Latest news with #JitArsaBank
The Sun
4 days ago
- Business
- The Sun
Time banks could support Malaysia's ageing population by 2043
KUALA LUMPUR: As Malaysia approaches becoming an ageing nation by 2043, economist Dr Ahmed Razman Abdul Latiff suggests adopting the time bank model to sustain elderly care. The system allows volunteers to earn credits for services like caregiving, which they can later redeem for personal care. Dr Ahmed Razman highlighted that countries like Japan and Thailand already use this model to strengthen community involvement in elder care. Malaysia entered its ageing transition in 2021 and will see 14% of its population aged 65 and above by 2043. This demographic shift will increase healthcare costs and strain the workforce, making alternative solutions crucial. Time banking could reduce reliance on public funds and ease tax burdens while fostering social cohesion. Prime Minister Datuk Seri Anwar Ibrahim recently announced the National Ageing Blueprint (2025–2045) to address these challenges. The blueprint includes long-term care system improvements, legal reforms, and expanded vocational training in elder care. Thailand's JitArsa Bank, a government-led time bank, serves as a successful example of structured community care. Dr Ahmed Razman also proposed integrating time banks with waqf assets to enhance sustainability. Waqf properties like land or buildings could support retirement homes managed by time bank volunteers. Individuals and corporations could fund facility upkeep, while others earn credits through services like cleaning or caregiving. This approach lowers operational costs and encourages broader participation in managing social assets. Time banking promotes intergenerational interaction and inclusivity, allowing non-financial contributors to secure future care. Dr Ahmed Razman urged collaboration between the government, private sector, and NGOs to develop a national framework. He emphasised reducing bureaucracy and engaging youth to ensure public support for the initiative. If implemented effectively, time banking could reshape Malaysia's elderly care system and strengthen societal resilience. - Bernama
Barnama
4 days ago
- Business
- Barnama
Time Banks Could Transform Malaysia's Ageing Future
By Ahmad Erwan Othman 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.
