KUALA LUMPUR – The Employees Provident Fund (EPF) is reclassifying the data of employees and employers starting with the third quarter of 2017 (Q32017) operations results to distinguish between accounts with savings and those with zero savings (dormant accounts).
Chief Executive Officer Datuk Shahril Ridza Ridzuan said the data on employers was reclassified between those with employer status, as stipulated in the EPF Act 1991, and the self-employed status.
The reclassification exercise is necessary to provide greater transparency and clarity to the status of accounts and to ensure statistics conform to the provision under the EPF Act, he told a press conference to announce enhancements to EPF schemes and policies, here today.
Meanwhile, Shahril Ridza said total operations’ contributions increased 7.87 per cent year-on-year to RM15.90 billion in Q32017 from RM14.74 billion in Q32016, bringing the total accumulated members’ contributions to RM715.97 billion (represented by the reclassified statistics of 13.7 million members).
He said all the dormant accounts would remain open for members below 75 years to provide them with an opportunity to recontribute to their accounts for their well-being in retirement.
On EPF’s performance for the rest of 2017, he said EPF remained positive that its diversification into various asset classes would enable it to meet the target dividend for both Shariah and conventional savings.
The EPF will announce its dividend in February 2018, he added.
“Diversification into different asset classes in various countries and currencies has helped us record higher income, despite a significant difference in market performance globally.
“We will continue to expand our foreign asset portfolio as it is key to our diversification and allows us to meet our return targets,” he said, adding that EPF’s overseas investments currently accounted for 30 per cent of its total investment assets. – BERNAMA