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Malaysia’s retirement system needs urgent reform, says PM



Prime Minister Datuk Seri Anwar Ibrahim emphasised the need for comprehensive reforms in Malaysia’s pension system to ensure equitable financial security for retirees. Highlighting a survey, Anwar noted that over a quarter of Malaysians aged 60 and above might work until health deterioration due to inadequate retirement savings. Currently, only 29% of Malaysians receive a pension, and many exhaust their Employee Provident Fund (EPF) savings within five years post-retirement. Anwar proposed expanding EPF coverage to enhance retirement savings comprehensively. With Malaysia’s rapid ageing, expected to transition to an Aged Nation within 23 years, the government aims to improve social protections and labour market support, aligning with the MADANI concept for a just society.

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