Version : Oct 2023
Introduction
The care economy, encompassing activities and services related to caregiving, is a vital sector contributing to societal well-being and economic growth. As societies age, the demand for caregiving services escalates, necessitating a reevaluation of policies and strategies to ensure the sustainability and effectiveness of the care economy. The potential of the care economy to contribute more than 10% of a country’s gross domestic product (GDP) is significant, and this potential is particularly relevant for Malaysia, which officially attained an aging nation status in 2022. Innovative local platforms like Kiddocare and SamaSamaJaga (SSJ) are emerging as key players in this sector, providing essential services that cater to the evolving needs of the population.
Issues
Malaysia’s aging population is growing rapidly, with 7.2% of its current population aged 65 and above. According to a study carried out by the World Bank, at least 14 per cent of the population is expected to be 65 and above by 2044. This demographic shift will increase the demand for caregiving services, which are often shouldered by women and girls due to societal expectations. Care work is often undervalued and invisible, leading to caregivers losing out in terms of income, job security, and career progression. Technological advancements are expected to result in new capabilities such as more accurate diagnoses and interventions, and more targeted care plans. Non-traditional workers and informal workers, including volunteers and part-timers, are increasingly important manpower resources for care organizations.
Recommendations
- Recognize and remunerate care work adequately: Caregivers should be adequately compensated for their work, and their employment rights should be protected.
- Invest in upskilling, training, and professionalizing care workers: Care workers should be provided with opportunities for career progression and skills development. This can help to raise the status of care work and attract more people to the sector.
- Encourage the use of technology in the care economy: Technological advancements can improve the quality and efficiency of care services. For instance, real-time alerts from wearable devices, including heart rate monitors and glucometers, allow caregivers to proactively intervene and address health concerns before they escalate.
- Promote more holistic and inclusive care provision: Tailored to individual circumstances and preferences, and should involve strong collaborations across different disciplines.
- Address societal expectations and norms around care work: Efforts should be made to normalize the role of men in care work and challenge the notion that caregiving is primarily a woman’s responsibility.
- Set up platforms that provide comprehensive support: including knowledge, legal aid, and emotional assistance, to caregivers and those receiving care.
By implementing these recommendations, we can move towards a more sustainable and effective care economy that not only meets the needs of an aging population but also contributes to job creation and economic growth.
This policy brief is proprietary to Prezytion. The analyses, conclusions, and recommendations contained in this brief are based on the information available at the time of publication and do not purport to contain or incorporate all the information that may be relevant or necessary for every user. The brief is intended for the exclusive use of the individual or entity that downloaded it and may not be copied, shared, sold, or redistributed in any form without the prior written consent of Prezytion. Any unauthorized use or dissemination of this brief is strictly prohibited. Prezytion and its affiliates make no representation or warranty, express or implied, as to the accuracy, reliability, completeness, or currency of the information in this brief. Users are responsible for assessing the relevance and accuracy of the content of this brief. Prezytion and its affiliates will not be responsible for any damage, loss, or liability incurred as a result of using or relying on the information or recommendations contained in this brief. By using this brief, you agree to these terms and conditions.