LETTERS: THE number of senior citizens in the world is rising. This is mostly the result of decreasing birth rates and improvements in healthcare.
By 2050, the ageing population is expected to double.
In 1990, six per cent of the world was elderly. It was nine per cent in 2019, and this trend is expected to continue until it reaches 16 per cent by 2050.
The United Nations guide characterises an ageing population as an increasing proportion of elderly people who have fewer children and longer lifespans.
Due to the rapidly ageing population, fewer people of working age are working, which results in a skills shortage and makes it more challenging for businesses to fill jobs that are in high demand.
If these jobs are not filled, the economy will suffer from decreased productivity, higher labour costs, delayed corporate expansion and weakened competitiveness.
Sometimes, a lack of workers can lead to wage inflation, which starts a vicious cycle of rising prices and wages.
Malaysia is predicted to enter the ageing country phase by 2035, in which 5.6 million people, or 15 per cent of the population, are senior citizens.
The percentage of people over 65 rose from 5.6 per cent in 2014 to 7.9 per cent in 2022.
Nations going through this demographic shift will face higher dependency ratios; more strain on the healthcare, pension and welfare systems; plus a declining labour force.
Senior citizens in Malaysia face social and economic obstacles.
FIRST, there will be more healthcare needs, as senior citizens need long-term care and need age-related disease treatments, which put a strain on the infrastructure and finances of the healthcare system;
SECOND, as the population ages, there will be fewer people working as more people retire, and this could result in a labour shortage and drop in productivity;
THIRD, pension schemes may be in jeopardy as a result of more retirees receiving pensions and fewer active workers contributing to pension funds. So reforms to ensure financial stability may be required;
FOURTH, the economy may grow more slowly as a result of an ageing workforce together with lower productivity; and,
FINALLY, a higher percentage of older people compared with those of working age raises dependency ratios, in which fewer workers support a higher number of retirees, putting pressure on social welfare systems.
In addition, social isolation and loneliness can negatively impact senior citizens' mental health and wellbeing.
Elderly populations are more susceptible to financial exploitation, neglect, and physical or psychological abuse, which emphasise the need for protective measures and support services.
To maintain an equitable distribution of opportunities and resources and to avoid intergenerational conflicts, it is crucial to strike a balance between the needs of younger and older generations.
Society must address senior citizens' issues in Malaysia.
These strategies include pension system reform, private savings promotion, healthcare system strengthening, enhanced elderly care services, social inclusion promotion and development of an integrated ageing policy.
These measures can help Malaysia manage the economic and social consequences of an ageing population while maintaining a high standard of living for senior citizens.
DR RULIA AKHTAR
Research fellow,
Ungku Aziz Centre for Development Studies,
Universiti Malaya
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times
