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MINISTRY OF FINANCE

The head minister of Finance is Dato'Seri Mohd Najib. Actually, Ministry of Finance is the
treasury department in Malaysia where they must control and handled all the sources of
income in our country. The role of the department is established as the department that
controlled and exercised powers on all matters regarding revenue collection and expenditure.
In In other side, the federal treasury department is the important department in every country
to manage their revenues like tax. Furthermore, the mandate is carried out in collaboration
with The Prime Minister Department, specifically The Economic Planning Unit (EPU) and
the other ministries as well as Bank Negara Malaysia. Moreover, the collaboration of the
department is want to helped the government to restructure the economics country such as the
influences of the financial situation in the international and domestic country.

The vision of Ministry of Finance is the leading strategic authority enabling financial and
economic outcomes to ensure sustainable growth and prosperity for the people and the nation.
Meanwhile, the objectives of the department are to improve quality of life and well-being of
society. This is because from the revenues and the sources of income it will be change the
well-being of the society and helped the society altogether can reduce the poverty in our
country. Moreover, to ensure the effective and prudent financial management and also to
ensure sustained and continuous economic growth. Further, the economic growth of the
country is one of the things that we can look whether it is stable or not. When the economic
growth of the country unstable, it will be a lot easier for other country penetrate our country.

And then, the function is same with their objective which is to formulate and implement
fiscal and monetary policies in order to ensure effective and efficient distribution and
management of financial resources. Second, is to formulate financial management and
accounting processes, procedures and standards to be implemented by all Government. In
addition, the function of the treasury department is to monitor that Minister of Finance
incorporated companies are managed effectively. This steps are very important to managed
the companies to reduce the number of outflow the sources in the wrong way. When the
revenues can managed effectively, so country as well can get more sources of income and the
investors also secure to invest in our country because the effectively of the ministries.

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Lastly, other than Dato'Seri Mohd Najib as a Minister of Finance, the other important people
in this department are the Secretary General of Treasury which is Tan Sri Dr Mohd Irwan
Serigar Abdullah. The role is the Ministry in charge of the financial state of the nation is no
exception to the wave of change and thus, the need for an informative websites about the
fiscal policy, financial management, economy and circulars on financial management. The
information made available on the web not only provides knowledge and understanding but
also provides an insight on the various services available to the public.

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 2. EMPLOYMENT PROVIDENT FUND (EPF)

Employment provident Fund (EPF) is the agencies or federal statutory body where they
compulsory to collect and manages the fund from the employee's private sector as their
saving plan after the retirement. This plan as a future for the employee after they serves in
that private sector. It's compulsory to private workers in Malaysia. These funds are collected
from the employer and employees as well. This agencies under the Minister of Finance
because it is about the sources of the income to citizenship of Malaysia. The Citizenship of
Malaysia and voluntary of the non-Malaysia citizens actually are mandatory to be as a
membership of the EPF.

The purposes of the Employment Provident Fund (EPF) is helped the workers to plan a future
planning after the retirement such as build their own house, education for their child or also
for the other planning. In other hand, EPF intended to help employees from the private sector
save a fraction of their salary in a lifetime banking scheme, to be used primarily as a
retirement fund but also in the event that the employee is temporarily or no longer fit to work.
This fund as a scheme or benefits to the private workers after they serve their service at the
company. Moreover, it will provide a framework from the employers to meet legal and moral
obligations to the employees. Then, this fund as appreciation and respect to the employees
after they give the service to their company. The contributions at least are 11% by the
employees and 12% by the employers from the monthly salary.

In term of dividend, the EPF declares an annual dividend on funds on deposit which has
varied over time, depending on investment results. This dividend can help the employees in
their saving plans and if the monthly salary of the workers is higher, the dividend will be
increase. Additionally, EPF further elaborates dividend rates and their performances are
calculated and influenced based on the full distribution of net EPF revenue, depending on the
return on investments that in turn is based on asset allocation.

The vision of the agencies is helping members achieve the futures. Then, the mission is
safeguard member's saving and deliver excellent services. From this, we can see that this
agencies are responsibility about the future planning of the employees' saving altogether
same with their quality policy which is we are committed to continuously provide quality and
innovative services to fulfill our customer needs.

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Next, the main people that responsibility in the agencies is Tan Sri Shamsuddin Osman as the
Chairmain of the Board and followed by Shahril Ridza Ridzuan as a Chief Executive Officer.
The role of the board is overseeing the implementation of policies related to the operations of
the EPF, identifying key risks and taking appropriate steps to manage these, as well as
reviewing the adequacy and integrity of the internal control systems. Last but not least, The
Board relies on the integrity and due diligence of senior management, external auditors and
advisors to oversee the EPF's overall performance and attainment of its objectives, key
operational initiatives, financial plans and annual budget.