KWAP LAUNCHES JANA MYPESARA TO HELP RETIREES MANAGE BUSINESS MORE SYSTEMATICALLY

KUALA LUMPUR, Feb 12 (Bernama) -- The Retirement Fund (Incorporated) (KWAP) today launched Jana MyPesara with an allocation of RM20 million as microfinancing to help retirees manage and run their businesses in a more structured manner.

Finance Minister II Datuk Seri Amir Hamzah Azizan said that microfinancing is one of the early sustainable measures in the context of addressing an increasingly ageing society.

“Many retirees face constraints in obtaining credit facilities through conventional channels, even though they have the capability and experience. Therefore, Jana MyPesara is a suitable initiative that focuses on economic participation at the grassroots level,” he said at the launch ceremony of Jana MyPesara here today.  Also present was KWAP chief executive officer Datuk Nik Amlizan Mohamed.

Amir Hamzah said Jana MyPesara not only provides microfinancing, but also includes guidance and mentoring services to help retirees manage and operate their businesses more systematically.

“I hope this initiative will benefit thousands of government retirees nationwide, thereby contributing to Malaysia’s long term socioeconomic resilience.  Therefore, I would like to encourage retirees who are interested in starting or expanding a business to consider the opportunities provided through Jana MyPesara,” he added.

The minister said Jana MyPesara reflects the government’s commitment under the MADANI Economy framework to promote inclusive growth and efforts to “raise the floor” by enabling retirees to engage in income-generating activities and continue participating meaningfully in economic activities, thus strengthening their financial resilience during retirement.

“We are targeting 3,000 retirees to participate in this programme. We are implementing it as a pilot programme; God willing, if it succeeds, we can look at expanding it in the future. The minimum amount of funding a retiree can receive is RM1,000, while the maximum is RM30,000,” he added.

The country is undergoing a demographic transition toward an increasingly ageing population structure. Based on current projections, Malaysia is expected to achieve aged nation status by 2048, when 14 per cent of the population will be aged 65 and above.

The Jana MyPesara programme was designed based on findings from a KWAP survey showing that nearly 60 per cent of respondents are interested in venturing into entrepreneurship after retirement, with the need to supplement income being the main factor.

Amanah Ikhtiar Malaysia (AIM) is the implementing partner for the Jana MyPesara programme. KWAP currently serves more than 810,000 pension recipients throughout Malaysia.

-- BERNAMA