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KUALA LUMPUR - The Malaysian Institute of Retirement Management (MIRM) has proposed that the government allocate an additional 10 per cent to existing training funds for older workers returning to employment under Budget 2027.
Its president Prof Dr Navaneetha Sagaya Balan said in a statement today that the allocation could be disbursed through the Human Resource Development Fund (HRD Corp), the Labour Department, Social Security Organisation (PERKESO), Employment Retirement Fund (EPF), and related ministries.
He said reskilling programmes and flexible job opportunities should be introduced for retirees who wished to continue contributing to the economy, while incentives should be provided to companies employing senior citizens in suitable sectors.
Navaneetha also proposed increased allocations for awareness programmes to help protect the ageing population from falling victim to fraudulent schemes that could result in the loss of their lifelong savings.
"Programmes to help senior citizens will help in the reduction of them being cheated, as it would raise the level of awareness. Financial education for retirees, including retirement fund management and ethical investing, will protect the elderly against financial scams and support digital security for seniors,” he said.
MIRM, is a non-profit professional body conceived and developed by the leadership of Koperasi Pesara-Pesara Malaysia Berhad (KPPMB), which assists and advises on retirement management and social development activities by providing the resources and support needed by Malaysian retirees to prepare physically, emotionally, psychologically, socially and financially.
He said a study should be conducted on the usability of private facilities and infrastructure, especially in metropolitan areas.
"MIRM supports budget allocations for such studies by relevant institutes or organisations, as there is a need to develop senior-friendly communities with access to healthcare, recreational and social facilities," he said.
Navaneetha said MIRM had also submitted the proposals for consideration under the formulation of the 13th Malaysia Plan (13MP), particularly on retirement and the well-being of senior citizens.
"We propose that the Ministry of Finance increase the budget for housing policies supporting long-term care, such as Japan's Long Term Care Insurance," he said, adding that he hoped to strengthen collaboration between the Ministry of Economy and MIRM to better understand Malaysia's retirement policies.
"We would be honoured to participate in engagement sessions and contribute to Budget 2027. We hope these proposals will be considered to ensure a safer and more prosperous future for retirees and senior citizens in Malaysia,” he said. - BERNAMA