Traditionally, retiring has been regarded as a desirable ending for someone who has worked for a significant period of time. For those working in corporate, retirement was viewed as an opportunity to finally step away — permanently — from the hustle and bustle of working day in and day out while having more time to devote to other things such as family, hobbies, philanthropy, and other passions that had supposedly been forced to take second place due to one’s job or career.
Malaysia primarily has two types of social security systems. One of the social security systems is Pertubuhan Keselamatan Sosial (PERKESO) which provides financial assistance to employees and their families in the event of an accident that results in death, disability or illness, or an occupational disease. Another social security system is Kumpulan Wang Simpanan Pekerja (KWSP) which provides pensions as well as an avenue to withdraw money for certain reasons. For example, to cover medical expenses or to purchase a home.
According to the ‘A Silver Lining Productive and Inclusive Aging for Malaysia’, a report by World Bank, rapid aging will be one of the most crucial megatrends affecting Malaysia in coming decades are raising policy challenges in areas such as employment, income security, health care, and aged care.
This forum will look into understanding the current landscape of retirees in Malaysia and how best to address the rising challenges faced by retirees.
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