The government has agreed to study the proposal for a phased expansion of social protection coverage to the working-age population of Malaysia reaching 18 years old to ensure old age income security from 2024 onwards.
Prime Minister Datuk Seri Anwar Ibrahim said that this decision was made during the 6th Meeting of the Malaysian Social Protection Council (MySPC), which he chaired today.
“The Employees Provident Fund (EPF) through the Ministry of Finance Malaysia (MOF) has brought forth the proposal for Cabinet approval,” he said in a statement issued by the Prime Minister’s Office.
Anwar said through the meeting, the government also discussed a more inclusive and comprehensive social protection coverage for the people, especially vulnerable groups and those in the informal sector.
“The government is constantly exploring the best methods to enhance social protection coverage for the working-age population, especially those in the informal sector while striving to address skill gaps in the workforce and ensure the sustainability of social protection financing,” he said.
Anwar said that through MySPC, the government aims to strengthen and expand the country’s social protection network, and it should be translated into action plans that can be seen, felt, and enjoyed by eligible citizens.
“This aspiration can be achieved through the coordination and implementation of inclusive social protection programmes and capacity-building programmes for targeted groups in an integrated manner,” he said.
The Prime Minister also added that sustainable social protection ensures that every citizen can maintain a decent standard of living when they face any risks throughout their lives.