Latest news with #InternationalSocialWellbeingConference2025
The Star
21-06-2025
- Business
- The Star
Retirement gap hits women hard
All ears: Participants at the ISWC 2025 in Kuala Lumpur. — AZHAR MAHFOF/The Star KUALA LUMPUR: Women aged 65 and above receive 26% less retirement income compared to men, says World Economic Forum longevity economy lead Haleh Nazeri. This disparity is part of the 'triple storm' that women everywhere face – they tend to live longer but have lower savings because they had to take time off work to be caregivers. 'When it comes to the longevity economy, women have to face triple threats because we live longer, make less money, and have less savings and retirement funds. 'But we are also the main caregivers, so we leave the workforce, resulting in less income. This is a critical issue,' she said at the International Social Wellbeing Conference 2025, 'Living to a Hundred: Are We Prepared?' yesterday. It is because of these reasons that employers should not discount women job applicants who have gaps in their resumes, she added. 'I think everyone who wants to work must be given an opportunity, especially caregivers who have left the workforce. 'They should be given the benefit of the doubt for gaps in their resume. When you have that gap, many people think it is bad, but actually, they have taken time off to care for their families. 'So give these women the chance and you will see how resilient and enthusiastic they are coming back to work,' she said. The triple storm faced by women was among the challenges facing the world and future workforce, Haleh said, adding that it was time societies rethink the current labour and retirement systems which were designed for a 70-year life, she added. 'We also need new innovations that are intergenerational, sustainable and inclusive of people who were left behind when the first-time pension and retirement systems were created. 'We must also build a financial resilience cushion for key life events – both planned and unplanned – that can push individuals to financial hardship and in extreme cases, the brink of poverty.' For instance, companies not only should provide care-giving facilities not just for children but also for older adults. 'Many employees want this as they live longer and face certain difficulties,' she said. In her presentation, 'The Longevity Economy: Lessons and Opportunities in Living Longer', she said the world must change the narrative when it comes to thinking about longevity. The only way forward was to think about longevity through an intergenerational lens and consider what all generations can achieve together. Also, it was time to view ageing not as a burden but an advantage, like a new demographic that could drive future growth, she said. Haleh added that companies should not discount any job applicant due to their age.
The Sun
18-06-2025
- Business
- The Sun
Lump sum withdrawals may undermine long-term retirement security
KUALA LUMPUR: The practice of lump sum retirement withdrawals may jeopardise long-term financial security and increase the risk of retirees outliving their savings, said Employees Provident Fund (EPF) chief executive officer Ahmad Zulqarnain Onn. He said that only a small proportion of EPF members currently meet the basic savings threshold, while over 58 per cent of working-age Malaysians are not contributing to any formal retirement scheme. 'If Malaysia is serious about preparing for a 100-year life, we must fundamentally rethink how we work, save, engage and care, across all stages of life,' he said. Ahmad Zulqarnain added that the EPF is exploring enhanced accumulation strategies, including structured monthly withdrawal options, to help members manage longevity risks and ensure the sustainability of their retirement savings. 'We are intensifying efforts to promote retirement literacy, particularly among youth, informal workers and vulnerable groups, to build a culture of long-term saving and informed financial decision-making,' he said during his closing remarks at the International Social Wellbeing Conference 2025, themed 'Living to a Hundred: Are We Prepared?' held here today. As Malaysians live and work longer, he said the country must eventually align the full EPF withdrawal age with the national minimum retirement age to ensure a more coherent and secure transition into later life. 'The EPF remains committed to turning this challenge into an opportunity by delivering retirement solutions that are inclusive, sustainable and future-ready,' he said. 'Our shared responsibility is to build systems that enable Malaysians to age with dignity and social connection,' he added.
The Star
18-06-2025
- Business
- The Star
Lump sum withdrawals may undermine long-term retirement security
KUALA LUMPUR: The practice of lump sum retirement withdrawals may jeopardise long-term financial security and increase the risk of retirees outliving their savings, said Employees Provident Fund (EPF) chief executive officer Ahmad Zulqarnain Onn. He said that only a small proportion of EPF members currently meet the basic savings threshold, while over 58 per cent of working-age Malaysians are not contributing to any formal retirement scheme. "If Malaysia is serious about preparing for a 100-year life, we must fundamentally rethink how we work, save, engage and care, across all stages of life,' he said. Ahmad Zulqarnain added that the EPF is exploring enhanced accumulation strategies, including structured monthly withdrawal options, to help members manage longevity risks and ensure the sustainability of their retirement savings. "We are intensifying efforts to promote retirement literacy, particularly among youth, informal workers and vulnerable groups, to build a culture of long-term saving and informed financial decision-making,' he said during his closing remarks at the International Social Wellbeing Conference 2025, themed 'Living to a Hundred: Are We Prepared?' held here on Wednesday (June 18). As Malaysians live and work longer, he said the country must eventually align the full EPF withdrawal age with the national minimum retirement age to ensure a more coherent and secure transition into later life. "The EPF remains committed to turning this challenge into an opportunity by delivering retirement solutions that are inclusive, sustainable and future-ready,' he said. "Our shared responsibility is to build systems that enable Malaysians to age with dignity and social connection,' he added.- Bernama
New Straits Times
18-06-2025
- Business
- New Straits Times
World Bank addresses (mis)perception of higher retirement age limiting jobs for younger workers
KUALA LUMPUR: The perception that increasing the retirement age will restrict job opportunities for younger workers is inaccurate and not supported by economic evidence, a senior World Bank economist said. World Bank senior economist for social protection and jobs for East Asia and Pacific region Dr Matthew Dornan said this stems from the misconception that the number of jobs in an economy is fixed. "In reality, the number of jobs in an economy is not static. It evolves based on market demand and economic growth," he said at the International Social Wellbeing Conference 2025 by the Employees' Provident Fund (EPF) here today. Dornan said studies have shown older workers remaining in the labour market do not significantly reduce overall job opportunities for younger individuals. Elaborating further, he noted that the presence of older workers in the workforce can have a multiplier effect on job creation. "When older workers remain employed, they have income to spend, and this spending drives demand for goods and services often provided by younger workers," he said. The chain reaction, he added, stimulates economic activity, ultimately leading to the creation of more job opportunities across various sectors. On proposals to raise the retirement age, Dornan said such measures might become necessary in the future to ensure the nation's economic stability, particularly as the population continues to age. He highlighted that many countries have already adopted similar approaches, establishing a retirement age of around 65 years as the new norm. However, he said any decision on retirement age must be made with careful consideration and tailored to Malaysia's specific context and needs. "Typically, countries implement retirement age increases gradually to avoid system shocks and ensure smooth transitions," he said. Dornan recommended that Malaysia evaluate structural labour market factors, fiscal sustainability and citizens' life expectancy before making decisions related to retirement age policies.
Malaysian Reserve
18-06-2025
- Business
- Malaysian Reserve
EPF launches sustainability commitment to enhance retirement security
by FARAH SOLHI THE Employes Provident Fund (EPF) has launched its Sustainability Commitment agenda, aimed to promote a just transition for Malaysians towards a more inclusive, climate-resilient and secure future. While its core mandate remains steadfast, the commitment is to assist Malaysians in achieving a comfortable retirement income. Chairman Tan Sri Mohd Zuki Ali said preparing for longer life expectancy requires not just policies and programmes, but also fundamental rethinking of how resilience could be built and achieved in all aspects of society. 'From reimagining retirement systems to fostering healthier, more inclusive communities, we must now act with urgency and purpose. 'Retirement security cannot be detached from rising inequality, ecological degradation or economic volatility (and) we must respond with foresight, courage and a collective will to act,' he said during the launch of the commitments at the International Social Wellbeing Conference 2025 (ISWC 2025) today. Mohd Zuki noted that EPF is aligning its strategies with a broader vision of sustainable and inclusive growth, one that protects not only capital but communities; that builds not only returns, but also resilience. He said the role of institutions like EPF must now evolve from safeguarding savings to stewarding futures. 'We believe that capital, when directed with purpose, can be a powerful lever for change.' Mohd Zuki also said sustainability is no longer optional but a strategic imperative. He outlined the three pillars of the commitments, namely environmental action, social impact, and culture and governance. Environmental action aims to drive climate resilience and low-carbon growth, while social impact focuses on promoting inclusion, equity and community wellbeing. The third pillar, culture and governance, ensures transparency, integrity and accountability in EPF's actions. 'In making sustainability a core part of our DNA, we move from aspiration to action and from intent to impact — this is how we ensure that as our members retire, they do so in a world that is still worth living in,' he added. The launch of the sustainability commitments reaffirms EPF's role as a national institution committed to the wellbeing of all Malaysians. In support of these, EPF has also undertaken a strategic refresh of its existing sustainable investment policies to reinforce its elevated ambitions and revised expectations of investee companies. The revised policies — namely the Sustainable Investment Policy, Climate Change Policy, Workers Wellbeing Policy and Priority Sectors Policy, and Sustainable Investment Stewardship Policy, also reflect EPF's efforts to deepens its stewardship practices and realign with national and global sustainability frameworks. The commitments launched today reflect EPF's broader alignment with the Madani Economy framework, particularly in supporting efforts to raise the standard of living and promote inclusive growth. They also align with Malaysia's net zero aspirations and contribute to a more climate-resilient future for the nation.
