KUALA LUMPUR, Oct 2 (Bernama) -- Malaysia should consider providing targeted income support to those aged 70 or 75 instead of introducing a universal pension at a younger age, said Axiata Group Bhd chairman Tan Sri Shahril Ridza Ridzuan.
He said such support could form part of a broader strategy to ensure retirement savings adequacy, combining individual savings with public assistance for those who need it.
“Today, the session discussed retirement savings adequacy, basically whether people have enough of their own savings or whether they require some support from the country or the government. If you look at a lot of the models in overseas countries, there is always a mix of both. There is some public support, while you also have your own savings.
“The support needs to be for people who reach a certain age, 70 or 75, when they are more likely to have already finished their own money but still need support to get by," he told reporters after his session titled ‘Malaysian Journey Towards Dignified Retirement: Are We Ready?’ at the International Social Wellbeing Conference (ISWC) 2026 on Wednesday.
He said a universal pension at a younger age may not be appropriate, but income support could be considered for those aged 70 or 75, when they may have depleted their retirement savings.
RD WealthCreation Sdn Bhd chief executive officer Rajen Devadason said the statutory retirement age of 60 may need to be reconsidered as Malaysians are living longer.
Speaking during his session titled ‘Living Longer Than Expected’, he said life expectancy now exceeds 75, meaning those who retire at 60 could have at least another 15-20 plus years to fund. He said longer lifespans meant retirement planning should focus on creating sustainable income streams rather than relying solely on accumulated savings.
Rajen also estimated that about 15.3 million of Malaysia’s 17 million workforce would not receive a government pension, underscoring the need for individuals to take greater responsibility for their retirement security. “That particular number grows every month because civil servants hired after January 2024 will not be pensionable. They're going to go to EPF,” he said.
Meanwhile, D3P Global chief executive officer William Price proposed stronger public pension support from age 75 to tackle old-age poverty, particularly among vulnerable elderly groups.
Speaking during his session titled ‘Beyond the Lump Sum: From Savings to Sustained Income’, he said the approach would provide stronger income support when people become less able to work, while allowing retirement savings to be used during the earlier years of retirement.
“Option one, try and have a public and private mix where you have significantly higher state pensions for the old-old, because that's the most effective way to tackle that poverty,” he added.
ISWC 2026 was jointly organised by EPF and the Ministry of Finance, bringing together global thought leaders, policymakers and industry experts to explore ways to build a more inclusive, resilient and future-ready retirement ecosystem.
The two-day conference ended on Wednesday, bringing together global thought leaders, policymakers, and industry experts to explore the future of retirement, ageing, and social protection. Against the backdrop of ageing populations worldwide, the conference fostered bold ideas and collaborative solutions for more inclusive, resilient, and future-ready retirement ecosystems.
Key areas of discussion included rethinking ageing and longevity, strengthening retirement, healthcare and care systems, building inclusive and intergenerational communities, and harnessing innovation to support ageing societies.
-- BERNAMA