PM wants EPF to increase domestic investment to 70%

SHAH ALAM: Prime Minister Datuk Seri Anwar Ibrahim has called on the Employees Provident Fund (EPF) to increase its domestic investment to 70% this year, compared with 64% last year.

Anwar, who is also the finance minister, said the fund should also review its direction so that investments made by the fund reflect the aspiration of the government which has focused on, among others, youth involvement, food security, and startups.

"In Malaysia, while productivity has gone up, the wage level remains low in comparison. So the gap continues to widen. These are the challenges we need to overcome.

"If the government can find new investments, more revenue will be generated, and this will benefit the people,” he said in his keynote speech at the officiating of Menara KWSP in Kwasa Damansara here today. KWSP is the Malay acronym for EPF.

Domestic investment should follow the present needs of the country and people, he added.

"There have been good strategic investments, not just in terms of industry but also in infrastructure, such as PLUS highway, Smart Tunnel, and for housing projects, I admit that.

"The difference is that I do not interfere in investment affairs which had happened in the history of EPF previously,” he noted.

Hence, the Prime Minister said he wants the investment panel of the fund to be professional and not be influenced by their superiors so that the benefits can be enjoyed by the people.

The EPF, which has assets worth RM1 trillion, was also advised to manage its affairs with good governance and integrity. - Bernama