EPF hopes for consolidated social wellbeing blueprint in budget

KUALA LUMPUR: The Employees Provident Fund (EPF) hopes the government will set up a consolidated social wellbeing blueprint for Malaysia under the 2019 Budget.

Chief Executive Officer Tunku Alizakri Alias said the government has been spending RM24 billion, annually, in terms of social benefits administration but it was not done effectively as there were no single plan for this.

"Currently, we have multiple ministries dealing with different stakeholders

"So, with this single plan, it can be done effectively and efficiently, while targeting those who really need it," he told reporters after the launch of World Bank's Case Study on Employees Provident Fund here yesterday.

Tunku Alizakri said the fund looked forward for the blueprint to materialise because it would help to ensure Malaysians and EPF members are able to lead a happy and meaningful life.

He said the EPF had been lobbying and engaging with the government on the establishment of this blueprint and it is seeing positive signs from the government.

From the tone of the government, Tunku Alizakri said he was confident that the 2019 Budget, to be tabled in Parliament on Friday, would be peoplefriendly, "At the same time, we hope the budget will balance out in terms of fiscal and economic perspective," he said.

When asked wether EPF's investment in the United States was impacted by the United States-China trade war, Tunku Alizakri said the uncertainty was affecting funds everywhere and not only EPF.

However, he said this also presented a good buying opportunity for the retirement fund, considering that it was a long-term fund.

"If things are cheap, that is the time for you to go in," he added.

The newly-launched report by World Bank entailed Malaysia's experience in transforming the EPF from a small public retirement fund to among the largest in the world, which would serve as a useful case study for governments around the globe.