Malaysias racing against time to become a developed nation but with a

growing population of singles, couples having fewer kids and people living
longer, theres a high chance well be an aged country before then. And, we
are far from ready to grow old.
MALAYSIA is fast becoming an aged nation. And it isnt ready.
In 2006, we hit the ageing status and by 2030, well be aged.
Lack of care centres for the aged, infrastructure and money are why were
struggling.
Describing the situation as dire if we do nothing, Employees Provident Fund
(EPF) deputy chief executive officer (strategy) Tunku Alizakri Alias (pic) says
were ageing before we can reach developed nation status.
The number of youngsters are dropping as the number of seniors soar, he points
out.
Other countries are becoming aged too but theyve already developed. Our
window period for planning is much shorter.
Making policies and implementing them takes time. And, you cant save money
overnight, he warns, stressing that not enough retirement savings and low
financial literacy are big challenges.
Sixty-eight percent of members aged 54 have savings lower than RM50,000
which can only last five years assuming they spend RM820 per month. The full
EPF withdrawal age is 55 but the average life expectancy is 75.
Malaysians must face facts. Were living longer so we must work longer, he says.
The new poverty line income is RM930. So, how long do you think RM50,000
will last now with rising healthcare costs? he asks, adding that the price of
surgery spiked by about 14% from 2006 to 2013.
He cautioned against withdrawing the EPF early for expenses that dont build
assets.
In the old days, investing in your childs education brings returns. Nowadays, its
not a sure thing that they will take care of you, he says, matter of fact.
Withdrawing money for investment is also risky because one in 10 new
businesses fail.
He believes that financial literacy is the key to facing the challenges of an aged
nation.
Thats why the EPF launched our Retirement Advisory Service last year.
We also need a holistic social security master plan. The critical illness insurance
penetration is too low here. There must be better coverage for those in the
informal sectors.
We need to get moving now.

He says the lack of retirement products for those in the active ageing (55-70),
passive ageing (65-80) and frail (over 80) categories are a major challenge.
Being retirement-ready means having financial security, remaining healthy and
leading a happy and meaningful life, he adds. Financial coach Carol Yip (pic),
whos pursuing a doctorate in aged care, agrees.
Ready or not, were ageing fast and in urgent need of care centres, Yip, whos
also the Aged Care Group chief executive officer, says.
Aged Care is an organisation providing daycare centres, retirement villages, and
nursing homes.
The aged care problem has always been there but has intensified now because of
rising costs, changing values, urban migration and smaller families, she says.
Dont talk about 2020 - we arent even meeting todays aged care needs!
In a lot of hospitals, you see seniors occupying the beds because its cheaper to
pay RM80 for 24-hour nursing care plus three hot meals daily than to take them
home.
Its a problem.
The lack of specialised services, care givers and geriatric doctors are challenges
needing attention. Also urgent are a legal framework, standard operating
procedures and enforcement to manage abuse cases and prevent centres from
becoming a dumping ground for abandoned seniors, and aged-friendly
infrastructure.Weve progressed but not fast enough, she says.
Muhyiddin: Should be the PM to tell truth on 1MDB
KUALA LUMPUR: Tan Sri Muhyiddin Yassin broke his silence on the 1MDB
issue, saying that he did not have any malice in questioning the controversial
fund and that the Prime Minister himself should personally take the lead to
explain the issue to the people.
Saying that he chose to speak up publicly as he was on an Umno platform,
Muhyiddin, the deputy president, said at the closing of the Cheras Umno meeting
on Sunday night that the government should not underestimate the peoples
negative sentiments towards 1MDB.
Dont underestimate the people, we cannot lie, when the Second Finance
Minister explains on 1MDB the critics rebut him and when the Housing Minister
speaks he is also rebutted.
We cannot explain properly because even we dont know the real facts, so who
is going to tell us the real facts, it should the Prime Minister, true or not,

Muhyiddin asked the delegates.

In his 70-minute speech, Muhyiddin admitted that he led a movement to urge Tun
Abdullah Ahmad Badawi to resign as Prime Minister after the 2008 general
election.
However, the situation now was different, as he felt that Umno was in a weak
position and could not afford a leadership tussle.
Referring to his criticisms of 1MDB, which he made during a closed door party
session that was leaked, Muhyiddin said he told the Prime Minister the same
thing.
I support the move to probe 1MDB but still some people think I want to
somehow do in the Prime Minister.
I have no malice, why should I, but I have to speak the truth and give my views
and advice.
The Deputy Prime Minister repeatedly reminded delegates that he was not
against Najib and that he was part of a team equally responsible to defend the
governments decisions and policies.
He said he was vocal during Cabinet meetings on 1MDB and other issues but
was reluctant to speak publicly as he was concerned that his comments would be
manipulated to make it look as if he was going against Najib.
At this point Muhyiddin pointed to the media who were present and advised them
not to twist his words.
In his wide-ranging speech, Muhyiddin touched on other subjects which affected
voter perceptions towards Umno, which included GST and Tun Dr Mahathir
Mohamad.
He said he had asked at a number of meetings and gatherings whether Barisan
Nasional would win the next general election and the response was always
negative or uncertain.
I say this not to blame anyone because I too am part of the system and among
the people responsible to help the Prime Minister but I feel worried if we fail to
manage some of the important issues well.

I want to give you a stern warning that if nothing is done now to manage these
issues, Barisan will lose, God forbid.
Muhyiddin said he has been in touch with Dr Mahathir but he keeps the Cabinet
briefed on these meetings.
He said Dr Mahathir should be regarded as a father figure and that the more the
elder statesman was attacked the more popular he would become and cause
more people to dislike Umno as a result.
Cheras Umno chief Datuk Seri Syed Ali Alhabshee said his division unanimously
support Najib as party president and prime minister and likewise, Muhyiddin.
This decision is made because we want Umno to be strong again, he said.
Syed Ali also called on party leadership to initiate move to restore relationship
with Dr Mahathir, saying that Umno was at the losing end if we are at war with
him.

Desa Melawati condo burglars nabbed

PETALING JAYA: Two suspected burglars who have been terrorising tenants of
the Saville condominium in Desa Melawati have been arrested.
The suspects, aged 38 and 43, were nabbed at Block A parking lot at about
3.30pm on Sunday as they were walking to their vehicle.
Wangsa Maju OCPD Supt Mohd Roy Suhaimi Sarif said police spent 30 minutes
monitoring the duo before detaining them.
"One of them was carrying a black bag suspiciously. After arresting them, we
found valuables including items that were reported missing during a break-in
recently," he said.
The items recovered were watches, including a Chanel, jewellery, a coin box, a
power bank, an MP3 player, two handbags and several external hardisks.
The suspects, from Sri Rampai and Wangsa Maju, had criminal records for house
break-ins.

Prior to the arrest, two units of the condo were broken into between July 6 and
July 26.
Last Sunday, the duo allegedly broke into a unit on the 10th floor at about
3.30am when a 32-year-old tenant, who is a human resources officer, and her
housemates were outstation.
The security guards were alerted of the break-in and informed the tenant.
In the other case on the 18th floor, the victim was in the bathroom when he heard
sounds of the doorbell ringing.
Supt Roy said the man decided to ignore it as he was taking a shower. After he
was done, the man was shocked to see a stranger in his unit.
He said the victim asked the suspect who he was but the latter asked him the
same. That was when the suspect's accomplice entered the premise.
"The victim ran and locked himself up in the toilet. With his handphone he called
the security guards. By the time the guards arrived, the suspects had already
fled," he said.
The victim lost a Macbook, two laptops, two watches and RM50.