AS Malaysia heads towards being an aged nation, effective policies are needed to prepare for and mitigate the impacts of this inevitable phenomenon. T...
To address declining fertility rates and promote higher female workforce participation, the government must collaborate with the corporate sector to enhance on-premises childcare facilities. – BERNAMAPICMalaysia heads towards being an aged nation, effective policies are needed to prepare for and mitigate the impacts of this inevitable phenomenon.
Furthermore, from 2021 to 2050, the worldwide proportion of older individuals is expected to rise from under 10% to approximately 17%. Several factors contribute to this shift-changing fertility rates, life expectancy, international migration and industry structure. Hence, the government must re-evaluate the initiatives using the Input-Output-Outcome-Impact framework for effective policies.
In the World Bank’s Economic Monitor , “social injustice” ranked as the second most significant migration driver at 60%, following career prospects at 66%, suggesting the critical focus areas for impactful strategies aimed at returning bright individuals. To maintain Gross Domestic Product growth, it is necessary to develop capital-intensive, knowledge-intensive and technology-intensive sectors since with the ageing population, the contribution of labour to production will continue to decrease. This will slow the brain drain.
However, an increase in the share of net consumers , with a decrease in the share of net savers will cause excess demand in the goods market, which may accelerate inflation. To tackle challenges from an ageing population, Malaysia can consider automatic adjustment of retirement age, with increasing life expectancy. This mechanism has been implemented in Denmark, the Netherlands, Portugal and Finland.Additonally, Malaysia can consider the World Bank’s suggestion of a gradual increase in the retirement age from 60 to 65 over 10 years, allowing the public sufficient time to adapt to the changes.
Furthermore, retirees should have withdrawal limits to prevent lump sum withdrawals. Allowing such withdrawals has led to many elderly Malaysians, often early retirees at 55, spending their entire EPF savings within a few years. The government should also aim to incentivise existing immigrants by allowing longer visa durations for those who demonstrate good conduct in their workplace and contribute to the economy.
For example, Singapore practises a similar system, where employees contribute to their Central Provident Fund, under which they have a Medisave Account, specifically designed to cover healthcare expenses.
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