Malaysia Eyes Six In Ten EPF Members To Hit Basic Savings Benchmark Of RM390,000 By 2030 - PM Anwar

KUALA LUMPUR, Sept 29 (Bernama) -- Malaysia aims to increase the Retirement Income Adequacy framework to six in 10 Employees Provident Fund (EPF) members to reach the ‘Basic Savings’ benchmark of RM390,000 by age 60 by 2030. 

Prime Minister Datuk Seri Anwar Ibrahim said currently, close to four in 10 members are now on track to reach the benchmark under the EPF's Retirement Income Adequacy framework. 

"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 his keynote address at the EPF's International Social Wellbeing Conference (ISWC) 2026 here today. 

Anwar's speech was read by Finance Minister II Datuk Seri Amir Hamzah Azizan. 

Also present were Minister in the Prime Minister’s Department (Federal Territories) Hannah Yeoh and EPF chief executive officer Ahmad Zulqarnain Onn. 

The Prime Minister said coverage was also a challenge, as millions of Malaysians work outside conventional formal employment, while the country's social protection system was designed largely around it.

Anwar stressed that the country's systems must evolved alongside it as the nature of work changes.

“There is another reality we must confront. For policymakers, retirement may be a 30-year horizon. For a household managing food, rent and school expenses, the horizon may be the end of the week.

“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," said Anwar.

He noted that retirement security began with income, decent work and the ability to save consistently and retirement agenda must move together with wage agenda.

Anwar said the government had set aside RM1.26 billion for the welfare of senior citizens, reaching 180,000 older Malaysians, while expanding activity centres to ensure that growing older does not have to mean growing isolated.

On another note, Anwar said Malaysia requires a graduated system of care -- from community support, nutritious meals and home assistance to day care, home nursing and residential aged care for those who are frail or living with dementia.

He stressed that access should be based on need, not only on ability to pay.

“The government must lead by setting standards, strengthening safety nets and ensuring essential services. But lasting success requires shared commitment," said Anwar.

Meanwhile, EPF chairman Tan Sri Mohd Zuki Ali said preparing for the future calls for a shared effort across government, businesses, communities, families and individuals and each has a role in creating the conditions for people to live well at every age.

"This begins with recognising the experience, knowledge and contributions that people bring throughout their lives, alongside the support they may need as they grow older. Our institutions and systems must evolve to enable people to work, learn, contribute and remain connected across generations," he added.

Mohd Zuki said the introduction of i-Legasi reflects the importance of intergenerational support, enabling eligible members with sufficient retirement savings to transfer a portion to the EPF accounts of immediate family members, helping strengthen retirement security across generations.

He added that the Retirement Income Adequacy framework complemented this effort by setting clear benchmarks for Basic, Adequate and Enhanced Savings, giving members a clear line of sight between what they save today and the monthly income those savings can support.

Under the theme “The Long Horizon”, the 13th edition of ISWC 2026 is jointly organised by the EPF and the Finance Ministry. The two-day forum will end tomorrow.

-- BERNAMA