Friday, June 22, 2012

Is EPF in trouble?

The headquarters of the Employees Provident Fu...The headquarters of the Employees Provident Fund (EPF) (Kumpulan Wang Simpanan Pekerja; KWSP), at Jalan Raja Laut (formerly Broadrick Road) in central Kuala Lumpur, Malaysia. (Photo credit: Wikipedia)
There was talk about using EPF funds to build affordable houses for the middle class by this BN government, how far that has progressed is anybody's guess.

I remember the time when we used to borrow money from an EPF subsidiary to finance our housing loans, that contributed in many ways to the satisfactory  interest rates we received for our EPF in those days, today with corruption so rampant we can't trust anyone in this government with our retirement funds in the EPF.

This government has been giving out money as though it is a one armed bandit, you pull the government hand and there goes 15,000 ringgit to each Felda settler, then almost immediately after that I am told of a strange offer by my read, "FELDA IPO at RM4.65/unit., pay only upfront 30%  plus 2.5% service fee and RM60/ custody fee. Payable to 'Affin Investment Bank Bhd' Closing 7th June Thursday. Please let me know your interest."

I have dabbled in the stock market for quite some time and this was the first time I was given an offer where I have only to cough out 30 percent plus some loose change, it was too good and it being Felda  and all those controversies I decided to give it a pass, I did not dare bet my money on such a good deal. my father always told me, "son there is no such thing as a free lunch,"  I decided to go my father's advice.

This was the same Felda that paid out 15,000 ringgit to its settlers, so why this rather desperate looking IPO I wondered. I id not reply my remiser, I have no doubt to doubt him he is a man of impeccable integrity, it was the people making the offer that I was rather afraid of.

In my days in top management I always told my managers watch how you spend other peoples money, some managers have a tendency to treat other peoples money like it just flows out of a money machine, and I'd like to give that advice to everyone else.

There was also this hand out of RM500 to all senior citizens,  and the elderly who went to receive this money had to sit down and listen to a political lecture to tell them hoe good our PM is, if he was really all that good there woudl have been no need to tell them that.

We oldies are no fools I am 63, and believe you me we think you are a bunch of idiots, for RM500 ringgit yes we'll  smile at you when I do not mean to, we'll  take the five hundred ringgit. Why shouldn't we?

Ah but vote for you? Idiot that is our  money you are giving us  there is at least another RM999,500  more you have to give us , that is if you recover all the corrupt money that was laundered by you pals in Barisan over the years since the BMF scandal you will be able to pay each Malaysian RM1 million and still have huge reserves.

Mow is it a wonder why Mahahtir is worried about a Pakatan take over?

Is ti a wonder why Najib is so scared to call for elections?

Is it a wonder why they are so scared to commit to free and fair elections and when one courage lady came out to address those issues they used the cops, the used gangsters and they used scumbags to threaten her, the y are not interested in free and fair elections.

So the next time call us for something like RM10,000 we'll sit and listen to you for a day, maybe that is a bit too little we will stay for three days eat all the food you give us, drink and all the drinks you give us and snooze through your talk, and we'll make yuu happy by nodding our approval when you ask us to vote for Najib and the BN, we knwo you can take a joke too, all we intend to do is to make you happy before your fall.

Please tell me has this money come from the EPF by any chance?

Now the government has come out with the new retirement policy, this government has decided to suddenly dictate a retirement age to employers. Never in the history of this country was there a statutory limit in terms of age been placed on employers, even the present practice of  age 55  adopted by most employers was something that was self regulated by employers, now all of a sudden this government has come out with the magical age of sixty and from what was reported in the government controlled print media it is a compulsory age limit.

I am wondering what will happen to fixed term contracts with the introduction of this law.

If fixed term contracts can be continued I think more employers will now pay more attention to fixed term contracts and that ca mean many employees may not be able to work even up to the age of forty. On the other hand if the fixed term contracts become a thing of the past what happens are employers obliged to employ everyone till age 60?

Then now the Minister of Human Resources comes out dropping hints that EPF may be extended to sixty>

Is this a deliberate way of delaying the payment of EPF to employees?

Then have they considered SOCSO, the pensions will grow bigger and more people will be eligible of SOCSO pension, because there is another five year window so if you become permanently disabled before you reach sixty you become eligible for SOCSO, I am sure that has to be the case, but the Minister has not made mention of this.

I am sure all workmen who are members of SOCSO will welcome this.

Some how I feel all this is being done to defray paying the EPF to many employees who will become eligible soon, remember that in 1972 the electronics industry came into this country, it added thousands of employees into the workforce by and by 1975 one employer in the industry alone NS Electronics was employing more than 12,000 workers and at that time the largest employer after the Malaysian

The elctronic industry worker has come of age, it is about time they are about to cash in, together with that industry came many a spin off industry, these workers have come of age, they are all ready to cash in now, and I am wondering if all is right in the EPF.

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