00:00Sari kata oleh SDI Media
00:54Sari kata oleh SDI Media
01:12Sari kata oleh SDI Media
01:36Sari kata oleh SDI Media
01:47Sekarang, itu adalah statistik tetapi ia juga bermaksud bahawa lebih daripada
01:54sepuluh 60 tahun sekarang akan hidup lebih lama daripada 80 tahun.
02:00Jadi itu bermaksud bahawa anda perlu bersiap untuk sekurang-kurangnya 20 tahun.
02:05Orang-kurangnya 25 tahun.
02:07Orang-kurangnya 25 tahun.
02:09Orang-kurangnya ialah yang cukup besar untuk berfikir.
02:13Untuk memastikan bahawa mereka ada cukup untuk selamatkan,
02:17untuk hidup selamatkan dan bersikap untuk selamatkan.
02:25Mereka juga perlu berfikir tentang kesehatan.
02:28Bagaimana anda menjaga diri diri diri diri diri diri diri diri diri diri diri diri diri diri diri diri.
02:33Bagaimana semakin penting-penting pendidikan bahawa kamu dapat jumlah guna daripada saat berbeda
02:37bagi jelinya korang-kurangnya ialah itu kamu boleh berfikir sebagai masyarakat.
02:47Adakah seterusnya penting-penting berlong anda berså‚Ž.
02:51Sedangkan cfaat ke awal dalam se sufferrop Они ribun kita.
02:53Sedangkan perangkuan denganما untuk barang-barang mereka,
02:57setiap wing laf1 diteritaran wow baik untuk bergaya diri diri diri diri diri?
03:02So, our concern and especially your concern too, we don't want people to entrap into the things or mindset that
03:10retirement is always about fund, it's always about finance.
03:15The thing is how we can manage the funds that we have, let's say we have 300,000, the problem
03:20is how to make sure that the amount that we have is sustained for quite some years.
03:26How can we change the mindset and shift and to move forward so that we can be in the, you
03:33know, the time of retirement could be very dignity, could be graceful.
03:39Yeah, so that's one of the big challenges that EPF is trying to tackle today.
03:46So, for a very long time when people talk about EPF, what do they talk about?
03:50They talk about how much they save, how much balance, people check using their apps and ultimately what the dividend
03:59rate is.
04:00So, there's a lot of interest around the dividend rate every single year because the dividend rate translates into how
04:07much your balance will grow year after year.
04:10And that's not wrong, actually that's absolutely right.
04:12What we are trying to encourage people to start thinking about as well is not just how your money accumulates
04:19over the time period that you're working.
04:22So, people typically work for 30, 35 years and to start thinking about how your money should be used post
04:32-retirement.
04:33And in the retirement world, that's called the decumulation phase.
04:39So, there's two phases. One is the accumulation phase. That's when you save and your money grows.
04:45And then, once you retire, there's the decumulation phase. That's when you start using your money.
04:52And the decumulation phase is not talked enough enough, we feel today. So, we are trying to bring that topic
05:00to the fore so that that is a conversation that people will have with themselves, with their loved ones, with
05:08professional advisors as well.
05:09And with people in EPF. Recently, we introduced something called IEMAS. IEMAS is where you tell EPF after you've retired,
05:22I want to withdraw, katakan, 2,000, 3,000 ringgit a month.
05:28You instruct EPF under IEMAS to do that. And every single month, EPF will just credit your bank account with
05:35your instruction.
05:36So, we make it very easy for people to convert what they have saved into a stream of monthly income.
05:44And that's the most important thing.
05:46We encourage people to think about the EPF savings as a source of monthly income as opposed to this big
05:55pot of money that can be spent at any point in time.
05:58because you do need to think about how do you make sure that money lasts until your end of life.
06:07And that's why that life expectancy data is very important. So, I will repeat, a 60-year-old today is
06:14expected to live until 80.
06:16So, you have to prepare for the next 20 years. But that 80, that life expectancy of 80 also means
06:26that more than half will live more than 80.
06:29So, you also need to think about what if I live longer than 80, to 82, to 85 and how
06:36do I prepare for that as well.
06:38Speaking of that thing, our PMX has highlighted that the biggest challenge is that the issue is to save the
06:46fund for their retirement.
06:48At the same time, they need to focus on the current cost living that practically high. So, how do you
06:56see this is a challenge for you and how do you overcome in EPF especially?
07:00So, this is a challenge particularly for a certain segment of society. So, that's a difficult topic, right? It's very
07:10hard to ask someone who doesn't have enough for the basic necessities of life to also save.
07:16So, we acknowledge that completely. We do feel that the root cause of that and therefore the solution of that
07:25is how do we as a society and as an economy think about how do we raise the general level
07:35of wages and salaries in the country.
07:37I think that is one of the economic challenges that we must tackle. The government has been trying to tackle
07:45that particularly using the minimum wage policy, the progressive wage policy and we will be supportive of more policies of
07:55that nature.
08:02So, if you look at the data and if you look at starting salaries going back to say the 1990s,
08:09so 30-35 years ago, around about the time when I first started work.
08:14So, when I first started work in the 90s, a starting salary of RM1,800 was fairly normal.
08:22If you just adjust that by 3% a year, the starting salary today should be around RM5,000.
08:52or north of RM5,000 or north of RM5,000. We actually don't see starting salaries to be RM5,000.
08:58Other but quite rare. And therefore, that's a sign or a signal that actually general level of wages have not
09:09kept up to the levels where we can keep up with cost of living.
09:13So, we would encourage economic policies that lift the level of wages in the country because I think that's the
09:20root cause of the problem.
09:22You mentioned about professional works as you can see the other challenges in this area that we speak.
09:28We can see, I cannot stop asking you about the workforce today. We can, for now, cannot see the normal
09:37works or professional works because we have gig works for now,
09:41gig workers, any other unprofessional work, I can say that, aside of professional line-up.
09:46So, I can see EPF come up with so many ideas to make sure that these people in gig area
09:54so that they can spend or have fun for retirement.
10:00So, this is one of the challenges that we need to see because of, we can see the difference of
10:06kind of work that happening now.
10:08So, how do you see and how do you make us understand how EPF is moving forward suits that matter?
10:14So, for sure, the nature of work is changing. So, there's much more different types of work today and we
10:27tend to call classified under this category of gig workers, right?
10:31But gig workers include ride hailing drivers and riders. It also includes people like software developers.
10:41It includes people like influencers, social media influencers. So, it's informal type of work but which does generate a reasonable
10:49amount of income.
10:52These are not deemed to be a formal employment today and therefore there is no ability to contribute to EPF.
11:00We have tried to address that using two means. One is through Aisaraan where there is a matching incentive provided
11:10by the government for gig workers to contribute.
11:13and then there is a matching RM500 or RM600 a year for Aisaraan plus. The other way that we facilitate
11:22is through Aisimpan which is the ability to contribute to EPF up to RM100,000 a year.
11:29No questions asked. I think the ability to contribute to EPF is a very important component to retirement savings for
11:37formulation.
11:38So, we try to widen it as much as possible. Longer term, I do feel that there needs to be
11:44policies to bring gig workers or informal workers or the self-employed into the EPF system.
11:54because it is through that mandatory contribution that you do build your savings over the long term.
12:04And we have seen countries where this has been done. So, Singapore has done it. The United Kingdom has done
12:09it.
12:10And it's something that Malaysia should consider doing as well.
12:13So, this is maybe my last question. Congratulations for yesterday's successful story for ISWS for the first day. So, this
12:22is the second day. What can we expect for the second and the last day for ISWS?
12:28On the second day, I think more of the conversation surrounding the challenges that our society, but uniquely not to
12:37our society as well, to many societies around the world.
12:40So, the phenomenon of aging and an aging population is a global phenomenon. It's not unique to Malaysia. So, it's
12:49important for us to learn from other countries as well.
12:52And also to share our experience with other countries. I think there's a lot of interest in the system that
12:58we have here.
12:59particularly the EPF system and how we've designed it.
13:03EPF is 75 years old this year. So, we're actually a very experienced system as well, where we feel that
13:10we have much to share.
13:12But we also have much to learn from others.
13:15So, we wish you the best of luck for you and your team for the ISWC 2026. So, we will
13:20have more conversation with the other guests line up right after the break.
