EPF CEO outlines four priorities for Malaysia as Malaysians live longer, says all have role to play

KUALA LUMPUR, Sept 30 — Malaysia now faces four key priorities as Malaysians are expected to live longer lives, according to the Employees Provident Fund (EPF) CEO Ahmad Zulqarnain Onn. The priorities span various sectors, including labour markets, healthcare systems, digital systems, infrastructure, and communities. Onn stressed that income security, health, care, work, and community all play significant roles in shaping a person's ability to live long and well.

Zulqarnain emphasized that the responsibility of these priorities should be shared by individuals, families, employers, communities, and the government. He highlighted that while speakers at the conference discussed the need for stronger government intervention, particularly in long-term care and basic income security, individuals must also prepare early, save consistently, and make informed decisions.

Employers also have a role to play by providing fair wages, flexible working arrangements, and opportunities for economic activity. Looking towards the future, Zulqarnain listed EPF members' preference for lump-sum withdrawals as a challenge the system must address, transitioning towards a system that ensures income lasts a lifetime.

Currently, EPF members can withdraw their savings via monthly payments under the i-Emas scheme, which allows their remaining savings to continue growing and generating dividends annually. Zulqarnain also pointed out the need to close the coverage gap, as only 60% of Malaysia's workforce is currently covered by EPF. This includes hardworking individuals in the informal sector, such as gig workers, older workers, and women who often face barriers to adequate protection.

The CEO stressed the importance of engaging EPF members throughout their entire lives, not just at retirement. This requires consistent engagement with partners in health, housing, elderly care, and introducing changes gradually and transparently to maintain public trust. Lastly, Zulqarnain called for continued advocacy for labour market reforms that lead to better wages for Malaysia's workers, emphasizing that EPF cannot tackle these issues alone and that a community of leaders is needed to ensure progress.