SIBU, Jan 28 — Citizens should look at the federal government's recent proposal to abolish the civil servant pension system and replace it with the Employees Provident Fund (EPF) from a more rational and long-term perspective, says Tourism & Culture.・Arts Minister Datuk said. Seri Tiong King Singh.
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Tiong, who is also a Bintulu MP and Dudong city councilor, said if the new system is not implemented, the government will have to shoulder RM120 billion in pension expenditure in 2040.
“I would like everyone to think deeply about this. Every year, a large portion of the hundreds of billions of ringgit budget is used to pay public servants' pensions, amounting to tens of billions of ringgits.
“If the new system is not implemented, the government will have to shoulder RM120 billion in pension expenditure in 2040,” he said at the Progressive Democratic Party's (PDP) Lunar New Year rally held at a local hotel last night. Ta.
Mr Tiong acknowledged that the proposal had sparked intense debate among the public.
“Some political leaders from both the ruling and opposition parties are taking advantage of the opportunity to exploit this issue, and I think the government should not make such reforms,” he said.
He added that instead of blindly speculating about related issues, the public should comprehensively consider the real meaning behind the reforms they are aiming for.
“Malaysia is particularly at a stage of economic transformation right now.In order for Malaysia's economic development to break through bottlenecks and increase its competitiveness on the international stage, reforms in response to the changing times are inevitable.
“And, of course, it takes time. Any reform must go through a painful ‘teething’ period before it goes smoothly and achieves the desired results.”
Mr Tiong said a review of the civil servant pension system would go a long way towards improving the lives of Malaysians, especially if it increased access to finance to support the disadvantaged, improve rural infrastructure and implement development plans. I believed it would be helpful.
Among those in attendance were PDP Deputy Leader Datuk Henry Harry Jinep, PDP Deputy Leader Datuk Penguan Mangir, Meruang MP Lorang Duat, Kurian MP Friday Berik, organizing committee chair Agatha Ting, and PDP Chairman Dudong. Datuk Teo Boon Siew, Parti Sarawak Bersatu (PSB) and others were present. President Datuk Seri Wong Soon Ko and Vice President Jonical Rayong Gipa. — Borneo Post
