Oops! Another big scandal in EPF lately? It is pity that the big bully, EPF is holding the Malaysian people money in ransom from denying a poor smart girl, Cik Haslinda from her rights to withdraw her hard earned income deposited in EPF to pursue her tertiary education. What happen to her money now? It is dam ridiculous for a trusted body like EPF to act unprofessionally and unprudent in managing Malaysian employees’ billion of RM including Haslinda.

Why! EPF is financially in deep shit trouble and cannot pay her back with her moeny kept in this Public Trustee body like EPF, or EPF needs the contributors’ money to bail out RHB Bank and buy back shares from Utama Banking Bhd’s shareholders for a very high Billion premium.

Why? EPF proposed to cut the percentage quantum from employer cum employee’s contributions for senior citizen above 55 years. This show that EPF does not know how to manage, invest and add value or increase ROI from our contributions. Why? Senior citizens are become victims to the change of EPF policy lately. Why? Our PM Pak Lah agreed with EPF proposal. Why? Malaysian are silent on this issue. Why! Malaysian Tidak Boleh Protest to Pak Lah on this issue.

Why? Why? Why? Why I have to continue contributing my blood money to EPF since now I know that how difficult to get back my own hard earned blood money from EPF unless I have to go all out to write, cry, kowtow and shout loud in their office. MY GOD!

Yes! I did experienced twice when withdrawing my own blood money in EPF office to buy and settle my old house in past 5 years. EPF officers were dam over efficient and effective to process my applications instantly within few days but minus the Donkey months to collect my cheques to pay my house deposit plus huge late penalty bills to the developer. I really thank EPF for its excellent services but poor draw down of money & quick services to collect the money from its contributors and fine the late pay employers. Suggest to “Fire” the EPF’s Chairman and CEO for their inefficient and poor management at the top levels.

Last but not least,
WE FULLY SUPPORT CIK HASLINDA TO TAKE EPF TO HIGH COURT IN SEEKING JUSTICE AND RIGHTS TO CLAIM OWN HARD EARNED BLOOD MONEY.

Insya Allah Blessing

Walaikum Salam,

MUHIBBAH
UK & USA

“Key ideas to increase CPF returns being looked at
THE Government remains committed to helping workers earn better returns on their Central Provident Fund (CPF) savings and is mulling over some key ideas.”

Maybe, EPF can learn something (no, a lot of things from CPF!). It’s a good thing Mahathir never succeeded to get those Malaysians’ contributions which were ‘stuck’ with CPF in those days. What a blessing in disguise for Malaysian contributors’ to CPF – capital appreciation and dividends to boot.

Now with EPF having so many ‘bad’ investments, Malaysians should worry about the value of their savings when they retire – what with tolls, fuels, inflation right-left-and-center as a bonus!!

Just want to say that, in order to change my address details, I was told by EPF staff, it will take 1 month for my application to process.

And, that was my second time attempting to change the address.(I’m still not sure whether the amendment has been made or not,only will know when EPF statement comes out) Cheers.

In Malaysia, the only reason EPF can continue to pay interest is the contributions received from the younger contributers. Its more like a Ponzi sheme ie Tontine!! There will come a time when contributers are outnumbered by withdrawals and if things do not improved by then, Malaysia faces even more systemic problems!
May I suggest that you start thinking of your options right now……….:).

“EPF will offer RM2.2 billion for a 32.8 percent stake in RHB currently held by its single-largest shareholder, Utama Banking Group.”

Question: Is RHB worth RM6.707 billion? Can any investment banker comment?

Figures extracted from STAR newspaper (6.03.2007):

PE ratio: 21 (Market Price is 21 times the Earnings per share)
Dividend yield : – (NIL?????)

Is this a typo error on Dividend yield or what? The relevant point to note is that EPF has to pay annual dividends to its contributors based on its dividend income from investments and income on other assets (or sales of assets).

At the end of the day, the figures must make economic sense before an investment decision is made. I only hope EPF is not making ‘political’ decisions with contributors’ money as has been suspected on so many occasions in the past.

Anyway, so far as I know, nobody wants to keep their money with EPF after they turn 55. What does that say? Sure, the returns from EPF just isn’t attractive enough. Perhaps if EPF wants to attract the money of its senior citizens, it should offer a senior citizen package of 7.5% to 9.5%.

They need just normal, average thinking brains… which their senior levels find in very, very short supply amongst themselves.

When he was 50 he had no problems withdrawing his money but 5 years on, his thumb prints don’t match so he cannot get his money since October 06. He’s been to EPF half a dozen times as he needs the money as he’s retired and has no income. He’s now having to borrow money from relatives which can be very embarrassing.

The staff told him the fund has to check their records to ensure they pay the right person. Fine, but why is it taking so long? EPF has a new system they say and there are a lot of bugs but surely the bugs should have been got rid off before the system went ‘live’?

Money due to him have also not been credited into his account as there is a huge backlog of postings to be done, and they are 3 months behind in their postings, they say as a matter of fact. EPF will give him his money in due course but don’t know when. Will he get compensated for lost interest, traveling expenses and for his hardships?

Is EPF not keen to catch up on its huge backlog? If overtime is needed to get things up to date, then shouldn’t they do so and get more staff on the job? When will my uncle get his money? 2008?

All the ‘berkhidmat untok negara’ slogans are not worth anything if there is considerable inefficiencies everywhere and the public suffers.

If EPF cannot get its act together, then it has no business trying to buy the RHB Group as I fear this will turn out into a disaster.

The Employees Provident Fund (EPF) Board has made a RM2.2 billion offer to acquire Utama Banking Group Bhd’s (UBG) 32.6% stake in Rashid Hussain Bhd (RHB).

http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_255478fc-cb73c03a-135da430-b10d41c7

The EPF is used as the ‘PIGGY BANK’ by UMNOputras to finance their pet projects.

EPF’s annual dividend of 5.5% is peanuts! IT CAN’T EVEN PAY FOR THE INCREASE IN FUEL COSTS AND TOLL! I don’t want to put my money in the EPF unless the returns is at least more than the inetrest rate that I have to pay for housing loans. MAKES SIMPLE SENSE. Why should I borrow from the Bank at higher rates when I have idle money in EPF earning lower rates. WHO AM I SUBSIDISING! BUT I am forced by the BN government to do it so they have access to cheap money and zero risk to finance UMNOputras ventures!

You can’t compare the returns to Bank’s FD rate. Many of us do not want to put our money in FD either. The rates are artificially low. Controlled by BN government again!

At the end of the day, the RAKYAT suffers.

Kudos, Haslinda. It’s your money. Fight for your rights.

Also, why is the computer system screwed up! Why didn’t they do a dry run and parallel processing before crossover. OR is the new computer system bought from UMNOputras again!

“In all fairness to Unc Kit and co, they have been a fantastic opposition. However, no matter how rotten the BN government is, …….”

Libra2 and hasilox… please do not misunderstand the word trivial in my previous post. I too had my fair share of hitting the wall with public service sector and I am sure when Haslinda sends in her grieve to Unc Kit, his faithful political secretary will immediately pick this up and uploaded on to the blog. But my frustration is that I have not seen any policy that this powerhouse Opposition has conjured up to make them a viable solution to the BN government.

In all fairness to Unc Kit and co, they have been a fantastic opposition. Although I hope that is not the case in the next GE but no matter how rotten the BN government is, I can’t help but reside myself in believing that they will get back in power albeit not in the 95% majority we see before but at least retaining the 2/3 majority. Not convinced… do the maths and it will tell you statistically to BN 2/3 will always be a possibility. Unless….. Malaysia moves towards a two party system.

I have been a faithful follower of your blog for a while now but I can’t help but come to realise that you are getting involved in trivial things like these which could be handled effectively by your colleagues in DAP. I believe it is more effective if you are able to table out your own sets of policies to govern Malaysia if DAP takes office. Please hurry up as time is running out for you and DAP to pre-launch this policies before the next GE. I am looking forward to change and so is many suffering Rakyat.