Retirement woes for the elderly

by | Mar 3, 2023 | HUMAN RESOURCES, NATIONAL, NEWS, Opinions | 0 comments


It looks as if many Malaysians thinking of retiring at the age of 60 or even 65 have to defer such a course of action as the elderly grapple with having to deal with runaway inflation, the rising cost of living and dwindling finances.

Ever since the Covid-19 pandemic, many elderly who were heading for retirement had to backtrack and go back to the employment market as mature age workers as they suddenly found that the prospect of retirement was no longer tenable.

Added to this is the fact that many Malaysians are living longer and while they might not exactly be healthy they would prefer to get gainful and meaningful employment rather than to idle away their time as a retiree.

This has now created a dilemma for the Anwar administration as elderly workers compete with the young for scarce jobs and are even willing to take less pay despite having vast knowledge and experience as long as they get hired.

But according to sources, if their EPF savings are taken as an indicator, there are many elderly people who can ill afford to retire and this is why it beggars the question whether these mature age workers will ever retire or will they have to work till they drop dead.

The golden years should be special to any elderly person and it is really a crying shame that they do not have the ability to retire comfortably and this is why the government of the day must put in place financial compensation for them till the end of their days.


** The views expressed on this opinion is of the writer and not the publisher