EMPLOYEES Provident Fund (EPF) members will pay 50 per cent less in service charges for unit trust investments effective January 1 2008.
EPF said the service charges would be capped at three per cent and fund management institutions are not allowed to impose charges above that.
"Members can enjoy better returns from their investment in unit trusts with the lower service charges," EPF chief executive officer Datuk Azlan Zainol said in a statement issued yesterday.
He said the capped charges, approved by the Finance Ministry, was in the interest of EPF members and fund managers.
Currently, members pay about five to six per cent in service charges, which is relatively higher compared with countries such as Singapore, the UK, Japan and the US.
Azlan said a study commissioned recently by the EPF revealed that a major factor affecting the investment returns for members is the high service charges imposed by the fund management institutions.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment