The demographic transformation of Malaysia's ageing society will have a profound effect on the healthcare systems, workforce, and social fabric, says Employees Provident Fund (EPF) chairman Tan Sri Mohd Zuki Ali.
00:00This year, Tim, Living to a Hundred, Are We Prepared, urged us to confront the implications of longevity in today's world.
00:12As in 2023, 7.5% of Malaysians are aged 65 and above.
00:19By 2043, this number will nearly double to 14%, and by 2058, more than one of five Malaysians will be 65 or older.
00:33This is a demographic transformation unfolding in just one generation, and it will have a profound effect on our economy, healthcare systems, workforce, and social fabric.
00:45But longer life also opens up new frontiers.
00:51The rise of the longevity economy, shaped by their contributions, consumption, and experience of older adults, is an opportunity for innovation.
01:02It extends beyond pensions and healthcare to encompass how we design cities, how we structure workforces, build inclusive technologies, and promote long-life or lifelong learning and active ageing.
01:18Older individuals are not simply recipients of care.
01:23They are contributors, they are consumers, they are caregivers, they are volunteers, and mentors.
01:29As such, our policies and system must empower them to continue participating meaningfully in society well into later life.
01:43Preparing for a hundred-year life means more than just adding years to life.
01:48It is about adding life to those years.
01:51Are we ready for this reality?
01:53And how do we ensure that those decades are lived with dignity, purpose, and security?
02:02Yamak Boma Datu Sri distinguished us.
02:06The EPF recognises that financial security is the bad rock of meaningful retirement.
02:13Planning for longevity starts with an honest understanding of the income required for a long and fulfilling life.
02:21In December 2024, we introduced the Retirement Income Adequacy, or RIA, framework, which enables members to benchmark themselves against three tiers of retirement goals, basic, adequate, and enhanced.
02:37It reframes retirement savings as a continuous income stream and encourages members to think beyond lump sum.
02:48We also acknowledge that retirement readiness is no longer an individual pursuit.
02:53It is a shared responsibility among families.
02:56In this period, new intergenerational savings transfer features will be introduced by the end of this year, allowing family members to contribute to each other's retirement security.
03:11This reflects a more collaborative approach to long-term financial planning.
03:17Inclusion is just as critical.
03:21The E-Sara'an program, which supports voluntary retirement savings among informal workers, has been enhanced.
03:30The matching contribution has been increased to 20%, up to a maximum of RM500 per year, with a lifetime cap of RM5,000 per individual.
03:39Last year alone, the number of voluntary contributors grew by 22% to RM1.2 million, nearly 70% of whom are outside the formal workforce, including many gig and informal workers.
03:57This also is a critical step in closing the coverage gap and supporting financial resilience across all employment times.
04:05This initiative reflects our belief that retirement system must evolve with the realities of modern work.
04:18As more Malaysians engage in non-traditional work arrangements,
04:24the EPF will continue to champion practical, inclusive solutions to ensure no one is left behind.
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