A life-long pension plan and affordable health insurance scheme must be in place for private sector workers whose savings are depleted soon after retirement. President of newly formed Malaysian Society for Labour and Social Security Law, Datuk Dr Cyrus Das said it was generally believed that a private sector retiree who is non-pensionable exhausted his savings from Employees Provident Fund within three and five years of retirement.
He said social justice was not limited to looking at well being of employees during employment but also after retirement. Das said in a society where "people lived longer and money grew shorter", the dependence on social security schemes became critical.
He pointed out that the United States Supreme Court handed down a significant decision last week that validated the Obama healthcare reform, providing for mandatory health insurance from 2014 for nearly all its citizens.
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