KUALA LUMPUR, Nov 24 — World Bank Malaysia has issued a report on the country’s employment rate for those aged 50 to 74, revealing that more than half in that group struggle to secure a proper job, especially women.
Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed launched the World Bank report dubbed “A Silver Lining: Productive and Inclusive Aging for Malaysia” this morning through Facebook Live.
During the session, Mustapa revealed that only 45.9 per cent of those aged from 50 to 74 were gainfully employed, stating that the rate is considered low compared to upper-middle and high-income countries.
“The difference between Malaysia and comparator countries, to a large extent, is driven by Malaysia’s relatively low employment rates for persons between the ages of 50 and 74, as well as for women,” the global financial group said in its report.
The World Bank added that the low employment rate is partly due to the relatively low minimum retirement age and low Employees Provident Fund (EPF) withdrawal age, while women face constraints related to childcare, the legal environment, gender norms and attitudes.
It added that workers' age influenced the type of jobs preferred as both self-employment and part-time work are relatively more common among older workers.
The report noted that besides changing workers’ preferences for the types of jobs sought, the government could provide an improved policy environment to allow the elderly to find “flexible, productive and inclusive” employment.
It also said there is no substantial evidence that hiring older workers negatively affects the employment prospects of younger workers anywhere.