EPF Investment Assets Reach RM1.1 Trillion – Steven Sim

<p>&nbsp;Just recently, Deputy Minister of Finance II, Steven Sim announced a sum of RM1.1 trillion in the investment fund of the Employees' Provident Fund (EPF) until 31 August 2023.</p><p><br /></p><p>According to him, of that amount, the average EPF investment in the domestic market is 64.9% of which 24.4% is in domestic listed equities.</p><p><br /></p><p>Investment funds of the Government Related Investment Company (GLIC) also include Permodalan Nasional Berhad (PNB), Retirement Fund (Incorporated) (KWAP), Haji Fund Board (TH) and Armed Forces Fund Board (LTAT).</p><p><br /></p><p>Throughout the period from 2019 to 31 August 2023, PNB's total investment fund is RM332 billion and the average investment in the domestic market is 84.3% of which 74.4% is in domestic listed equities.</p><p><br /></p><p><br /></p><p>Meanwhile, for the KWAP investment fund, it amounts to RM167 billion and the average investment in the domestic market is 79.3% of which 45.2% is in domestic listed equities. Tabung Haji Board (TH) on the other hand amounts to RM91 billion and the average investment in the domestic market is 90.1% of which 18.3% is in domestic listed equities.</p><p><br /></p><p>This statement is in response to a question from Jimmy Puah Wee Tse, Tebrau Member of Parliament regarding the amount of investment by Government Related Companies (GLC) and GLIC and whether the total investment is in line with the government's aspirations to strengthen the equity market.</p><p><br /></p><p>In addition, Deputy Minister of Finance I, Datuk Seri Ahmad Maslan also announced the implementation of the third account or flexible account of the Employees Provident Fund (EPF) will start in April 2024.</p><p><br /></p><p>He also said that the purpose of the initiative is to make it easier for the people to withdraw savings in the event of an emergency. During Covid-19, as much as RM145 billion was issued through four withdrawals and after that the government no longer allowed it.</p><p><br /></p><p>He continued, the government made a new formula which is the third account which is still in the details phase and the proposal will be implemented in April next year.</p>