Targeted income support proposed for elderly to bolster retirement security

KUALA LUMPUR: Malaysia should consider targeted income support for those aged 70 or 75 instead of introducing a universal pension at a younger age, said Axiata Group Bhd chairman Tan Sri Shahril Ridza Ridzuan.

He said such support could form part of a broader strategy to ensure retirement savings adequacy by combining individual savings with public assistance for those in need.

"Today, the session discussed retirement savings adequacy, basically whether people have enough of their own savings or whether they require some support from the country or the government.

"If you look at a lot of the models in overseas countries, there is always a mix of both. There is some public support, while you also have your own savings.