Malaysia needs to address retirement savings shortfall

Addressing Malaysia's retirement savings gap demands a multifaceted strategy, emphasised Securities Commission Malaysia (SC) chairman Datuk Seri Dr. Awang Adek Hussin. He highlighted the critical need for Malaysians to take active steps towards securing their financial futures, with clear dialogues shaping the path ahead. Speaking at a forum on improving retirement planning, Awang noted the evolving retirement outlook of the younger generation, necessitating innovative management of their savings. The SC is enhancing the private retirement scheme (PRS) framework, integrating algorithm-driven options to attract younger savers. With a focus on strengthening voluntary pensions, the SC aims to complement the national retirement scheme, offering more saving options.