Housing ministry to draw up Act governing retirement homes

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The government says it is mulling an Act to regulate the development of retirement villages and protect the interest of senior citizens.PETALING JAYA: The housing and local government ministry plans to introduce legislation in the near future to meet the demands of a rapidly ageing population and restructure all national housing programmes.The ministry is looking to introduce the Retirement Village Act and the National Housing Corporation Bill, it said in an email interview with FMT, although it did not state when.The ministry said there is no specific legal definition in Malaysia regarding retirement homes as it is a new concept that has not been translated into coherent policies and regulatory frameworks.Noting that Malaysia’s percentage of senior citizens will increase from 14.2% in 2030 to 23.1% by 2050, it said the concept of a retirement village will match the needs of s…