Thursday, November 24, 2016

MTUC Want Workers' Reps in EPF Investment Panel As Strategic Value Added Approach

Malaysian Trade Union Congress (MTUC) welcome various new strategies that are being introduced and implemented by the Employees Provident (EPF) to have greater protection for the contributors. However we want EPF to maintain high standards of transparency and efficiency in all its undertakings to safeguard contributors’ interests.

MTUC strongly feels that EPF should device strategic plans for the future and constantly keep the contributors informed over their dealings.

Apart from measures to increase the pay out to the contributors, for example higher dividend, MTUC also want to ensure that EPF only invest or lending money to the entities that always protecting the interest of the workers of Malaysia at large.

As stated under the legal framework, EPF is the guardian of workers contributions. Thus it is important that EPF and the Ministry of Finance will appoint workers representative to be part of the investment panel, in order to have keep a sharp eye on all their investments. We want EPF to give priority to workers' views when they making investment decisions.
Currently MTUC only has members on the EPF board. In order to have greater good governance, it is timely to have MTUC's representative on investment panel. It is important because EPF’s total investment on equity, bonds and property amounted more than RM468 billion locally and RM118 billion overseas.
It's therefore of utmost importance that the workers are involved in such investment decisions since this would affect their future. MTUC receives various complaints saying that there are companies known to be anti-workers' interest and violates labour laws.

As we enter financial year 2017, MTUC want EPF to revise their strategy by not invest or awarding financial facilities to entities that are not workers-friendly, and it is not fair to use workers' hard-earned money to help companies that are against workers' interest. EPF must make sure that we should apply a win-win situation that favourable to the contributors' interest, no other way around.

N.Gopal Kishnam
Secretary General
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