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00:05 For Malaysia, it is projected to only take 23 years to make
00:12 the shift from aging nation to aged nation, with 14% of the
00:19 population well above the age of 65.
00:23 And it will take another 14 years thereafter for Malaysia
00:29 to reach super-aged nation, 21% above age 65.
00:37 And this is, of course, alarming if we do not take
00:42 measures now effectively to ensure that there is no issue
00:50 of longevity, but level of comfort and care.
00:55 And all ministries, agencies have been instructed to, of
01:02 course, deal with this issue.
01:06 In Malaysia, again, the World Bank has projected that the
01:09 demographic change is expected to contribute about one third
01:15 of the decline of GDP growth rate between 2020 and 2050,
01:21 bucking on all these new initiatives on energy
01:26 transition and digital transformation.
01:28 Our concern is, of course, the plight of the poor.
01:35 And we have seen that the older one becomes, then he is
01:41 prone to fall back to the poverty trap.
01:47 The old age population is more susceptible to poverty
01:51 compared to the average Malaysian population, with only
01:58 29% of Malaysians having a pension, 29% having a pension
02:06 or pension-like income during retirement.
02:10 EPF data shows that one in four members actually exhausted
02:16 their EPF savings within five years after
02:20 reaching withdrawal age.
02:22 We have taken great strides, and I think Malaysia is quite
02:29 happy to be recognized as one of those that have continued
02:34 this culture of savings, or savings culture.
02:38 But there are concerns, and this must be addressed.
02:41 Many Malaysians are not able to maintain what is considered
02:48 to be a reasonable standard of living after retirement.
02:54 And a recent survey found that 26.1% of respondents aged
03:00 above 60 will continue to work until their health fails.
03:05 That includes me.
03:07 As they face challenges in achieving income security to
03:11 finance their retirement needs.
03:14 And that does not include me, because I'm not taking salary
03:17 as Prime Minister.
03:18 We need to actively seek reform in the Malaysian pension
03:22 framework in order to ensure that every generation in
03:26 Malaysia will be able to look forward to growing
03:30 old with dignity.
03:31 New solutions are needed to make sure no one is left
03:35 behind, and that every layer of society benefits from social
03:39 protection, expanding EPF coverage in phases so that
03:44 more of the working age population will become part of
03:47 the EPF ecosystem will ensure that more Malaysians can
03:52 accumulate adequate retirement savings for their old age.
03:57 It is time for Malaysia to embrace serious reform in its
04:01 pension and retirement framework to enhance its
04:05 coverage, adequacy, and sustainability, and ensure
04:11 financial security and equity for all Malaysians.
04:16 Our unity government is absolutely committed to
04:19 bettering the lives of older Malaysians and building a more
04:23 inclusive and just society for all Malaysians in line with
04:29 the concept of Malaysia Madani.
04:32 In this regard, the government plans to strengthen two
04:36 pillars of social protection.
04:37 For social assistance, the government will further
04:40 strengthen social assistance programs to provide support
04:44 and a safety net for Malaysians who are facing
04:48 financial hardship.
04:49 Malaysia must also prioritize investments in critical
04:54 sectors such as health care, pharmaceuticals, and
04:59 infrastructure conducive to active aging.
05:04 Preparing for an aging nation requires a whole of nation
05:09 approach to improve the lives of older Malaysians and the
05:14 citizens of the world.
05:17 It is incumbent on all of us to build a better and more
05:21 inclusive world for the older members of society.
05:25 Thank you.
05:27 [END VIDEO PLAYBACK]
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