KUALA LUMPUR: The Retirement Fund Inc (KWAP) is looking at the realignment of the retirement age due to the increasing life expectancy among Malaysians.
KWAP chief executive officer Datuk Nik Amlizan Mohamed said the life expectancy in the country is currently at 77 years old, compared to 57 years old in 1960.
"Once we have this realignment, we must start revisiting the whole ecosystem design," she said in a session at the International Social Wellbeing Conference 2024.
Nik Amlizan highlighted that besides the adequacy of savings for the private sector, KWAP also is facing a challenge in the adequacy of post-retirement income for its members.
"Other than financial literacy, healthcare, knowledge sharing and awareness of scams and so forth, they requested one more item which is entrepreneurship.
"So what we see is that possibly because the formal sector is quite rigid in terms of income age, they have started to pivot towards the informal side to supplement their income," she added.
Nik Amlizan believes that KWAP can enhance its goal as an advocacy role towards a healthier approach, in terms of meeting the requirements of different stakeholders.
"We need to be flexible enough to do the adjustments whenever possible to make sure that it is sustainable," she said.