The Government-Linked Companies Empowerment and Reform Initiative (GEAR-uP) has made an encouraging start when RM11 billion has been successfully disbursed to high-value sectors since it was initiated in August last year.
Minister of Finance II, Datuk Seri Amir Hamzah Azizan, said the initial achievement showed the government's strong commitment to boosting the economy through the involvement of investment companies and government-linked companies (GLICs and GLCs).
During his speech at the Special Briefing: GEAR-uP 2025 Progress Report yesterday, Amir Hamzah presented that out of the target of RM120 billion over five years, RM11 billion has already been committed so far, thus showing a very positive start for the implementation of the initiative.
To date, 18 global and regional investment funds have been established, while over 8,000 youth, mostly from the B40 community, have been trained with an 80% employability rate.
In addition, over 700,000 individuals have benefited through various community development initiatives by GLICs and GLCs, including Sekolah Angkat Madani, Santuni Madani and Zakat Wakalah.
Under Madani Economy, GEAR-uP supports two main thrusts, namely ‘Raise the Ceiling’ and ‘Raise the Floor’, which cover economic development and improving the standard of living of the people.
In terms of wages, Amir Hamzah also informed that 9 GLICs and GLCs, including EPF and Khazanah, have implemented a minimum wage of RM3,100, with another 25 expected to follow by the end of the year.
In an effort to improve the health system and support dignified aging, the EPF will also launch the pilot phase of the Rakan KKM initiative worth RM25 million starting July 2025 at five government hospitals, with the announcement of the first hospital expected to be made in the third quarter of this year by the Ministry of Health.
