Strengthening national social insurance framework covers comprehensive development of individuals, country, says Anwar

KUALA LUMPUR: The strengthening of the national social insurance framework is not only based on employment but also encompasses the overall development of individuals and the country, says Prime Minister Datuk Seri Anwar Ibrahim.

Chairing the Malaysian Social Protection Council (MySPC) meeting on Thursday (May 30), he said the initiative could shift the approach from welfare-based social assistance to risk protection according to the life cycle of Malaysians.

"God willing, the country's social safety net can continue to be strengthened and expanded so that it is felt and enjoyed by the people who are entitled to it," he said in a post on Facebook tonight.

The Prime Minister said the meeting discussed strategies to bolster social insurance programmes as Malaysia is prepared to face the risks of becoming an ageing nation.

He said that by 2030, Malaysia was expected to become an aged nation, potentially exposing a portion of the population, especially the elderly, to various risks.

Anwar highlighted issues such as poverty, health and medical problems, lack of retirement savings, and a decline in labour productivity, which could have critical implications for the country's fiscal prospects.

In a separate post, the Prime Minister said he also received a courtesy visit from a delegation from the Malay Chamber of Commerce Malaysia led by its president, Norsyahrin Hamidon, on Thursday.

During the meeting, he emphasised that Bumiputra business interests should be based on genuine entrepreneurial principles.

He also took the opportunity to listen to the challenges and current situations raised by Malay entrepreneurs.

"God willing, these matters will be scrutinised so that solutions to fundamental issues can be planned," he said.

Anwar noted that the Malay Chamber of Commerce Malaysia, established in 1938, had a vision to fight for the economic welfare and dignity of the Malay and Bumiputra community, and that it now stood strong with a membership of nearly one million through 15 branches and several affiliates. - Bernama