KUALA LUMPUR: The Malaysian economy has maintained its strength, thanks to a confluence of domestic reforms, such as diesel subsidy rationalisation, a...
Apurva notes that the Fiscal Responsibility Act and pensions have not received much attention on the fiscal reforms front. – Bernama filepic
He said the FRA is a major missing piece in Malaysia’s macro armour and it will link revenue and spending to keep the fiscal ship steady. Apurva said the current ceiling of 60% of gross domestic product is somewhat lenient compared to the 45% in similar countries. Apurva said the proposed pension reform phases out the defined benefits scheme for new civil servants, replacing it with a defined contribution scheme. This should make pension spending more sustainable.
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