EPF committed to supporting retirement framework reforms - CEO

KUALA LUMPUR: The Employees Provident Fund (EPF) is committed to supporting reforms in Malaysia’s retirement income framework to ensure inclusiveness and security for all.

EPF chief executive officer Ahmad Zulqarnain Onn said many improvements need to be made to tackle ageing and retirement issues and challenges, especially in ensuring retirement income security.

He said the fund has been asked to perform many functions, such as improving the scope of coverage, ensuring higher retirement income adequacy and managing complex rules and regulations.

"And inevitably, different types of schemes that we need to roll out to address this phenomenon,” he said in his closing remarks at the International Social Wellbeing Conference 2024 (ISWC 2024) today.

Ahmad 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.

Hence, Ahmad Zulqarnain said the conference delved into the impacts of an ageing population on productivity and the economy while exploring policies and infrastructure needed to support the elderly.

ISWC 2024 was held on June 4 to June 5, with the theme ‘Ageing and Longevity: Towards a Meaningful Retirement’, and addressed issues that shape ageing and retirement, with a focus on income security for the elderly. - Bernama