Beyond EPF: Making the Case for a Universal Basic Pension
from Enterprise Explores Hosted by BFM Media
Malaysia's EPF system, designed for a different era, is proving insufficient for a future of longer lifespans and flexible work. As millions face retirement insecurity, the conversation must shift from merely fixing the old model to building a new one. But what should that new social safety net look like? Economist Dr. Geoffrey Williams joins us to make the case for a radical solution: a universal, non-contributory, basic pension. He dismantles the "work longer, save more" myth and lays out a position for how Malaysia can afford a more inclusive and resilient retirement system for all its citizens. We discuss: Why the current retirement models are inadequate in today's environment. The long-term economic consequences of a retirement savings crisis. The blueprint for a non-contributory universal basic pension in Malaysia. How it could be funded by subsidy rationalisation or a Malaysian "super fund." The long-term economic case for a universal pension versus the status quo. Debunking the "work longer" myth as a viable solution to the crisis. For policymakers, economists, and anyone seeking a bold, workable solution to Malaysia's retirement crisis, this lays out the essential argument for fundamental change.
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