Hues of yellow, orange and gold colour these national parks around the world.
There is a lot of public discourse now on raising the retirement age and there is certainly more awareness on issues such as social protection and the silver economy catering to an ageing society, which Malaysia transitioned into from 2020 according to World Bank measurements. — ART CHEN/The Star
Low wages are the most critical of all the issues, looking at just the financial aspect of retirement. EPF savings are low for most Malaysians, with some two-thirds of fund members below the age of 55 not having attained the RM240,000 minimum recommended by the EPF. “The best economic approach is to look for alternatives to working longer and paying more, and there are two main ideas on the table in the Malaysian context,” he says.
Williams says working to a later age is not a practical solution in Malaysia due to the low wage structure and low labour participation rate. Centre for Market Education CEO Dr Carmelo Ferlito also disagrees on having a retirement age, saying it should be a personal decision on the part of the worker based on financial needs.
Retirement EPF Savings Microbusinesses Smes Breadwinners Outside Labour Force Universal Basic Pension Superfund Silver Economy Ageing
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