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The Employees' Provident Fund, EPF, is the biggest institution for
compulsory savings in Malaysia. It has a total source of finance of over RM 172 billion and over 9.7 million contributors or members. It provides the members for old age. Obviously, the people keep an eye on it.

We congratulate Tan Sri Halim for having been appointed the Chairman of EPF. When he takes up his appointment tomorrow we hope that he will scrutinize effectively all the activities in the institution, especially its investment and service.

For example, the 2001 national budget is over RM 91 billion, the revenue is over RM 61 billion, showing a deficit of about RM 30 billion. Recently, the Government floats RM 6 billion bonds to rescue the losses in the Light Rail Transit. How much EPF money will be taken to deal with these?

EPF members are encouraged to buy computers. Although there must be
scrutiny, EPF should not let Pos Malaysia monopolize everything.

SCRUTINY

As a chairman, Tan Sri Halim does not have executive power. But, he chairs many important committees. He has the opportunity of seeing the goings on in EPF. He can play a supervisory and advisory part in the affairs of EPF.

As EPF looks after its members in their old age, we hope that Tan Sri Halim review all its functions, including preventing avaricious interest group eyeing its resources. Whatever it is, EPF money should not be used to rescue private companies.

Although EPF investment has been diversified, it still has to use its big
fund to buy government bonds. We have to ensure that all its investments are sound.

Dr Tan Seng Giaw