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Malaysia Retirement Age to 65 - Coggle Diagram
Malaysia Retirement Age to 65
Problems and Issues
Malaysia is becoming an ageing society as the World Bank stated
7% or more of the population in Malaysia aged 65 and more. This numbers will double in the year 2044
Rapid ageing means Malaysians would have to work longer
people age 65 and above will most likely face problems such as low savings of EPFs and medical issues
older people who lives alone will suffer if they have medical issue wih no savings
Poverty incidence and vulnerability of older persons increases with age
Prevalence of disabilities accumulate over longer life spans increasing care needs
mostly older women are the ones at stake
Solutions
Policies are needed to foster productive and inclusive employment of all workers including older workers
Regulatory framework for productive and flexible employment of older workers could be developed
Give higher EPF rates to older people which atleast gives them around RM2000 per month
Enhance age care performance and coverage
policies increase the fundings for age care department so they can afford to welcome more aged people
privates and governments age care should loosen the coverage on accepting the people based on their races and genders
Employment and income security a particular challenge for women
Specific initiatives to improve women’s’ participation in the workforce such as improvements to the quality, affordability and availability of childcare, legal reforms and addressing gender norms and attitudes.
The employment gap between men and women is largest between age 50 and 60.