Retirement Planning by Civil Servants (Yearly Bulletin)
Social Protection Insight - The New Narrative: turning the tide on inequality (Volume 5)
Kuppusamy Singaravelloo, Muzalwana Abdul Talib, Nurul Liyana Mohd Kamil Yong Sook Lu, Nurhidayah Abdullah & Norma Mansor, with Rashid Ating
As Malaysia prepares itself to be an ageing society, many of its citizens are entering into life after retirement. Malaysians aged 60 and above comprised only 4.6 per cent in 1957 and after over six decades, this has increased to 10.6 per cent. With increasing life expectancy from 58 years in 1957 to 75 in 2018, the older generation is now living longer. The increase in retirement age, unfortunately, does not commensurate the rise in life expectancy. While life after retirement on average was only about two years in 1957, this gap hasincreased to 15 years by 2018 given 60 years being the current retirement age. This leaves a long period of time where useful manpower goes untapped nor put to optimal use. In this phase of life, the retirees from both public and private sectors alike risk deterioration of health and their maintenance, which show they require more social supports and adequate healthcare. Dependency ratio keeps rising, partly due to the increase in the proportion of those who are over 60 years in age.