Time Banks Could Transform Malaysia's Ageing Future
KUALA LUMPUR, Aug 7 (Bernama) -- As Malaysia heads toward becoming an ageing nation by 2043, an economist has proposed adopting the 'time bank' model, a system where people exchange voluntary service for future care, as a sustainable way to support elderly well-being and ease pressure on public resources.
Economist Dr Ahmed Razman Abdul Latiff said the concept, practised in countries such as Japan, the United Kingdom, the United States and Thailand, could complement Malaysia's national ageing roadmap by mobilising community involvement and volunteerism.
'The principle is simple. For every hour of voluntary service, such as caregiving, teaching or maintenance work, time credits are earned. These can later be redeemed for care services when the volunteer grows old,' said the Putra Business School academic when contacted by Bernama today.
Malaysia, which entered its ageing transition in 2021, is projected to become an aged nation by 2043, with 14 per cent of its population aged 65 and above. This shift, he noted, will drive up healthcare costs and place greater strain on a shrinking workforce.
'Time banking offers a way to ease reliance on public funds, reduce intergenerational tax burdens and strengthen social cohesion amid falling fertility rates,' he added.
Prime Minister Datuk Seri Anwar Ibrahim recently announced that a National Ageing Blueprint (2025–2045) will be introduced under the 13th Malaysia Plan (13MP) to guide national strategies in facing demographic change.
The blueprint will cover the development of a more accessible and affordable long-term care (LTC) system, legal reforms to regulate elder care, incentives for caregivers, and expanded Technical and Vocational Education and Training (TVET) training in the care sector.
Ahmed Razman pointed to Thailand's JitArsa Bank, a government-led time bank under the Department of Older Persons, as a working example of structured community involvement in elder care.
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