Government concerned over losses suffered by some EPF contributors.
PUTRAJAYA: The Government, concerned with the more than half billion ringgit losses reported from investments in unit trusts involving Employees Provident Fund (EPF) contributors, has directed the EPF to impose stricter conditions for such investments. Prime Minister Datuk Seri Abdullah Ahmad Badawi, who is also the Finance Minister, said the EPF must be convinced that any withdrawal meant for investment met all the stipulated conditions. “This is most unfortunate and regretful for those who withdrew their contributions to find their money invested in non-performing unit trusts schemes. “Their EPF money is for their future. When you invest, do not simply put your money in schemes that don’t perform. There are good ones like the PNB (Permodalan Nasional Berhad),” he said in his address at the monthly gathering of the staff at the Prime Minister’s Department. Also present was his deputy Datuk Seri Najib Tun Razak. Abdullah said those who had suffered losses to stop investing temporarily because any losses would not be good for the future of their families. The Star: Monday August 7, 2006