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00:04 The State-owned Bank of China officially announced the interest rate in 2023 today.
00:09 The traditional interest rate of the traditional deposit account is 5.5%,
00:13 which is slightly increased by 0.15% from 5.35% in 2022.
00:19 As for the interest rate of the Islamic deposit account, it has been a big leap forward.
00:23 It increased by 0.65% from 4.75% in 2022, reaching 5.4%.
00:31 The Director-General of the State-owned Bank of China, Ahmad Zuchani, explained that
00:35 the increase in the interest rate of the Islamic deposit account is mainly due to the rise in the US technology stock led by AI.
00:43 The investment in this area has given a strong rebound.
00:46 Ahmad Zuchani also said that the overall interest rate of the EPF has increased because it has performed well in overseas investments.
00:53 The current overall investment of the State-owned Bank of China accounts for 38% of the total assets.
00:58 In addition, the total interest rate of the State-owned Bank of China has also reached the highest in history.
01:03 The interest rate of the traditional deposit account is 50.33 billion.
01:08 The interest rate of the Islamic deposit account is 7.48 billion.
01:13 The total interest rate has reached 5.78 billion.
01:18 At the same time, the number of new members of the EPF has increased by 460,000.
01:22 This also makes the interest rate of the state-owned bank in 2023 increase by 15% from 2022, reaching 9.75 billion.
01:31 The Director-General of the State-owned Bank of China, Ahmad Zuchani, held a press conference at the headquarters today,
01:37 saying that the total number of members of the EPF in 2023 has reached 16.1 million.
01:43 Of these, 8.5 million are active members who are fixed deposits every month.
01:47 Although the total number of members who were replaced last year was as much as 50.6 billion,
01:51 the government did not open a special replacement once again,
01:55 so the State-owned Bank of China finally turned a blind eye to the recent number of deposits last year.
01:59 The total withdrawal has decreased, principally because we do not have special withdrawal schemes in 2023.
02:07 You can see that 2021 and 2022 were very high withdrawal years.
02:13 The net contribution into EPF was 52.2 billion ringgit of new funds to be managed in 2023.
02:22 Ahmad Zuchani pointed out that the total investment revenue of the State-owned Bank of China has recovered to more than RMB610 billion,
02:28 which is a record high, and has reached RMB67.4 billion.
02:31 Of these, 53% is from foreign investment funds, and the other 47% is local investment.
02:38 We generated RMB67.4 billion of gross investment income.
02:43 This is gross, not net yet, not net of cost, not net of write-downs, etc.
02:47 The ROI, what we call the return on investment, has been consistent year on year.
02:54 I think this is a very important point.
02:56 Ahmad Zuchani also mentioned at the press conference that although the EPF will launch a flexible withdrawal account in April this year,
03:05 the monthly acceptance rate of members is expected to remain unchanged.
03:09 The details around the flexible account will be made in April, as has been announced previously, and we are still on track to that timeline.
03:20 We do not expect a change in the contribution rate.
03:24 Amos Karnay, CEO of the EFB, said that when the EFB was established in the 1950s, the average life expectancy of the Danes was only 55 years.
03:36 However, by 2020, the average life expectancy has increased to 77 years.
03:41 Although the average life expectancy of Chinese has increased, the age limit for withdrawing funds has not changed with the times.
03:49 To ensure that the Danes have enough money to retire after retirement, Amos Karnay announced several measures,
03:57 including encouraging members to participate in voluntary transfer plans, allowing members to pay more than the existing 11% of the legal amount.
04:05 He said that this measure can also ensure that the savings of more members reach the lowest standard.
04:11 The EFB also advises members not to withdraw all funds at once when they reach the age of 55.
04:18 Amos Karnay said that if a person has 479,000 in his account at the age of 55,
04:25 he will have an additional 40% of the savings in his account when he is 60 years old, if he does not withdraw a cent.
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