Latest news with #InternationalSocialWellbeingConference2025
New Straits Times
an hour ago
- Business
- New Straits Times
EPF unveils sustainability commitment to drive inclusive, climate-resilient future
KUALA LUMPUR: The Employees' Provident Fund (EPF) unveiled its EPF Sustainability Commitment during the International Social Wellbeing Conference 2025, outlining a transformative roadmap toward a more sustainable, inclusive, and climate-resilient future. The announcement was made by EPF chairman Tan Sri Mohd Zuki Ali, who stressed the urgency of confronting global challenges while safeguarding long-term societal resilience. In his speech, he reflected on the conference's key themes, underscoring the need to prepare for longer lives by fundamentally rethinking societal resilience. "Preparing for longer lives requires more than policies and programmes. It demands fundamental rethinking of how we build resilience across all aspects of society," he said, calling for urgent and focused action. At the heart of the EPF Sustainability Commitment is a comprehensive strategy to embed sustainability across the organisation's operations, policies, and investments. The chairman explained that the initiative seeks to tackle climate resilience and promote low-carbon growth, enhance inclusion and equity within communities, and uphold transparency, integrity, and accountability. EPF envisions this initiative as a shift from safeguarding savings to stewarding futures, with the ultimate goal of creating long-term value for members and society. Mohd Zuki also shared the need to address the impacts of climate change, rising inequality, and economic uncertainty, noting that these challenges are already affecting lives and livelihoods, particularly among older populations. He highlighted that the effects of biodiversity loss and global warming make sustainability not just an ethical responsibility but also a strategic necessity. "Capital, when purposefully directed, can catalyse meaningful change," he stated, emphasising the role of institutional investments in fostering economic and environmental resilience. EPF's strategy underscores the importance of aligning financial stewardship with broader societal objectives. By investing in businesses and industries committed to sustainability, the EPF aims to secure the stability of its portfolio while contributing to a healthier economy, environment, and society. He also reiterated that sustainability is no longer a choice but an essential measure to safeguard the future. The speech concluded with a call to action, urging policymakers, academics, investors, employers, and citizens to collaborate in creating a secure, inclusive, and sustainable future. "Achieving a secure, inclusive, and sustainable future requires the collective effort of every sector," he said.
The Star
20 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).
The Star
a day ago
- Business
- The Star
EPF CEO says retirement systems must evolve
KUALA LUMPUR: In light of longer life expectancy, rising living costs, and changing work patterns, our retirement systems must evolve accordingly, says Employees Provident Fund (EPF) CEO Ahmad Zulqarnain Onn. He said that the EPF is committed to reconsidering the foundations of retirement, focusing on how people save, draw down their retirement savings, and sustain lifestyles over longer lifespans. 'Our reform agenda is centred on modernising retirement solutions and expanding coverage to reflect the growing diversity of work arrangements, life stages, and individual needs. ALSO READ: Are my retirement savings enough? "We believe financial choices made today will define the quality of life in the years to come. With the right tools and knowledge, everyone can be empowered to plan for their future with confidence,' he said during his opening remarks at the International Social Wellbeing Conference 2025, "Living to a Hundred: Are We Prepared?" on Tuesday (June 17). Additionally, Ahmad Zulqarnain emphasised that retirement security must be viewed through a broader lens, beyond just savings, by strengthening the foundations of long-term wellbeing. This includes access to affordable healthcare, decent and fair wages, inclusive digital infrastructure, and policy frameworks that adapt to changing needs, he said.
The Star
a day ago
- Business
- The Star
Women receive less retirement income than men, says expert
KUALA LUMPUR: Women aged 65 and above receive 26% less retirement income compared to men, says World Economic Forum longevity economy lead Haleh Nazeri. She explained that women face a "triple storm" as they tend to live longer, have lower savings, and are more likely to take time off work to be caregivers. 'When it comes to the longevity economy, women have to face triple threats because we live longer, make less money, and have less savings and retirement funds. "But we are also the main caregivers, so we leave the workforce, resulting in less income. This is a critical issue," she said at the International Social Wellbeing Conference 2025, "Living to a Hundred: Are We Prepared?" on Tuesday (June 17). She added that companies should consider caregiving facilities as part of employee benefits for both children and older adults. Moving forward, she noted that many employees want this as they live longer and face certain difficulties. Asked about corporate companies rehiring women, Haleh said companies should not discount anyone because of age and should focus on the applicant. 'I think everyone who wants to work must be given an opportunity, especially caregivers who have left the workforce. They should be given the benefit of the doubt for gaps in their resume. 'When you have that gap, many people think it is bad, but actually they have taken time off to care for their families. So, give these women the chance and you will see how resilient and enthusiastic they are coming back to work,' she said. Earlier, Haleh presented a talk on "The Longevity Economy: Lessons and Opportunities in Living Longer," discussing changing the narrative for the 21st century. She said the only way to think about longevity is through an intergenerational lens, considering what we can achieve together. Additionally, she said ageing is not a burden but an advantage, like a new demographic advancement that could drive future growth.
