Last updated : 3/7/19 5:40 PM     

Deputy Prime Minister Launches ‘Insentif Suri’ At EPF International Social Security Conference 2018

KUALA LUMPUR, 8 August 2018: The Employees Provident Fund (EPF) today organised the EPF International Social Security Conference (ISSC) 2018 officiated by the Deputy Prime Minister and Minister of Women and Family Development Dato’ Seri Dr Wan Azizah Wan Ismail.

 

At the conference, Dato Seri’ Dr Wan Azizah also launched the much anticipated Caruman Sukarela Insentif Suri (i-Suri), a collaboration with the EPF, which enables non-working housewives the opportunity to gain access to the quality social security and enhancing income security currently enjoyed by EPF members.

 

EPF Chairman Tan Sri Samsudin Osman said, “The EPF is pleased to be a part of this noble initiative as this enables a wider safety net for the family institution. Today’s launch is purposely held in conjunction with this year’s conference as much of what will be discussed during the conference relates closely to the Government’s initiative to create a holistic social protection ecosystem.

 

i-Suri will become an important extension to the EPF’s existing voluntary contribution, designed for the self-employed and those without regular income. i-Suri is very much in line with the EPF’s focus to reduce the income gap and social security gap as much as possible and this initiative by the Government is indeed a positive step towards that.”

 

During the conference, the EPF revealed that 62 per cent out of the 22 million working-age Malaysian population are self-employed and not covered by any formal social protection, such as the EPF or the Government pension scheme.

 

To encourage those not covered by the formal social protection system to save for their retirement and future well-being, the EPF established the voluntary contribution initiative, which is open to all Malaysians. Among them is the Caruman Sukarela Insentif Persaraan
(i-Saraan) 
(formerly known as the 1Malaysia Retirement Scheme, or SP1M), which was established in 2010 to encourage those without formal income such as farmers, taxi drivers and petty traders, to save for their retirement aside from enjoying the same benefits received by EPF members.

 

Tan Sri Samsudin said that the voluntary contribution should encourage more Malaysians not covered by any formal social protection scheme to save for their retirement future.  “This is especially pertinent as recent statistics have indicated that more than 70 per cent of Malaysians do not have a ‘rainy day’ fund for emergencies.”

 

The two-day conference was jointly supported by Citi Malaysia, and Nomura Asset Management Malaysia and Nomura Securities Malaysia. Tan Sri Samsudin said this partnership gave the EPF an excellent opportunity to tap into global expertise on driving global growth and prosperity, while improving lives through investment and wealth management, in line with EPF’s mandate to provide sustainable returns for its 14 million members’ retirement savings.

 

Chief Executive Officer of Citi Malaysia Lee Lung Nien said, “At the core of Citi’s mission of enabling growth and progress is our promise to clients that in Citi, they have a trusted partner responsibly providing financial services and advice on investing for future needs. We would like to commend the EPF for this very timely conference and are proud to be associated as co-sponsor.

 

“In navigating the uncertainties and realities of a post-modern world, intentional planning for greater financial security and social protection is imperative for individuals and countries as part of sustainable economic growth. Citi as a premier global bank connects millions of people across hundreds of countries and cities developing opportunities to create positive financial and social impact as we serve the best interests of our clients. It is about being forward compatible and providing leadership through innovation,” he added.

 

Vikas Sharma, Head of Asia ex-Japan, Nomura, said, “The International Social Security Conference theme for this year aligns well with Nomura Group’s corporate philosophy of Delivering a Better Tomorrow. Given the rapid innovation and ongoing disruption in the financial services industry, conventional wisdom will be increasingly challenged and we must all continue to evolve to keep pace. By partnering with the EPF on conferences like these, we are able to strengthen our commitment to develop the economy, enrich society and work towards creating a better future.”

 

Speakers at the conference include the following:

1.

Datuk Shahril Ridza Ridzuan

Chief Executive Officer

Employees Provident Fund, Malaysia

11.

Ras Adiba Radzi

Newscaster and TV personality

2.

Tunku Alizakri Raja Muhammad Alias

Deputy Chief Executive Officer (Strategy)

Employees Provident Fund, Malaysia

12.

Yusuf Hashim

Photographer

Photosafariz

3.

Lee Lung Nien

Chief Executive Officer

Citi Malaysia

13.

David Price

Futurist & Senior Associate

Innovation Unit, London

4.

Vikas Sharma

Head of Asia ex-Japan

Nomura

14.

Azrul Mohd Khalib

Chief Executive Officer

Galen Centre for Health and Social Policy

5.

Jim McCafferty

Head of Equity Research, Asia ex-Japan Nomura

15.

Samuel Hanes

Director

Behavioural Insight Team Singapore

6.

Professor Ian Goldin

Founder Director

Oxford Martin School, University of Oxford

16.

Tenzin Priyadarshi Rinpoche

Director

Ethics Initiative at MIT Media Lab

7.

Professor Danny Quah

Dean

Lee Kuan Yew School of Public Policy

National University Singapore

17.

Tan Sri Dr Jemilah Mahmood

Under Secretary-General

International Federation of Red Cross and Red Crescent Societies (IFRC)

8.

Dato’ Dr Afifi al-Akiti

Fellow

Oxford Centre for Islamic Studies

18.

Jon Duschinsky

Social Innovator, Creator of ALS Ice Bucket Challenge

9.

Emily Esfahani Smith

Author

The Power of Meaning

19.

Johan Merican

Deputy Director-General (Human Capital)

Economic Planning Unit

10.

 

Alex Sheen

Founder

Because I Said I Would

 

 

 

 

Among the papers presented during the event were:

  • The Genius and Risks of the New Awakening;
  • Putting Spiritual Perspective into the Equation;
  • Creating a Life That Matters; and
  • Living Beyond Boundaries;
  • Healthy Citizen for a Healthy Nation; and
  • Social Well-being: What is missing?

 

Panel session topics included:

  • A Better Life: Are we speaking the same language?
  • Leading a Life Worth Living
  • The Quest for a Better Tomorrow
  • A Happy Nation as an End?

 

About the Employees Provident Fund (EPF)

The Employees Provident Fund (EPF) is Malaysia’s premier retirement savings fund to help its members achieve adequate savings for a comfortable retirement. This is in line with EPF’s vision to help members achieve a better future and the mission to safeguard members’ savings and deliver excellent services. The EPF has evolved significantly from transaction-centric to a professional fund management organisation with a strong focus on retirement security. The EPF is guided by a robust and professional governance framework when making investment decisions. It continues to play a catalytic role in the nation’s economic growth and seeks to cultivate a savings and investment culture among its members to improve the country’s financial literacy level.