KUALA LUMPUR, June 5 — The Employees Provident Fund (EPF) is committed to supporting reforms in Malaysia’s retirement income framework to ensure inclusivity and security for all.
EPF chief executive officer Ahmad Zulqarnain Onn said many improvements must be made to tackle ageing and retirement issues and their challenges, especially in ensuring retirement income security.
He said the fund has been asked to perform many roles, such as improving coverage, ensuring higher retirement income adequacy and managing complex rules and regulations.
“Inevitably, there are different types of schemes we need to roll out to address this phenomenon,” he said at the International Social Wellbeing Conference (ISWC) 2024 today.
Zulqarnain said a global ageing phenomenon currently exists in light of longer life expectancy and decreasing fertility rates.
“Malaysia is expected to become an aged nation by 2043 and a super-aged nation by 2057,” he said.
He said the conference delved into the impact of an ageing population on productivity and the economy, while exploring policies and infrastructure needed to support the elderly.
ISWC 2024 was held yesterday and today with the theme “Ageing and Longevity: Towards a Meaningful Retirement”, and focused on income security for the elderly.
— Bernama
