PUTRAJAYA: The government is committed to empowering the silver economy in facing the challenges of an increasingly elderly population, Finance Minister II Datuk Seri Amir Hamzah Azizan said.
According to him, Malaysia should prioritise investment in the silver economy to build the necessary infrastructure and drive innovation in technology to meet the needs of an elderly population.
“In line with MADANI’s aspirations, we intend to lead economic growth that is not only sustainable, but inclusive, productive and flexible, without excluding any party, especially retirees who have sacrificed a lot of time, energy and effort to the development of the country,“ he said at the MyPesara 2024 Awards Ceremony here today.
The text of Amir Hamzah’s speech was read by Treasury secretary general Datuk Johan Mahmood Merican.
The silver economy refers to the economic activity and market opportunities associated with the growing elderly population.
He said that according to the Department of Statistics, the composition of the Malaysian population aged 60 years and above continues to increase from year to year.
In 2024, the composition of the population aged 60 and over has increased to 11.6 per cent compared to 11.3 per cent in 2023.
Meanwhile, for residents aged 65 and over, the composition increases to 7.7 per cent compared to 7.4 per cent in 2023.
“In less than seven years, i.e. 2030, Malaysia is expected to reach the status of an aging country when 15 per cent of the total population is elderly.
“It is common knowledge that an aging country faces various challenges that cover health, economy, social, psycho-spiritual and also the environment. The increasing elderly population can form a large segment in the economy, and should be given comprehensive focus,“ he said.
He said that in this country, the potential of the elderly as one of the drivers of the economy has yet to be fully explored.
“We know that the elderly are vulnerable to the risk of poverty due to no fixed income after retirement.
“Hence, the government, together with government-related agencies and companies, as well as the private sector, industry players, non-governmental organisations and also associations will continue to join hands in efforts to stimulate the silver economy while also helping to draw up a comprehensive action plan to pioneer the best method in running the country when Malaysia turns into an aging country in the future.
“Hopefully, with high commitment and full cooperation from various parties, we will continue to support the welfare of retirees not only from a social aspect, but also in terms of survival and current economic growth,“ he said.
Amir Hamzah, meanwhile, also called on all parties, including the government, government agencies, the private sector and the general public, to continue to support the elderly to ensure that the retirees continue to remain active.
“It is important for all of us to ensure that no section of society is left out, especially the elderly who need proper attention,“ he said.
Also present at the ceremony was the chief retirement services officer of the Retirement Fund (Incorporated) (KWAP) Zarina Halim.
