2027 Budget to address ageing population, cost-of-living pressures
KUALA LUMPUR: The 2027 Budget will address the challenges of an ageing population alongside cost-of-living pressures and the need for better-quality jobs, Finance Minister II Datuk Seri Amir Hamzah Azizan said.
The 2027 Budget will tackle the challenges posed by an ageing population, cost-of-living pressures, and the need for higher-quality jobs, according to Finance Minister II Datuk Seri Amir Hamzah Azizan. The government aims to improve incomes and living standards, acknowledging the needs of Malaysians living longer. Speaking at the Employees Provident Fund (EPF) International Social Wellbeing Conference 2026, Amir stated that the government is finalising the 2027 Budget, set to be presented on Oct 9, with cost of living, better-quality jobs, and efforts to raise incomes for lower-income groups as key priorities.
Strengthening retirement adequacy requires Malaysians to actively build their savings, he added. The EPF is introducing mechanisms to help members make their savings last longer through regular withdrawals and an automatic inflation adjustment mechanism. The government supports the EPF's efforts and encourages more flexibility in managing retirement income.
Additionally, government-linked investment companies (GLICs) and government-linked companies (GLCs) are creating better-quality jobs and raising incomes. Over 92% of GLCs under GLICs have adopted a living wage, setting a higher benchmark for the private sector. GLICs also support talent development through programmes like Bakat Madani, which connects graduates with internship and training opportunities.
GLIC investments are increasingly aligned with the needs of an ageing population, including investments in companies offering care services and retirement villages.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
