Datuk Seri Panglima Hajiji Noor
KOTA KINABALU (Dec 1): The Government Trust Fund Enactment (Amendment) 2022 bill was approved during the State Legislative Assembly on Thursday.
Chief Minister Datuk Seri Panglima Hajiji Noor, when presenting the bill, said that the aim was for the establishment of a trust fund called the Sabah State Professional Accounting Body Education Fund.
“To implement the formation of this trust fund, the Government Trust Fund Enactment 1964 must be amended to include new details related to the fund in the enactment schedule. The proposed amendment mentioned in this Bill has been distributed in this honorable house for the perusal of the honorable members,” he said.
Hajiji explained that the purpose of forming the Sabah State Professional Accounting Body Education Fund is to cover the funding of the education of professional accounting body under the W Services Scheme who are eligible.
He said that since 1 January 2022 through the Sabah State Services Circular No. 13/2021, the State government requires management officers and professionals in the W Service Scheme to have a second professional membership to enable promotion to grade WA48 and above without vacancy.
“The need to possess a second professional membership is in line with the State Government roadmap towards the implementation of accrual accounting. Aside from that, it will strengthen and empower officers under W services,” he said.
He said that in line with this need, the State government will set up a trust fund to fund the education of the professional accounting body with RM3,775,000 (subject to the current cost) which will be contributed into this trust fund for a period of five years which is about RM775,000 per annum.
“The establishment of the trust fund is important to finance qualified accountants to have a second professional membership. It will not only ensure that the sponsorship will run smoothly and will be continued on, but will also support the career development of accountants in providing better services to the State Government,” he said.