Lifetime employment has disappeared. Anyone can lose their job at any time. Retirement is at age 60, with no more employment beyond that. Due to modern medicine, average life expectancy (2019 data) has increased to 76.2 (Malaysia) and 83.6 (Singapore) years old. You need a lifetime medical insurance contract, to cover broken bones, replacements, diseases and other health complications that happens in life and in old age. And most company medical insurance bought, do not usually provide enough coverage (due to your company budget) of the medical bills. You will still need to take out money from your own pocket to pay the excess. Your personal medical insurance can cover for this.