PSM calls for senior citizen pension scheme in Budget 2025

PSM has urged the government to introduce a pension scheme for senior citizens in Budget 2025 to provide financial protection for the group.

Its chairperson Dr Michael Jeyakumar Devaraj said the elderly population in Malaysia faces various challenges, including insufficient savings for basic necessities after retirement.

“Some must rely on their children, but it’s important to understand that children also have their own financial burdens, such as housing costs and education expenses.

“That’s why we hope the government will introduce a RM500 pension scheme for everyone aged 65 and above who does not receive a government pension,” he told a press conference after submitting a memorandum on the matter at the Prime Minister’s Office today.

The prime minister’s political secretary Muhammad Fikri Khalid @ Abdul Aziz received the memorandum.

According to Jeyakumar, the government needs to allocate RM11 billion for the implementation of this scheme to support approximately 1.8 million senior citizens, compared to the estimated total national budget of RM400 billion per year.

He added that such a scheme is necessary for a developed country and suggested that Malaysia should follow the example of other nations like Mexico and Canada, which have implemented similar schemes.

- Bernama

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