PETALING JAYA – It is commonplace for every pension fund, in any country, to make investments worldwide, said Datuk Seri Abdul Rahman Dahlan.
This includes the decision to invest Employees Provident Fund’s (EPF) monies in the United States equity market, which is the most profitable at the moment, he said.
The EPF does not have a reason to break its own terms of agreement, and had invested in 39 countries with profitable markets, the Minister in the Prime Minister’s Department said.
Thus, he said, EPF does the same with the excess fund growth available every year.
Abdul Rahman was refuting Pandan MP Rafizi Ramli’s claims that the Government had breached the terms of agreement when planning to invest in the US, as stated by Prime Minister Datuk Seri Najib Tun Razak in a recent meeting with US President Donald Trump.
Abdul Rahman said Rafizi does not actually understand EPF’s investment policy but had already developed the habit of questioning anything related to the Government.
“Rafizi often gives statements like he’s the smartest in the world, in the fields of accounting, economy, politics and many more.
“He does not understand that every year’s 30% of EPF funds is not the same as the previous year’s 30% due to the fund growth so the excess funds can be invested in the US,” he told reporters in Tuaran, Sabah.
He said it was now known that the US equity market is the most profitable, and that the EPF can change its investment policy in the “blink of an eye”.