Strengthening the social safety net for older people in Malaysia

Abstract

There are a number of social security schemes and institutions in Malaysia but not all has the ability to address the long term financial commitments and provides the security during the old age. High in inflation rates, global economic growth and changes in employment and social structure have contributed in raising serious concerns on the efficiency of the current social safety net especially when the number of older people has increased due to the increase in life expectancy. An effective social safety net should be able to protect the welfare of a person at their old age and the existing social safety net in Malaysia is not sufficient. Hence, this paper examines the current social safety net in Malaysia for the older people and analyses the efficiency of protection provided. This paper further discusses the social safety net provided in other jurisdictions specifically in Japan and Singapore. In fact, this paper used the qualitative legal research methodology specifically a comparative and analytical research approach on the social safety net for older people in Malaysia by reference to the social safety nets as developed in these jurisdictions. The objective of this paper is whether to recommend an additional measure to be added to strengthen the current social safety net to ensure that welfare of Malaysians is well protected during their old age.