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Investment of the Employees' Provident Fund Statement BY Dr Tan Seng Giaw, DAP National Vice-Chairman and MP for kepong on the need for more transparency in the investment of Employees' Provident Fund, EPF. | |||||||
| Today, a newspaper report shows that the 1997 EPF annual report reveals a sharp drop of 48% in the value of its investment, that is, from RM20.6 billion to RM10.7 billion, a loss of about RM10 billion. Tan Sri Sallehuddin has always replied to the people that the EPF investment board is very cautious with its investment. In long terms, it is unlikely to make any loss. The EPF assets are over RM150 billion. This is the largest compulsory savings fund in the country, providing a big and cheap source of fund for the Government. At first, most of the EPF money was invested in government bonds. Now, about 30% are used to invest elsewhere including the | |
equity market. True, the annual report shows some figures about the investment activities. It is not the whole picture. Since July 1997, the economic crisis has hit the share market and EPF investment is also affected. This is not unusual. The most important thing is for the EPF to be accountable to the over nine million contributors. Naturally, these people are worried. It is correct that the press highlights whatever data it can glean from the EFP annual report. This is only a tip of the iceberg. Hence, EPF investment board should make public the state of its investment in 1997 and 1998.
Dr Tan Seng Giaw | |||||
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