LETTERS: Gender economic inequality continues to persist, with the nation's female Labour Force Participation Rate at 56.2 per cent compared with 82 per cent for men, alongside a recorded gender pay gap of 33 per cent in 2023.
Driving this is the burden of unpaid care work disproportionately borne by women, which remains invisible and unvalued in national budgets and accounting.
Formalising and strengthening the care economy has never been more important in the face of these urgent and intersecting challenges.
Encouragingly, this need has been recognised by the government, with Women, Family and Community Development Minister Datuk Seri Nancy Shukri launching workshops for the Development of the Care Industry in Malaysia recently.
Therefore, for "care" to be established as an economy, care work and its economic benefits must be recognised, valued and taken into account within our national economic and social policies.
The goal is to establish a care industry that is regulated, professionalised, and acts in the best interests of care workers and care recipients, for our collective benefit as a society.
The Covid-19 pandemic brought to light the hidden crisis in this matter. It is clear that the old economic models of putting the bottom line above all else are outdated and unsustainable.
Whether it be the public or private sector, we are all equal stakeholders in advancing national development.
Funding "care" may incur a financial cost. However, we must consider its positive cascading impacts on our nation's wider social and economic development, especially in the face of a rapidly changing world.
Developing a robust framework for the care economy is a gargantuan task, and it is not one the ministry can or should carry out alone.
It requires collaboration with and stakeholdership from other key ministries, such as the Economy and Finance Ministries.
The care economy requires national economic policies and budgets to be care-sensitive and gender-responsive, as care and gender equality are inextricably linked.
MALAYSIA WOMEN AND GIRLS FORUM SECRETARIAT
Kuala Lumpur
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times