Retirees should enjoy their twilight years without worry — Wong Soo Kan
These classifications as B40, M40 or T20 are to enable the government to develop targeted policies and social assistance programs.
Retirees from the private sector are the forgotten group of the Madani government. They make up approximately two million of the Malaysian population.
The government must be commended for its Sumbangan Asas Rahmah (SARA) initiative that provides financial assistance to eligible Malaysians, particularly those on the B40 and M40 income group.
SARA is an expansion of the Sumbangan Tunai Rahmah (STR) program specifically designed to alleviate the impact of rising living costs.
Currently there are a total of 5.4 million recipients of the SARA aid. The quantum of the aid would be reviewed periodically by the Department of Statistics Malaysia (DOSM) to reflect changes in the economy and living costs.
When the Madani government took control of Malaysia it was not at a conducive time.
The aim of the government was to address the hardship of the citizens. Events that came along did not help the government much.
First there was the implementation of minimum wage. This led to a round of price increase of basic necessities. This increased the costs of living for all, retirees included for reasons which are beyond their control.
While the Madani government is actively working to mitigate the impact of rising costs through targeted aid, the government has little control on happenings of global events such as the Ukraine war and the imposition of tariffs by the United States both of which disrupted the supply chain increasing the cost of living.
Also, the government through some of their actions have directly attributed an increase in the cost of living. The government has been gradually removing subsidies, which aim to save money but they led to higher cost of living when prices of basic necessities rose.
Retirees from the private sector are the forgotten group of the Madani government. They make up approximately two million of the Malaysian population. — Unsplash pic
Recently the government announced that eateries, hawker stalls in Malaysia are barred from using household subsidised gas cylinders.
This change means hawkers will be paying RM70 for a 14kg cylinder, nearly three times the cost of the subsidized domestic cylinders.
The aim of this ban is to prevent smuggling which the government was unable to curb.
This would inevitably lead to increase in food prices for consumers as hawkers would pass on the higher cost of gas.
I still remember vividly that in 2020 the price of a piece of roti canai was only 90 sen. Now the price has increased to RM1.50. Also, in 2020 a plate of mixed rice with three dishes was only RM8. Now it costs RM15 or more.
Retirees from the private sectors take the full brunt of price increases. They do not have any extra income or receive any aid.
The purchasing power of their remaining EPF money is shrinking and their savings are depleting day by day.
The implementation of the expanded Sales and Services Tax (SST) and the impending increase of electricity charges, both on July 1, 2025 would add to their hardship.
For pensioners, their pensions are periodically reviewed and adjusted by the government in tandem with the rise in the cost of living. Retirees are unable to enjoy such benefits.
The Madani government must consider and implement a targeted cash assistance program like the STR to help retirees cope with the increasing cost of living.
One of the aims of the Madani government is to improve or maintain the quality of life of Malaysians.
The quality of life of retirees is now threatened by the ever-increasing living cost. Retirees should enjoy their twilight years without worry.
* This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
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