‘World class’ EPF praised for keeping coffers healthy

THE coffers of the Employees Provident Fund (EPF) continue to be healthy with gross income from its investments increasing by 58% this year.

Praising the EPF management as “world class”, Public Accounts Committee (PAC) chairman Datuk Nur Jazlan Mohamed said the fund recorded a gross income of RM8.8bil in the first quarter this year, compared to RM5.6bil in the same period last year.

“This means there has been a 58% rise in total domestic and foreign investments made by EPF,” he told reporters at Parliament House yesterday.

The PAC was earlier briefed by EPF and Treasury officers on how the fund manages its investments.

Nur Jazlan said the investments were in the form of equity bonds, property and foreign exchange.

“The results from the investments by EPF this year have been remarkable. This shows that EPF management is solid and this should allay fears among the public that it will go bankrupt,” he said.

On EPF foreign investments in property, Nur Jazlan said the organisation had assets worth RM6.4bil overseas.

These were in Britain (RM4bil), Australia (RM1.5bil), Singapore (RM550mil) and Europe (RM300mil).

Nur Jazlan said all investments made by the EPF are approved first by the Finance Ministry as it cannot act independently.

He said the public, especially retirees, could rest assured that their investment in the EPF is safe.