KUALA LUMPUR, Dec 5 ― The Employees Provident Fund’s (EPF) investments have proven to be resilient so far despite the unique challenges faced by the market during the economic slowdown.
The retirement fund said guided by its Strategic Asset Allocation (SAA), it has always been diversifying its investments across domestic and global markets, with the consideration of its need to have sufficient cash flow at all times, including extreme times like this pandemic.
“Fundamentally, the EPF is a long-term investor and every investment decision made will continue to take into account its responsibility to sustain members’ funds even in unprecedented situations like this pandemic,” it said in a statement today in relation to i-Sinar’s impact on its financial health.
The EPF said at present, guided by i-Sinar’s existing structure, all of its actions will ensure there is no impact to the domestic market.
On how i-Sinar withdrawal would affect members’ future retirement, the EPF said while it understands the need for members to withdraw from their savings to survive these difficult times, it hopes members can plan ahead on how much is needed so that they can fulfil today’s needs while minimising the impact on their future retirement.
The fund also encourages members to seek its Retirement Advisory Services officers for assistance in guiding their finances and rebuilding their nest egg for retirement.
On the replenishment method for i-Sinar, the EPF said for members under i-Sinar, all future contributions will be channeled to Account 1 until the amount taken out is replenished.
Once the amount taken out is replenished, contributions will revert to the original ratio of 70:30 in Account 1 and Account 2, it said.
The EPF also assured that action will be taken against non-cooperative employers to ensure that members’ i-Sinar application process is smooth. ― Bernama
