Retirement fund KWAP launches Jana MyPesara with RM20 million to help retirees start or expand businesses, offering financing up to RM30,000 and mentoring support.
KUALA LUMPUR: The Retirement Fund (Incorporated) (KWAP) has launched the Jana MyPesara initiative with an allocation of RM20 million. This microfinancing programme is designed to help retirees manage and run their businesses in a more structured and systematic manner.
Finance Minister II Datuk Seri Amir Hamzah Azizan said microfinancing is a key sustainable measure in addressing the needs of an ageing society. He noted that many retirees face constraints in obtaining credit through conventional channels despite having 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. The programme not only provides financing but also includes guidance and mentoring services for retirees.
Amir Hamzah said the initiative reflects the government’s commitment under the MADANI Economy framework to promote inclusive growth. It aims to enable retirees to engage in income-generating activities and strengthen their financial resilience during retirement.
The government is targeting 3,000 retirees to participate in this pilot programme. The minimum funding amount a retiree can receive is RM1,000, while the maximum is RM30,000.
Malaysia is undergoing a demographic transition toward an ageing population structure. The country is projected to achieve aged nation status by 2048, when 14% of the population will be aged 65 and above.
The Jana MyPesara programme was designed based on findings from a KWAP survey. It showed nearly 60% of respondents are interested in entrepreneurship after retirement, with the need to supplement income being the main factor.
Amanah Ikhtiar Malaysia (AIM) is the implementing partner for the programme. KWAP currently serves more than 810,000 pension recipients throughout Malaysia.
