Kuala Lumpur (VNA) – Malaysia will develop its silver economy to support aging population, allowing them to count on beneficial health and care services while enhancing their productivity ahead of retirement, Prime Minister Anwar Ibrahim addressed the recent International Social Wellbeing Conference 2024.
Anwar said the elderly population is more likely to fall into poverty compared to the average population age in Malaysia, as only 29% of people have a pension or income similar to a pension when they retire.
Malaysia must prioritise investments in critical sectors such as healthcare, pharmaceuticals and infrastructure conducive to active aging, he said, adding that by allocating resources toward these areas, Malaysia can position itself to harness the potential of a rapidly expanding market worth an estimated 15 trillion USD, driven by the needs and preferences of an aging consumer base.
A recent sociological survey showed that 26.1% of people aged over 60 in Malaysia said they would continue working until their health deteriorates because they face challenges in achieving income to ensure their retirement needs./.
