Datuk Seri Johari Abdul Ghani said the 6.9 per cent dividend rate for conventional savings and 6.4 per cent for Shariah Savings were the result of investments made by the EPF both locally and abroad. (BERNAMA)

PUTRAJAYA: Finance Ministry today denied that the recent high dividend payout by Employees Provident Fund (EPF) was due to the upcoming 14th General Elections (GE14).

Second Finance Minister Datuk Seri Johari Abdul Ghani said the 6.9 per cent dividend rate for conventional savings and 6.4 per cent for Shariah Savings were the result of investments made by the EPF both locally and abroad.

“This is our problem. When the government comes up with something good, people think it is because the general election is near. If that is the case, we might as well hold elections every month.

“This has nothing to do with GE14,” he told reporters after receiving courtesy call from cyclist Norhasmat Abdul Aziz at his office, here.

On Feb 10, EPF declared a dividend rate of 6.90 per cent for conventional savings, with payout amounting to RM44.15 billion.

The fund also declared a 6.40 per cent dividend for syariah savings, with payout amounting to RM3.98 billion.

On the 5.9 percent national economic growth recorded in the fourth quarter of 2017, Johari said everyoe should be proud of such achievement.

“This is great because Malaysia is still showing good economic development despite the uncertainties.

“This development shows that the country's economic fundamentals are in line with the government's policies,” he said.

Bank Negara Malaysia in a statement today said the country’s economy expanded 5.9 percent last year with private sector demand continuing to be the primary driver of growth, compared to 4.2 per cent in 2016.

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