We refer to the Malaysiakini report EPF dividend for 2008 a mere 4.5%?

The dividends declared by the EPF have caused consternation among its contributors in the past few years.

The reasoning provided to limit the amount, which this time around is justified through the economic crisis, is not compelling enough.

With the size of the fund, contributors expect not just proper dividends but also some form of transparency by the EPF Board.

A big question mark looms over the type of investments which are being made and whether these investments are made in the best interest of the fund or for some other reasons.

EPF savings are the main source of livelihood of retirees from the private sector, at least for most people.

The EPF investment board must be mindful of this fundamental fact and act in accordance with the spirit of providing for the retirement fund of contributors.

EPF funds should not be used merely to bail-out selective corporations or invested in companies which indulge in anti-union activities or organisations which treat their employees poorly and with a lack of respect.

Investment decisions should not be shrouded in secrecy and should be made transparent to all contributors.

Nube urges the EPF Board to make public all its investments. This can quite easily be done with minimum cost or administrative hassle via the EPF website .

This would, to some extent, allay any the rightful concerns of the contributors over their monies being invested by EPF.

Though we are not privy to EPF’s decision-making process, but at the very least we should know the outcome of the decision.

We would like to urge the board to be transparent in its governance and act in the best interest of the contributors.

The finance minister should also urge the EPF investment board to learn from Amanah Saham Malaysia that declared 6.25 sen per unit even though their fund size is RM7.6 billion, which is paltry in relative terms, compared to the EPF which has RM340 billion.

The writer is general-secretary, Nube.