Latest news with #MalaysianGovernment
Borneo Post
7 days ago
- Business
- Borneo Post
EPF records total investment income of RM18.31 bln for 1Q 2025
File photo for illustration purposes KUALA LUMPUR (June 4): The Employees Provident Fund (EPF) recorded investment income totalling RM18.31 billion for the first quarter ended March 31, 2025 (1Q 2025), a 13 per cent decline from RM20.99 billion in the corresponding period in 2024. It said the total investment income includes RM1.02 billion mark-to-market gains on securities that have not been realised, due to foreign exchange rate fluctuations. In line with the EPF's policy, these gains will not be distributable as dividends. EPF chief executive officer Ahmad Zulqarnain Onn noted that global markets turned volatile early in 2025 on renewed trade frictions and policy uncertainty. He added that uncertainties surrounding US trade policies affect major stock markets throughout the quarter although the tariff announcement was made by the US administration on April 2. 'Despite the moderation of inflationary pressures in many economies, the pace and timing of monetary policy easing differed across regions, dampening risk appetites. Our diversified global portfolio cushioned the impact and kept the EPF on course for long-term value creation,' Ahmad Zulqarnain said in a statement yesterday. During 1Q 2025, equities contributed RM10.81 billion, a 23 per cent decline from RM14.02 billion recorded in 1Q 2024 mainly due to weaker performance across global equity markets and a challenging investment climate. EPF said equities continued to be the highest contributor, accounting for 59 per cent of total investment income while fixed Income continued to anchor capital preservation, contributing RM5.99 billion or 33 per cent of total investment income. Fixed income, comprising Malaysian Government securities and equivalents, loans and bonds, continued to fulfil its dual mandate of delivering stable returns and as a counterbalance to equity market fluctuations. Real estate and infrastructure recorded an income of RM1.08 billion in 1Q 2025, while money market instruments generated RM0.43 billion, in line with return expectations for these asset classes. Of the total investment income, RM15.87 billion was generated for conventional savings and RM2.44 billion for shariah savings. As of March 2025, EPF's investment assets totalled RM1.26 trillion, with 38 per cent invested internationally. During the period, international investments generated RM8 billion or 44 per cent of the total investment income. The EPF said its domestic investments, which account for 62 per cent of total assets, continued to provide long-term income stability through dividends, interests and profits from sukuk. It added that the EPF remains committed to supporting Malaysia's economic growth by continuing to invest over 70 per cent of its annual allocation in the domestic market. Meanwhile, Ahmad Zulqarnain said the downward revisions in global and regional growth forecasts, including Malaysia's, reflect rising external risks amid shifting global trade dynamics. 'In a more challenging and uncertain market environment, the EPF maintains a dynamic and well-diversified portfolio to help safeguard value and manage downside risks. We continue to actively explore investment opportunities across both domestic and international markets to strengthen our portfolio and support long-term, sustainable returns for our members,' he added. During the period, the EPF registered 140,111 new members, raising total membership to 16.3 million. Of these, 8.88 million are active members, representing 51.3 per cent of the 17.31 million labour force. The EPF's active-to-inactive member ratio remained stable at 54:46 in 1Q 2025. New employer registration reached 19,600 in the first quarter of this year, increasing total active employers registered with the EPF to 616,558. Total contributions increased by 15.1 per cent to RM33.54 billion, up from RM29.13 billion in 1Q 2024 while total voluntary contributions rose by 62 per cent to RM7.02 billion, from RM4.33 billion a year earlier. The EPF said the number of formal sector members contributing above the statutory rate was 10,990 in 1Q 2025, compared to 6,771 in the same period last year. – Bernama Employees Provident Fund first quarter investment income
Bloomberg
24-05-2025
- Politics
- Bloomberg
Malaysia's Anwar Defends Lengthening Tenure of Anti-Graft Chief
Malaysian Prime Minister Anwar Ibrahim defended an extension of the anti-corruption agency head's tenure, saying Azam Baki has been brave in going after powerful figures allegedly embroiled in corruption and abuse of power. Azam's term as chief commissioner of the Malaysian Anti-Corruption Commission was lengthened by a year starting May 13, the third extension since he turned 60 years old. He is also the first head of the agency to have his employment prolonged beyond the mandatory retirement age, stoking public debate about Anwar's pledges to improve Malaysia's governance.
CNA
14-05-2025
- Politics
- CNA
Malaysian PM Anwar meets with Russian President Putin in Moscow
Malaysian Prime Minister Anwar Ibrahim has met with Russian President Vladimir Putin at the Kremlin in Moscow. Mr Anwar's four-day tour is the first official visit by a Malaysian leader to Russia in nearly 20 years. He had been to Vladivostok in September last year for a working trip. Afifah Ariffin reports from Kuala Lumpur.
Malay Mail
14-05-2025
- Politics
- Malay Mail
PM Anwar receives official welcome at Kremlin as Malaysia-Russia ties take spotlight
MOSCOW, May 14 — Prime Minister Datuk Seri Anwar Ibrahim was accorded an official welcome at the Kremlin, the official working residence of President Vladimir Putin, underscoring a pivotal moment in strengthening diplomatic ties between Malaysia and Russia. Anwar, who is here on a four-day official visit, arrived at the Kremlin at 1.48pm local time (6.48 pm Malaysian time) and was greeted by Putin in the Green Room. Both leaders are scheduled to have a restricted meeting, after which, Anwar will have his official working lunch and delegation meeting. The two leaders are slated to hold a joint press conference later. Anwar's entourage includes Foreign Minister Datuk Seri Mohamad Hasan; Minister of Agriculture and Food Security Datuk Seri Mohamad Sabu; Minister of Science, Technology and Innovation Chang Li Kang; Minister of Higher Education Datuk Seri Dr Zambry Abdul Kadir; and Minister of Plantation and Commodities Datuk Seri Johari Abdul Ghani and Malaysia's Ambassador to Russia Datuk Cheong Loon Lai. On the Russian side, Putin is accompanied by Minister of Foreign Affairs Sergey Lavrov, First Deputy Chairman of the Government Denis Manturov, Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin, and Deputy Chief of Staff of the Presidential Administration and Press Secretary Dmitry Peshkov. More than 80 local media representatives from various agencies are covering the event. Earlier, Anwar also held a bilateral meeting with his counterpart, Mikhail Mishustin. Anwar's official visit to Russia started on May 13 and will last until May 16. — Bernama
Malay Mail
10-05-2025
- Business
- Malay Mail
A framework for gig workers to thrive — Cheah Chan Fatt
MAY 10 — The gig economy has rapidly grown in Malaysia, providing flexible work opportunities to millions of individuals across various industries. Gig workers, including ride-hailing drivers, food delivery riders, freelancers, and digital platform workers, play a crucial role in the country's labour market. However, despite their significant contributions to the economy, many gig workers face job insecurity, lack of social protections, and unfair treatment due to the absence of a legal framework governing their rights. Recognising these challenges, the Malaysian government is set to introduce the Gig Workers' Bill, a landmark piece of legislation aimed at safeguarding the welfare and rights of gig workers. This Bill is essential for improving worker protection, strengthening Malaysia's economy and promoting sustainable GDP growth. Gig work offers flexibility and autonomy, allowing individuals to earn income outside the traditional employment model. However, this flexibility often comes at a cost — many gig workers lack access to health benefits, retirement savings, job security, and protections against unfair dismissal. The Gig Workers' Bill addresses these concerns by defining gig workers as a separate labour category from full-time employees. This distinction enables policymakers to introduce targeted regulations that suit the unique nature of gig work while ensuring fair treatment and labour protections. By recognising gig workers within the legal framework, the Bill establishes minimum wage standards, reasonable working conditions, and mechanisms for dispute resolution between workers and platform providers. Gig work offers flexibility and autonomy, allowing individuals to earn income outside the traditional employment model. — Unsplash pic One of the most critical aspects of the Gig Workers' Bill is the implementation of mandatory social security contributions. Under the proposed legislation, gig platforms must contribute to gig workers' Employees Provident Fund (EPF) and Social Security Organisation (Socso) schemes. This ensures that gig workers have financial security during unemployment, illness, or retirement, reducing their economic vulnerability. Many gig workers currently do not have retirement savings, putting them at risk of financial instability in the future. By mandating contributions to these social safety nets, the Bill provides long-term financial protection for millions of gig workers, ensuring they are not left behind in Malaysia's evolving labour market. Beyond protecting individual workers, the Gig Workers' Bill is pivotal in driving Malaysia's GDP growth. The gig economy is one of the fastest-growing sectors in Malaysia, with more than 2.2 million gig workers actively participating in various industries. As demand for gig-based services continues to rise, stabilising the gig workforce through legal protections will contribute to higher productivity and economic sustainability. Many gig workers face income fluctuations, exploitation, and sudden job losses, leading to low job retention rates. By introducing fair wage practices and social protections, the Bill encourages greater workforce stability, reducing turnover rates and ensuring that skilled gig workers remain in the industry. A structured gig economy also facilitates better financial integration, allowing gig workers to access banking services, credit facilities, and investment opportunities. With formal recognition, gig workers can secure loans to invest in housing, education, and personal development, contributing to greater economic participation. Additionally, the Bill establishes taxation policies for gig platforms, ensuring that companies operating within Malaysia's gig economy contribute fairly to national revenue. The additional tax income can be reinvested into education, healthcare, and infrastructure projects, fostering long-term economic growth. Apart from strengthening Malaysia's economy, the Gig Workers' Bill acknowledges gig workers' vital contributions to national development. Gig workers provide essential services that improve efficiency in multiple sectors, including transportation, food delivery, digital services, and creative industries. Their efforts help bridge gaps in the labour market while catering to consumer demands for convenient, on-demand services. The Bill enhances gig workers' job satisfaction, motivation, and long-term commitment by ensuring fair compensation, job stability, and career development opportunities. When gig workers feel valued and protected, they are more likely to invest in skill development, improving overall service quality. The Bill encourages skills development and vocational training programs to empower gig workers further. By partnering with educational institutions and industry stakeholders, the government aims to provide gig workers with opportunities to upskill and transition into higher-paying roles. Access to continuous learning will increase Malaysia's human capital, allowing gig workers to participate in high-value industries such as technology, finance, and entrepreneurship. A more skilled gig workforce will boost Malaysia's competitiveness on a global scale, attracting investments and accelerating economic expansion. In conclusion, the Gig Workers' Bill is a crucial legislative development that will reshape Malaysia's gig economy by establishing legal protections, stabilising the workforce, and promoting long-term GDP growth. By addressing worker rights, social security, and fair compensation, the Bill creates a more sustainable and inclusive labour market that benefits not only gig workers but also the national economy. As Malaysia continues to adapt to modern work trends, a balanced and well-regulated gig economy is key to ensuring economic resilience, innovation, and global competitiveness. With stronger legal frameworks in place, gig workers will be able to thrive in a fair and equitable labour environment, ultimately contributing to Malaysia's vision for a progressive and sustainable future. * Dr Cheah Chan Fatt is a Research Fellow at the Ungku Aziz Centre for Development Studies (UAC), Universiti Malaya. ** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
