ADDRESSING RETIREMENT CHALLENGES


The Employees Provident Fund is committed to overcoming challenges and finding solutions surrounding ageing and retirement.

MALAYSIA, which achieved the “ageing” nation status in 2021, will experience a surge in total health expenditure related to ageing. Increasing health expenditures could place additional financial strain on the national budget as the country rapidly transitions into an aged nation.

It is expected that, by 2030, 33% of the increase in total health expenditure will be related to ageing. This surge in health costs would hinder efficient resource allocation for crucial areas such as long-term care to promote healthy ageing.

Additionally, it is projected that there could be a decline in GDP growth by 5.5% for every 10% increase in the elderly population aged 60 and over.

This would lead to lower tax revenue as the working-age population shrinks, and in turn, affect the budget that can be allocated to fund social programmes.

In tackling challenges associated with ageing, policies that help the elderly improve productivity, such as lifelong learning programmes, flexible work arrangements, and health interventions could alleviate the ageing impact on the national economy.

In an effort to address these pressing matters, the Employees Provident Fund (EPF) is once again organising its annual International Social Wellbeing Conference (ISWC) on June 4 and 5 at the Renaissance Kuala Lumpur Hotel and Convention Centre.

Themed “Ageing and Longevity: Towards a Meaningful Retirement”, ISWC 2024 will focus on challenges and solutions surrounding ageing and retirement, encompassing crucial aspects such as the impact on productivity and the economy, as well as the formulation of policies and infrastructure designs to support the elderly.

The International Social Wellbeing Conference (ISWC) will commence on June 4 and 5 at the Renaissance Kuala Lumpur Hotel and Convention Centre.The International Social Wellbeing Conference (ISWC) will commence on June 4 and 5 at the Renaissance Kuala Lumpur Hotel and Convention Centre.

ISWC 2024 will be officiated by Prime Minister Datuk Seri Anwar Ibrahim, while Finance Minister II Datuk Seri Amir Hamzah Azizan and a host of experts from across the globe are also scheduled to attend the conference that will feature a wide range of presentations and panel sessions.

The two-day conference will feature insightful talks and discussions, including with Dr Amjad Rabi, visiting expert at the University Malaya Social Wellbeing Research Centre; Malaysian professional tenpin bowler Datuk Shalin Zulkifli; Designing4Better founder Clare Davenport; The Nordic Theory of Everything: In Search of a Better Life author Anu Partanen; former US Secretary of Labour and author of Saving Capitalism: For the Many, Not the Few, Robert Reich; and D3P Global chief executive officer William Price.

Participants of ISWC 2024 could gain insights into the multifaceted challenges of ageing, detailed presentations on the impact of demographic changes on national productivity, healthcare systems, and social cohesion.

Besides learning about innovative solutions, best practices, successful programmes and policies from other countries that can be adapted in Malaysia, participants would also be able to widen their network with global and local experts, policymakers, industry leaders, and academics – all of whom will be exploring actionable policy changes to strengthen retirement income security and social protection systems.

The EPF is committed to financial literacy and educating the public on the importance of retirement planning and pension savings. It is continuously championing initiatives such as Voluntary Contribution, Voluntary Excess, i-Saraan, i-Suri, and i-Sayang to cultivate positive savings behaviour among the people.

The EPF also offers financial advisory by its Relationship and Advisor (RA) for the public at its branches nationwide, as well as publications and digital tools for financial planning, including Belanjawanku, Belanjawanku Mobile Application and My Money Matters – a comprehensive guide on personal finance and retirement planning.

For more details on ISWC 2024, visit iswc.kwsp.gov.my.

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