The Ministry of Finance is looking to develop the right policies and structural reforms in the future to ensure the independence of the ageing population and to create a more inclusive society.

Its minister Tengku Datuk Seri Zafrul Abdul Aziz said the Social Protection Council (MySPC) has therefore been reactivated and is actively looking at various options for a comprehensive and integrated social security policy.

"As more Malaysian retire in the future, we must recognise the importance of our retirees and their contribution to a productive economy.