Anwar Praises EPF's Efforts In Enhancing Retirement Adequacy
BUSINESS
KUALA LUMPUR, June 17 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim has commended the Employees Provident Fund's (EPF) efforts in exploring new approaches to enhance Malaysian retirement adequacy.
Anwar, who is also the finance minister, said he believes the involvement of the EPF and other government-linked investment companies (GLICs) signals a strong public-private partnership that will also enhance healthcare infrastructure, accessibility and quality, creating a system that can support all Malaysians.
"We have to recognise and acknowledge that EPF has done remarkably well and they are continuing to explore new approaches to enhance retirement adequacy," he said during his opening address at the International Social Wellbeing Conference (ISWC) 2025 today.
Anwar also highlighted that as people live longer, the focus must shift from lump-sum savings to sustainable retirement income. "We must also begin thinking about how to build a system that reflects greater solidarity, particularly for those with limited lifetime earnings. In our government's vision, no Malaysian should grow old in fear of poverty, fear of abandonment or fear of irrelevance," he added.
The prime minister also highlighted that countries around the world are rethinking their labour and retirement policies in response to longer, healthier lifespans and evolving work preferences. "Many nations have begun adjusting retirement ages, balancing fiscal sustainability with individual desires for continued engagement - these reforms are accompanied by increased workplace flexibility and efforts to foster age-inclusive environments," he noted.
According to Anwar, the country's economy is being reshaped by microentrepreneurs, gig workers and the self-employed, coming at a time when the labour market is undergoing structural shifts. He stressed that under the MADANI Economy, the government is committed to investing in digitalisation, inclusive innovation and small and medium enterprise (SME) growth.
"Through programmes such as the SME Digitalisation Grant, the National Industry ESG Framework, and targeted support through Tekun and BSN, we are laying the groundwork for an inclusive, innovation-driven economy," he added.
Also present were Finance Minister II Datuk Seri Amir Hamzah Azizan, Communications Minister Datuk Fahmi Fadzil, Health Minister Datuk Seri Dr Dzulkefly Ahmad, EPF chairman Tan Sri Mohd Zuki Ali and Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar.
The two-day ISWC 2025, themed 'Living to a Hundred: Are We Prepared?', brings together more than 2,000 participants, 25 strategic partners and 24 distinguished speakers from across the globe.
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An April 2025 statement from the Mufti of Federal Territory's Office (FT Mufti) similarly states that leaving false reviews or ratings for products purchased on e-commerce platforms without using them or examining their quality is an act of deception, which is prohibited or 'haram'. The FT Mufti further states that any rewards obtained through disingenuous reviews are also considered 'haram' and should be left unused until their expiry. Azrul Zafri further notes that there are also restaurants that offer discounts or free items in exchange for five-star ratings on platforms like Google, which he believes is problematic. 'I think encouraging reviews is fine – but when businesses tie rewards specifically to five-star ratings, it becomes manipulative. 'It's no longer about feedback; it's about boosting ratings unfairly. It also puts pressure on customers to give high scores, whether they mean it or not,' he says. 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'Consumers who are concerned they may have bought products based on fake ratings and reviews can report such products to Shopee for our investigations. They may also raise a Return/Refund request to get a refund for their purchase,' the spokesperson says. Both platforms allow users to further indicate if specific reviews are 'helpful' to boost their visibility to others as well. While Azrul Zafri acknowledges the efforts being made by the platforms, he says that more can still be done. 'Platforms need better filters for fake or copy-paste reviews, and they should educate users more clearly on review ethics,' he adds. Fake reviews have become a significant concern across e-commerce platforms, especially overseas, according to various reports. 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'Another good tip is to read comments in Facebook groups or forums. Malaysians are quite active online, and you'll often find people sharing real experiences – both good and bad – especially when a product disappoints or doesn't match expectations. 'Spend a few extra minutes doing a quick check, and it can save you from a lot of regret later,' he says. Azrul Zafri also believes that some form of light regulation by the Malaysian government would be helpful in facilitating a better e-commerce environment for local consumers. This would serve not to police opinions, but instead to ensure transparency. He suggests introducing a code of conduct for platforms to clearly define what is permitted, what isn't, and how to handle cases of abuse. He adds that ideally, this should be developed with input from the Malaysian Communications and Multimedia Commission, relevant ministries, and civil society. 'Just like we've done with cybersecurity and online scams, we need to promote digital literacy and ethics – especially among students and young adults. 'I think it should be a joint effort between government, NGOs like MCCA, schools, and even the platforms themselves,' he says.
