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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
an hour ago
- New Straits Times
PM: Embrace diversity as a strength, not a source of division
KUCHING: Racial diversity should be embraced as a strength to enhance national unity, rather than as a battleground for rivalry or a means to showcase superiority and ego, Prime Minister Datuk Seri Anwar Ibrahim said. He said that in many other countries, such diversity has led to racial and religious hostility, eventually burdening the nation and negatively affecting the people. "Unity within our multiracial society is increasingly essential to ensure that Malaysia remains strong amid the current uncertain global geopolitical landscape. "Never underestimate the potential problems if you are disunited. "The geopolitical conditions are so challenging and alarming. "The future is never certain. But what we can ensure is a united Malaysia," he said. Anwar was speaking at the 2025 Sarawak-level Gawai Dayak celebration dinner at the Borneo Convention Centre Kuching (BCCK) here on Sunday night, which was also attended by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi and Sarawak Premier Tan Sri Abang Johari Tun Openg. Yang di-Pertua Negeri of Sarawak Tun Dr Wan Junaidi Tuanku Jaafar and his wife Toh Puan Fauziah Mohd Sanusi were the guests of honour at the event. Anwar said as prime minister, he feels proud in showcasing the country's cultural and racial diversity, especially as Malaysia assumes the Asean chairmanship this year and when receiving foreign dignitaries and corporate leaders. He said this was exemplified during a recent meeting with ConocoPhillips chairman and chief executive officer Ryan Lance, where he wore a traditional Iban outfit gifted to him earlier by Works Minister Datuk Seri Alexander Nanta Linggi. "So I told him (Ryan) about Sarawak, about the beauty of the culture, that's what we have to do. "And I take great pride as a Malaysian to speak to one of the great multi-billion dollar companies, probably one of the biggest oil companies in the world and number one in the United States," he said. Meanwhile, Anwar also announced that he will meet with Indonesian President Prabowo Subianto this Friday to discuss a proposal for Sarawak to be positioned as a hub for the Asean Power Grid (APG). He said Sarawak, with its strengths in hydroelectric, gas and hydrogen energy, has the potential to spearhead the APG, not only by linking to Sabah and Indonesia's Kalimantan, but also extending to the southern Philippines.
Borneo Post
2 hours ago
- Borneo Post
Abang Johari praises Malaysia's global recognition under Asean charimanship
Abang Johari gestures during his speech at the 2025 Sarawak-level Gawai Dayak celebration dinner held at the Borneo Convention Centre Kuching (BCCK) here tonight. – Bernama photo KUCHING (June 22): Sarawak Premier Tan Sri Abang Johari Tun Openg has extended his congratulations to Prime Minister Datuk Seri Anwar Ibrahim and the Cabinet for elevating Malaysia's stature while chairing Asean this year. He said Malaysia's leadership at the regional level has earned recognition from Asean member states as well as external partners who appreciate Malaysia's approach as a multiracial and multi-religious nation living in harmony. 'We have seen several recognitions given by our Asean partners who observe how we develop our country with people of different races and religions living under one roof as one big family. 'In this regard, we in Sarawak certainly give our full support towards positioning Malaysia as a nation respected by the world today,' he said. He was speaking at the 2025 Sarawak-level Gawai Dayak celebration dinner held at the Borneo Convention Centre Kuching (BCCK) here tonight. With the support of the Asian Development Bank (ADB), Abang Johari said the state government is committed to realising the Asean Grid project, which has great potential and would enable Sarawak to play a strategic role as a major energy hub in the region. 'I had a brief discussion with the Prime Minister earlier, and I hope that one of the strategies we adopt will help realise your vision for the Asean Grid, which will provide an economic development boost to ASEAN, particularly through Malaysia's contribution,' he said. The Premier also said the presence of Anwar and Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi at the cultural event reflected the strong relationship between the Federal Government and Sarawak. 'In fact, I was informed that the Prime Minister had another engagement scheduled for tonight. But he said, 'No, I want to go to Sarawak'… This reflects the close bond of brotherhood,' he added. Themed 'Peji Kenep Panau Pegep', which means 'United We Progress' in the Kayan ethnic language, the event featured traditional performances by the Orang Ulu, Bidayuh and Iban communities. The celebration was graced by the presence of Sarawak Yang di-Pertua Negeri Tun Dr Wan Junaidi Tuanku Jaafar and his wife Toh Puan Fauziah Mohd Sanusi. Also in attendance, among others, were Dewan Negara President Senator Datuk Awang Bemee Bin Awang Ali Basah, Selangor Menteri Besar Datuk Seri Amirudin Shari, and Gawai Dayak celebration main organising committee chairman, Datuk Amar Douglas Uggah Embas. – Bernama Abang Johari Tun Openg anwar ibrahim asean Asean grid
The Star
3 hours ago
- The Star
Abang Johari praises Malaysia's global recognition under Asean Chairmanship
Sarawak Premier Tan Sri Abang Johari Tun Openg speaks during the 2025 Sarawak-level Gawai Dayak celebration dinner on June 22. -- fotoBERNAMA (2025) HAK CIPTA TERPELIHARA KUCHING: Sarawak Premier Tan Sri Abang Johari Tun Openg has extended his congratulations to Prime Minister Datuk Seri Anwar Ibrahim and the Cabinet for elevating Malaysia's stature while chairing Asean this year. He said Malaysia's leadership at the regional level has earned recognition from Asean member states as well as external partners who appreciate Malaysia's approach as a multiracial and multi-religious nation living in harmony. "We have seen several recognitions given by our Asean partners who observe how we develop our country with people of different races and religions living under one roof as one big family. "In this regard, we in Sarawak certainly give our full support towards positioning Malaysia as a nation respected by the world today," he said. He was speaking at the 2025 Sarawak-level Gawai Dayak celebration dinner held at the Borneo Convention Centre Kuching (BCCK) here on Sunday night (June 22). With the support of the Asian Development Bank (ADB), Abang Johari said the state government is committed to realising the Asean Grid project, which has great potential and would enable Sarawak to play a strategic role as a major energy hub in the region. "I had a brief discussion with the Prime Minister earlier, and I hope that one of the strategies we adopt will help realise your vision for the Asean Grid, which will provide an economic development boost to Asean, particularly through Malaysia's contribution," he said. The Premier also said the presence of Anwar and Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi at the cultural event reflected the strong relationship between the federal government and Sarawak. "In fact, I was informed that the Prime Minister had another engagement scheduled for tonight. But he said, 'No, I want to go to Sarawak'… This reflects the close bond of brotherhood," he added. Themed 'Peji Kenep Panau Pegep', which means 'United We Progress' in the Kayan ethnic language, the event featured traditional performances by the Orang Ulu, Bidayuh and Iban communities. The celebration was graced by the presence of Sarawak Yang di-Pertua Negeri Tun Dr Wan Junaidi Tuanku Jaafar and his wife Toh Puan Fauziah Mohd Sanusi. Also in attendance, among others, were Dewan Negara President Senator Datuk Awang Bemee Bin Awang Ali Basah, Selangor Mentri Besar Datuk Seri Amirudin Shari, and Gawai Dayak celebration main organising committee chairman, Datuk Amar Douglas Uggah Embas. - Bernama
