REFORMING MALAYSIA'S MY SECOND-HOME PROGRAMME: BALANCING FINANCIAL OBJECTIVES WITH SOCIAL IMPACT
Dr. Nurulhasanah Abdul Rahman
DOI:
Keywords:
Malaysia; Malaysia My Second Home, public policy, retirement migration, social impacts.
Abstract
his article investigates how social impacts contribute to policy adjustments in Malaysia, focusing on the Malaysia My Second Home (MM2H) programme. As a retirement migration initiative, MM2H has undergone multiple reforms over the years due to claims of its adverse effects on the Malaysian economy. These policy changes have had profound consequences on participants, influencing their personal decisions to settle abroad, disrupting their retirement plans, and impacting their well-being. Likewise, property developers, businesses, and state governments face significant risks of financial losses linked to these adjustments. Despite the programme's far-reaching implications, studies examining it from the perspective of social impact remain scarce. This article addresses this gap by analysing policy reforms using government documents and archival records, focusing on the social dimensions of these changes. The findings reveal the need for a paradigm shift in policy evaluation, advocating for greater emphasis on social factors such as equity, diversity, and quality of life within cost-benefit frameworks. The article argues that government decision-making, often dominated by economic considerations, should broaden its scope to include social outcomes. In conclusion, it provides practical recommendations for policymakers to integrate social impact into the policymaking process, ensuring that policy outcomes remain balanced and effective.
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