Malaysians of all races and gen­ders should be in­cluded, says EPF

New Straits Times - - Business -


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.

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