MYCENSUS 2020 recorded the Malaysian population at 32.4 million, along with declines in birth, total fertility and death rates.
A breakdown by age category further shows that children aged zero to 14 make up a quarter of the population, while those aged 15 to 64 constitute almost 70 per cent of all Malaysians.
These statistics point to a trend of significantly more elderly individuals in the near future. In fact, Malaysia is heading towards an aging population in 20 years, and a super aging one in 30 years.
In 2040, one in every five Malaysian is projected to be above 60 years old. The government has its hands full planning for the uncharted waters ahead, as community living in Malaysia will see a balance of young and elderly groups.
Predictably, retirement villages, elderly day care, and nursing homes will burgeon as the level of affluence in Malaysia increases. Major property development players have observed this trend and are taking on this sector with interest.
Sadly, their focus is on the T20 bracket, despite the fact that aging affects all walks of life. The government should, therefore, encourage property developers not only to venture into this sector, but also to cater to the needs of the M40 and B40 groups as well.
It is certainly timely for developers to play a more consultative role in assisting the government's formation of a holistic plan for our aging nation. Healthcare, medical tourism, infrastructure, elderly care and recreation are other potential areas to be developed in preparation for the super aging population.
To support this population, the education sector, as well as the Human Resources Ministry, should focus on education and job creation for future generations.
With fewer young people expected to enrol, universities also need to begin designing survival strategies that focus on market-relevant courses in line with national needs. Likewise, the manufacturing and services sectors need to brace themselves for survival in the next decades.
If they insist on being labourcentric, these job creators may well lose their employees within the next 20 years due to aging.
Ultimately, these sectors need to move towards automation, robotics and digitalisation. Another challenge is the tug-of-war between fresh graduates and senior workers. The present outlook is rather grim for fresh graduates, as most are struggling to secure good jobs.
Exacerbating this situation is the rising number of unskilled immigrant workers, who view Malaysia as a top employment destination. The government intends to keep these numbers to a minimum to curb worsening social problems.
Indeed, the government is doing a commendable job in creating employment opportunities and cultivating requisite job skills among the young local workforce. A cultural shift is also necessary for graduates to be less selective and take on unskilled jobs that are automated via vehicles or robots.
Similarly, M40 and B40 elderly citizens who are still fit for work should be employed for them to earn a living after retirement.
As a well-practised approach in exemplary Japan, this might be the way to reduce the number of unskilled immigrant workers in Malaysia.
Revisiting the population profile of Malaysia, there is expected to be a decline in births. However, the Education and Health Ministries have always taken the lion's share of budget allocations.
With the country moving towards an aging society, we may see a shift in these priorities and even a revolution in budget allocations, such as greater provisions for gerontology-related healthcare.
Indeed, as observed in the management of the Covid-19 pandemic, tackling national-scale challenges is best done via cross-ministerial participation.
Lastly, Malaysia as a nation, needs to review its income sources. The increase in elderly citizens will affect the government's capacity to earn from personal income tax.
Therefore, alternative revenue streams should be strengthened, such as renewable resources, imports and exports, and corporate taxes. Notwithstanding efforts already in place, the way forward towards a thriving aging population is a holistic plan and an integrated approach.
The writer is an associate professor at Putra Business School