Malaysia needs an all-encompassing national pension system
AS Malaysia joins the rest of the world in becoming an ageing society, it has become imperative for the government to address the challenges that increasing life expectancy pose to social security arrangements.
Increasing life expectancy brings with it sweeping changes in population needs and capacities. The most evident sign is the strain on the pension system as the number of people requiring protection and support is on the rise.
There are growing concerns that many are not prepared for a comfortable retirement, or might have inadequate savings for senior years.
The concern is about the quality of life. Increasing life expectancy means a longer time will be spent in retirement.
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