Pension scheme should include those who are self-employed, working in the informal workforce or unemployed, says academic.
PETALING JAYA: The huge burden of pension payments on the public coffers has become a focus of attention in the run-up to the tabling of Budget 2024 tomorrow.
According to Universiti Malaya’s Social Wellbeing Research Centre director Norma Mansor, there are 731,785 recipients of civil service pension currently. “ to those who are self-employed or unemployed, particularly women as many of them are not in the workforce,” she said, adding that the government could make the contributions on behalf of the unemployed.“For instance, it could match the contributions made by those who are self-employed or in the non-formal sector with up to 5% of their respective monthly incomes. That would be an incentive for others to contribute to their retirement savings,” she said.
In Thailand, an individual who reaches the age of 60 will receive 500 baht a month. Under the scheme, which was launched in 1998, the sum payable rises with the age of the recipient. He also highlighted a discrepancy in the system that, he said, has led to insecurity among future retirees.
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