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Malaysia's pension fund dismisses rumours about cash crunch crisis

Malaysia's Employees Provident Fund (EPF) has dismissed rumours circulating on WhatsApp about a cash crunch in the retirement fund. The EPF emphasised that it has always maintained sufficient liquidity to fulfill its obligations and that the sale and purchase of overseas assets is a standard practice in its investment operations. The EPF also denied any truth in the speculation that the EPF Act 1991 would be amended to prevent retirees from withdrawing their savings. The speculation had emerged following an article by Bloomberg, which had cited low wages, high debt, and premature withdrawals from retirement funds during the pandemic as reasons for Malaysians running out of savings early. EPF expressed its primary concern to prioritise rebuilding retirement savings and extending coverage to those who fall outside the current scope of the EPF Act 1991.

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