KUALA LUMPUR: Cognisant of Malaysia becoming an ageing nation by 2050 where the population aged above 65 years old will be more than 15 per cent, the government will continue to enhance the ecosystem for senior citizens.
According to the Economic Outlook 2023 report released by Finance Ministry today, the Department of Statistics Malaysia projected 7.3 per cent of the total population will reach the age of 65 and above by 2022 where the ageing population in this country is growing at a faster rate than initially expected in 2030.
Thus, the government will build more care centres for the elderly as well as enhance cities to become more senior citizen-friendly in the future under the 12thMalaysia Plan (12MP).
"The National Senior Citizens Registration System will be improved and its coverage will be expanded," the report said.
In addition, it said the government will encourage senior citizens to maintain an active and healthy lifestyle to keep them productive and earn their own income while contributing to the economy and society through their skills, knowledge, experiences and expertise.
According to the report, the government is also expected to allocate more resources mainly towards pensions, health and shelter-related programmes as the working-age group is dwindling and the old-age group is expanding.
Therefore, it is undeniable that the ageing population will have implications on the government's spending, especially to support various social programmes and other related facilities.
The report also stated that the federal government spent RM28 billion for pension expenditures involving about 887,000 public pensioners, of which RM7.9 billion or 28.3 per cent represents payments for those aged 65 and over in 2021.
Assuming the pension expenditure for recipients aged 65 and over continues to grow at an annual average rate of 12.1 per cent, the amount of pension payment is projected at RM22.3 billion in 2030, almost triple the current pension commitment," it said.
The government also provides financial assistance of RM500 per month to eligible senior citizens under the Bantuan Warga Emas (BWE) with a total of RM823.8 million disbursed to 139,400 recipients in 2021.
"The government also provides some financial support for health and medical treatment which includes in-kind support; cash assistance through Bantuan Keluarga Malaysia (BKM) and incentives such as tax relief for self-funded vaccination and full medical check-ups including mental health," the report said.
-- BERNAMA
Bernama
Fri Oct 07 2022
According to the Economic Outlook 2023 report released by Finance Ministry today, the DOSM projected 7.3 pct of the total population will reach the age of 65 and above by 2022. - BERNAMA/Filepic
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.
Economic outlook: Budget 2025 to lay foundation for a digital-driven economy
The report said Budget 2025 will entail efforts to position Kuala Lumpur as a top 20 global startup hub by 2030 through the KL20 initiative.
Economic outlook: Corruption and lack of accountability hinder economic progress
Special Cabinet Committee on National governance is established to curb corruption, law reforms to modernise outdate regulations, MoF said.
National Wages Consultative Council will be strengthened
The govt will also incentivise hiring women returning from career breaks, offer job matching and improve care services facilities.
Economic outlook: Ensuring 11 years of compulsory education for all children
Budget 2025 will continue prioritising upskilling and retraining initiatives to equip workers with the latest skill sets necessary.
Consolidated public sector projected to record lower surplus of RM41.7 bil 2024
The MoF said the consolidated general government revenue is estimated to increase slightly to RM384.7 billion in 2024.
PM announces substantial Budget 2025 hastening Malaysia to become Asian economic powerhouse
Datuk Seri Anwar Ibrahim said it would create jobs and also tackle financial leakages to enhance public spending efficiency.