Kuala Lampur, Oct. 31 -- The recent release of the World Bank's paper on social pensions in Malaysia is a timely reminder of the extensive work that still lies ahead to build a sustainable social protection system in the country.

As the lead author noted during the forum session at the launch event, the Bantuan Warga Emas (BWE) hardly qualifies as a proper social pension, given its limited coverage - fewer than 160,000 recipients, or roughly 4 per cent of the older population aged 60 and above.

Still, BWE costs around RM1.1 billion per year, and given the present situation with the Employees Provident Fund (EPF), it underscores the urgent need for a multi-pillar approach to our pensions reform.

I cannot help but feel that we are ignori...