Latest news with #2025NationalTaxConference
The Star
6 days ago
- Business
- The Star
Proposals on unexplained wealth, monthly pensions to be studied, says Amir Hamzah
Finance Minister II Datuk Seri Amir Hamzah Azizan. 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
New Straits Times
6 days ago
- Business
- New Straits Times
Govt considers pension-style EPF withdrawals: Amir Hamzah
KUALA LUMPUR: The government is studying a proposal to replace the current lump sum withdrawal system under the Employees Provident Fund (EPF) with a monthly pension-style payout, as part of efforts to ensure more sustainable retirement savings for Malaysians. Finance Minister II Datuk Seri Amir Hamzah Azizan said the new system may initially apply only to new EPF members, while existing contributors could be given the option to transition to the revised structure voluntarily. He added that the idea, aimed at preventing contributors from depleting their savings too quickly, is being refined and has already been addressed by the Economic Planning Unit. "The main idea is to develop a more sustainable system such as a pension system where savings are not withdrawn in one lump sum, but paid out monthly," he said at the 2025 National Tax Conference her today. Amir Hamzah noted that many EPF contributors tend to exhaust their savings soon after retirement, which often leads to financial difficulties in their later years. As such, the government is taking a cautious and comprehensive approach in evaluating the long-term implications of the proposed reform. "This is to replace the current lump sum withdrawal system. If the proposal is accepted, its implementation will be practical and phased," he added. The government's broader objective is to build a more resilient and inclusive retirement framework that ensures long-term financial security for all Malaysians, he added.
