Workers' union wants investigation into EPF’s financial standing

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A workers' union today calls for the government to initiate an independent committee to investigate the financial standing of the Employees Provident Fund (EPF).This came as EPF said it would need to sell some assets in order to fund contributors' withdrawals from their Account 1.Union Network International – Malaysia Labour Centre (UNI-MLC), in a statement, said the move has indirectly shown that EPF does not have 'reserved fund' or cash flow in hand."We are shocked to read media reports that EPF wants to sell its assets to be able to accommodate withdrawals from Account 1 and Account 2 by contributors, and we strongly oppose the move."UNI-MLC sees this as a serious matter, and it looks like EPF is desperate and has no other choice."It also indirectly shows that EPF does not have 'reserved fund' or the cash flow, which forces them to tak…