The Rise of Working Senior Women in Malaysia
As Malaysia’s population ages, there has been a significant increase in the number of senior women, especially Chinese, who are choosing to work past the retirement age. Let’s delve into the latest statistics and trends shaping this phenomenon.
Statistics Department Insights
- In 2023, 20.9% of women aged 60-64 were working, marking a 5% increase from the previous year.
- The number of Chinese female senior citizens employed rose by 34,500 to 67,500 persons, with 68% as employees and 26.4% as self-employed.
- The rise in labor force participation rate (LFPR) for senior women was notably observed in Selangor, Kedah, Perak, Sabah, and Johor.
Reasons Behind the Trend
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin attributes this increase to the growing number of self-employed women, particularly in the Malaysian-Chinese community. Many senior women working in the informal sector lack a financial safety net, compelling them to continue working past retirement age.
Demographic Expert Perspective
Demographic expert Chai Sen Tyng highlights the challenges faced by older women in entering the formal workforce due to limited education and work opportunities in their youth. As a result, many opt to work in the informal sector, where retirement age is not a constraint.
Gender Disparity
While the LFPR for senior women surged in 2023, the LFPR for males aged 60-64 decreased by 4.9 percentage points. Most males are employed in the formal sector and retire with EPF or pension benefits, unlike their female counterparts in the informal sector.
Future Projections
By 2040, Malaysia is projected to become an aged nation, with individuals aged 60 and above constituting 17% of the population. Currently, seniors make up 11.6% of the total population, with Chinese women boasting the highest life expectancy at 80.2 years.
Analysis
The increasing trend of senior women working past retirement age reflects a shift in traditional retirement patterns and economic realities. As Malaysia transitions into an aged nation, understanding the challenges and opportunities faced by older women in the workforce is crucial for policymakers, businesses, and individuals alike.
For older women, financial security, access to formal employment opportunities, and adequate social support are essential factors that can impact their decision to continue working. By recognizing and addressing these needs, society can better empower senior women to lead fulfilling and sustainable lives in their later years.
Overall, the rise of working senior women in Malaysia underscores the importance of inclusive policies, age-friendly workplaces, and intergenerational support systems to ensure a dignified and prosperous future for all individuals as they age.