Thursday, February 19, 2009

EPF - providing for whom?

These are the pix I took of the EPF Service Kiosk which is supposed to advise depositors what balances they have current with the Employees Provident Fund, where all the working Malaysians life savings are vested and invested.

As at 31.12.2007 EPF had RM318 bil in Total Assets which gave back RM17.1 bil to workers (contributors) and some minority interests. Some 20 months ago, workers in India got back some 15% instead of the some meagre under 5 % Malaysians got. At this rate, I wish I was an Indian national than being Malaysian! You wonder why the BN government has always been telling everyone, retirees don't save enough. If a comparison is made with that of India, you'd think that the BN Government stole half of Malaysians' savings and blame it on the old people. If you debate this too much, they say you "menderhaka" ! Cute, huh?

And if any pictures of the EPF Service Kiosk at a local bank in Kuching is any help, it could be telling us MORE than what meets the eye!

Well, LESS, actually!


peng said...

You raised a point of concern shared by many. Most people DO NOT want to elect for EPF contribution (I mean those who are self-employed)because of the low returns for depositing our money for a term of 50 long years. And also the perception that the funds is manipulated by the big shots for their own gains/interests.
I stopped contributing for almost 10 years, although I am still drawing a monthly salary.

Salak said...

That's a brave, no doubt well planned alternative, peng. No doubt your employer, if she's not yourself, has to be considerate.

If EPF invests in the local economy it's for us, too, of course. The trouble is, for whatever they do, they always have a markup of at least 30%, jeopardising the long term hard-earned money of working people. Then they go and buy up the opposition politicians.

That's, without our consent!

peng said...

Yes Salak, the trouble is this; the investment is more for the interest of them and not for us. That's where things go wrong!

shrek said...

The EPF purposely don't want contributors to check on their balance because there is no balance. All funds gone to BN and their cronies. The Mamak 2nd Min of Finance already took the money to prop up his cronies, Apanama Che Det already squeezed EPF funds to pay off his cronies last financial crisis. So what's left. Empty Punya Fund.