Proposals on unexplained wealth, monthly pensions to be studied, says Amir Hamzah
KUALA LUMPUR: The government is not yet ready to implement the Unexplained Wealth Order (UWO), despite having received proposals for its introduction, says Datuk Seri Amir Hamzah Azizan.
The Finance Minister II said the government would first study related issues before any implementation.
"We will look at good ideas before execution, and I have received suggestions to explore. We will study the matter first and understand the issues involved because we do not want unintended consequences,' he said.
He told reporters this after officiating the 2025 National Tax Conference here on Tuesday (Aug 5).
Previously, former Klang MP Charles Santiago was reported as saying that Malaysia needed the UWO to hold all elites accountable for the source of their wealth.
Meanwhile, Amir Hamzah said the government would also examine efforts to introduce monthly pension payments as part of the initiative to improve the national remuneration system.
He said a thorough study must be carried out to refine more practical implementation methods.
"The issue we see now is that when someone gains full access (to their retirement funds), many tend to spend the money quickly. So, when they reach old age, they don't have sufficient savings.
"I believe in the study, we will look at various more practical implementation methods. As previously explained, this initiative is for those newly entering the Employees Provident Fund (EPF) scheme, not for those already in the system,' he said.
According to the 13th Malaysia Plan (13MP) document issued by the Economy Ministry on July 31, the government will explore a new mechanism to ensure continuous post-retirement income by splitting EPF contributions into two main components, namely retirement savings and monthly pensions.- Bernama
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