Miri retiree loses RM1.2 million to phone scam
MIRI: A 66-year-old retiree in Miri ended up losing RM1.2 million of his hard-earned savings to a phone scam after he was tricked into believing that authorities were going to investigate him for money laundering activities. Sarawak Police Commissioner Datuk Mohd Azman Sapri, in a statement today, said the victim had received a phone call from […]
EPF’s 1Q investment income rises to RM15.16 bln
KUALA LUMPUR: The Employees Provident Fund’s (EPF) investment income rose three per cent to RM15.16 billion for the first quarter ended March 31, 2023 (1Q 2023), from RM14.77 billion recorded in the corresponding quarter in 2022. The amount was after netting off listed equity write-downs recorded for the quarter, EPF said in a statement on […]
Employers must be given incentives
BETONG: The government needs to provide other incentives to employers if they want the latter to increase the contribution rate of the Employees Provident Fund (EPF) to 20 per cent compared to the current 13 per cent. This was pointed out by Saribas Muslim Citizens Association (Perwaris) chairman Dr Bolhan Budeng. According to him, the […]
Increasing employer EPF contribution will derail economic recovery
KUCHING: Employers in general are not in favour of the proposal to increase employer contributions to the Employees Provident Fund (EPF), says Datuk Jonathan Chai. The Sarawak Business Federation (SBF) secretary-general opined that the current statutory prescription of the rates of deduction and contribution towards the retirement savings for EPF members was sufficient in meeting […]
EPF refutes allegation of cash crunch crisis
KUALA LUMPUR: The Employees Provident Fund (EPF) has refuted speculations of a cash crunch crisis building up in the retirement funds as well as the amendment of EPF Act 1991 to prevent retirees from withdrawing their savings. In a statement, the retirement savings fund said it has always maintained sufficient liquidity to meet all of […]
Economist against using EPF to support loans
KUCHING: An economist opposes the move to allow the Employees’ Provident Fund (EPF) to support loans, as Malaysia faces one of the highest household debt-to-GDP ratios globally. Centre for Market Education (CME) economist said that many Malaysians borrow to cover rising costs and unexpected emergencies, leaving them vulnerable to economic fluctuations. According to Bank Negara […]
Abang Johari meets three trade unions
KUCHING: Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg received a courtesy call from three trade unions at Wisma Bapa Malaysia, Petra Jaya here yesterday. The unions are the Employees’ Provident Fund (EPF), the Inland Revenue Board of Malaysia (LHDNM), and Social Security Organisation (SOCSO). The Information Department in a statement said the courtesy […]
EPF: Exceptional, Professionalism and Formidable returns
‘Saving is the gap between your ego and your income.’ – Morgan Housel, former columnist at The Wall Street Journal Three months after graduation, I had a distinct privilege of joining a group of esteemed economic analysts who were deployed to the Employees Provident Fund (EPF) headquarters at Jalan Raja Laut, Kuala Lumpur as part […]
Savings safe in loan default
KUCHING: A well-known businessman has addressed concerns regarding the possibility of the Employees Provident Fund (EPF) contributors losing their entire savings in the event of a loan default. Datuk Sim Kiang Chiok told New Sarawak Tribune that it was not possible for contributors to lose all their savings in their EPF account in the event […]
Lecturers weigh pros and cons of EPF withdrawal
KUCHING: The best way to help people in dire need is by allowing the withdrawal of funds from the Employees Provident Fund (EPF) account 2. According to Dr Shirly Wong Siew Ling, a lecturer at the Faculty of Economics and Business at Universiti Malaysia Sarawak (UNIMAS), allowing individuals to access their EPF funds could provide […]
