented workforces.