EPF PLANS HOLISTIC SOCIAL SECURITY BLUEPRINT
Malaysians of all races and genders should be included, says EPF
THE Employees Provident Fund (EPF) is working closely with several key industry players to ensure the social security blueprint, which is currently being developed by the government, is a holistic one.
Deputy chief executive officer (strategy division) Tunku Alizakri Raja Muhammad Alias said the retirement fund serves as an adviser to provide more insights to the government with regards to the blueprint.
“Social protection and security is a huge issue, it should be a holistic plan which includes all Malaysians, regardless of their races or genders, whether they are from the bottom 40 or middle 40,” he said on the sidelines of the International Social Security Conference 2017, here, yesterday.
However, he declined to disclose details of the blueprint.
Meanwhile, Tunku Alizakri said Malaysia’s EPF contribution rate of 23 per cent was among the top five highest in the world.
Currently, the statutory monthly contribution rates for employees and employers are at 11 and 12 per cent, respectively, he said.
Tunku Alizakri said salary remained as one of the major issues in the people’s future plan.
“For instance, 23 per cent of RM10 is not much, but if it is 10 per cent of RM1,000, the amount would be big.
“Therefore, we really have to move up from the low-cost to knowledgebased economic model,” he added. Bernama
Malaysians’ Employees Provident Fund contribution rate of 23 per cent is among the top five highest in the world.