The establishment of the Malaysian Institute of Retirement Management (MIRM) is founded and led by the board leadership of Koperasi Pesara Pesara Malaysia Berhad (KPPMB) in response to Malaysia’s impending retirement sustainability and achieving active and planned meaningful golden years. Malaysia has one of the world’s fastest ageing populations. Beyond 2020 one in every five persons in Malaysia will be aged 65 or above. Today the world is moving towards lifelong employment due to socio economic issues and budget cuts in the government reduced social dependent policies.
The crisis of un-preparedness and un-readiness of retiree across Malaysia in managing life after retirement is indeed still at early stages. With minimum support available for training and preparing retirees to be self- sustained socio economically for retirement may lead to more complex issues of retirement living and welfare support issues. This is especially so in most S. E. Asian countries where there are little social security benefits as contrasted to Europe, Australasia or Scandinavia, for example.
The MIRM focus is to improve the quality life of retiree or older people in Malaysia through learning in pre and post retirement. MIRM is one of the first private Institutes for Retirement Management devoted exclusively to retirement issues registered under the Registrar of Society Malaysia (ROS) and fully supported by Retirement Co-operative Society (KPPMB) in Malaysia.
As Malaysian citizens born between 1946 to 1964 reach retirement age, the demographic profile of Malaysia’s population will undergo a profound change. According to the Department of Statistics Malaysia, the proportion of the Malaysian population age 60 and older have increased from 5.2 percent in 1970 to 6.3 percent in 2000, and has been projected to be 9.9 percent in 2020.
Based on a United Nations medium projection, the proportion of the Malaysian population age 60 and older will climb up to 14.0 percent by 2028. Therefore it is imperative that strategic preparation and readiness in managing retirement in a planned manner is crucial and very important. Therefore in order to ensure transparency, corporate governance and quality assurance compliances and regulatory fulfilment, the Malaysian Institute of Retirement Management (MIRM), shall be regulating it’s operational deliverables on members’ impact and outcome evidence based achievements, built on our ability to achieve the following mandates accordingly.