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BUSINESS • 02/09/2025 05:06 PM

Govt Sees Senior Citizen Workforce As Key To Economic, Social Growth

KUALA LUMPUR, Sept 2 (Bernama) -- The government considers the involvement of senior citizens in the labour market as not only socially significant but also beneficial to the national economy, said Finance Minister II Datuk Seri Amir Hamzah Azizan. 

He said efforts to encourage the hiring of older workers are supported through tax incentives for employers who employ those aged 60 and above. The incentive, introduced in 2019 and extended until the year of assessment 2025, aims to ensure this group has a stable source of income.

“Senior citizen taxpayers can also claim a wide range of individual income tax reliefs covering all aspects of life, including personal and dependent care, medical expenses and treatment, retirement, insurance, and lifestyle such as sports activities,” Amir Hamzah said during the winding-up of the 13th Malaysia Plan (13MP) debate for his ministry in the Dewan Negara today.

He added that the government is developing the National Ageing Blueprint 2025–2045, which covers employment, education, health, and social protection, to prepare Malaysia for its ageing nation status.

Amir Hamzah shared data from the Department of Statistics Malaysia (DoSM) indicating that 42 per cent of senior citizens live in relative poverty. This highlights the urgent need to strengthen the structure of the Employees Provident Fund (EPF) to ensure more sustainable and resilient retirement savings, he said.

Regarding the proposal to allow EPF contributors to receive monthly pension-like withdrawals, the minister stated that a new structured scheme will be introduced once members reach the minimum retirement age. 

Under the plan, members’ savings will be divided into two components: a flexible savings portion, withdrawable at any time, and an income savings portion, disbursed periodically or monthly until depleted.

Amir Hamzah emphasised that the new mechanism will not affect existing withdrawal rights, as it will only apply to new members joining EPF after its implementation. Current members, however, may opt in voluntarily.

“The proposal is still under review, and any decision will only be made after comprehensive stakeholder engagement and careful consideration of members’ long-term interests,” he said.

-- BERNAMA

 

 

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