Retire With Dignity: Why We Need a Senior Citizens Pension Scheme

Parti Sosialis Malaysia (PSM) has launched a campaign, urging the government to implement a pension scheme for senior citizens. Under their proposed pension scheme, all retirees above the age of 65 will receive RM 500 a month. PSM estimates that such a scheme would help 1.8 million senior citizens lead a “dignified” life as well as reduce the financial burden on their children. But is it feasible? Some critics have pointed out that it could be too expensive a burden for the government to bear, while others say the abhorrent situation of most people’s retirement savings is due to their own laziness and inability to plan for the future. 

How much of these arguments hold weight? And why does PSM maintain that this is an absolutely feasible and important piece of legislation that needs to be implemented?

We unpack this with Sivarajan Arumugam, Secretary General of Parti Sosialis Malaysia.