Latest news with #InternationalSocialWellBeingConference2025
New Straits Times
10 hours ago
- Business
- New Straits Times
PM: EPF, labour reforms needed so Malaysians don't grow old in poverty
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim said reforms to the Employees Provident Fund (EPF) and broader labour policies are essential to ensure Malaysians do not grow old in fear of poverty, abandonment or irrelevance. Speaking at the launch of the International Social Well Being Conference 2025 today, Anwar described the extension of EPF coverage to migrant workers as a significant step forward in strengthening social protection, and praised the fund's efforts to explore new approaches to enhance retirement adequacy. "As people live longer, the focus must shift from lump-sum savings to sustainable retirement income. "Older Malaysians today are healthier, more educated, and more capable than ever. With the right support, many can continue contributing through work, mentorship or community service," he said. Anwar recounted various labour policies in action, including the Ekonomi Madani framework — which aims to raise labour's share of income to 45 per cent of GDP — a 13 per cent increase in the minimum wage, the Progressive Wage Policy, and the GEAR-up initiatives by GLICs. However, he said fair wages alone are not enough and social protections must also be strengthened. "We must also begin thinking about how to build a system that reflects greater solidarity, particularly for those with limited lifetime earnings," Anwar added. Anwar said the shift in EPF and labour reform comes at a time when the workforce is undergoing structural change, reshaped by microentrepreneurs, gig workers, and those who are self-employed. "Under Ekonomi Madani, we are committed to raising the ceiling by investing in digitalisation, inclusive innovation and SME growth." He added that initiatives such as the SME Digitalisation Grant, the National Industry ESG Framework, and targeted support through Tekun and BSN are also in place to advance digitalisation, inclusive innovation, and SME growth. Anwar highlighted that globally, countries are adjusting retirement policies in response to increased life expectancy and changing work preferences. "Many nations have begun adjusting retirement ages, balancing fiscal sustainability with individuals' desires for continued engagement," he said.
New Straits Times
13 hours ago
- Health
- New Straits Times
Malaysians living longer but not healthier, says PM
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has called for healthcare reform in Malaysia, citing a growing health gap that could undermine the country's well-being. Speaking at the International Social Well Being Conference 2025, he said Malaysians live to 76 on average but spend just 67 of those years in good health, leaving nearly a decade of poor health or disability. "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 that we are living better. "This is a wake-up call to make us place a heavier emphasis on investing in our health, particularly in preventive care, public health education and community-based support systems. "We must shift from a system that treats disease to one that promotes lifelong wellness," he said. Anwar added: "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." He said the global longevity economy is projected to exceed USD65 trillion by 2030, according to the Global Longevity Economy Outlook. "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 living to 100 once seemed remote. "According to the United Nations World Population Prospects database, Malaysia had fewer than 10 centenarians in the early 1970s. Today, we have over 1,000, and the number is expected to grow. The real question now is not whether we are ageing, but whether we are adapting." He said longevity is a transformation of society, not just a trend, and urged policymakers to ask whether institutions and thinking are prepared for the shift. Finance Minister II Datuk Seri Amir Hamzah Azizan, Deputy Finance Minister Lim Hui Ying, Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar and Employees Provident Fund chairman Tan Sri Mohd Zuki Ali were also present at the conference today.
