MIRI: The Wireless Walk Miri Traders’ Association has expressed strong support for a recent proposal by Sarawak Deputy Minister for Youth, Sports and Entrepreneur Development, Datuk Dr Ripin Lamat, aimed at empowering retirees to participate more actively in the business sector.
The initiative acknowledges the wealth of experience, discipline and financial stability that many retirees possess, qualities that could serve them well as entrepreneurs if provided with the right support and opportunities.
Chairman of the association, Mohamad Abdullah Jamin, said that many retirees, having concluded careers in the public or private sectors, remain eager and capable of venturing into small and medium-sized enterprises, particularly within the cottage industry sphere.
“However, age often becomes a significant barrier.
“Many financial institutions are hesitant to extend credit to older applicants, and eligibility limitations frequently prevent retirees from accessing government grants,” he noted.
Mohamad proposed the creation of a dedicated support mechanism, a specific grant scheme or financial formula to assist seniorpreneurs, or retired individuals who wish to establish or grow their own businesses.
“The relevant ministry must explore practical ways to assist this group.
A clear and structured policy is needed, with financial assistance allocated under well-defined guidelines that promote business development among senior citizens,” he stressed.
Sharing his own experience, Mohamad revealed that he and his wife had started a small food and beverage venture shortly before his retirement in 2019, funded with part of his retirement savings. Over time, the business has grown, though he believes government support would further accelerate its progress.
“Government grants are crucial, particularly in the early stages of a business. They help overcome initial capital challenges and prepare entrepreneurs for future growth,” he said.
He praised Dr Ripin’s vision as both timely and forward-thinking, noting that empowering retirees not only stimulates economic activity but also encourages social inclusion.
“Retirees still have much to offer. With the right backing, they can become job creators and mentors to younger entrepreneurs,” he added.
Mohamad also suggested that relevant government agencies consider introducing targeted grants for retirees involved in micro and cottage industries.
He urged financial institutions to review their policies and consider extending business loans to seniorpreneurs based on the viability of their business plans rather than age.
“With the right financial tools and government incentives, retirement can be transformed into a chapter of productivity, innovation and community well-being,” he concluded.
