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Retirement gap hits women hard
All ears: Participants at the ISWC 2025 in Kuala Lumpur. — AZHAR MAHFOF/The Star
KUALA LUMPUR: Women aged 65 and above receive 26% less retirement income compared to men, says World Economic Forum longevity economy lead Haleh Nazeri.
This disparity is part of the 'triple storm' that women everywhere face – they tend to live longer but have lower savings because they had to take time off work to be caregivers.
'When it comes to the longevity economy, women have to face triple threats because we live longer, make less money, and have less savings and retirement funds.
'But we are also the main caregivers, so we leave the workforce, resulting in less income. This is a critical issue,' she said at the International Social Wellbeing Conference 2025, 'Living to a Hundred: Are We Prepared?' yesterday.
It is because of these reasons that employers should not discount women job applicants who have gaps in their resumes, she added.
'I think everyone who wants to work must be given an opportunity, especially caregivers who have left the workforce.
'They should be given the benefit of the doubt for gaps in their resume. When you have that gap, many people think it is bad, but actually, they have taken time off to care for their families.
'So give these women the chance and you will see how resilient and enthusiastic they are coming back to work,' she said.
The triple storm faced by women was among the challenges facing the world and future workforce, Haleh said, adding that it was time societies rethink the current labour and retirement systems which were designed for a 70-year life, she added.
'We also need new innovations that are intergenerational, sustainable and inclusive of people who were left behind when the first-time pension and retirement systems were created.
'We must also build a financial resilience cushion for key life events – both planned and unplanned – that can push individuals to financial hardship and in extreme cases, the brink of poverty.'
For instance, companies not only should provide care-giving facilities not just for children but also for older adults.
'Many employees want this as they live longer and face certain difficulties,' she said.
In her presentation, 'The Longevity Economy: Lessons and Opportunities in Living Longer', she said the world must change the narrative when it comes to thinking about longevity.
The only way forward was to think about longevity through an intergenerational lens and consider what all generations can achieve together.
Also, it was time to view ageing not as a burden but an advantage, like a new demographic that could drive future growth, she said.
Haleh added that companies should not discount any job applicant due to their age.
