Abstract:

There are a number of social security schemes and institutions in Malaysia but not all has the ability to address the long term financial commitments and provides the security during the old age. High in inflation rates, global economic growth and changes in employment and social structure have contributed in raising serious concerns on the efficiency of the current social safety net especially when the number of older people has increased due to the increase in life expectancy. An effective social safety net should be able to protect the welfare of a person at their old age and the existing social safety net in Malaysia is not sufficient. Hence, this paper examines the current social safety net in Malaysia for the older people and analyses the efficiency of protection provided.