The Yang di-Pertuan Agong His Majesty King of Malaysia Sultan Ibrahim Sultan Iskandar stated that the government must ensure that good performance brings prosperity to all citizens and not just benefits specific groups.
His Majesty, Sultan Ibrahim, expressed gratitude for Malaysia's economic progress, including improvements in domestic economic performance and the growing foreign investments in the country.
His Majesty mentioned that the value of the ringgit had strengthened, and the unemployment rate remained low last year, while the Gross Domestic Product (GDP) growth reached 5.9 percent across various sectors.
“The country’s trade volume has surpassed RM2 trillion for the first nine months. I congratulate the Prime Minister and the government for the commendable economic performance. I hope it will be further improved.”
“I (His Majesty) appreciate the role played by all leaders in maintaining political stability, as it has contributed to the economic and social prosperity of the country,” His Majesty said in his speech during the Opening Ceremony of the First Meeting of the Fourth Session of the 15th Parliament on Monday (Feb 3).
“I (His Majesty) welcome the targeted subsidy approach, which has helped strengthen the government's financial position.”
“However, I (His Majesty) urge that these targeted subsidies be distributed efficiently and effectively to those who truly deserve them,” His Majesty added.
The King reminded the members of the Dewan Rakyat and Dewan Negara to prioritise debates for the benefit of the people and the prosperity of the nation.
His Majesty stated that Parliament is the platform for the voice of the people, where laws are enacted, and serves as a forum for checks and balances on the administration of the country.
His Majesty further emphasised that Parliament is not a place for conflict, insults, or the spreading of falsehoods.
“I (His Majesty) also appreciate the role played by all leaders in maintaining political stability, as it has contributed to the economic and social prosperity of the country,” His Majesty decreed.
Equity, Justice and the People
Prime Minister Datuk Seri Anwar Ibrahim, had on Nov 2, 2024, said the subsidy rationalisation for the T15 group in Budget 2025 was to enable the government to extend the funds saved to the 85 per cent of the population.
He said this is to ensure allocations to the people are fair and that those in the B40 and M40 groups are protected.
“Eighty-five per cent of the population is not affected by the subsidy rationalisation,” he stressed in his speech at the official launch of the National Hawkers and Small Traders Carnival 2024, then.
The National Union of Bank Employees (NUBE) had launched an initiative urging Payments Network Malaysia Sdn Bhd (PayNet) — the sole national payments network and shared central infrastructure for Malaysia's financial markets — to abolish the RM1 interbank ATM cash withdrawal fee since December, last year.
The union said the charge (which affects 85 per cent of Malaysia’s population) disproportionately impacts vulnerable communities still recovering from the Covid-19 pandemic.
NUBE general secretary J. Solomon criticised the fee as an unnecessary financial strain, saying the additional cost can quickly accumulate for those with limited resources.
“The RM1 withdrawal fee disproportionately affects those who can least afford it,” Solomon added.
During the pandemic, PayNet had initially waived the fee, recognising widespread economic hardship. However, the fee's reinstatement in February, 2022 had reignited tensions between banking institutions and consumer advocacy groups.
NUBE had approached PayNet's shareholders, including Bank Negara Malaysia and 11 commercial banks, urging them to reconsider the policy. Despite correspondence, no firm commitment to waive the fee has been made.
The union the called for either the complete abolition of the fee or the development of alternative solutions that provide financial relief to lower-income families.
The Impact of the RM1 ATM Fee
In Malaysia, the B40 (bottom 40% income earners) and M40 (middle 40% income earners) groups face significant economic challenges due to rising living costs, stagnant wages, housing affordability issues, limited access to financial services, and increasing healthcare and education expenses. Job security and the rise of informal employment also contribute to their financial strain.
The RM1 fee for out-of-network ATM withdrawals disproportionately affects these groups. For the B40, it's a significant burden, reducing disposable income and hindering financial management. While the M40 are less impacted, the fee still erodes savings and causes frustration. NUBE and various consumer groups argue for the fee's removal to ease the financial pressure on these groups and to avoid discouraging cashless transactions.
The banking industry's pursuit of profit, while important for its health and growth, raises ethical concerns. Prioritising profit over worker well-being, especially during times of rising living costs, can lead to cost-cutting measures that negatively impact employees' financial stability. A balance must be struck between profitability and ensuring fair compensation that keeps pace with inflation, otherwise, employees may face significant financial hardship.
To make a difference today, Malaysians are urged to go to NUBE’s official website here, and the Change.Org site at the campaign page, or sign on the forms when approached by the officials and volunteers who are assisting in the campaign to add to the call to abolish the fee.
#HapusCajRM1
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