WHAT happens when you outlive your financial reserves during retirement and are not able to work to earn money for survival because of your age? For those who have children, will you depend on them to take care of you and for those without, would you have friends or relatives who will be kind enough to provide you food and shelter, medication and hospital bills when you are sick? If you don’t have people to depend on, where will the financial support come from?
In this case, financial initiative for retirees from the Government is important. There are announcements by the Government like minimum pension would be RM720 if the civil servant has worked for 25 years compared to receiving 50% of his last drawn salary and the Human Resources Ministry is looking towards a longer productive period as in the retirement age for workers since studies show that people are living longer, family nucleus is getting smaller (with less children) or some may retire single, divorced or widowed. The Government has also spent over RM93mil last year on pensioner healthcare compared to RM1.9mil in 1999 like orthopedic implants, dialysis treatments and hearing aids. Latest benefit is deep brain stimulator for those suffering from Parkinson’s disease. It is evident that government healthcare benefits are increasingly important for both private and public sector retirees
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