Latest news with #AzalinaOthman
Malay Mail
6 days ago
- Business
- Malay Mail
Retirement at 65, a modern saga
MAY 29 — Joseph Schwartz, 62, time-travelled to a distant-future Earth which killed those who turned 60 in the sci-fi book Pebble in the Sky by Isaac Asimov which was published in 1950. Someone born that year would be 75 in 2025. I was reminded of Schwartz following the announcement Malaysia reconsiders the retirement age. In 2012 we moved it to 60, and now the minister wants 65 to be considered. Law Minister Azalina Othman Said a substantial number of older Malaysians are 'young and active.' The minister turns 62 in December. The prime minister said her idea deserved study. Cannot imagine him saying the idea was an attack on our values and has no merit. Anwar Ibrahim turns 78 in August. Like clockwork, Human Resources Minister Steven Sim said that prized study was underway. Sim just turned 43, which is also the age the prime minister was when he first entered Parliament. In an agrarian dominated world before the twentieth century, folks had children as and when biology permitted them. High child mortality was common, and infanticides unfortunately occurred. The rapid development of the last 150 years brought us prosperity and fun things like smartphones. It also wreaked havoc on the traditional family and standard demography. Ageing societies are synonymous with developed economies. Modern medicine extends life expectancies which compounds the ageing society phenomenon. The retirement age, whether the mandatory rule for civil servants and the upper limit for the private sector, has huge ramifications for the country. More so in a country with substantive state support for citizens — state income handouts (sumbangan asas SARA), subsidised fuel, household gas cylinders and public housing, among others — at a time of shrinking oil revenues. Those in employment for decades and those about to be in employment age, both have it hover over them. There are a fair number of years likely between retirement and death, and with negligible EPF savings for the majority with uncertainties over full medical coverage, working on for more years is not optional for millions of Malaysians. The drop in civil service recruitment, rise in graduates and cost of living, and uncertainties in a time of Internet, automation, AI and unaffordable housing, the continued presence of seniors beyond their normal exit points, discomforts younger Malaysians. When people are likely to retire is a huge existential threat to most Malaysians. To pass it over to a study and not a public discourse is quite damning. Even if most Malaysians care about it but are disengaged. This is where political leadership is expected from those who posit themselves as leaders. Malaysia has another factor which punches up the issue like steroids. It holds an expansive migrant population, from Rohingyas to Filipinos, Langkawi to Semporna. They inject themselves into the employment market. The total number of people of working age (citizens and migrant workers) goes up or down with the retirement age. Fountain of youthful objections The Malaysian Youth Council opposes change. Unsurprisingly. The effect on fresh recruitment is highlighted, like by the Sabah teacher's union. The argument is valid. However, the absence of countervailing arguments jars. Many countries of late have increased retirement ages, including Singapore, Thailand, Japan and China. Corrections to retirement ages for the reasons outlined in this column are rife all over the world. And of course, younger people elsewhere are not pleased and the self-righteous spout condescension on how the aged should hug grandkids till they instinctively know the choker hold. Tap out, tap out. There are no shockers delivered today but a sense of aghast that the government is incapable of organising broad consultation beyond asking the Malaysian Employers Federation and trade unions. Many countries of late have increased retirement ages, including Singapore, Thailand, Japan and China. — Freepik pic For example, if Malaysia charts a path to remove reliance on foreign labour, role-replacements are necessary. Up automation and hire Malaysian supervisors with multiple roles, therefore justifying higher wages, is one of many paths to change, in order to accommodate more Malaysians in the employment market while systematically reducing foreign labour. Malaysians have to be alerted that whether the needle is moved or not on retirement age, the burdens on those in the employment market only gets heavier. As the ratio of workers: retirees rises meaning there'd be fewer workers on average to pay for the benefits accrued by the retired — and those below working age — either taxes go up or national debt goes up. Keeping more of the senior high earners — euphemism, taxed more — longer inside the job market also maintains a wider tax pool. It is the new puzzle for societies in which all members of those societies pay the price of missteps. The first generation of knowledge workers from the 1990s approach steadily the retirement zone. It's inconclusive whether a liberal attitude toward retirement ages repays or not. Also, in play the increasing wealth disparity between the rich and poor. Since all of us are affected then all of us should be involved. To leave these decisions to committees appears crude and arcane. Isaac Asimov was 30 when Pebble in the Sky was published. The biochemistry doctoral student was on his way to becoming a professor after a non-combat stint in the US navy. A young man considering the societal effects of artificially age-capped mortality. The protagonist Schwartz despite his age possessed mental abilities to save the galaxy from a virus. The old guy saves hundreds of planets. It's fiction though. But young and old Malaysians need to discuss retirement age, which is not in the fictional realm. It is real and directly affects Malaysians, and the government should facilitate a broader nationwide discussion about it. There's the general election in around two years, and perhaps an excellent opportunity to referendum it. Ask the people directly. How old is old?
Malaysiakini
22-04-2025
- Politics
- Malaysiakini
Govt forms protem committee to draft Freedom of Information Bill
Minister in the Prime Minister's Department (Law and Institutional Reform) Azalina Othman has established a protem committee for the drafting of the Freedom of Information Bill to enhance democratic governance and transparency. Among its primary objectives are drafting a comprehensive legal framework to ensure transparency, accountability, and the public's right to information in accordance with the Federal Constitution, democratic principles, and international best practices.
The Star
21-04-2025
- Business
- The Star
Cross-Border Insolvency Bill to be tabled soon, says Azalina
PUTRAJAYA: Local creditors of insolvent companies with assets within the Asean region may be able to recover their debts soon, says Datuk Seri Azalina Othman. The Minister in the Prime Minister's Department (Law and Institutional Reform) said that this is one of the measures proposed under the Cross-Border Insolvency Bill to be presented in Parliament this June. "With the Asean Law Forum to be held this August, I have also visited several Asean nations and met with their law and judicial ministers. "Their feedback has been very positive on cross-border insolvency," she told reporters during the Hari Raya Open House celebration here on Monday. (April 21). She emphasised the importance of securing commitment from Asean neighbours concerning issues related to the bankruptcy and insolvency of the affected companies. "This is to allow us to cooperate so that their assets will not be left idle and can be used to settle debts among creditors, and as such," she said. In February, Azalina and Domestic Trade and Cost of Living Minister, Datuk Armizan Mohd Ali issued a joint statement on the setting up of a Cross-Border Insolvency Working Committee to align the country's insolvency laws with international standards. Among the steps taken is the introduction of new laws to strengthen the cross-border insolvency management system, especially for assets that span multiple countries. The proposed law would also support corporate rehabilitation efforts for local companies undergoing corporate rescue mechanisms. It would also facilitate winding-up processes under the Companies Act 2016 when a company's assets and liabilities are in more than one country. The tabling of the Bill comes as Malaysia plans to adopt the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency.
Reuters
15-03-2025
- Business
- Reuters
Petronas says still in talks with Sarawak over gas aggregator role
KUALA LUMPUR, March 15 (Reuters) - Malaysia's state energy firm Petronas said on Saturday it is continuing discussions with multiple stakeholders following a report that negotiations over the ongoing gas aggregator role with Petros have reached a deadlock. Petronas, or Petroliam Nasional, has been engaged in stalled negotiations with Petros, Sarawak's state-run energy firm, since last year. The impasse had raised concerns about the potential impact on Petronas' revenues, a major source of income for the federal government. Sarawak is home to more than 60% of Malaysia's gas reserves. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Online media Free Malaysia Today reported on March 12 that the negotiations between Petronas and Petros were still in a deadlock as the state government was sticking to its original demands of requiring all domestic gas users, including LNG plants in the state, to comply with state laws. "We are still working closely with the federal government, Sarawak state government and Petros on the details of the future arrangement to ensure that the rights and interests of all parties including the end-customers and investors are addressed accordingly," Petronas said, in response to queries from Reuters about the status of the negotiations. Last month, Prime Minister Anwar Ibrahim said Petronas would uphold all its domestic and international contractual obligations while Petros would act as Sarawak's gas aggregator under a 2016 state ordinance on gas distribution beginning March 1. Law Minister Azalina Othman confirmed Petros' role as the state's gas distributor, but excluding liquefied natural gas.
Reuters
07-02-2025
- Business
- Reuters
Sarawak gas deal has limited impact on Petronas earnings, analyst says
KUALA LUMPUR, Feb 7 (Reuters) - A deal between Malaysia's state energy firm Petronas and the Sarawak government on local gas distribution is likely to dent Petronas' earnings by no more than 11%, less than previously expected, research firm CreditSights said. The analyst said, however, the case set a precedent that could lead Sarawak to seek additional rights, and for other states to follow, potentially deterring investors. Petronas and Sarawak's Petros did not immediately respond to a Reuters request for comment. The negotiations between Petronas and Petros last year raised concerns over the impact on Petronas, which is a major contributor to federal coffers, and its operations in Sarawak, which holds over 60% of Malaysia's gas reserves. In a note made public on Friday, CreditSights estimated the impact to be in the single-digit to 11% range as most of Petronas' gas revenue comes from liquefied natural gas (LNG), rather than local gas distribution. The Sarawak LNG complex accounts for 73% of Petronas' total LNG sales. "We view the outcome favourably for Petronas, which was more benign than we had expected given that Sarawak had contested for full control over its gas distribution rights," CreditSights said. "We continue to expect Petronas to maintain its net cash position and for its gross leverage to worsen slightly in 2024, albeit from very healthy levels." Malaysian Prime Minister Anwar Ibrahim said in January the deal would allow Petronas to retain its authority over oil and gas distribution in the country even as Petros gains control of the gas distribution rights in Sarawak. Malaysia's Law Minister Azalina Othman in a written reply in parliament on Wednesday said Petros is the state's gas distributor, but that excluded LNG distribution. Under the Malaysia Agreement 1963, Sarawak was granted special autonomy rights, including on natural resources and immigration. Sarawak has long sought greater control of its natural resources, and the state government last February appointed Petros to manage its natural gas distribution and sales in the state. The Sarawak state premier's office declined to comment on Friday.
