PETALING JAYA: An economist has urged the public to prioritise retirement savings early to avoid financial strain in later years. It would also curb d...
Failure to prepare may lead to financial insecurity, forcing individuals to work well into old age and impacting well-being: Expert
“As healthcare costs continue to climb, an increasing reliance on government-funded health services by older adults could add to Malaysia’s fiscal burden,” he said. Niaz said safety nets like the Employees Provident Fund provide limited support, especially for those in the gig economy or informal sector.
Niaz added that as the World Bank projects Malaysia to become an aged nation by 2040, with 14% of the population aged 65 and older, a multi-pronged approach is critical. “Adjustments in retirement age and flexible employment options for older adults may help balance the demographic shift.”
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