Latest news with #ISWC
The Star
7 hours ago
- Business
- The Star
Anwar praises EPF's efforts in enhancing retirement adequacy
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
Barnama
8 hours ago
- Business
- Barnama
Anwar Praises EPF's Efforts In Enhancing Retirement Adequacy
BUSINESS KUALA LUMPUR, June 17 (Bernama) -- 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.
The Star
9 hours ago
- Health
- The Star
Nation must adapt public policy with longer life expectancy of Malaysians, says Anwar
KUALA LUMPUR: With Malaysians experiencing longer life expectancy, the nation must ensure there are changes in public policy to ensure a life of quality and dignity, says Datuk Seri Anwar Ibrahim. The Prime Minister said according to a study, the average Malaysian can expect to live to 76 but not before suffering nine years of poor health. He said this meant that after reaching 67 years of age, their health deteriorates and so does their quality of life. "This gap has not improved over the past two decades. In fact, it has widened from 8.6 years in 2000. This means that living longer does not guarantee we are living better, " he said at the International Social Wellbeing Conference (ISWC) 2025 here on Tuesday (June 17). Anwar said this was a wake-up call for a heavier emphasis on investing in health, particularly in preventive care, public health education and community-based support. "We must shift from a system that treats disease to one that promotes lifelong wellness. "We must ask if our institutions, our policies and our thinking are prepared for this shift? As our lifespans lengthen, we must rethink how we sustain our personal well-being, how we plan our economy and how we preserve the fabric of a cohesive, caring society. The idea of living to a hundred did indeed seem remote once. "According to the United Nations World Population Prospects database, Malaysia had fewer than ten centenarians in the early 1970s. Today, we have more than 1,000 and it is more than likely that the number will continue to grow," Anwar said.
The Sun
9 hours ago
- Business
- The Sun
Anwar praises EPF's efforts in enhancing retirement adequacy
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.
The Star
9 hours ago
- Business
- The Star
Ageing society will deeply affect healthcare and workforce, says EPF chairman
KUALA LUMPUR: The demographic transformation of Malaysia's ageing society will have a profound effect on the healthcare systems, workforce, and social fabric, says Employees Provident Fund (EPF) chairman Tan Sri Mohd Zuki Ali. He pointed out that older individuals are not simply recipients of care but also contributors, consumers, caregivers, volunteers and mentors. 'Longer lives also open up new frontiers. The rise of the longevity economy, shaped by the contributions, consumption and experience of older adults, is an opportunity for innovation," he said at the International Social Wellbeing Conference (ISWC) 2025 here on Tuesday (June 17). 'It extends beyond pensions and healthcare to encompass how we design cities, structure workforces, build inclusive technologies, and promote lifelong learning and active ageing. 'As such, our policies and systems must empower them to continue participating meaningfully in society, well into later life,' he said during his welcoming remarks. ALSO READ: EPF CEO says retirement systems must evolve ISWC 2025, themed "Living to a Hundred: Are We Prepared?", was officiated by Prime Minister Datuk Seri Anwar Ibrahim. Also present were Finance Minister II Senator Datuk Seri Amir Hamzah Azizan, EPF chief executive officer Ahmad Zulqarnain Onn, Cabinet ministers, senior government officials, and members of the EPF board and investment panel. As of 2023, 7.5% of Malaysians were aged 65 and above; by 2043, this number will nearly double to 14%, and by 2058, more than one in five Malaysians will be 65 or older. To address this, the EPF is advancing pension system reforms and financial innovation. In December, it introduced the Retirement Income Adequacy (RIA) Framework, enabling members to assess their retirement readiness across three tiers: basic, adequate and enhanced. An intergenerational transfer feature, announced in Budget 2025, will allow members to allocate part of their savings to support their family members' retirement. ALSO READ: Women receive less retirement income than men, says expert The EPF is also enhancing support for informal workers through its i-Saraan programme, which now offers a 20% government matching incentive, capped at RM500 annually and RM5,000 over a lifetime. Last year, the number of voluntary contributors grew by 32% to 1.2 million with more than 800,000 or close to 70% of contributors being individuals outside the formal labour force, comprising gig workers and other types of informal employment, contributing a total of RM13.7bil. Of these, more than 520,000 members contributed to i-Saraan, with total contributions amounting to RM2.6bil. 'We recognise that financial security is the bedrock of meaningful retirement. Planning for longevity starts with an honest understanding of the income required for a long and fulfilling life. 'We also acknowledge that retirement readiness is no longer an individual pursuit but a shared responsibility among families. "In this spirit, a new intergenerational savings transfer feature will be introduced by the end of this year, allowing family members to contribute to each other's retirement security. 'This reflects a more collaborative approach to long-term financial planning,' Zuki said. ALSO READ: Modern economy creates new insecure social class, says expert The event is jointly organised by the EPF, the Implementation Coordination Unit of the Prime Minister's Department and the Finance Ministry to catalyse ideas and policies around the longevity economy. Prominent participants of this year's ISWC include former prime minister of Sweden Fredrik Reinfeldt, Basic Income Earth Network founding member and honorary co-president Prof Guy Standing, World Economic Forum Longevity Economy lead Haleh Nazeri, and Sunway Centre for Planetary Health director Tan Sri Jemilah Mahmood.
