Anwar praises EPF's efforts in enhancing retirement adequacy

The Star

5 hours ago

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has commended the Employees Provident Fund's (EPF) efforts in exploring new approaches to enhance Malaysian retirement adequacy.
Anwar, who is also the finance minister, said he believes the involvement of the EPF and other government-linked investment companies (GLICs) signals a strong public-private partnership that will also enhance healthcare infrastructure, accessibility and quality, creating a system that can support all Malaysians.
"We have to recognise and acknowledge that EPF has done remarkably well and they are continuing to explore new approaches to enhance retirement adequacy," he said during his opening address at the International Social Wellbeing Conference (ISWC) 2025 today.
Anwar also highlighted that as people live longer, the focus must shift from lump-sum savings to sustainable retirement income. "We must also begin thinking about how to build a system that reflects greater solidarity, particularly for those with limited lifetime earnings. In our government's vision, no Malaysian should grow old in fear of poverty, fear of abandonment or fear of irrelevance," he added.
The prime minister also highlighted that countries around the world are rethinking their labour and retirement policies in response to longer, healthier lifespans and evolving work preferences. "Many nations have begun adjusting retirement ages, balancing fiscal sustainability with individual desires for continued engagement - these reforms are accompanied by increased workplace flexibility and efforts to foster age-inclusive environments," he noted.
According to Anwar, the country's economy is being reshaped by microentrepreneurs, gig workers and the self-employed, coming at a time when the labour market is undergoing structural shifts. He stressed that under the MADANI Economy, the government is committed to investing in digitalisation, inclusive innovation and small and medium enterprise (SME) growth.
"Through programmes such as the SME Digitalisation Grant, the National Industry ESG Framework, and targeted support through Tekun and BSN, we are laying the groundwork for an inclusive, innovation-driven economy," he added.
Also present were Finance Minister II Datuk Seri Amir Hamzah Azizan, Communications Minister Datuk Fahmi Fadzil, Health Minister Datuk Seri Dr Dzulkefly Ahmad, EPF chairman Tan Sri Mohd Zuki Ali and Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar.
The two-day ISWC 2025, themed "Living to a Hundred: Are We Prepared?", brings together more than 2,000 participants, 25 strategic partners and 24 distinguished speakers from across the globe. - Bernama