Old age poverty: Time for social pension reform — Geoffrey Williams | Malay Mail

OCT 3 — Based on current estimates of retirement savings, the majority of Malaysians will live in abject, absolute poverty during the final years of their lives.

In fact this scenario for the whole population is mirrored in recent analysis from the EPF which suggests that only three per cent of Malaysians will reach their estimated threshold for required savings of RM240,000 by retirement according to EPF chief strategy officer Nurhisham Hussein. We know the withdrawal schemes under i-Lestari, i-Sinar and i-Citra which have left 6.3 million Account 1 holders and nine million Account 2 holders with less than RM10,000 balance but this is only part of the problem.

This would include a means-tested guaranteed Universal Basic Income or Living Wage jointly funded by the state and contributions as now from employees and employers but with social top-ups for those unable to make the target monthly savings. In some countries work ends over a more flexible timescale and rehire schemes provide less abrupt retirement which helps mental and physical health and eases the transition to a happy, smoother retirement.

Senior citizens often face challenges where income and healthcare are concerned. — Picture by Yusof Mat Isa The third level should provide a Desired Income Pension through which people can target a higher income and lifestyle in older life. It would mostly cover higher income earners who could be encouraged to save with higher tax-free contributions into public or private funds. This opens up a series of options for people who want and can afford a better retirement income and reduces the burden on the social pension schemes.

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