KUALA LUMPUR: The Employees' Provident Fund (EPF) is looking into new approaches to better serve the nearly four million workers in the informal sector, in line with the Ekonomi Madani objective of broadening social protection.
Chairman Tan Sri Ahmad Badri Mohd Zahir said the institution recognises the difficulties in securing retirement income, especially for informal workers.
These workers face a higher risk of poverty in old age due to the lack of mandatory contributions to a formal pension or retirement program.
Ahmad Badri said it is crucial to recognise that the EPF is just one part of the broader pension landscape, and significant gaps remain in the national pension system.
"A comprehensive retirement income framework requires multiple programmes providing layered income and wide coverage, like in Germany, Finland, and South Korea, where they are continuously enhanced to meet the evolving needs of citizens," he added at the International Social Wellbeing Conference 2024.
Ahmad Badri said EPF supports comprehensive reforms in Malaysia's retirement income framework to ensure inclusiveness and security for all.
"We are committed to working towards a future where every Malaysian can enjoy a dignified and secure retirement," he added.