EPF says monthly pension payout scheme under 13MP still under study
The agency said the proposal is currently being studied and any decision would only be made after thorough engagements with key stakeholders and careful consideration of members' long-term interests., and that existing rules and withdrawal mechanisms remain unchanged.
'Any updates will be communicated through official and timely channels once available,' it said in a statement today.
According to the 13MP document released by the Economic Affairs Ministry yesterday, the government will explore new mechanisms to ensure continuous post-retirement income, aiming to improve workers' well-being, including the separation of EPF contributions into two components, namely retirement savings and monthly pensions. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
10 minutes ago
- New Straits Times
Asia shares sideswiped by US economic jitters, oil slips
SYDNEY: Asian share markets followed Wall Street lower on Monday as fears for the US economy returned with a vengeance, spurring investors to price in an almost certain rate cut for September and undermining the dollar. Some early resilience in US stock futures and a continued retreat in oil prices did help limit the losses, but the bleak message from the July payrolls report was hard to ignore. Not only had revisions meant payrolls were 290,000 below where investors had thought they would be, but the three-month average slowed to just 35,000 from 231,000 at the start of the year. "The report brings payroll growth closer in line with big data indicators of job gains and the broader growth dataset, both of which have slowed significantly in recent months," noted analysts at Goldman Sachs. "Taken together, the economic data confirm our view that the US economy is growing at a below-potential pace." Neither did the reaction of President Donald Trump instil confidence, as the firing of the head of Labor Statistics threatened to undermine confidence in US economic data. Likewise, news that Trump would get to fill a governorship position at the Federal Reserve early added to worries about the politicisation of interest rate policy. Analysts assume the appointee will be loyal to Trump alone, though the president did grudgingly concede that Fed Chair Jerome Powell would likely see out his term. "It opens the prospect of broader support on the Fed Board for lower rates sooner rather than later," said Ray Attrill, head of FX research at NAB. "Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight." Markets moved quickly to price in a lot more easing with the probability of a September rate cut swinging to 90 per cent, from 40 per cent before the jobs report. Futures extended the rally on Monday to imply 65 basis points of easing by year-end, compared to 33 basis points pre-data. Markets have essentially already eased for the Fed with two-year Treasury yields down another 4 basis points at 3.661 per cent. They tumbled almost 25 basis points on Friday in the biggest one-day drop since August last year. DOLLAR DENTED The prospect of lower borrowing costs offered some support for equities and S&P 500 futures inched up 0.1 per cent, while Nasdaq futures rose 0.2 per cent. Asian share markets, however, were still catching up with Friday's retreat and the Nikkei <.n22 per="" cent=""> fell 2.1 per cent, while South Korea dipped 0.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan broke the mould and firmed 0.3 per cent. Wall Street has also taken comfort in an upbeat results season. Around two-thirds of the S&P 500 have reported and 63 per cent have beaten forecasts. Earnings growth is estimated at 9.8 per cent, up from 5.8 per cent at the start of July. Companies reporting this week include Disney, McDonald's, Caterpillar and some of the large pharmaceutical groups. The dismal US jobs data did put a dent in the dollar's crown of exceptionalism, snuffing out what had been a promising rally for the currency. The dollar dipped 0.1 per cent to 147.24 yen, having shed an eye-watering 2.3 per cent on Friday, while the euro stood at US$1.1585 after bouncing 1.5 per cent on Friday. The dollar index was pinned at 98.659, having been toppled from last week's top of 100.250. Sterling was more restrained at US$1.3287 as markets are 87 per cent priced for the Bank of England to cut rates by a quarter point at a meeting on Thursday. The BoE board itself is expected to remain split on easing, while markets still favour two further cuts by the middle of next year. In commodity markets, gold was flat at US$3,361 an ounce, having climbed more than 2 per cent on Friday. Oil prices extended their latest slide as OPEC+ agreed to another large rise in output for September, which completely reverses last year's cuts of 2.2 million barrels per day. Brent dropped 0.6 per cent to US$69.24 a barrel, while US crude also fell 0.6 per cent to US$66.93 per barrel.
The Star
10 minutes ago
- The Star
Ringgit opens firmer against US$ amid renewed US rate cut hopes
KUALA LUMPUR: The ringgit opened stronger against the US dollar on Monday as hopes for an upcoming United States (US) rate cut increased following the latest data that showed a weaker US labour market, an economist said. At 8 am, the local note climbed to 4.2350/2550 against the greenback from Friday's close of 4.2750/2815. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that the US Non-farm Payroll (NFP) data came in lower than expected and surprised the market. The US Bureau of Labour Statistics (BLS) reported on Friday that NFP stood at 73,000 for July, coming in much lower than the market consensus of 110,000. Mohd Afzanizam believed that the US labour market has weakened, which would bolster the case for an interest cut in the upcoming Federal Open Market Committee (FOMC) meeting in September. "Already, the US Dollar Index (DXY) has declined to 98.708 points while the 2-year US Treasury yield saw a steep drop by 25 basis points to close at 3.69 per cent last Friday. "On that note, the ringgit may gain some strength today, having depreciated by 0.22 per cent on Friday to 4.2782," he said, adding that the ringgit is likely to trade within a range of 4.26 to 4.27 today. Nevertheless, the ringgit was lower against other major currencies in early trade. It weakened against the Japanese yen to 2.8749/8887 from 2.8407/8452 on Friday, fell slightly against the British pound to 5.6296/6562 from 5.6208/6293, and was lower against the euro at 4.9075/9307 from 4.8752/8826. Conversely, the local unit was mostly higher versus regional currencies. The ringgit rose against the Singapore dollar to 3.2873/3031 from Friday's close of 3.2907/2960, but slipped versus the Thai baht to 13.0388/1084 from 13.0058/0319. It went up against the Philippine peso at 7.28/7.32 from 7.35/7.36 last week and gained against the Indonesian rupiah to 256.4/257.8 from 258.8/259.4. - Bernama
Malay Mail
41 minutes ago
- Malay Mail
King's visit to Russia marks highest-level bilateral engagement since 1967, says envoy
MOSCOW, Aug 4 — The state visit by His Majesty Sultan Ibrahim, the King of Malaysia, to Russia from Aug 5-10 has been described as the highlight of the diplomatic ties between the two countries, said Malaysia's ambassador to Russia, Datuk Cheong Loon Lai. He said the visit is the highest-level ever made and the first by a Malaysian Head of State to Russia since diplomatic relations were established in April 1967. 'His Majesty's state visit, at the invitation of Russian President Vladimir V. Putin, is a recognition of the five decades of diplomatic ties with Malaysia, which was among the earliest ASEAN countries to establish ties with the then Soviet Union. 'This visit also reflects the crucial role of the institution of the Yang di-Pertuan Agong in the context of international relations,' he told Bernama here yesterday in conjunction with Sultan Ibrahim's state visit. Cheong said the visit will begin in Moscow, where His Majesty is scheduled to hold an official meeting with Putin at the Grand Kremlin Palace. Both leaders are expected to discuss potential cooperation in the fields of trade and investment, higher education, technology and innovation, people-to-people ties, digital transformation, agriculture and food security, as well as regional and international issues. 'This highest-level visit will certainly have a high impact in increasing the momentum and positive trend of bilateral relations between Malaysia and Russia. 'It sends the message that Malaysia is serious and committed to efforts to strengthen and improve bilateral relations with Russia in all fields, particularly strategic cooperation and people-to-people ties,' he said. According to Cheong, Malaysia has always valued its relationship with Russia, which is built on a pragmatic approach, openness and mutual respect. He added that the Russian government welcomes His Majesty's state visit and has extended its full cooperation and support to ensure its success. Sultan Ibrahim is scheduled to arrive in Moscow on Tuesday (Aug 5) and will be accorded a state welcome ceremony at the Kremlin on Wednesday, before holding an official meeting with Putin and attending a state banquet hosted by the Russian President. His Majesty is also scheduled to visit the Russian Automotive Technology Development Company (NAMI), as well as the Tochka Kipeniya Technology and Innovation Hub. On Friday (Aug 8), Sultan Ibrahim will travel to Kazan, the fifth largest city in Russia, to receive an audience from the Rais (Head) of the Republic of Tatarstan, Rustam Minnikhanov, at the Kazan Kremlin. Both parties are expected to discuss potential collaboration in the trade, investment, halal industry sectors and agricultural technology. His Majesty is also scheduled to attend a reception ceremony hosted by Minnikhanov and visit the Kazan Helicopter Plant to observe the manufacturing operations of civilian, defence and rescue helicopters. Russia is currently Malaysia's ninth-largest trading partner among European countries and 28th globally, with bilateral trade valued at RM11.46 billion (USD2.48 billion) in 2024. For the period January to June 2025, Malaysia-Russia trade volume was recorded at RM4.13 billion (USD945.7 million). — Bernama
