Latest news with #ISWC
The Star
27-06-2025
- Business
- The Star
THRIVING TO 100: BUILDING SOCIAL WELLBEING FOR ALL
WHAT if the real challenge of living to 100 isn't longevity—but how we prepare for it? That thought-provoking question anchored the International Social Wellbeing Conference (ISWC) 2025, which concluded with a clear message: Malaysia must urgently reimagine its social and economic systems to meet the demands of longer lives. Held under the theme 'Living to a Hundred: Are We Prepared?', the two-day event drew over 2,000 participants, 25 strategic partners, and global experts to explore how longer life expectancy can become a shared opportunity rather than a personal risk. Rethinking ageing in Malaysia In his keynote address, Prime Minister Datuk Seri Anwar Ibrahim urged Malaysians to face the profound implications of demographic change head-on. 'We must begin building a system that reflects greater solidarity, especially for those with limited lifetime earnings. No Malaysian should grow old in fear—fear of poverty, fear of abandonment, or fear of irrelevance.' He praised the Employees Provident Fund (EPF) for its efforts in reforming retirement systems and financial innovation, citing initiatives such as intergenerational savings transfers. 'As more people live longer, healthier lives, retirement systems must evolve. We need to move from lump-sum withdrawals to sustainable retirement income,' Anwar added. EPF chairman Tan Sri Mohd Zuki Ali underscored that Malaysia's ageing population is no longer a distant issue: by 2043, 14% of the population will be over 65. 'Older individuals aren't just recipients of care. They're contributors, consumers, caregivers, and mentors,' he said. Mohd Zuki called for Malaysia to tap into the growing longevity economy—encompassing healthcare, housing, financial services, education, and age-friendly technologies. 'Our policies must empower people to continue participating meaningfully in society well into later life.' He pointed to the GEAR-uP initiative, a key component of the Ekonomi Madani framework, as a strategic push to stimulate domestic investment. Under this initiative, the EPF is strengthening its role in critical sectors like sustainable healthcare —vital to supporting an ageing society. These efforts align with broader social protection reforms, ensuring that both the financial, physical and social needs of older Malaysians are addressed. 'This is not just a public policy imperative - it's also a private sector opportunity for innovation and job creation,' Mohd Zuki said, adding that the rise of the longevity economy - driven by the contributions, consumption, and lived experience of older adults - presents a powerful opportunity for innovation. 'It goes beyond pensions and healthcare. It influences how we design our cities, structure our workforces, develop inclusive technologies, and foster lifelong learning and active ageing.' Building resilience for a longer life EPF chief executive officer Ahmad Zulqarnain Onn highlighted that 58% of working-age Malaysians remain outside any formal retirement scheme. 'We must reimagine how we work, save, age, and care across every sector. The question, 'If we live to 100, are we prepared?', is not theoretical. It demands action now,' he said. Ahmad Zulqarnain called for wide-ranging reforms, including fairer living wage, closing gender gaps, aligning withdrawal ages with retirement realities, exploring decumulation strategies, and reducing dependence on lump-sum withdrawals. EPF's Retirement Income Adequacy (RIA) Framework now allows members to benchmark their savings across Basic, Adequate, and Enhanced tiers. A new intergenerational transfer feature will soon enable family members to support each other's retirement planning. Meanwhile, the i-Saraan programme, which supports gig and informal workers, recorded a 38% increase in participation last year, enabling more informal sector workers to save for retirement. Total i-Saraan contributions also saw significant growth, rising by 83% from RM1.44bil in 2023 to RM2.64bil in 2024. 'Planning for longevity starts with an honest understanding of what it takes to live a long, meaningful life with dignity,' he said. Global perspectives presented at ISWC highlighted both the challenges and opportunities in addressing the evolving needs of today's labour market. Basic Income Earth Network founder Prof Guy Standing underscored the importance of designing stronger protections and support for the 'precariat'—a growing class of gig and part-time workers that require greater security and inclusion. 'Insecurity is a pandemic in itself. It erodes mental bandwidth, disrupts planning, and leaves millions unable to cope with shocks,' he said, urging governments to rethink exclusionary systems that leave vulnerable groups unprotected. Similarly, the World Economic Forum's longevity economy lead Haleh Nazeri called for a fresh approach to financial education. 'It's a huge ask for individuals to grasp and act on complex financial information,' she said. 'We need to simplify and even gamify it through collaboration between service providers, government, and civil society.' A future for all generations The core message from ISWC 2025 was resounding: longevity should not be treated as a private burden, but as a collective responsibility. It is an opportunity to reshape Malaysia's economic, healthcare, and social infrastructure to support longer, healthier lives. From inclusive pension system design and digital inclusion to the longevity economy and future-ready urban planning, Malaysia's path forward must be grounded in bold, coordinated reform. Policy enhancements and strategic interventions are essential to preparing the younger generation for the challenges of longer life expectancy. They are key to empowering senior adults to lead meaningful and independent lives as the nation unlocks the contributions of all generations to drive progress and build a more resilient, inclusive society. The age of longevity has arrived. It affects us all. Now is the time to act.
The Star
17-06-2025
- 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
17-06-2025
- 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
17-06-2025
- 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
17-06-2025
- 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.
