Latest news with #ISWC2025
Free Malaysia Today
8 hours ago
- Health
- Free Malaysia Today
Ageing nation needs policy overhaul, not patchwork fixes, says Anwar
Prime Minister Anwar Ibrahim speaking at the opening of the International Social Well-being Conference 2025 today. KUALA LUMPUR : Prime Minister Anwar Ibrahim today called for an overhaul of public policy to meet the challenges of an ageing population, saying that longevity is not just a passing trend. Speaking at the EPF's International Social Well-being Conference (ISWC 2025) here today, Anwar said living to 100 was no longer an exception but an emerging norm. 'The real question is not whether we are ageing, but whether we are adapting,' he said in opening the conference. Anwar cited the Global Longevity Economy Outlook report, which projected that the global longevity economy would exceed US$65 trillion by 2030. 'If Malaysia is to be an initiative-taking leader, we must invest in health systems, social care, housing, financial tools and industries that serve an ageing society,' he said. While Malaysia's average life expectancy is 76 years, Anwar said 67 of those years would typically be spent in good health. As such, he said, it underscored the need for a shift from disease treatment towards preventative health and promoting wellness. Malaysia is projected to become an aged nation by 2040, with more than 17% of its population aged 60 and above. On a related note, Anwar defended the government's policy of mandating medicine price displays. The move, he said, was meant to promote transparency so that consumers, particularly the poor and elderly, could make informed decisions about their medical expenses.
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.
New Straits Times
9 hours ago
- Business
- New Straits Times
EPF steps up retirement reforms ahead of ageing nation shift
KUALA LUMPUR: The Employees Provident Fund (EPF) is ramping up retirement reforms to address widening gaps in income security, as Malaysia braces for a demographic shift that will see 14 per cent of its population aged 65 and above by 2043. Chairman Tan Sri Mohd Zuki Ali said retirement adequacy must be built on fair wages and inclusive participation, noting that all government-linked investment companies (GLICs), including the EPF, have adopted a living wage policy. "That's why all GLICs, including the EPF, have adopted a living wage policy, and we will continue to engage our investee companies to champion decent work as a foundation for long-term security," he said in a statement today. The move comes as the EPF strengthens its long-term strategy to future-proof Malaysia's retirement landscape amid rising life expectancy and cost-of-living pressures. To address these challenges, the EPF introduced the Retirement Income Adequacy (RIA) Framework in December 2024, allowing members to assess their retirement preparedness across three tiers, namely basic, adequate and enhanced. Additionally, a new intergenerational transfer feature, announced under Budget 2025, enables members to allocate part of their savings to support the retirement of family members. This measure is seen as critical to promoting financial resilience across households. The EPF is also expanding coverage to informal and gig economy workers through its i-Saraan programme, which offers a 20 per cent government matching incentive capped at RM500 annually and RM5,000 over a lifetime. As of 2024, the number of voluntary contributors rose by 32 per cent to 1.2 million, with nearly 70 per cent comprising individuals outside the formal workforce. "Longer lives open new frontiers," Mohd Zuki said, in conjunction with the International Social Wellbeing Conference 2025 (ISWC 2025), which was officiated by Prime Minister Datuk Seri Anwar Ibrahim today. "The rise of the longevity economy, shaped by the contributions, consumption and experience of older adults, is an opportunity for innovation beyond pensions and healthcare. It includes how we structure our workforce, build inclusive technologies, and promote lifelong learning and active ageing," he added. Held under the theme "Living to a Hundred: Are We Prepared?", ISWC 2025 brought together policymakers and industry leaders to explore structural shifts needed to sustain a growing ageing population. The two-day event attracted more than 1,500 participants, including global experts such as former Swedish Prime Minister Fredrik Reinfeldt and World Economic Forum longevity lead Haleh Nazeri, who were scheduled to discuss policies, innovations and inclusive strategies to strengthen income security and social wellbeing.
The Star
10 hours ago
- Business
- The Star
Modern economy creates new insecure social class, says expert
KUALA LUMPUR: Changes in the modern economy have led to a new and growing social class impacted by job and living condition insecurity, says Basic Income Earth Network founder and honorary co-president Prof Guy Standing. Termed the "precariat," this class includes part-time and gig industry workers, arising from the decline of traditional employment and social safety nets. Standing stated that individuals in the precariat often miss out on crucial benefits such as healthcare, pensions, and job security, leaving them exposed to financial instability. He then noted that corporate and household debt is also escalating. "Insecurity is a pandemic in itself, eroding the mental bandwidth and the capacity to be rational and make future decisions. We live in a world of chronic uncertainty, unable to predict when or who will be hit by a shock, with a diminished ability to cope or recover, particularly for the precariat," he said at the International Social Wellbeing Conference 2025 (ISWC 2025), themed "Living to A Hundred: Are We Prepared?" at the Shangri-La Hotel on Tuesday (June 17).
