<\/p>\n\n\n\n
KUALA LUMPUR, Dec 2 (Bernama) \u2013 Malaysia needs to relook at\nits retirement age policy, considering that the country is becoming an ageing\nsociety, said World Bank Group representative to Malaysia and country manager\nFiras Raad.<\/p>\n\n\n\n
In a statement Wednesday, he said Malaysia\u2019s demographics\nhave shifted to an era of low fertility and low mortality from a situation of\nhigh fertility and high mortality previously.<\/p>\n\n\n\n
\u201cMalaysia has passed a crucial milestone in its development\ntrajectory this year and has become an ageing society; defined per the\ninternational convention as having seven per cent or more of the population\naged 65 and above,\u201d he said.<\/p>\n\n\n\n
Firas noted that rapid ageing means that Malaysians would\nhave to work longer.<\/p>\n\n\n\n
Currently, compared to other upper-middle and high-income\ncountries, the employment rate of those aged 55 to 64 in Malaysia is low,\nespecially among women.<\/p>\n\n\n\n
By comparison, in South Korea, Japan and Thailand, more than\n65 per cent of persons aged 55 to 64 are active in the labour market.<\/p>\n\n\n\n
\u201cIn Malaysia, this is the case for only 45 per cent of those\nin this age group,\u201d he said, adding that one policy option is to gradually\nincrease the relatively low minimum retirement age to 65 from 60, and to link\nit to life expectancy thereafter.<\/p>\n\n\n\n
Firas said policies are needed to foster productive and\ninclusive employment of all workers — including older workers — through less\nphysically demanding jobs, and with more digitally-enabled workplaces.<\/p>\n\n\n\n
\u201cA first policy option is to provide enhanced opportunities\nfor training and lifelong learning that consider the specific circumstances of\nolder workers.<\/p>\n\n\n\n
\u201cFinally, a regulatory framework for productive and flexible\nemployment of older workers could be developed, and part-time and other\nflexible forms of employment could be further facilitated,\u201d he said.<\/p>\n\n\n\n
Firas also emphasised the importance of addressing\nwomen-specific constraints regarding work.<\/p>\n\n\n\n
He said relevant initiatives include better availability,\nquality and affordability of childcare; reforms of the legal environment;\nimproved support for parents in line with international legal norms; and\npolicies that address gender norms and attitudes.<\/p>\n\n\n\n
\u201cUltimately, the right mix of policies could help Malaysia\nadapt to rapid ageing, improve the well-being of all, and increase the share of\nMalaysians that experience old age not as a burden, but as a period of their\nlife full of independence, social inclusion and productivity,\u201d he added. <\/p>\n\n\n\n
— BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, Dec 2 (Bernama) \u2013 Malaysia needs to relook at its retirement age policy, considering that the country is becoming an ageing society, said World Bank Group representative to Malaysia and country manager Firas Raad. In a statement Wednesday, he said Malaysia\u2019s demographics have shifted to an era of low fertility and low mortality […]<\/p>\n","protected":false},"author":29,"featured_media":93662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/104239"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=104239"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/104239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/93662"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=104239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=104239"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=104239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}