Latest news with #RM14.79bil
The Star
3 days ago
- Business
- The Star
PM: PETRONAS on strategic moves to adapt to global uncertainties
KUALA LUMPUR: PETRONAS' strategic decision to rationalise its asset portfolio is driven by the need to optimise investments, adapt to global market uncertainties and ensure the company remains competitive and sustainable in the long term, says Datuk Seri Anwar Ibrahim. The Prime Minister said that being among the Top 10 in its field globally, PETRONAS must consider long-term perspectives, given the uncertainties in the world of the oil and gas market. 'PETRONAS is making calculated decisions to release older assets and reinvest in new ventures to ensure maximum resource utilisation,' he said during the Minister Question Time at the Dewan Rakyat. Anwar noted that PETRONAS makes these decisions with commercial prudence and without political interference to uphold its esteemed reputation. Anwar acknowledged that over 5,000 workers might be affected in streamlining operations but said that comprehensive support measures are in place to assist them. 'We are ensuring those affected receive training for new opportunities, with guarantees such as a year-long salary,' he said. Concerning PETRONAS' strategy on Liquefied Natural Gas (LNG) imports and how it would maintain its profit portfolio, the Prime Minister explained that PETRONAS imports only what is necessary. 'Our import strategy is aligned with maintaining a competitive and commercially viable portfolio. PETRONAS balances imports and exports to maintain profitability,' he said. The Prime Minister also informed the Dewan Rakyat that over 4.6 million members of the Employees Provident Fund (EPF) have made withdrawals from the Flexible Account since May 2024, with total withdrawals amounting to RM14.79bil as of June 30. 'The remaining balance in the Flexible Balance Account stands at RM10.16bil,' he said when asked whether the government will allow a special EPF withdrawal in 2025 by moving 30% from Account 1 to Account 3.
The Star
4 days ago
- Business
- The Star
RM14.79bil withdrawn from EPF Flexible Account since May 2024, says Anwar
KUALA LUMPUR: More than 4.6 million Employees Provident Fund (EPF) members have withdrawn from the Flexible Account since May 2024, says Prime Minister Datuk Seri Anwar Ibrahim. He added that the total withdrawals reached RM14.79bil as of June 30 and said that the figure represents 35.1% of the 13.2 million EPF members under the age of 55. 'The remaining balance in the Flexible Account stands at RM10.16bil,' he said in a written reply to Datuk Seri Shahidan Kassim (PN–Arau). Shahidan asked whether the Government will allow a special EPF withdrawal in 2025 by moving 30% from Account 1 to Account 3. Anwar said EPF savings, particularly Account 1, are for retirement and are not a long‑term solution to cost of living or employment issues. He added that the Government has introduced direct cash aid, targeted subsidies, and special incentives to ease burdens and safeguard well‑being. Anwar then said past special withdrawals, including from Account 1, were temporary measures during the Covid‑19 pandemic. He added that such withdrawals are inconsistent with EPF's mandate as trustee of retirement savings and with international social protection standards.
