Life does not always go according to plan, EPF told to evolve

The Employees Provident Fund (EPF) must look beyond members’ contributions and recognise the changing realities of their lives, Finance Minister II Amir Hamzah Azizan said.

“They are raising children while also caring for their ageing parents. Their lives do not always go according to plan, and their needs change over time.

“That is why the EPF’s role continues to evolve from savings to financial security, from financial security to well-being, and from serving individual members to helping build a stronger and more resilient nation,” he was quoted as saying by Bernama.

Amir (above) said the fund must help more Malaysians achieve adequate retirement savings by adapting to changing employment patterns while continuing to deliver sustainable returns.

Speaking at the EPF’s 75th anniversary celebration, he said its ambitions for the years ahead should extend beyond growing the fund’s size to becoming a more relevant, inclusive, and impactful institution, without losing sight of its core responsibility to safeguard members’ retirement savings.

Amir, who served as EPF CEO before being appointed minister in 2023, said his experience at the fund and in government had given him two perspectives on its role.

From the government’s perspective, he said, retirement adequacy was closely linked to national resilience, with household financial security forming the foundation of economic stability and long-term savings providing the basis for investment and economic growth.

Weathering challenges

EPF chairperson Zuki Ali said the fund must continue to evolve alongside Malaysia while remaining anchored in the trust placed in it and its responsibility towards members.

Over its 75-year history, the EPF has grown alongside the nation, weathering economic crises, technological changes, shifting employment patterns, and the disruptions caused by the Covid-19 pandemic, he said.

“Each period brings different pressures and choices. However, one responsibility remains unchanged: securing the financial future of Malaysians while ensuring that the EPF remains resilient enough to shoulder that responsibility from one generation to the next,” he said.

On Sept 29, Prime Minister Anwar Ibrahim said that nearly four in 10 EPF members were on track to achieve the Basic Savings benchmark of RM390,000 by age 60.

The government aims to raise that proportion to six in 10 by 2030.

“This is progress, but too many Malaysians remain at risk of outliving their savings during a retirement that may last 20 to 25 years,” he said in a speech delivered by Amir at the EPF’s International Social Wellbeing Conference 2026.

Anwar also highlighted the predicament of households struggling to meet immediate expenses while being expected to prepare for retirement decades ahead.

“Asking people to prepare for 2048 while they are uncertain about next month is not simply a question of financial literacy. It is a question of financial capacity,” he said.

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