EPF aims to rebuild members’ savings

KUALA LUMPUR: As Malaysia moves towards the endemic phase of Covid-19, the Employees Provident Fund (EPF) is focused on helping members rebuild their savings, says chief executive officer Datuk Seri Amir Hamzah Azizan.

The four pandemic-related withdrawal facilities – i-Lestari, i-Sinar, i-Citra, and the special withdrawal - have helped tide members over during the pandemic, he said.

“In addition to prioritising members’ interests and future wellbeing, the EPF must ensure it can perform going forward.

“Any further withdrawals would impact the EPF financially and weaken the fund’s current portfolio position and capacity to ensure sustainable returns,” he added.

The EPF would take a cautious stance to navigate through the downside risks associated with post-pandemic recovery and the war in Ukraine as it focuses on maintaining growth and rebuilding members’ savings, he said.

He also said inflationary concerns, supply chain disruptions, and tightening monetary policy by major central banks would likely continue to dampen both the equity and bond markets.

“The EPF would continue to rebalance the fund’s positions in stocks that are fundamentally strong but undervalued,” he said in a statement yesterday.

As one of the pillars of the country’s socioeconomic and social security framework, the EPF’s fund performance and support of the domestic capital market are integral to the country’s economic success, he said. It will strive to ensure the health of its finances and globally diversified portfolio, guided by its strategic asset allocation, to enable it to ride out volatilities in pursuit of its long-term portfolio objectives, he added. –—Bernama