EPF: Budget 2024 prioritises retirement wellbeing, secure future for Malaysians 

MalayMail/Bernama-Oct 16

Budget 2024 reflects an important step forward in prioritizing the financial security and prosperity of Malaysia’s ageing population, according to Employees Provident Fund (EPF) Chief Executive Officer Datuk Seri Amir Hamzah Azizan. Amir Hamzah in a statement today said the budget prominently addresses some of the concerns the EPF had raised on the long-term financial wellbeing of Malaysians. “The old-age wellbeing of the rakyat remains one of the government’s priorities due to the low level of protection under the formal pension and retirement schemes among Malaysians. “Currently, only 60 per cent of the labor force is covered under formal retirement schemes, namely the EPF Scheme for private workers and the Civil Service Pension Scheme for civil servants,” he said in the statement. Amir Hamzah said the low level of savings among EPF members needed to be addressed by bridging the savings and coverage gap that exists in the pension and retirement system in the country. As a retirement fund, the EPF supports and will work with the government in realizing the aspirations of Malaysia Madani to ensure the retirement lives of Malaysians are secured, he added. Read more at:  https://www.malaymail.com/news/malaysia/2023/10/16/epf-budget-2024-prioritises-retirement-wellbeing-secure-future-for-malaysians/96579