save malaysia!
One day, EPF may not exist, says CEO
savemalaysia
Publish date: Tue, 19 Mar 2019, 05:06 PM
KUALA LUMPUR, March 19 — The Employees Provident Fund (EPF) said today it anticipated further reductions in contributions as more workers go into the informal sector.
EPF’s new chief executive Tunku Alizakri Alias told international investors here that the total number of workers who contributed to the EPF had dropped drastically to just 40 per cent from 48 per cent from a few years ago.
And with a large number of the country’s 15 million-over workforce expected to reach retirement age soon, the fund could face more cash problems if contributors make huge withdrawals.
“There might be a day that EPF may not even exist anymore,” Tunku Alizakri told Invest Malaysia 2019, a conference on capital markets here.
The pension fund’s immediate challenge is to convince contributors to keep their money with the EPF, the CEO added.
https://www.malaymail.com/news/malaysia/2019/03/19/one-day-epf-may-not-exist-says-ceo/1734229
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Discussions
Be the first to like this. Showing 6 of 6 comments
It is mandatory for employees to contribute to retirement fund, why is the ceo saying about non existance. CEO saying this are not fit to be in that position, all funds managed by fund managers will encounter increase and decrease in fund sizes. Capable fund managers will adjust their profolios accordingly. Quite surprising to hear it in public by a top gun. It reflects the qualities of malaysian.....
2019-03-20 17:07
IF ONLY FOREIGN WORKERS ARE EMPLOYED HOW EPF GOING TO GET THE CONTRIBUTORS? LOCALS ARE SHUNNED FROM EMPLOYMENT FOR ALL CREATIVE REASONS JUST TO SUPPRESS WAGE AND BENEFIT. STUPID GOMEN AND MINISTERS ARE UNABLE TO REIN IN RECALCITRANT EMPLOYERS.
GOMEN SHOULD BE STRICT. THOSE WHO WANTS TO EMPLOY FOREIGN WORKERS MOVE YOUR BUSINESS TO FOREIGN WORKER'S COUNTRY. THOSE WHO WANT TO EMPLOY CHINESE SPEAKING EMPLOYEE MOVE YOUR BUSINESS TO CHINA OR CHINESE SPEAKING COUNTRIES. IF CANNOT, THEN EMPLOY CHINESE TRANSLATORS TO DELIVER INSTRUCTIONS INSTEAD OF REQUIRING CHINESE SPEAKING CANDIDATE!! EMPLOYERS, TOO MUCH POMPOUSITY !!!
2019-03-20 17:16
Wah...top gun issue this type of statement later epf holder cash out fast...hehe
2019-03-20 17:16
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2019-03-19 17:17