THE Government should implement a universal old age pensions scheme to help retirees as senior citizens lack financial means following retirement.
In a New Year wish list published on Think Left, Parti Sosialis Malaysia (PSM) chairperson Dr Jeyakumar Devaraj said that more than 90% of Employees Provident Fund (EPF) contributors aged below 54 years have less than RM50,000 in their accounts.
Plus, he added, those in the informal sector aged between 50 and 55 years of age have no EPF savings at all.
“PSM has been proposing a monthly pension of RM300 for those above 65 years of age who do not receive Government pension or any other form of it,” said Jeyakumar.
While it would cost taxpayers RM8 bil a year, the PSM leader stressed it would enable retirees to live a dignified life.
“It is urgently needed now as the COVID-19-induced recession has resulted in the withdrawal of more than RM100 billion in EPF savings,” he added.
Next on Jeyakumar’s wish list was for the Government to implement a “no-fault” compensation plan for all Malaysians who experienced irreversible physical damage within four weeks of receiving the COVID-19 vaccination.
While he agreed that it was impossible to attribute specific ailments such as stroke, heart attack and nerve palsy to vaccination as it also happens to the unvaccinated, such a programme would boost confidence among the people.
“It would be an expression of our solidarity to fellow Malaysians to arrange for some compensation for the people who have suffered lasting disability due to a medical event occurring within 28 days after a vaccine shot,” Jeyakumar opined.
Increase aid to flood victims to RM10k
He added that the Government could put the Social Security Organisation (SOCSO) in charge of this programme as it has the institutional framework to determine the degree of impairment, with the Government injecting the necessary finances into the organisation to cover for the reimbursements.
On that note, Jeyakumar urged the Government to increase the monetary aid for flood victims from the current RM1,000 to RM10,000.
He noted that there are about 300,000 families who were affected by the floods, and the total sum would come up to RM3 bil.
“This will help victims to cover the most critical expenditures to recover from the floods.
“Allowing them to withdraw from their EPF will not be sufficient as they have depleted their savings to cover expenses during the movement control orders (MCO), with many not having much EPF savings in the first place,” commented Jeyakumar. – Jan 2, 2022.
