KUALA LUMPUR, Nov 21 ― The Employees Provident Fund (EPF) today signed a memorandum of understanding (MoU) with the South Korea's National Pension Service (NPS) to gain access to the best practices in the area of social protection.
EPF chief executive officer Tunku Alizakri Alias said the partnership would also encourage knowledge-sharing on pension system management.
“This partnership presents us an opportunity to tap into a reservoir of global experts and seek solutions from different perspective,” he said during the signing ceremony, which was witnessed by Finance Minister Lim Guan Eng.
Tunku Alizakri signed the MoU on behalf of EPF while NPS was represented by its chairman and chief executive officer Sung Joo Kim.
EPF is eager to leverage on new skills and initiatives from its regional counterparts in addressing an ageing as well as a largely self-employed population, said Tunku Alizakri.
“As Malaysia aspires towards developed nation status, we must look towards the best models to uncover new strategies in tackling social well-being issues such as the rise of the gig economy and an ageing population.
“This collaboration underlines our proactive commitment to addressing issues related to the well-being of our members,” he added.
Established in 1987, NPS is one of the world's largest pension funds with total assets under management of US$600 billion (RM2.5 trillion) and 21 million compulsory contributors. ― Bernama
