Ageing does not discriminate. Like death, it is mandatory to any one blessed with a long life. Allah states in the Quran:
It is He who created you from dust, then from a sperm-drop, then from a clinging clot; then He brings you out as a child; then [He develops you] that you reach your [time of] maturity, then [further] that you become elders. And among you is he who is taken in death before [that], so that you reach a specified term; and perhaps you will use reason. (Al-Ghafir: 67).
In general, there are two groups of the elderly in Malaysia who somehow are guaranteed “income” which do not depend entirely on individual savings (KRI, 2022). They are the “poor” elderly who are eligible to receive cash aids from government agencies and public servant retirees who are eligible for the pension scheme. However, such an “income” does not necessarily ensure they live on financially good terms or above the National Poverty Line Income (PLI).
Those who are in between both of the groups, also known as “the missing middle” (KRI, 2022) group which consist of varying backgrounds from the disabled, caregivers to self-employed persons, petty traders to agriculture workers. The concern for “the missing middle” group is to focus on those who barely make ends meet for themselves at the retirement age.
The Belanjawanku (2019) research by EPF shows senior couples need to spend around RM3,090 a month to enjoy a decent life after retirement age in the Klang Valley. While the recent Belanjawanku research by UM and EPF in 2021 indicates some increase in senior couple spending to RM 3,170 in the same area.
Another research from EPF in 2019 found that two out of three EPF members aged 54 have savings less than RM50,000. Moreover, half of EPF members over the age of 55 have the potential to spend their savings within five years after retirement. With these estimated figures, somehow, we may question whether our work time savings is enough to cover our needs after retirement.
From the 2019 study, two issues can be identified, which are; first, the salary received by many employers in Malaysia could not contribute to a large amount of savings for their retirement preparation. Second, many of us may also face challenges to manage our financial plan for retirement.
Indeed, the two issues seem to occur recurrently and should be observed from time to time. The first issue is critical since it relates to wages offered, descent wages, high skills, automation and reduction of low-skilled foreign labour dependency. For Muslims, wages are not only a reward for the work done in this world, but also as a reward in the afterlife if it is done with honesty and trust. Allah gives assurance in the Quran that, “Whoever does good, whether male or female, and is a believer, We will surely bless them with a good life, and We will certainly reward them according to the best of their deeds. (Al-Nahl: 97)
Inevitably, the formation of a new government today must pay due attention to the labour sector and act accordingly to incorporate the changes in the Malaysian demography which leads to an aged nation by 2030. We cannot let the young generation today live without clear guidance and direction to “support” the present adult generation who will reach an old age in time to come. Laying the right foundations such as empowering family-friendly working policies and expanding the geriatric health service system can help the current as well as the future generations meet the challenges of an ageing nation.
As for the second issue, financial planning needs to be emphasised not only through education and awareness campaign, but also enforcement by taking strict action against financial scammers since the elderly are one of their main targets. Indeed, it is sad to lose a lifetime savings as a result from being cheated, deceived and manipulated by scammers.
At the end of the day, the role of the family and society is vital to deal with the missing middle. We can formulate various ageing policies and strategies, but the implementation cannot heavily rely on government agencies. Instead, this should start at the family and local community level.
Even though our lifestyles are changing, there are still “special” values that Malaysians should retain in their lives. Such values include acts of kindness towards the elderly, such as lowering one’s voice when conversing with them, using respectful terms for them and serving or living with elderly parents amongst others. Indeed, the elderly deserves to be protected and loved for the devotional service they have given throughout their lives. Indeed, the effort put in to create a healthy ageing life is not only for the older generation in our time, but also for ourselves later.