Employees Provident Fund (EPF) contributors are allowed to invest part of their savings on conditions that the investments are managed by licensed unit trust managers and experienced portfolio managers. Finance Minister Datuk Seri Najib Tun Razak said contributors, whose fund had surpassed the minimum amount required in Account 1, would be allowed to invest the extra fund into the money market, bonds and shares, including bluechip shares.
However, the investment should be managed by fund managers licensed under the Securities Commission and not by the contributors themselves, he said in a written reply to Hee Loy Sian (PKR-Petaling Jaya Selatan).
The deputy prime minister said the return from the investment would be credited back to Account I and cannot be withdrawn.
Najib said the scheme was introduced following requests by members who wanted to invest their money for a better return.
The sitting continues tomorrow.
Source : NST