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Mandatory EPF Contributions for Foreign Workers Seen Boosting Malaysian Equity Market

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EPF,Foreign Workers,Malaysian Equity Market

AmInvestment Research (AmResearch) believes that the proposed mandatory Employees Provident Fund (EPF) contribution for non-citizen employees in Malaysia will have a positive impact on the domestic equity market. The research house estimates that this move could inject up to RM1.7 billion in additional annual inflows. The contribution rate for new contracts is 11% for employees and 12% to 13% for employers, with existing contracts gradually increasing over six years. AmResearch also highlights other factors contributing to healthy market liquidity, including rising privatisation activities, increased cash levels, and calls for GLICs to focus on domestic investments.

AmResearch said the move could inject additional annual inflows of up to RM1.7bil in the domestic equity market.

This is under the assumption that there are 2.5 million foreign workers, a minimum wage of RM1,700 monthly, an employee and employer EPF contribution of 11% and 13%, as well as having 14% of assets flowing to domestic equities. “It is also reported that implementation of the initiative is subject to amendments to the EPF Act 1991,” AmResearch noted.

“We like ‘unloved’ sectors such as technology and plantations, due to tariff driven supply chain realignment activities and expectations of stronger crude palm oil prices caused by supply tightness.” AmResearch said for technology, earnings have been gradually improving while revealing its top pick to be

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