Skip to main content
For Informational Purposes Only

Response to Written Question PT6

Reading Summary

📖 Reading time: 2 minutes
📊 Word count: 268 words

YANG BERHORMAT PEHIN ORANG KAYA LAILA SETIA DATO SERI SETIA AWANG HAJI ABD. RAHMAN BIN HAJI IBRAHIM​

QUESTION:

Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abd. Rahman bin Haji Ibrahim requests the MINISTER AT THE PRIME MINISTER'S OFFICE AND MINISTER OF FINANCE AND ECONOMY II to state the feasibility of some SPK contributions being invested into well-performing and low-risk local GLCs (e.g., BIBD, DST, BFI, Petrochemical). It is understood that many contributions are invested abroad to achieve reasonable returns, and local GLC investments could potentially help in increasing dividend returns from stock sales and serve as a catalyst to attract new FDIs to stimulate the domestic economy.

YANG BERHORMAT MINISTER AT THE PRIME MINISTER'S OFFICE AND MINISTER OF FINANCE AND ECONOMY II​

ANSWER:

Yang Berhormat Yang Di-Pertua,

As Your Honourable Member is aware, SPK funds are not directly invested in GLC Companies considering the SPK structure needs to provide stable and risk-free returns. Instead, starting from the Financial Year 2020/2021, members' cumulative savings have been invested in investments that provide fixed returns and are guaranteed by the Government. This is to ensure SPK members' savings are more secured and not exposed to business risks.

The stability of dividend rates can guarantee that members' savings continue to grow in the future because members' savings are no longer exposed to value depreciation due to market volatility, especially amid increasingly uncertain global market economies caused by geopolitical pressures or the unforeseen emergence of pandemics.

Ensuring stable returns for members will also have a positive and resilient financial impact, especially for contributors with low salaries. Consistent returns can help members in projecting their total savings to enable them to make more structured retirement financial planning.

Thank you, Yang Berhormat Yang Di-Pertua.

Help Needed
Help needed with proof-reading, verification of content extracted from PDFs, and Jawi and Arabic characters, please email pr@queeniecy.com if you have experience with Markdown.
Disclaimer
The information presented on this webpage is based on processed PDFs downloaded from the official website using OpenAI technology. We have taken steps to ensure accuracy, but if you identify any discrepancies or issues, please kindly notify us at pr@queeniecy.com so that we can make necessary adjustments. Thank you for your understanding and cooperation.
Disclaimer
The information provided on this website is for general informational purposes only. While we strive to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Through this website, you may be able to link to other websites which are not under our control. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, we take no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.