Experts call for lifecycle approach to strengthen social protections in Malaysia

KUALA LUMPUR : There is a need to move away from blanket subsidies and adopt a lifecycle approach to broaden social protections for Malaysians.

Universiti Malaya's Social Wellbeing Research Centre Director, Prof Datuk Norma Mansor, said this shift would bring greater benefits and support to the public at large.

"Beyond that, our social protection generally covers the formal sector, yet many of our young people are now in the informal sector.

"So, making social security mandatory for everyone to contribute from a young age would enable Malaysians to have what we call multi-tier income generation or multi-tier old-age income security," said Norma.

She explained that this would be pivotal in addressing old-age income security, especially with the challenges Malaysia faces as an ageing nation.

She was speaking at a panel during the Consider This programme on 'Broadening Social Protections for Malaysians,' based on initiatives outlined in the previous Belanjawan 2024.

The other participant on the panel was EPF's Head of Policy and Strategy Department, Balqais Yusoff, who echoed Norma's sentiments.

"We could also consider rethinking retirement policies because the healthy life expectancy in this country is 66 years.

"For example, if you contribute for an additional five years without withdrawing, that could increase your total EPF savings by 40%," said Balqais.

Both experts agree that a systematic approach to addressing social protection is essential as Malaysia becomes more developed.

"Targeting poverty groups alone is no longer enough.

"The more effective way is to expand into the lifecycle, covering vulnerable stages, whether as a child or at any other point in life," added Norma.

Catch the full conversation on Consider This, available at www.astroawani.com and our social media channels.

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