EPF’s performance instils confidence in the economy

Forced saving it may be, but no one is in any doubt of the enormous role the Employee Provident Fund plays in the citizen’s financial life. For many, it is post-retirement deliverance from careers spared of having to worry about such things as providing for old age. Dividends paid out annually into the steadily growing accounts of contributors, therefore, are almost as precious as life itself. Not un-naturally, the announced six per cent dividend for last year, the highest in a decade, is much welcomed. Along with its care of the nation’s nest eggs, EPF also acts as policeman to ensure that those life savings are indeed saved, by acting against defaulting employers who, thus, threaten the retirement well being of workers.

It is not just the future that EPF goes some way to securing. Having evolved to become a financial partner, the fund helps members when purchasing a home. It assists with health expenses in the event the unexpected occurs. Changing the structure of personal accounts- providing the three sections per account-enables withdrawal for specific purposes throughout the contributor’s working life. This has proven to be a boon for many whose monthly disposable incomes make saving difficult. Indeed, this is an arrangement that has proven beneficial to the country’s economy as well, in that it has driven the consumer market and allowed for a robust and sturdy expansion in important areas, such as the housing industry.

Though constraint by law, EPF, nevertheless, wield immense financial sway from its sheer size, which is forecast to reach half a trillion ringgit soon. It is a major market mover and shaker, from which almost half of its income is derived. There is also a social adjunct to its commercial enterprise, such as its enlistment into assisted lending programmes underprivileged groups. Most of all, it is an investor of choice as its joint acquisition of PLUS Expresways with UEM. That is a prudent asset manager- an important condition of its mandate- adds shine to what is already an enviable reputation. EPF has, over the years, grown to facilitate the lives of salaried Malaysians by being a stakeholder in the country’s economic growth and stability.

p/s

Underlined and bold words are new vocab for the copier =)

(sources: New Straits Times 22th Feb 2012 pg 2)

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