Download - Power Point EPF
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EMPLOYEES PROVIDENT FUND 1
EMPLOYEES PROVIDENT FUND (EPF)
MALAYSIA :Governance, Investment & Risk Management
by
R. VIJAYA KUMAR
Head, Strategic Planning Department
Employees Provident Fund
APEC Workshop on Meeting The Challenges of Ageing
Society, Shanghai, China.
October 16-17, 2007
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EMPLOYEES PROVIDENT FUND 2
SIZE
IMPACT
PUBLIC
SCRUTINY
EPF members - 11.36 million
Malaysian population - 27 million
EPFs assets 2006 - USD 83.16 billion
Real GDP 2006 - USD 79.57 billion
Economy/Society/Labour Markets /Savingsand Consumption Level
Trustee/Ownership
QuickTake on EPF (end 2006)
Note: USD 1 = RM 3.49
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EMPLOYEES PROVIDENT FUND 3
PRESENTATION ROADMAP
Background
Governance
Investment
Risk Management
Challenges
Way Forward
Questions & Answers
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EMPLOYEES PROVIDENT FUND 4
BACKGROUND
Malaysia in Brief
Population (2005): 26.75 Million
Population Growth Rate: 1.78%
Ethnic Groups Malay 50.4%; Chinese 23.7%; Indigenous 11%;Indian 7.1%; Others 7.8%
GDP (2006) : USD 308.8 BillionGDP Growth Rate: 5.5%
Percapita Income: USD 2,700.00
Unemployment Rate(2006):
3.5%
Inflation Rate (2006): 3.8%
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EMPLOYEES PROVIDENT FUND 5
BACKGROUND
Malaysia in Brief
Labour Force: 10.23 million
Mortality Rate: 5.05 death/1,000 population
Life Expectancy (at birth): Male: 71 years
Female: 76 years
Poverty Rate 5.7%Hardcore Poverty Rate: 1.2%
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EMPLOYEES PROVIDENT FUND 6
Benefit Organisation
Retirement Public Service Pension Scheme
Employees Provident Fund (EPF)
Armed Force Provident Fund
EmploymentInjury
Invalidity
Social Security Organisation (SOCSO)
Social Assistance Social Welfare Department
Health Care Ministry of HealthOthers Workmen Compensation Scheme 1952
Employment Act 1955
BACKGROUND
Social Security System in Malaysia: Social Security Benefits
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BACKGROUND
EPFs Vision, Mission and Values
Mission:
Provide retirement benefits to members; convenientsystem to employers; challenging working environmentto employees and socio-economic development to the
nation
Vision:
To be a leading social security organization in the world
and the best government agency in Malaysia
Integrity
CustomerFirst
ContinuousImprovement
Teamwork
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The EPF was established on 1 October 1951.
It is governed by the EPF Act 1991.
The EPF is a national compulsory savings scheme.
It provides retirement benefits for the private sector and non-
pensionable public sector employees.
The employees and their employers pay monthly contributions
to the Fund and the contributions are then credited into the
individual members account to which interest or dividend is
added annually.
Employeescontributions
+ =+ RETIREMENTSAVINGSEmployerscontributions
DividendPre-
RetirementWithdrawals
- =
BACKGROUND
History
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To receive and recover contributions.
To maintain members and employers accounts.
To invest the funds.
To return the savings to members through the
various withdrawal options.
BACKGROUND
Main Functions
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EMPLOYEES PROVIDENT FUND 10
BACKGROUND
Membership Growth, No. of Active Members & Employer Growth
Year No. of Members(million)
No. of ActiveMembers (million) No. of Employers
2006 11.36 5.39 409,911
2005 11.05 5.23 394,359
2004 10.71 5.07 372,741
2003 10.42 4.91 3552262000 9.97 5.04 318,218
1990 5.94 2.94 174,289
1980 3.76 2.82 109,658
1970 1.96 1.57 58,000
1960 1.14 1.03 15,874
1952 0.52 0.50 11,918
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EMPLOYEES PROVIDENT FUND 11
BACKGROUND
Investment & Assets
Year Cumulative
Investments(RM Million)
Annual Gross Income(RM Million)
Cumulative Assets(RM Million)
6/2007 306,410
2006 285,451 13,299 290,255
2005 253,968 12,773 263,865
2004 237,106 11,758 240,362
2003 217,051 11,046 220,161
2000 179,047 10,542 181,518
1990 45,642 3,259 46,680
1980 9,261 637 9,481
1970 2,193 119 2,240
1960 629 31 633
1952 17 0 28
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EMPLOYEES PROVIDENT FUND 12
7,124
9,991
21,968
12,72711,501
13,403 13,42315,083
16,84718,172
20,143
21,860
25,251
27,952
15,121
20,056
0
5,000
10,000
15,000
20,000
25,000
30,000
1999 2000 2001 2002 2003 2004 2005 2006
WITHDRAWAL CONTRIBUTION
(RM Million)
BACKGROUND
Contribution & Withdrawal (Annual)
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EMPLOYEES PROVIDENT FUND 13
Compulsory
- All private sector employees.
- Public sector employees(prior to be placed on pensionscheme and those who have opted for EPFs scheme).
Voluntary- Self - employed
- Domestic helpers
- Public sector employees
- Foreign workers
BACKGROUND
Coverage
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EMPLOYEES PROVIDENT FUND 14
Self employed persons can elect to contribute between RM 50.00 and RM 5000.00 per month.
BACKGROUND
Contribution Rate
YEAR
Percentage
EMPLOYEE EMPLOYER TOTAL
Jun 2004 - present 11 12 23
Jun 2003 May 2004 9 12 21
Apr 2002 - May 2003 11 12 23
Apr 2001 - Mar 2002 9 12 21
Jan 1996 - Mar 2001 11 12 23
Jan 1993 - Dec 1995 10 12 22
Dec 1980 - Dec 1992 9 11 20
July 1975 - Nov 1980 6 7 13
1952 - Jun 1975 5 5 10
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EMPLOYEES PROVIDENT FUND 15
Account 1(60% of savings)
Account 2(30% of savings)
Account 3(10% of savings)
Account 1(70% of savings)
Account 2(30% of savings)
Before1 Jan 2007
From1 Jan 2007
BACKGROUND
Structure of Members Account
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EMPLOYEES PROVIDENT FUND 16
1. Retirement withdrawals
On attaining age 55 years a member can choose to do any
of the following :
withdraw total savings in lump sum,
withdraw total savings monthly, or
part of the savings in lump sum and the balance on amonthly basis.
BACKGROUND
Benefit & Withdrawal
2. Other full withdrawals
A member can withdraw all the savings:
When a member is permanently incapacitated.
Members nominee/next-of-kin can withdraw upon membersdeath.
When a members leaves the country permanently (revokeshis/her Malaysian citizenship).
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EMPLOYEES PROVIDENT FUND 17
3. Pre-retirement withdrawals
A member can withdraw part of the savings: To purchase/build and to reduce housing-mortgage loan. On attaining 50 years of age. For health care and.
For education of members and members children.
4. Members Investment Scheme
Members who have savings of at least RM 55,000 in Account
I can invest 20% of the savings in excess of RM 50,000through approved external fund managers.
The investment can be made at intervals of 3 months.
BACKGROUND
Benefit & Withdrawal
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EMPLOYEES PROVIDENT FUND 18
5. Additional benefits:
Death Benefit of RM2,500 is paid to the next-of-kin upon amembers death.
Incapacitation Benefit of RM5,000 is paid to a member uponIncapacitation.
(Provided the member has not attained age 55).
BACKGROUND
Benefit & Withdrawal
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EMPLOYEES PROVIDENT FUND 19
Employees share of EPFcontributions together with lifeinsurance premium of up toRM6,000 is tax deductible.
Employers share of EPFcontributions of up to 19% is tax
deductible.
EPFs returns on investments are
not taxed.
All pre-retirement and retirementwithdrawals are not taxed.
BACKGROUND
Tax Incentive
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EMPLOYEES PROVIDENT FUND 20
PRESENTATION ROADMAP
Background
Governance
Investment
Risk Management
Challenges
Way Forward
Questions & Answers
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EMPLOYEES PROVIDENT FUND 21
MANAGEMENT
MINISTRY OFFINANCE
BOARD INVESTMENTPANEL
GOVERNANCE
Governance Structure
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EMPLOYEES PROVIDENT FUND 22
The EPF Board is a statutory body under the Ministry ofFinance.
The Board formulates policies and guidelines and ensurestheir implementation.The Board comprises :
- Chairman- Deputy Chairman- 5 representatives of the government (inclusive of theDeputy Chairman)- 5 representatives of the employees
- 5 representatives of the employers- 3 professionals- Chief Executive Officer (ex-officio)
GOVERNANCE
EPF Board
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EMPLOYEES PROVIDENT FUND 23
Audit Committee
Finance and Development Committee
Establishment, Appointment and Service Committee
Disciplinary Committee
Risk Management Committee
Performance Management Committee
Promotion Committee
GOVERNANCE
Board Committees
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EMPLOYEES PROVIDENT FUND 24
The Investment Panel is responsible for the investment of
the funds.
The Panel consists of :
- Chairman
- 1 representative of the Ministry of Finance
- 1 representative of the Central Bank
- 3 experts in finance and investment
- Chief Executive Officer (ex-officio)
Members of the Board and Investment Panel are
appointed by the Minister of Finance.
GOVERNANCE
Investment Panel
LEGAL DEPT
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EMPLOYEES PROVIDENT FUND 25
GOVERNANCE
Management
Structure
CEO
ENFORCEMENT DEPT.
OPERATIONDIVISION
LEGAL DEPT.
PROPERTY DEPT.
PROCUREMENT DEPT.
SERVICESDIVISION
WITHDRAWAL DEPT.
CONTRIBUTION DEPT.
BRANCH NETWORK DEPT.
IT DEPT.
FINANCE DEPT.
STRATEGIC PLANNING DEPT.
ORG. DEVDIVISION
INVESTMENTDIVISION RESEARCH & SUPERVISION INVT DEPT.
OPERATION INVT DEPT.
RISK MANAGEMENT DEPT.
HUMAN RESOURCE DEPT.
EPF TRAINING INSTITUTE
INTERNAL AUDIT DEPT.
EQUITY INVT DEPT.
Board AuditCommittee
Board RiskCommittee
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EMPLOYEES PROVIDENT FUND 26
The EPF is the single largest institutional investor inMalaysia.
EPF has ensured that the companies in which it hasinvested practice good Corporate Governance (CG):
Establishing the Minority Shareholder WatchdogGroup
Setting-up within EPF a dedicated unit to engage andmonitor public-listed companies on CG issues :
to attend and exercise proxy voting in companies AGM
and EGM. to collaborate with other institutional shareholders on CG
issues detrimental to institutional shareholders.
CORPORATE GOVERNANCE
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EMPLOYEES PROVIDENT FUND 27
Whilst advocating CG in companies the EPF invests, itis also crucial for the EPF itself to practice good CG.
Good CG practices will ensure integrity, optimalperformance and instill confidence of our stakeholdersin EPF.
In EPF, we have adopted CG practices as one of the keyperformance measures in our Balanced Scorecard.
We have designed a CG Index to measure and monitorthe implementation of good CG practices.
CORPORATE GOVERNANCE
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EMPLOYEES PROVIDENT FUND 28
CORPORATE GOVERNANCE
Corporate Governance Measure- CG Index
The key components of the CG Index: Transparency
Independence
Accountability
Focus
Risk Management Regulatory Compliance
Fairness
Social Awareness
Responsibility
Environmental Responsibility
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EMPLOYEES PROVIDENT FUND 29
1. Dissemination of Annual Statement of Accounts toMembers
2. Tabling of Annual Report in Parliament
3. Advertising Annual Report in the News Papers
4. Advertising Quarterly Performance Reports in the NewsPapers
5. Dialogue Sessions with Companies that the EPF holdsSubstantial Stocks
CORPORATE COVERNANCE
STAKEHOLDERS COMMUNICATIONS
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EMPLOYEES PROVIDENT FUND 30
PRESENTATION ROADMAP
Background
Governance
Investment
Risk Management
Challenges
Way Forward
Questions & Answers
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EMPLOYEES PROVIDENT FUND 31
1. The Board may subject to subsection 18 (2) of the EPF Act 1991
invest moneys belonging to the Fund in the following manner:
(a) To be deposited in:
Central Bank of Malaysia;
Bank licensed under the Banking and Financial Institutions
Act 1989 (Act 372);
Any other financial intuition duly licensed under the Banking
and Financial Institutions Act 1989 and approved by theMinister;
INVESTMENT
The Power of Board to Invest
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EMPLOYEES PROVIDENT FUND 32
INVESTMENT
The Power of Board to Invest
(b) To be invested in:
Shares of any public company listed on the stockexchange established in Malaysia;
Debentures of any public company
(c) To be invested in:
Malaysian Government Securities (MGS), bonds, mortgagepapers, commercial notes, bankers acceptances, money
market papers, private debt securities, and promissorynotes.
(d) To provide loans to Federal or State Government.
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EMPLOYEES PROVIDENT FUND 33
2. The Board with the approval of the Minister may invest the
Funds moneys:
a) Deposited in any bank or financial institution established
by or under written law;
b) Joint venture;
c) Privatization programme;
d) provide loans to any company incorporated under the
Companies Act 1965;
e) Investment outside Malaysia
INVESTMENT
The Power of Board to Invest
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EMPLOYEES PROVIDENT FUND 34
YEAR
24.5531.19 41.23
53.22
72.67
98.72
132.4
163.8
186.9
222.2
265.2
290.3
0
50
100
150
200
250
300
350
1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2006
INVESTMENT
Growth of Asset from Year 19852006 (in Ringgit Malaysia)
RM(million)
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EMPLOYEES PROVIDENT FUND 35
INVESTMENT
Asset Allocation
Money Market
Instruments 4%
Loans & Bonds 9%Equity 3%
MGS &Equivalent
84%
6/2007: USD90.34 billion
Private Equity
0.05%
Internal Equity(International)
1.1%
Loans/bond28.8%
Money MarketInstruments 4%
Fixed IncomeManagers 2%
Internal Equity(Domestic) 16.7%
MGS &Equivalent 39.5%
Equity ExternalManagers
(Domestic) 3.1%1985: USD 7.53 billion
Over the years, EPF has expanded its investments from traditionalassets being Government Bonds to risky assets..
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EMPLOYEES PROVIDENT FUND 36
INVESTMENT
Managed In-House & Outsourced
6/2007: USD90.34 billion
Private Equity
0.05%
Internal Equity
(International) 1.1%
Loans/bond28.8%
Money MarketInstruments 4%
Fixed IncomeManagers 2%
Internal Equity(Domestic) 16.7%
MGS &
Equivalent 39.5%
Equity External
Managers(Domestic) 3.1%
Outsourced 5.5%
In House 94.5%
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EMPLOYEES PROVIDENT FUND 37
EPF
BOARD
MINISTRY OF
FINANCE
INVESTMENT
OPERATION
INVESTMENT
Governance
EPF ACT 1991SECTION 18 - provides for theestablishment of the InvestmentPanel and specifies its membersSECTION 26 - confers powers to
invest
INVESTMENT
PANEL
MANAGEMENT
INVESTMENT
COMMITTEE
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EMPLOYEES PROVIDENT FUND 38
YEAR NOMINAL DIVIDENDRATE INFLATIONRATE REAL DIVIDENDRATE
2006 5.15 3.60 1.55
2005 5.00 3.00 2.00
2004 4.75 1.40 3.35
2003 4.50 1.20 3.30
2002 4.25 1.80 2.45
2001 5.00 1.40 3.60
2000 6.00 1.60 4.40
1999 6.84 3.00 3.84
1998 6.70 5.30 1.40
INVESTMENT
Dividend Rates
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EMPLOYEES PROVIDENT FUND 39
PRESENTATION ROADMAP
Background
Governance
Investment
Risk Management
Challenges
Way Forward
Questions & Answers
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EMPLOYEES PROVIDENT FUND 40
RISK MANAGEMENT
Enterprise Risk Framework
Strategic Risk
Credit Risk
Operational Risk Regulatory Risk
Market Risk Investment Risk Liquidity Risk
Reputation Risk
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EMPLOYEES PROVIDENT FUND 41
Increase risk awareness at all level of staff in order for them to
effectively perform risk identification, measurement, control and
on-going monitoring.
Enable EPFs BOD to comply with its organisational obligationsand duties of care and diligence in accordance with the Malaysian
Code on Corporate Governance (MICCG).
Accountability, assurance and governance Maintain integrity and
confidence amongst EPFs stakeholders and the public in general.
RISK MANAGEMENT
Risk Management in the EPF
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EMPLOYEES PROVIDENT FUND 42
RISK MANAGEMENT
Risk Management in the EPF
Strengthening EPFs competitive strategy and operationalefficiency to increase long-term stakeholders value.
Safeguarding assets and resources.
Exploitation of opportunities.
Improved planning, performance and effectiveness.
Improved information for decision making.
Minimise unexpected impact on earnings and returns to
Members.
Staff personal well-being.
E l P id t F d
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EMPLOYEES PROVIDENT FUND 43
Employees Provident FundAssurance Framework
Ministry of Finance
Investment Panel Board of Directors
Investment Panel
Risk Committee
Board Risk
ManagementCommittee
Board Audit
Committee
ManagementRisk
Committee
RiskManagement
Department
ManagementOperations
Risk
Committee
InternalAudit
InvestmentRisk
ManagementSection
OperationalRisk
ManagementSection
ExternalAudit
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EMPLOYEES PROVIDENT FUND 44
Board of Directors Provides oversight
Board Risk ManagementCommittee
Approve risk management policies.
Evaluate management of risks.
BigPicture analysis of risk trends.
Senior Management Manage and monitors risk
Executive Committee Special Committee (MORC and MRC) to assist Senior
Management monitors risk.Audit and Compliance Audit Provide independent assurance.
Compliance Provides independent review.
Risk ManagementDepartment
Assist in setting policies and standards that reflectthe risk appetite of the organisation.
Business Units Responsible for owning and managing risk.
Set and implement policy consistent with enterprise-level policy.
RISK MANAGEMENT
Who manages risk?
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EMPLOYEES PROVIDENT FUND 45
Risk scorecardowner
Responsible for risk management in department/stateoffice/branches/section/unit.
To report effectiveness of risk management activities to MORC and/orBRMC.
Risk owner Responsible to manage assigned risk by ensuring effectivenesscontrols and to recommend new Management Action Plans (MAP) tomitigate risk.
Recommend risk rating to Risk Scorecard Owner.
Control owner Responsible to ensure effectiveness of control.
To report on control effectiveness to Risk owner.
ManagementAction Plan (MAP)owner
To ensure MAP is carried out as planned to mitigate risk.
To report on MAP status to risk owner.
Risk Champion Coordinator and risk advisor.
Assist risk scorecard owner and otherowners on risk management.
Individual staff Aware about risk and risk management.
To highlight any new key risks to risk champion and/or risk scorecardowner.
RISK MANAGEMENT
Who manages risk in business units?
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EMPLOYEES PROVIDENT FUND 46
1. Full support from the Board, Investment Panel, CEO and
Management.
2. Committed Risk Champion.
3. Competence and committed consultant.
4. Effective Project Management.
5. Risk Awareness Training and Facilitation Workshop.
6. Computerised System.
7. Organisation culture.
RISK MANAGEMENT
Key Success Factors
ENSURING IMPLEMENTATION AND ACCOUNTABILITY
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EMPLOYEES PROVIDENT FUND 47
ENSURING IMPLEMENTATION AND ACCOUNTABILITY
BALANCED SCORECARD- EPF CORPORATE STRATEGY MAP
CS1:Maximise Value forCustomer
CS2:Practice goodCorporate Governance
F2: Effective CostManagement
P3 : EnhanceStrategicAlliancesP2: Enhanced
Customer/Stakeholder
Communication
P5 :ComplianceTo Risk
ManagementFramework
L2:Enhanced Human Capital
L1Internalisation of corporateculture Performance based Knowledge sharing Customer centric
Continuous innovation
Vision: To be a leading social securityorganisation in the world and the bestgovernment agency in Malaysia
Common Obj
Shared Obj.
FINANCIAL
CU
STOMER/STAKE
HOLD
ER
INTERNALPROCESS
LEARNING&GROWTH
IPLANNEDOUTCOMES
DRIVERS
CS3:Enhance Policyinput on Malaysias
Retirement Scheme
F1: Optimize Return
P4 : EmployerCompliance
P1 :: ContinuousImprovements
and innovations
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EMPLOYEES PROVIDENT FUND 48
PRESENTATION ROADMAP
Background
Governance
Investment
Risk Management
Challenges
Way Forward
Questions & Answers
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EMPLOYEES PROVIDENT FUND49
1. Adequacy of retirement savings
a) Low savings In 2006, average savings at age 54 for:
Active members RM114,403 (USD 32,780)
Inactive members RM 21,479 (USD 6,154)
Male members RM 129,563 (USD 37,124)
Female members RM 81,483 (USD 23,347)
b) Increase in life expectancy (at birth)
2000 71.3 (M) 75.9 (F)
2006 71.4 (M) 76.0 (F)
2020 75.4 (M) 80.4 (F)
2. Method of withdrawal payments
Lump sum : may use up money in a short period of time.
CHALLENGES
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EMPLOYEES PROVIDENT FUND50
3. Health-care benefits not available during retirement.
4. Member changing retirement needs.
5. Changing of family support system (members may notget financial assistance from family during retirements).
6. Increasing size of fund.
7. Low interest rate regime.
CHALLENGES
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EMPLOYEES PROVIDENT FUND51
PRESENTATION ROADMAP
Background
Governance
Investment
Risk Management
Challenges
Way Forward
Questions & Answers
WAY FORWARD
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EMPLOYEES PROVIDENT FUND52
Technology Innovation Business Process Reengineering (BPR),
Core System Replacement (CSR), E-
Services & Customer Delivery.
Incremental Innovation On-going benefit and serviceimprovements. (Revamping of the EPF
benefit scheme at administration)
Business Model
Innovation
New EPF Scheme for new members.
New Venture Innovation Multi-pillar approach
Enhance Customer Experience
Adequacy and Coverage of Scheme
Human Capital Development
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EMPLOYEES PROVIDENT FUND53
PRESENTATION ROADMAP
Background
Governance
Investment
Risk Management
Challenges
Way Forward
Questions & Answers
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EMPLOYEES PROVIDENT FUND