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,
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.
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. 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.For illustration purposes
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.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.
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