Kuala Lampur, Nov. 6 -- For decades, the Employees Provident Fund (EPF) has been the backbone of Malaysia's retirement system. However, the realities of modern life have exposed the limits of a system designed for a different generation.

People are living longer, medical costs continue to rise, and many find it difficult to save enough to sustain two decades or more after retirement.

The government's plan to explore a monthly pension scheme under the EPF, announced under the 13th Malaysia Plan (RMK13), represents a long-awaited reform.

It aims to ensure that retirement savings last throughout a retiree's lifetime, reducing the risk of financial hardship in old age.

According to the Ministry of Finance, EPF recommends a basic savings a...