An overhaul of Malaysia’s pension system is long overdue

BARELY a week has passed since forming his new Cabinet, and Malaysia’s new Prime Minister Anwar Ibrahim has already displayed a steely determination to fix the country’s economy with a series of initiatives and announcements. There is one pressing issue, however, that has yet to be addressed by the new administration, and that is the reform of the pension system.

The 75-year-old Anwar, who also named himself finance minister, has wasted no time to make a number of major announcements since taking charge, including a review of the national 5G network project and the RM7 billion (S$2.1 billion) flood mitigation project awards, all cabinet ministers taking a 20 per cent pay cut, as well as a review of the current blanket subsidy mechanism.

All these are in line with the election manifesto issued by Pakatan Harapan, the coalition that Anwar leads, to improve Malaysia’s economy, fight corruption and prevent leakages.