KUCHING: The low Employees Provident Fund (EPF) dividend was largely due to the bad economic situation in the country last year, said Kota Samarahan Municipal Council chairman Datuk Peter Minos.
The pension fund has declared a dividend of 5.45 per cent for Conventional Savings in 2019 and 5 per cent for Syariah Savings 2019, with the payout amounted to RM41.68bln and RM4.14bln respectively for both the savings.
This is the lowest dividend rate for the Conventional Savings declared by the pension fund since 2008.
Last year, EPF declared dividends of 6.15 per cent for Conventional Savings 2018, and 5.9 per cent for Syariah Savings 2018.
According to Minos, most EPF investments are done in Malaysia’s financial market and because the economic situation in Malaysia in 2019 was not too good, so EPF felt the adverse effects and lower incomes and hence, the lower dividends.
He said the Pakatan Harapan (PH) government, especially the Ministry of Finance (MOF), must shape up and do better and more proactive in the national economy, and not just doing little or nothing and making endless excuses or just talking and promising.
Minos said PH must get the right and effective economic plans and strategies as soon as possible.
“The external market and global economy were not too good either, especially because of the US-China trade war and some little crazy economic policies and moves of US president Donald Trump.
“Trying to put China down, killing an Iranian general, not cooperating with global efforts on global warming, saying foolish and silly things in public and so on, Trump is creating both economic and political uncertainties in this world of ours,” said Minos.
He added Trump was the cause of many global problems while in Malaysia, everybody suffered because PH was failing on the economic front and because of Trump’s little crazy and erratic moves.
“Our MOF also must stop creating problems by saying things carelessly and callously and it must put on the thinking cap to make effective economic ideas and moves as well as strategies.
“If not, Malaysian economic will go down and down. Looks like we are sliding down economically by the day. So EPF suffers and so do all of us who are contributing to EPF,” said Minos.
