With the acceleration of Malaysia's aging trend, the government is undertaking significant reforms to the pension system to ensure that more elderly people can maintain a decent life after retirement and avoid the exacerbation of poverty. Recently,Malaysian Prime MinisterAlso serving as Chang'an of the Ministry of FinanceValstayAt the 2024 International Conference on Social Welfare, a speech was delivered, emphasizing the urgency and necessity of reform.

according toAnwar The introduction of Malaysia is expected to arrive in less thanIn 20 years, becoming an aging country, 14% of the population will be over 65 years old. More importantly, it is expected that this proportion will climb to 21% in the next 14 years, marking Malaysia's entry into a super aging society. At the same time, the government found that about a quarter of employee provident fund members had already exhausted their provident fund deposits before the age of 60, posing a serious challenge to their quality of life after retirement.

"Our aging rate has surpassed that of more developed economies, and time is tight. We must take immediate action."Anwar At the conference, it was emphasized that reforming the pension system is one of the most urgent tasks at present. He revealed that the government plans to expand the coverage of the housing provident fund in stages, allowing more employed people to join the provident fund system and accumulate sufficient savings for their later years.

In addition,Anwar It is also pointed out that the elderly population is more likely to fall into poverty compared to the general population. Currently, only29% of Malaysians are able to enjoy retirement benefits or similar retirement income upon retirement. This data is shocking and highlights the importance of pension system reform.

In order to address the challenges brought by an aging society, the Malaysian government has taken a series of measures. In addition to reforming the pension system, the government also plans to prioritize investment in the silver economy, build infrastructure conducive to aging, and stimulate innovation in technology fields such as artificial intelligence and robotics. These measures will help improve the quality of life for the elderly and also promote sustainable economic development.

It is worth mentioning that Malaysian government affiliated companies such as the Provident Fund Authority, Treasury Holdings, and Retirement Fund Company have begun to actively invest in enterprises developing the silver economy. This measure not only helps to promote the development of related industries, but also provides more employment opportunities and sources of income for the elderly.

The reform of the pension system is widely welcomed and supported by various sectors of society. Many experts and scholars believe that reform will help solve the problem of elderly poverty, improve the quality of life of the elderly, and also promote social harmony and stability.