Latest news with #ISWC2025
The Star
a day ago
- Business
- The Star
Retirement gap hits women hard
All ears: Participants at the ISWC 2025 in Kuala Lumpur. — AZHAR MAHFOF/The Star KUALA LUMPUR: Women aged 65 and above receive 26% less retirement income compared to men, says World Economic Forum longevity economy lead Haleh Nazeri. This disparity is part of the 'triple storm' that women everywhere face – they tend to live longer but have lower savings because they had 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?' yesterday. It is because of these reasons that employers should not discount women job applicants who have gaps in their resumes, she added. '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. The triple storm faced by women was among the challenges facing the world and future workforce, Haleh said, adding that it was time societies rethink the current labour and retirement systems which were designed for a 70-year life, she added. 'We also need new innovations that are intergenerational, sustainable and inclusive of people who were left behind when the first-time pension and retirement systems were created. 'We must also build a financial resilience cushion for key life events – both planned and unplanned – that can push individuals to financial hardship and in extreme cases, the brink of poverty.' For instance, companies not only should provide care-giving facilities not just for children but also for older adults. 'Many employees want this as they live longer and face certain difficulties,' she said. In her presentation, 'The Longevity Economy: Lessons and Opportunities in Living Longer', she said the world must change the narrative when it comes to thinking about longevity. The only way forward was to think about longevity through an intergenerational lens and consider what all generations can achieve together. Also, it was time to view ageing not as a burden but an advantage, like a new demographic that could drive future growth, she said. Haleh added that companies should not discount any job applicant due to their age.
New Straits Times
4 days ago
- Business
- New Straits Times
EPF chief calls for systemic reforms over lack of workers' involvement in retirement schemes
KUALA LUMPUR: Systemic reforms are urgently needed to address the alarming reality that 58 per cent of working-age Malaysians are not enrolled in any formal retirement scheme. In saying this, the Employees Provident Fund (EPF) chief executive officer Ahmad Zulqarnain Onn called for transformative action to ensure financial security in a society facing longer lifespans and rapid demographic shifts. "We must reimagine how we work, save, age and care across every sector," he said when delivering the closing remarks at the International Social Well-Being Conference (ISWC) 2025 here today. Ahmad Zulqarnain highlighted the need for holistic solutions to build a longevity-ready society. Over two days, ISWC 2025 convened local and global experts to explore the complexities of longevity with discussions underscored a critical need for systemic reform to prevent financial insecurity from burdening future generations. "These diverse perspectives converged into a powerful message. Pooling resources, ideas and accountability is the only way to turn longer lives into an economic and societal dividend," he said. Covering climate resilience, financial inclusivity and governance, the commitments aim to create lasting value for the EPF's 16 million members and all Malaysians. Despite the progress, Ahmad Zulqarnain did not shy away from highlighting the stark reality that more than half of working-age Malaysians remain outside the formal retirement system. "This gap underscores the urgent need for reform to ensure no one is left behind," he said. He outlined EPF's initiatives to promote financial literacy, close gender gaps and enhance overall well-being while also addressing the sensitive issue of aligning withdrawal ages with Malaysia's National Minimum Retirement Age, advocating a compassionate and empathetic approach. Ahmad Zulqarnain closed with a rallying call to translate insights from ISWC 2025 into tangible outcomes. "The question posed by this conference – 'If we live to 100, are we prepared?' – is not theoretical. It demands action now. "Let this be the turning point. Together, we can transform challenges into opportunities and ideas into momentum," he said.
Malaysian Reserve
4 days ago
- Business
- Malaysian Reserve
EPF launches sustainability commitment to enhance retirement security
by FARAH SOLHI THE Employes Provident Fund (EPF) has launched its Sustainability Commitment agenda, aimed to promote a just transition for Malaysians towards a more inclusive, climate-resilient and secure future. While its core mandate remains steadfast, the commitment is to assist Malaysians in achieving a comfortable retirement income. Chairman Tan Sri Mohd Zuki Ali said preparing for longer life expectancy requires not just policies and programmes, but also fundamental rethinking of how resilience could be built and achieved in all aspects of society. 'From reimagining retirement systems to fostering healthier, more inclusive communities, we must now act with urgency and purpose. 'Retirement security cannot be detached from rising inequality, ecological degradation or economic volatility (and) we must respond with foresight, courage and a collective will to act,' he said during the launch of the commitments at the International Social Wellbeing Conference 2025 (ISWC 2025) today. Mohd Zuki noted that EPF is aligning its strategies with a broader vision of sustainable and inclusive growth, one that protects not only capital but communities; that builds not only returns, but also resilience. He said the role of institutions like EPF must now evolve from safeguarding savings to stewarding futures. 'We believe that capital, when directed with purpose, can be a powerful lever for change.' Mohd Zuki also said sustainability is no longer optional but a strategic imperative. He outlined the three pillars of the commitments, namely environmental action, social impact, and culture and governance. Environmental action aims to drive climate resilience and low-carbon growth, while social impact focuses on promoting inclusion, equity and community wellbeing. The third pillar, culture and governance, ensures transparency, integrity and accountability in EPF's actions. 'In making sustainability a core part of our DNA, we move from aspiration to action and from intent to impact — this is how we ensure that as our members retire, they do so in a world that is still worth living in,' he added. The launch of the sustainability commitments reaffirms EPF's role as a national institution committed to the wellbeing of all Malaysians. In support of these, EPF has also undertaken a strategic refresh of its existing sustainable investment policies to reinforce its elevated ambitions and revised expectations of investee companies. The revised policies — namely the Sustainable Investment Policy, Climate Change Policy, Workers Wellbeing Policy and Priority Sectors Policy, and Sustainable Investment Stewardship Policy, also reflect EPF's efforts to deepens its stewardship practices and realign with national and global sustainability frameworks. The commitments launched today reflect EPF's broader alignment with the Madani Economy framework, particularly in supporting efforts to raise the standard of living and promote inclusive growth. They also align with Malaysia's net zero aspirations and contribute to a more climate-resilient future for the nation.
Free Malaysia Today
5 days ago
- Health
- Free Malaysia Today
Ageing nation needs policy overhaul, not patchwork fixes, says Anwar
Prime Minister Anwar Ibrahim speaking at the opening of the International Social Well-being Conference 2025 today. KUALA LUMPUR : Prime Minister Anwar Ibrahim today called for an overhaul of public policy to meet the challenges of an ageing population, saying that longevity is not just a passing trend. Speaking at the EPF's International Social Well-being Conference (ISWC 2025) here today, Anwar said living to 100 was no longer an exception but an emerging norm. 'The real question is not whether we are ageing, but whether we are adapting,' he said in opening the conference. Anwar cited the Global Longevity Economy Outlook report, which projected that the global longevity economy would exceed US$65 trillion by 2030. '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. While Malaysia's average life expectancy is 76 years, Anwar said 67 of those years would typically be spent in good health. As such, he said, it underscored the need for a shift from disease treatment towards preventative health and promoting wellness. Malaysia is projected to become an aged nation by 2040, with more than 17% of its population aged 60 and above. On a related note, Anwar defended the government's policy of mandating medicine price displays. The move, he said, was meant to promote transparency so that consumers, particularly the poor and elderly, could make informed decisions about their medical expenses.
The Star
5 days ago
- Business
- The Star
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.
