EPF aims to boost investment income

SHAH ALAM: The Employees' Provident Fund (EPF) is aiming for the group's investment income to improve in the second quarter of 2023 (2Q 2023), given the improvement and stability in the global and domestic economy.

EPF chief executive officer Datuk Seri Amir Hamzah Azizan said easing concerns over issues such as interest rate hikes will help in generating better returns during the quarter compared with 1Q 2023 ended March 31, 2023.

"Prime Minister Datuk Seri Anwar Ibrahim suggested that the EPF increase its domestic direct investment to 70 per cent.

"So, this year, we will invest approximately 70 per cent domestically and the balance will be invested abroad," he told reporters after launching the 2022/2023 Belanjawanku guide and mobile app (Belanjawanku) here today.

EPF’s investment income rose three per cent to RM15.16 billion in 1Q 2023 from RM14.77 billion recorded in 1Q 2022.

Meanwhile, Amir Hamzah said the data provided by Belanjawanku serves as a guide for EPF members and Malaysians on the essential expenses for their basic daily needs.

"We hope that Belanjawanku will change the way they spend and encourage them to start taking opportunities to increase their future savings," he said.

Introduced in 2019, Belanjawanku provides data on minimum expenses for households according to categories as well as recommendations on the allocation for discretionary expenses and personal savings. - Bernama