CM: Many elderly didn't prepare for retirement
Published on: Friday, September 09, 2016
Kota Kinabalu: A big number of older adults have a household income of less than RM20,000 a year and are likely to be at risk of living in poverty, said Chief Minister Datuk Seri Musa Aman.He said already many of them are already living below the poverty line with a household income far less.He said in his keynote address at the opening of the Gender and Aging seminar, Thursday, that insufficient retirement savings is a matter of concern for the Government in view of the rising aging population in the country.
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His speech was delivered by Special Tasks Minister Datuk Teo Chee Kang. He pointed out that financial insecurity during retirement age is also faced by well-educated individuals who were in various career fields."Some are retired government servants, businessmen, politicians and opinion leaders who have experienced dramatic shifts in educational, political, economic and social opportunities when they were younger. "Although portrayed as a generation that is optimistic, many of them failed to adequately prepare themselves in regards to health and financial security during their work-retirement transition," he said. Musa said retirement should be a time for rest for older adults but having to deal with financial problems will only increase their stress and prevent them from taking a break.
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"There are cases of the elderly who totally depend on friends or neighbours due to illness, financial problems and poverty," he noted.He said although the Government provides a support system in the form of aid and healthcare, they may not be adequate to address all their needs.
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He also said that health is another vital aspect concerning senior citizens with the Health Ministry report showing that the most common morbidities among older Malaysians are hypertension, diabetes, arthritis, chronic lung disease and eye problems.However, he said, based on the National Health and Morbidity Survey III, the disease pattern among older persons has changed from diseases associated with aging to diseases associated with lifestyle.He hoped the seminar organised by the Institute of Development Studies (IDS) in partnership with Konrad-Adenauer Stiftung (KAS) and in collaboration with the Sabah Women's Advisory Council (MPWS) would prepare the society to face new challenges involving the aging population.Earlier, IDS Executive Director cum Chief Executive Officer Datuk Mohd Hasnol Datuk Ayub said based on few studies, senior citizens were found to be among the poorest, vulnerable and marginalized when their physical and material resources are depleted, especially women."Women rarely have enough saving or property ownership for their old age," he said.He said the issue of aging is not only a concern of the government and policy makers but many other parties as well, directly or indirectly.He recalled that in 1995, the Government came up with the National Policy for Older Persons that initiated the formation of the National Advisory and Consultative Council for Older Persons the outcome of which was the establishment of a Plan of Action for the Older Persons on all issues related to older persons."Care and welfare for the elderly is becoming a social challenge and issue that need attention and solutions," he said.Meanwhile, MPWS chairperson-cum-State Attorney General Datuk Mariati Robert added that statistically most of the elderly in Malaysia are women due to their longer life expectancy. "(But) the women are also poorer than men. Other factors that related to poverty among elderly are low level of education, not working or no consistence income, rural area with lack of facilities and services, living alone and no adult working household or children," she said.Stay up-to-date by following Daily Express’s Telegram channel.
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