Latest news with #EconomicPlanningUnit
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 "The main idea is to develop a more sustainable system such as a pension system where savings are not withdrawn in one lump sum, but paid out monthly," he said at the 2025 National Tax Conference her today.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.
Borneo Post
27-07-2025
- Business
- Borneo Post
Sarawak Connects Fair launched in Balikpapan to boost regional ties
Awang Tengah (fourth right) and other dignitaries cut the ribbon to launch the Sarawak Connects Fair KUCHING (July 27): Sarawak marked a significant milestone in regional cooperation with the launch of the Sarawak Connects Fair in Balikpapan, East Kalimantan yesterday, officiated by Deputy Premier Datuk Amar Awang Tengah Ali Hasan. In a statement from his office, Awang Tengah said the event brought together government officials, industry players and stakeholders from both Sarawak and Indonesia to explore cross-border collaboration in key sectors. He said the fair symbolised Sarawak's commitment to strengthening economic connectivity and sustainable development across Borneo, while supporting Indonesia's vision for Nusantara as its new capital city. 'This initiative reflects our shared aspirations for inclusive growth and innovation-driven progress,' he said, adding that the fair aligns with Sarawak's Post-Covid19 Development Strategy 2030 (PCDS 2030). 'Among the focal areas highlighted were healthcare and medical tourism, digital education partnerships, and resilient urban planning based on green and modular concepts,' he said. Awang Tengah also expressed appreciation to the East Kalimantan government and Indonesian partners for their support in making the event a success. 'The Sarawak Connects Fair is more than a trade exhibition—it is a strategic bridge linking communities, markets and investments across Borneo,' he said. The fair saw the participation of senior Sarawak officials, including Deputy Minister for Youth, Sports and Entrepreneur Development Datuk Ripin Lamat, Deputy State Secretary Dato Sri Muhammad Abdullah Zaidel, and Economic Planning Unit Director Datu Lester Matthew. Indonesian dignitaries included East Kalimantan's Assistant for Economic Development Ir. Ujang Rachmad and Nusantara Capital City Authority (OIKN) Deputy Head for Funding and Investment Sudiro Roi Santoso. The event is expected to pave the way for deeper regional integration and long-term partnerships between Sarawak and East Kalimantan. Awang Tengah Ali Hasan lead Sarawak Connects Fair
The Sun
16-06-2025
- Business
- The Sun
No need to dissolve Economy Ministry
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has stressed that there is no necessity to dissolve the Economy Ministry and any new ministerial appointment will only be made at an appropriate time. Anwar explained that the Economy Ministry, which was formerly the Economic Planning Unit (EPU) under the Prime Minister's Department, was elevated to a full ministry during Pakatan Harapan's first administration. 'There is no issue of a change (in ministerial structure). The structure is determined by the Cabinet and me, so for now, I don't see any need for a reshuffle,' he told reporters after officiating at Energy Asia 2025 at the Kuala Lumpur Convention Centre today. On the 13th Malaysia Plan (13MP), scheduled to be tabled in Parliament this July, Anwar said it is a collective responsibility of the Cabinet, with the Economy Ministry serving as the main secretariat. He added that various adjustments and reforms are underway in light of the changing economic landscape, including tariff revisions that are impacting key national projections. 'Last week, we also held a meeting to hear input from ministries on policy adjustments being introduced,' he said. On May 28, Economy Minister Datuk Seri Mohd Rafizi Ramli tendered his resignation and went on leave, which ends today. On the resignation of Minister of Natural Resources and Environmental Sustainability Nik Nazmi Nik Ahmad, Anwar said the matter has not been finalised as he wishes to allow time and space before making a decision. 'I usually wait, give them a chance. Reflect, consider, and I will give my view. If possible, I'd like him to continue his service; there's still time before his resignation takes effect,' he said. Nik Nazmi also tendered his resignation on May 28 and has gone on leave until July 3. When asked about the proposed adjustments involving RON95 petrol prices, Anwar reiterated that it will not affect 85 to 90 per cent of the population. He said the opposition's claims that people are suffering due to the subsidy rationalisation policy are nothing more than desperate political gimmicks aimed at creating a negative image of the government. Anwar said the government's move towards subsidy rationalisation is a critical step to ensure sufficient national resources are channelled effectively to benefit the lower-income group. 'We want to have enough resources to help the poor, to enhance the quality of education and to provide better public services, including in healthcare,' he said. The Prime Minister added that the government is committed to implementing the policy despite criticisms, as it forms part of broader economic reforms aimed at long-term fiscal sustainability.
New Straits Times
03-06-2025
- Business
- New Straits Times
Digistar appoints Zohari Akob as chairman following Zaini Omar's resignation
KUALA LUMPUR: Digistar Corp Bhd has overhauled its boardroom leadership following the resignation of its chairman, Tan Sri Zaini Omar, due to health reasons, according to multiple bourse filings. Zaini, 76, who served as an independent non-executive chairman, stepped down on May 30. The group cited health issues as the reason for his resignation and said there were no disagreements with the board. Following his exit, the company appointed Datuk Seri Zohari Akob, 67, as the new independent non-executive chairman. Zohari also assumes leadership of three key board committees including audit, nomination and remuneration. Zohari brings a wealth of experience from the public and corporate sectors. He began his career at the Economic Planning Unit in the Prime Minister's Department and later served as director of its privatisation section. Between 2014 and 2018, he was secretary-general of the Works Ministry. In the corporate sphere, he has held advisory and directorial roles at firms including Naza Engineering & Construction Sdn Bhd, Central Cable Bhd and CIDB Holdings Sdn Bhd. He is currently an advisor at Rafulin Sdn Bhd and president of two industry bodies, the Malaysian Service Providers Confederation and the Malaysian Association of Facility Management Meanwhile, other boardroom changes include the appointment of Datuk Ishak Mohamed as a non-independent non-executive director. Ishak, a former secretary-general of the Defence Ministry, has also joined the audit, nomination and remuneration committees. Following the appointments, the audit and nomination committees now comprise Zohari, Ishak and Thee Kok Chuan. The remuneration committee additionally includes Digistar's group managing director Datuk Wira Lee Wah Chong. Digistar, listed on the ACE Market of Bursa Malaysia, is involved in multiple sectors including technology, construction, property development, and hospitality. Its services span information and communication technology systems integration, digital content broadcasting and the development of affordable housing, among others. At the time of writing, shares of Digistar rose one sen or 25 per cent to five sen, with 4.43 million units traded. This brought the penny stock's market capitalisation to RM31.5 million.
Borneo Post
28-04-2025
- Business
- Borneo Post
Dr Sim leads delegation to Manchester in UK to study housing, urban renewal models
Dr Sim (third right) and the delegation being briefed at one of the sites they visited. – Photo via Facebook/Dr Sim Kui Hian KUCHING (April 28): A Sarawak delegation led by Deputy Premier Datuk Amar Dr Sim Kui Hian is currently in Manchester, United Kingdom, on a working visit focused on housing and urban regeneration. Dr Sim, who is also Minister for Public Health, Housing, and Local Government, shared in a Facebook post that Sarawak needs to plan ahead to meet growing demands for public housing and public transportation as part of its broader nation-building efforts. He explained that the government is making progress towards achieving economic prosperity, inclusivity, and environmental sustainability goals under Sarawak's Post Covis-19 Development Strategy (PCDS) 2030. 'For the 13th Malaysia Plan (2026-2030), the Economic Planning Unit (EPU) Sarawak is proposing to raise the target for affordable housing from the previous 3,000 units to 20,000 units. Such targets will require teamwork from different government agencies as well as private and public partnership,' he stated in the Facebook post. Apart from deputy ministers and officials from Ministry of Public Health, Housing and Local Government (MPHLG) Sarawak, members of the delegation also comprised representatives from the Housing Development Corporation (HDC) Sarawak, Sarawak Planning Authority (SPA), Land & Survey Department Sarawak, Land Custody and Development Authority (LCDA) Sarawak dan Sarawak Housing and Real Estate Developers' Association (SHEDA). They visited the Urban Regeneration of New Islington in Ancoats, Manchester, where a former industrial site was transformed into affordable council housing, green spaces and enhanced connectivity (canal, public transport) with a vibrant, sustainable community. They were also briefed on the Hulme Crescents Redevelopment Project, which Dr Sim described as another prime example of urban renewal that integrates public affordable housing within a planned, sustainable community framework. Additionally, the delegation visited Heaton Park in Manchester, one of the largest municipal parks in Europe, spanning approximately 600 acres. Dr Sim Kui Hian housing urban regeneration working visit
