WHAT IS THE GOVERNMENT DOING ABOUT OUR AGEING PROBLEMS?

When I started to talk to people about elderly centres, everyone will talk about how good are the centres in Australia and England. And then they will say we should have something like this in Malaysia. When I told them there are a couple of centres like this and it costs RMxxxxxx, they will say,” Oh the government should do something about this problem?” I told them they should move to Australia or England if they think their elderly centres are so good.

According to Knight Frank Wealth Report which measures the net assets of individuals across the world and it states that there are 41,750 millionaires in Malaysia in 2015. these made up only 0.14% of total Malaysian population. These are the rich or super rich, for this group of people retirement and where they live as they age is not an issue. When I discussed this statistics with my friends, they felt it is impossible that Malaysia only has slightly over 40,000 millionaires. The property prices in most cities in Malaysia are over a million, therefore, there should be more millionaires. Two things to note is that first, the statistics is based on year 2015. I am sure we have more millionaires now. Secondly, Frank Knights based their reports on net worth, which means, total asset minus liabilities. So, owning a million ringgit house does not make one a millionaire, neither does owning a Ferrari makes one a Formula One driver.

In a 2014 report by Malay Mail Online, it was stated that the top 20% of the household has a median income of RM9,796, the middle 40 per cent at RM4,372 and the bottom 40 per cent at RM1,852.

The reports do not augur well for our future as we age. At the speed of light, one can see that we are sitting on the time bomb. When I got this figure, immediately I can see card board box city located under all the bridges and slums. I can almost see the growing queue at the food kitchen in all corners of the city. I just hope I am not one of them.

The fact of the matter is money is an issue, Malaysia is not a welfare country, most of the Malaysians will not have enough savings for their old age. Their savings in the Employee Provident Fund is hardly a song to sing about. Therefore, most centres charges a much lower fee, get cheaper labours and usually foreigners, cut corners in their food and service delivery. They will cramp four beds into a room meant for three or less, just so that the centre can stay afloat and the operators make some money.