Countries with comprehensive social protection policies are better prepared to address the challenges of an ageing population and other social, economic and climate change shocks.
During the Covid-19 pandemic, early withdrawals of pension assets had also left gaps in many private households’ old-age provision, while the growth of life insurance and pension fund assets slowed down.
The study looked at the viability of 75 pension systems around the world with scores ranging from one to seven . Yeah said countries with comprehensive social protection policies are better prepared to address not only the challenges of ageing population but also other social, economic and climate change shocks.
For context it said the Belanjawanku reference budget highlights that RM2,520 per month will be needed for a single senior’s dignified standard of living, including food, housing, transportation, utitilies, healthcare, childcare, ad-hoc expenses, social participation and discretionary spending Hence, she said the country should adopt the life-cycle approach to provide better coverage throughout different stages of life by targeting underlying vulnerabilities.
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