PSM wants scheme for senior citizens without pension

 

PSM has urged the government to implement a scheme for Malaysian senior citizens who do not receive pensions.

Calling it the “Senior Citizens Pension”, the party proposed those who are aged 65 years and above be paid RM500 per month for the rest of their lives.

PSM chairperson Dr Michael Jeyakumar added that the government is capable of executing this scheme as it only costs RM10.8 billion per year.

“Budget 2023 is worth nearly RM390 billion. This scheme costs less than three percent of the total budget,” Michael said during the scheme’s campaign in Kuala Lumpur today.

PSM estimated that 2.3 million, or 56 percent, of senior citizens do not have pensions and are not financially covered by the government.

PSM chairperson Dr Michael Jeyakumar

It stressed that the majority of them have to rely on their immediate family members for financial support.

“This scheme can help people without a pension such as housewives or persons with disabilities, because right now, they are financially dependent on their family.

“It will also ease the financial burden their children are currently bearing.

“This group should no longer be ignored by the government,” Michael added.

Urgent need for the scheme

Present at the campaign was Saya Anak Bangsa Malaysia’s Jayanath Appudurai, who said the scheme could solve the growing demands for more withdrawals from the Employees' Provident Fund (EPF).

He stressed that many EPF contributors would not be able to achieve the basic retirement savings of RM240,000 by the age of 55, citing that more than half of the members have less than RM10,000 in their accounts.

“Adding on to the fact that the former governments allowed members to withdraw from their EPF savings prematurely during the Covid-19 lockdown.

“Many contributors’ savings are at their lowest now. The B40 can barely afford to retire, this includes some of those under M40,” Jayanath said.

He believes that rather than allowing more rounds of EPF withdrawals, the government should instead implement alternative financial aids to ensure Malaysians would not have to jeopardise their retirement.

“Old age poverty is a reality now,” he added.

Buck up, Putrajaya

Adding on to his earlier point on the government being able to afford the scheme, Michael cited Deputy Finance Minister Ahmad Maslan - who once said that up to RM17 billion can be saved if the T20 group is not given subsidies for oil and petrol commodities.

Moreover, Michael also referred to a claim by Prime Minister Anwar Ibrahim who stated that RM10 billion can be saved if the leakages in the government procurement system were plugged.

“If these two highlighted issues were resolved, the scheme can definitely be funded,” he said.

Prime Minister Anwar Ibrahim

Furthermore, the PSM leader urged the government to stop using “excuses” about deficits and loans when it came to funding requests, urging them to buck up with accountability.

“It is your (the government’s) fault that your hands are tied. You signed agreements, allowing investors and companies to take out capital.

“You are the government, you have a responsibility and the power. Do something about it,” Michael concluded. - Mkini