Latest news with #InternationalSocialWellbeingConference
Malay Mail
5 days ago
- Business
- Malay Mail
Cashing out too soon: Lump sum withdrawals risky as Malaysians face longer lifespans, says EPF
KUALA LUMPUR, June 18 — The practice of lump sum retirement withdrawals may jeopardise long-term financial security and increase the risk of retirees outliving their savings, said Employees Provident Fund (EPF) chief executive officer Ahmad Zulqarnain Onn. He said that only a small proportion of EPF members currently meet the basic savings threshold, while over 58 per cent of working-age Malaysians are not contributing to any formal retirement scheme. 'If Malaysia is serious about preparing for a 100-year life, we must fundamentally rethink how we work, save, engage and care, across all stages of life,' he said. Ahmad Zulqarnain added that the EPF is exploring enhanced accumulation strategies, including structured monthly withdrawal options, to help members manage longevity risks and ensure the sustainability of their retirement savings. 'We are intensifying efforts to promote retirement literacy, particularly among youth, informal workers and vulnerable groups, to build a culture of long-term saving and informed financial decision-making,' he said during his closing remarks at the International Social Wellbeing Conference 2025, themed 'Living to a Hundred: Are We Prepared?' held here today. As Malaysians live and work longer, he said the country must eventually align the full EPF withdrawal age with the national minimum retirement age to ensure a more coherent and secure transition into later life. 'The EPF remains committed to turning this challenge into an opportunity by delivering retirement solutions that are inclusive, sustainable and future-ready,' he said. 'Our shared responsibility is to build systems that enable Malaysians to age with dignity and social connection,' he added. — Bernama
Daily Express
5 days ago
- Health
- Daily Express
Fix food policy now or face health crisis, says economist
Published on: Wednesday, June 18, 2025 Published on: Wed, Jun 18, 2025 By: Pan Eu Joe, FMT Text Size: Economist Jomo Kwame Sundaram speaking at EPF's International Social Wellbeing Conference in Kuala Lumpur today. Kuala Lumpur: Malaysia must urgently reform its food and nutrition policies, especially for young children, to improve long-term health and development, says economist Jomo Kwame Sundaram. Speaking at EPF's International Social Wellbeing Conference here today, the Khazanah Research Institute adviser said many government nutrition programmes were low in quality and did not meet basic dietary needs. Advertisement He also criticised the government's reliance on market mechanisms like the sugar tax, saying these alone were insufficient. 'The sugar tax is not working well. We need real rules and changes in how people eat,' he said in his keynote speech for the session titled 'Living Longer: Is Malaysia Ready for the Challenges Ahead?' 'People must be encouraged to eat fresh, healthy food again. Not everything can be solved by taxes.' In 2019, Malaysia introduced a sugar tax of RM0.40 per litre for sweetened beverages which it raised to RM0.50 in 2024, with plans to hike it to RM0.90 this year. While the tax has led to some product reformulation, its impact on public health remains under debate. Jomo described Malaysia's surging diabetes rates as a serious warning sign, saying prevalence had tripled since the 1980s, with nearly one in four adults now living with the disease. 'This shows that our past health campaigns have failed. We must act before it gets worse,' he said. He cited the 1970s village midwife programme as an example of an effective, low-cost public health policy that reduced maternal and child mortality but was never scaled up. 'These ideas worked well before. But we didn't build on them,' he said. He urged the government to adopt a 'whole-of-government and whole-of-society' approach to issues such as poor nutrition, ageing, and unequal access to care. 'This should not be led by companies trying to sell products,' he said. 'We need to talk about real solutions for everyone's health and well-being.' * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
6 days ago
- Business
- The Star
Anwar praises EPF's efforts in enhancing retirement adequacy
KUALA LUMPUR: 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. - Bernama
Barnama
6 days ago
- Business
- Barnama
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.
The Star
6 days ago
- Health
- The Star
Nation must adapt public policy with longer life expectancy of Malaysians, says Anwar
KUALA LUMPUR: With Malaysians experiencing longer life expectancy, the nation must ensure there are changes in public policy to ensure a life of quality and dignity, says Datuk Seri Anwar Ibrahim. The Prime Minister said according to a study, the average Malaysian can expect to live to 76 but not before suffering nine years of poor health. He said this meant that after reaching 67 years of age, their health deteriorates and so does their quality of life. "This gap has not improved over the past two decades. In fact, it has widened from 8.6 years in 2000. This means that living longer does not guarantee we are living better, " he said at the International Social Wellbeing Conference (ISWC) 2025 here on Tuesday (June 17). Anwar said this was a wake-up call for a heavier emphasis on investing in health, particularly in preventive care, public health education and community-based support. "We must shift from a system that treats disease to one that promotes lifelong wellness. "We must ask if our institutions, our policies and our thinking are prepared for this shift? As our lifespans lengthen, we must rethink how we sustain our personal well-being, how we plan our economy and how we preserve the fabric of a cohesive, caring society. The idea of living to a hundred did indeed seem remote once. "According to the United Nations World Population Prospects database, Malaysia had fewer than ten centenarians in the early 1970s. Today, we have more than 1,000 and it is more than likely that the number will continue to grow," Anwar said.
