Forum discussed ‘Future of Work’ and transformation of the contribution function for a sustainable future
KUALA LUMPUR, 5 September 2023 – KWAP’s Contributors Forum 2023 held today by Kumpulan Wang Persaraan (Diperbadankan) [KWAP] has marked a new milestone in the contribution segment as the retirement fund manager has embarked on its journey to embrace the ‘Future of Work’ alongside its contributing partners to ensure contributions are being managed seamlessly, effectively, and sustainably. It is also a first-of-its-kind platform for its contributors to gather under one roof and learn best practices from one another to empower better support for the contribution ecosystem.
With the theme “Merintis Evolusi Corak Kerja: Antara Cabaran dan Peluang” (Future of Work: Challenges and Opportunities), the forum has provided an avenue for the contributing employers to share their experience, insights, and knowledge on emerging trends and challenges of the future of work. In doing so, employers must manage the verticals of transformation, innovation, and mindset change through the people, process, and technology. Doing it right, it will lead the employers and their organisations on the right path to transform the way they operate and approach contribution processes. The forum is aimed to inspire stakeholders and contributing employers to think creatively and innovatively while building ideas and strategies to adapt to changes and embrace digitalisation within their respective organisations.
KWAP Chief Executive Officer, Datuk Hajah Nik Amlizan Mohamed said “In light of KWAP’s transition into a multifaceted organisation within the ever-evolving landscape, it is paramount for us to actively involve our stakeholders to gain insights into their viewpoints, address their concerns, and realign the mutual requirements and expectations for all parties within the ecosystem. This is crucial in paving the way for us as “Your Retirement Companion” through a sustainable contribution as one of the focus areas, which is in line with the Ekonomi Madani vision to create a better quality of life for the Rakyat.”
“Ultimately, we firmly believe that establishing a community of practice, aimed at nurturing dialogue and collaboration between KWAP and its stakeholders, and particularly the contributors in this respect, will serve as a valuable platform for our stakeholders to express concerns, expectations, and ideas. This approach will not only align our objectives with but also enable KWAP to effectively communicate and reiterate its vision and mission,” she added.
YB Datuk Seri Ahmad Maslan, Deputy Minister of Finance I commented, “Transformation is inevitable and this initiative by KWAP to rally the contributing agencies to embark on the journey towards the future of work should be praised. KWAP has always been steadfast in ensuring that the contribution collection is sustainable through good ecosystem support. This is a true testament of “Your Retirement Companion” to ensure a sustainable retirement journey for the public sector pensioners.”
The Contribution Forum invited speakers from respective fields who are also contributing partners to provide in-depth insights into the future of work, transforming the way we are operating, which will eventually be enabled by digitalisation. Other vertical themes include digital transformation, automation, remote work, and new technologies. These insights aim to provide practical solutions for individuals and organisations to thrive in the future of work. Among those who took part in the forum are Fisheries Development Authority of Malaysia (LKIM), Universiti Teknologi MARA (UiTM), Permodalan Nasional Berhad (PNB), Malaysian Administrative Modernization And Management Planning Unit (MAMPU), and CyberSecurity Malaysia.
Through the five pillars of its digital transformation namely digital governance and services, cyber resilience, technology platform, data management, and digital business systems, KWAP is heading towards a progressive governance practice, innovative solutions, and is also looking into automating its workflows and processes. All of these are to ensure efficient access to data, thus empowering better-informed decision-making which will then contribute to the sustainability of the public sector retirement fund.
Since KWAP’s incorporation in March 2007 up to July 2023, its cumulative contribution fund stood at about RM57.4 billion out of the total gross fund size of approximately RM184.5 billion. The contribution collection comprises RM15.3 billion from Federal Government contribution, RM25.8 billion from Government share and RM16.3 billion from employers contribution which consist of statutory bodies, local authorities and secondment agencies. Currently, there are 482 contributing agencies in Malaysia, with 192 employers from statutory bodies, 151 from local authorities and 139 from secondment agencies, contributing for approximately 177,000 employees nationwide who are under the public sector pension scheme.
Attended by the contributing agencies nationwide, the inaugural forum was part of KWAP’s Employers Engagement Program Journey which focuses on the current and future scopes including addressing challenges through cross-sharing of knowledge, expanding focus group which includes decision makers and management level as well as intensifying stakeholders outreach program by providing insights to best practices and current issues.
For more information, please visit www.kwap.gov.my
About Kumpulan Wang Persaraan (Diperbadankan)
Kumpulan Wang Persaraan (Diperbadankan) [KWAP] or the Retirement Fund (Incorporated) was established on 1st March 2007 under the Retirement Fund Act 2007 (Act 662) replacing the repealed Pensions Trust Fund Act 1991 (Act 454).
KWAP manages contributions from the federal government and relevant agencies made into the Retirement Fund [Fund] to obtain optimum returns on its investments through sound management and investment of the Fund in equity, fixed income securities, money market instruments, and other forms of investments as permitted under the Retirement Fund Act 2007 (Act 662). The Fund shall be applied towards assisting the Federal Government in financing its pension duties. In 2015, KWAP was officially appointed as an agent of the Federal Government for the purpose of pension payment, gratuity, or other benefits granted under any written law from the Consolidated Fund as agreed between the Federal Government and KWAP.
Visit www.kwap.gov.my for more information.