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KUALA LUMPUR, June 11 — The Public Accounts Committee (PAC) has laid to rest concerns over the Employees Provident Fund’s (EPF) management of retirement savings, with parliamentary panel’s chief saying today that it is managed according to international standards.
Datuk Nur Jazlan Mohamed said the standards imposed on EPF by its board is higher than the requirements imposed on other statutory funds in the country.
“It is professionally managed, with high corporate governance and to world-class standards,” he told reporters after chairing the committee’s meeting with representatives from EPF in Parliament today.
“I want to convey to the rakyat to not cash out their funds upon reaching retirement age, the returns are better, and also to those who are not financially prudent it is better to leave it there.
“It is a success story that should be emulated by other government agencies,” said the Pulai MP.
In April, the PAC raised concerns over EPF’s expanding overseas investment and indicated that it is beyond the oversight of local regulators.
The pension fund had chalked up RM6.46 billion in real estate investments abroad with RM4.06 billion in the United Kingdom, RM1.55 billion in Australia, RM0.55 billion in Singapore and RM0.3 billion in Europe.
Jazlan said EPF’s 20-member board kept a sharp eye on all of the pension fund’s investments – domestic and international – and in accordance to the Finance Ministry’s guidelines.
“EPF’s total investment on equity, bonds and property amounted to RM468.36 billion locally and RM118.3 billion overseas.
“In the first quarter of 2013 EPF recorded a total gross income of RM5.604 billion and in the same period this year it grew to RM8.834 billion,” added Jazlan.
Source: The Malay Mail
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