The world is ageing. In 2022, those aged 65 and above were almost 10 per cent of the world's population.
Malaysia, too, is ageing. By 2040, its aged population will nearly double to 15 per cent of the population.
Will this be a problem? First, an ageing population means labour shortage at a time when Malaysia needs talent to become a high-income nation.
At over two million, and not counting undocumented workers, we already have a huge migrant workforce. Enlarging this number to make up for this labour shortage is, therefore, unthinkable.
As the experienced elderly exit the labour market, productivity and economic growth might be affected without compensating factors.
These include the elderly continuing to lead productive and healthy lives.
Second, an ageing population would burden the government with greater healthcare, pensions and welfare payments. These costs will escalate as the oldsters swell in numbers.
Third, about half the contributors to the Employees' Provident Fund have savings of less than RM 10,000.
It denotes that the elderly cannot fend for themselves without government or family help.
How can we then meet the challenges posed by our ageing population? Here are five strategies.
First, and taking a leaf from Singapore, is to have one-stop service centres that gather social-service agencies under one roof.
The urban and rural transformation centres can be deployed for this exercise.
This integration will not only make such services more accessible to the aged but will also create better synergy in service delivery.
Second, fill the labour shortage. The government could encourage more female participation in the workforce.
In 2021, the International Labour Organisation estimated that female participation in the Malaysian workforce was 51 per cent compared with 78 per cent for men.
Bringing more women into jobs makes sense. They not only live longer but they also tend to have inadequate savings and, as such, tend to be more vulnerable in old age.
The Malaysian diaspora could also be enticed to return home to fill the talent gap. To make them come back in droves would require the government to sweeten incentives.
Third, raising the retirement age could help delay the attrition of the talent pool.
Advanced countries such as the United Kingdom have no formal retirement age. Recently, Singapore increased its retirement age to 63. And companies must offer eligible staff reemployment till 69.
Fourth, healthcare costs for the elderly can be reduced if hospital stays become shorter and infrequent.
One way to do this is by teaching patients and their families simple medical tasks, such as changing dressings.
Another way is to employ technology. Wearable devices that record vital statistics such as heart rate, blood sugar and blood pressure of those with chronic conditions can obviate the need for a hospital visit.
Video-conferencing with medical professionals can determine whether a hospital stay is necessary for those whose readings are abnormal.
Given the shortage of nurses in care homes, robots have been deployed in Japan to do the heavy lifting of patients.
The best place for the aged to look after themselves is their home. Denmark and Finland keep their elderly in their homes for as long as possible and teach them to be healthy.
Finland employs the Internet of Things. The homes of the elderly are fitted with sensors that alert a central monitoring office if something is amiss, such as a fridge or the main door being ajar for longer than usual.
Fifth is the provision of care homes. The Netherlands, for example, builds homes to cluster patients together.
At subsidised rents, clustered homes encourage patients to care for one another. It also makes it easier for the government to deliver services.
Germany's long-term care insurance finances collective housing, while Slovenia legally mandates insurance for long-term care.
Tax incentives and simpler regulations can make it easier to convert properties into licensed nursing homes. These would help alleviate the shortage of such infrastructure.
Given accelerated ageing of the population, Malaysia should intensify its efforts at caring for its aged population.
Good practices of other countries are worth emulating to create sustainable and dignified care for the elderly.
The writer is an adjunct professor at the Perdana University