Published: Monday June 18, 2012 MYT 11:29:00 AM
Updated: Monday June 18, 2012 MYT 3:10:43 PM
Dr Subramaniam: Private sector pension scheme needed to counter poverty
By JOSEPH KAOS Jr
KUALA LUMPUR: A life-long pension scheme for private sector employees should be established to counter poverty among retirees, said Human Resources Minister Datuk Seri Dr S. Subramaniam (pic).
Dr Subramaniam said many elderly Malaysians fell into poverty, especially those in the lower income bracket, as their EPF savings were insufficient to last their retirement life.
"There needs to be some sort of system to provide life-long pension for those of old age because poverty among the elderly is a growing problem," Dr Subramaniam said after launching a Social Security Organisation (Socso) seminar here Monday.
"With Malaysians living a longer life span compared with many years back, we find that EPF savings are not enough for some," he added.
Dr Subramaniam said, however, that the proposed scheme was still at the discussion stage and feedback needed to be gathered from all, including the Malaysian public.