Kuala lumpur: The Retirement Fund (Incorporated) (KWAP) today launched Jana MyPesara with an allocation of RM20 million as microfinancing to help retirees manage and run their businesses in a more structured manner. Finance Minister II Datuk Seri Amir Hamzah Azizan highlighted that microfinancing is an early sustainable measure to address an increasingly ageing society.
According to BERNAMA News Agency, many retirees face constraints in obtaining credit facilities through conventional channels, despite their capability and experience. Jana MyPesara is a suitable initiative focusing on economic participation at the grassroots level, as stated by Amir Hamzah during the launch ceremony. KWAP chief executive officer Datuk Nik Amlizan Mohamed was also present at the event.
Amir Hamzah mentioned that Jana MyPesara not only provides microfinancing but also includes guidance and mentoring services to assist retirees in managing and operating their businesses more systematically. He emphasized the potential benefits for thousands of government retirees nationwide, contributing to Malaysia's long-term socioeconomic resilience. Retirees interested in starting or expanding a business are encouraged to explore the opportunities through Jana MyPesara.
The minister noted that Jana MyPesara reflects the government's commitment under the MADANI Economy framework to promote inclusive growth and enable retirees to engage in income-generating activities. This effort aims to strengthen retirees' financial resilience during retirement. The programme targets 3,000 retirees, with a pilot phase setting the stage for possible expansion. Funding ranges from a minimum of RM1,000 to a maximum of RM30,000.
As Malaysia undergoes a demographic transition toward an ageing population, projections indicate that the country will achieve aged nation status by 2048, with 14 per cent of the population aged 65 and above. The Jana MyPesara programme was designed based on KWAP survey findings, which showed that nearly 60 per cent of respondents are interested in entrepreneurship post-retirement, primarily to supplement their income.
Amanah Ikhtiar Malaysia (AIM) is the implementing partner for the Jana MyPesara programme. KWAP currently serves over 810,000 pension recipients throughout Malaysia.