Kuala Lumpur:Tan Sri Shahril Ridza Ridzuan, chairman of Axiata Group Bhd, has proposed targeted income support for Malaysians aged 70 or 75 instead of implementing a universal pension at a younger age. He suggests that such support could be part of a broader strategy to ensure retirement savings adequacy by combining individual savings with public assistance for those in need.
According to BERNAMA News Agency, during the International Social Wellbeing Conference (ISWC) 2026, Shahril emphasized that public support might be necessary for those who have depleted their savings by the age of 70 or 75. He noted that in many countries, a mix of personal savings and public support is common.
Rajen Devadason, CEO of RD WealthCreation Sdn Bhd, highlighted the need to reconsider the statutory retirement age of 60, given that Malaysians are living longer, with a life expectancy exceeding 75 years. He stressed the importance of creating sustainable income streams for retirement, as many will need to fund an additional 15-20 years post-retirement.
Devadason also pointed out that around 15.3 million of Malaysia's 17 million workforce are not eligible for a government pension, indicating a growing need for individual retirement security. This situation is exacerbated by changes starting January 2024, when new civil servants will no longer receive pensions but will contribute to the Employees Provident Fund (EPF).
William Price, CEO of D3P Global, proposed stronger public pension support from age 75 to address old-age poverty, especially among vulnerable elderly groups. He advocated for a combination of public and private support, with increased state pensions for the elderly as an effective poverty alleviation strategy.
The ISWC 2026, co-organized by EPF and the Ministry of Finance, gathered global leaders, policymakers, and experts to discuss the future of retirement, focusing on inclusive, resilient, and future-ready retirement ecosystems. The conference addressed issues such as rethinking ageing, strengthening retirement and care systems, and leveraging innovation for ageing societies.