EPF: M'sia needs new 'social contract' on financial security

The Covid-19 pandemic has highlighted the need for greater protections for vulnerable Malaysians, with the World Bank mooting the introduction of a state-funded social pension that would improve assistance to the elderly.

Commenting on this during an online World Bank forum, Employees Provident Fund (EPF) chief strategy officer Nurhisham Hussein said there was a need for Malaysians to explore a new social contract on how they would like to protect themselves financially in the future.