00:00In 3, 2, 1
00:11Today we are at the EPF ISWC conference, right?
00:16It's an important conference that talks about Malaysians living longer
00:20but not just living longer, but hopefully living life to the fullest
00:25as they age better
00:26So, of course, from the government's thinking point of view
00:29we are all in this budget season at this point of time
00:32InshaAllah next week on Friday, PM will be tabling the budget to the house
00:38In the pre-budget statement
00:41there were some considerations that the government already indicated
00:45that will be key for us to be looking at
00:48among which are things that include cost of living
00:51looking at better quality of jobs
00:54lifting up the economy from lifting the floor and so on
00:57and I am sure as we are addressing those issues
01:01we will take the needs of a longer living Malaysian
01:05living better quality of lives
01:07as part and parcel of things to be addressed in the budget
01:10Will some of these measures align with progressive wage policy
01:13with long-term retirement saving requirements?
01:16I think a lot of effort from the government
01:19has been in trying to make sure
01:22that Malaysians take an active role
01:25in actually helping to build their nest egg for retirement
01:29and we have seen good successes along the way
01:32If you go back about six years ago
01:34the minimum basic savings that was in EPF by the formal sector was only about 32%
01:41and now we've reached about 40%
01:43This is because there has been a lot of drive to educate
01:47to get financial literacy up in the country
01:50but also incentive mechanisms that the government has given through
01:53Aisaraan, Aisaraan Plus, Aisuri and so on
01:58that has also encouraged Malaysians to take an active role
02:01and of course I want to complement EPF
02:04because effectively they have performed well as a saving fund
02:08and the returns have also been very good
02:10and that's how boost returns up
02:12so the key now is actually to continue that drive
02:15to actually increase the contributions into the fund
02:19so that Malaysians will have adequate savings for their life
02:22but it's also good from an EPF point of view
02:25they're also shifting
02:26not only just to encourage savings into EPF
02:31but also reminding people that there are options that you can have
02:35taking money out not in lump sum
02:38but in monthly withdrawal basis
02:40allows the funds to continue to compound
02:42and that allows the savings of the retiree to stretch longer
02:48so they have a better life
