KUALA LUMPUR, Nov 24 — It is critical that Malaysia’s employment and social security systems undergo a holistic reform to ensure adequate social security and decent work, particularly for the country’s youths, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said.
“By end of this year, out of the 6.1 million members aged under 55 with savings less than RM10,000, nearly 75 per cent will not have enough funds or at least RM240,000 to retire above the poverty line,” he said in his closing remarks at the International Social Wellbeing Conference 2021 themed “The New Narrative: Turning the Tide on Inequality” here today.
“To this end, the EPF is required by law to protect its members’ retirement funds. As more economic and social sectors reopen, the government will look into ways to help the affected Keluarga Malaysia rebuild their retirement funds,” he said. In Budget 2022, various measures were introduced to help people and businesses recover, including direct aid for the bottom 40 per cent of household income group, and partly the middle 40 per cent , as well as micro-loans with zero per cent interest rate, and a six-month moratorium, he shared.
For next year, in addition to creating jobs, Tengku Zafrul said it is equally important that issues on unemployment and financial education are carefully looked into.
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