To shed light on the complexities of Malaysia’s social insurance system, the Department of Economics of Faculty of Business and Finance (FBF), in collaboration with the Sustainable Development Club of UTAR, organised a Zoom virtual talk on 14 December 2023.

Assoc Prof Dr Abdelhak Senadjki from FBF Department of Economics and Prof Bernard H. Casey from Social Economic Research, London and Frankfurt were the distinguished speakers at the event.

Organised by UTAR, with a total of 118 attendees including participants from other economies, the virtual platform enabled wide engagement among the participants.

The talk focused on the overview of Malaysia’s Social Insurance Landscape. It gave an informative introduction to Malaysia’s current social insurance system and set the stage for an in-depth exploration of the system’s difficulties. Dr Abdelhak Senadjki and Prof. Bernard H. Casey, the keynote speakers, highlighted their proficiency in social economic research and economics.

Among the key discussions and insights delivered throughout the talk was the ageing population. The speakers discussed the difficulties brought by an expanding old-age dependence ratio, highlighting the necessity of taking calculated political action to address the new problems. In addition to that, inadequate private sector protection was also discussed. The debate focused on the lack of social insurance for the elderly and examined the factors that contribute to this disparity, such as poor pay and employment in the unorganised sector.

Apart from that, during the discussion, various issues with the current social insurance system were covered in detail, including its restricted coverage and benefits. Data on EPF members’ retirement money were provided and comparisons with the requirements for a minimum basic income were also made.

The speakers also highlighted Malaysia’s pension system and how urgently it has to address long-term sustainability issues. There was also a discussion of the problems associated with limited and insufficient social insurance coverage, along with suggestions for solutions.

After the thought-provoking presentations, there was a lively Q&A session and this interactive portion promoted discussion and allowed participants to ask questions and offer their points of view.

A lively picture session that captured the spirit of networking and intellectual interchange between attendees, presenters, and the distinguished moderator, Assoc Prof Dr Au Yong Hui Nee, brought the event to a memorable close.

Following the virtual discussion, the information exchange formed the basis for any subsequent initiatives targeted at improving the social insurance system in Malaysia. For the country’s social insurance system to remain sustainable and functional, cooperation among stakeholders, increased public awareness, and deliberate policy actions are needed.