OUR SQUANDERED OIL FUND COULD HAVE BEEN OUR PENSION FUND

Press statement by Kua Kia Soong, SUARAM Adviser 13 Sept 2019

The Malaysian government is pointing to our near empty national coffers as a justification for not paying pensions to our civil servants. Considering our petroleum industry started in the 1970s, compare our financial state to that of the Government Pension Fund of Norway, also known as their Oil Fund which was only established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. The Norwegian Government Pension Fund Global is invested in international financial markets, so the risk is independent from the Norwegian economy. Today, their Pension Fund has over US$1 trillion in assets, including 1.5% of global stocks and shares, making it the world’s largest sovereign wealth fund. In 2018 it was worth about $195,000 per Norwegian citizen.

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NO PENSION FOR CIVIL SERVANTS BUT MULTIPLE PENSIONS FOR POLITICIANS?

Press statement by Kua Kia Soong, SUARAM Adviser 9 Sept 2019

The government is contemplating a new scheme whereby appointments in the public service will no longer be made under the permanent and pension schemes but will be replaced with a contractual scheme. This was announced by Public Service Department director-general Borhan Dolah. He said this is aimed at reducing the burden of pensions which is now reaching RM28 billion. He said existing civil servants might be given the option to switch to the new contractual scheme.

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CIVIL SERVICE DECLINE: EVIDENCE & PERCEPTION

Press statement by Kua Kia Soong, SUARAM Adviser 2 July 2019

The response to the World Bank report that the performance of Malaysia’s civil service has been declining since 2014 has been remarkable. World Bank lead public sector specialist Rajni Bajpai said that the report decided to compare Malaysia with the OECD countries as we are hoping to move from a middle-income to that of high-income status country:

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