8 hours ago
- Business
- New Straits Times
EPF chief calls for systemic reforms over lack of workers' involvement in retirement schemes
KUALA LUMPUR: Systemic reforms are urgently needed to address the alarming reality that 58 per cent of working-age Malaysians are not enrolled in any formal retirement scheme.
In saying this, the Employees Provident Fund (EPF) chief executive officer Ahmad Zulqarnain Onn called for transformative action to ensure financial security in a society facing longer lifespans and rapid demographic shifts.
"We must reimagine how we work, save, age and care across every sector," he said when delivering the closing remarks at the International Social Well-Being Conference (ISWC) 2025 here today.
Ahmad Zulqarnain highlighted the need for holistic solutions to build a longevity-ready society.
Over two days, ISWC 2025 convened local and global experts to explore the complexities of longevity with discussions underscored a critical need for systemic reform to prevent financial insecurity from burdening future generations.
"These diverse perspectives converged into a powerful message. Pooling resources, ideas and accountability is the only way to turn longer lives into an economic and societal dividend," he said.
Covering climate resilience, financial inclusivity and governance, the commitments aim to create lasting value for the EPF's 16 million members and all Malaysians.
Despite the progress, Ahmad Zulqarnain did not shy away from highlighting the stark reality that more than half of working-age Malaysians remain outside the formal retirement system.
"This gap underscores the urgent need for reform to ensure no one is left behind," he said.
He outlined EPF's initiatives to promote financial literacy, close gender gaps and enhance overall well-being while also addressing the sensitive issue of aligning withdrawal ages with Malaysia's National Minimum Retirement Age, advocating a compassionate and empathetic approach.
Ahmad Zulqarnain closed with a rallying call to translate insights from ISWC 2025 into tangible outcomes.
"The question posed by this conference – 'If we live to 100, are we prepared?' – is not theoretical. It demands action now.
"Let this be the turning point. Together, we can transform challenges into opportunities and ideas into momentum," he said.
