The Dandelions

.. the mutual admiration and bashing society.

Our EPF…….A Retirement Fund……For Who?

Posted by ErnieJean on October 29, 2008

I know this sound pretty silly, but let me ask you folks this…..Do you know what our Employee’s Provident Fund (EPF, also known as Kumpulan Wang Simpanan Pekerja, KWSP) is for?

According to their official website, EPF was set up to “provide retirement benefits to private sector employees and non-pensionable public service employees”. A noble idea, yar?

So, that’s our retirement fund folks….every month, 11% of our hard earned salary goes to this fund, and other than the usual mini-withrawal schemes that we are allowed to apply for, majority of that money will only be released upon us reaching 55, death or migrate.

In the meantime, we’re assured that our savings are in good capable hands. Really? Really Really? For how much longer?

UMNO government calls them “Investments“………but we know better, don’t we? It’s more like a glorified term for “Crony Bail Out“.

Yes, we still get the obligated dividends, but for the vast amount “invested” in these so-called “guaranteed” schemes, we should have definitely gotten more. OK, to be honest, I’ll be thankful if I can get back whatever I’ve put in, with or without the extras earned from the so-called investments, what with the continuous careless usage of our retirement fund by the government under the guise of smart investments.

Then, there is this latest proposal to take out RM5 billion from our retirement fund to be injected into this ValueCap Sdn. Bhd, a government agency………do you smell “a stinky fish”, fellow contributors?

Honestly, how much do you know about this company? The set-up of ValueCap, its activities which all seems to be so highly “secretive” and totally lacking in transparency and accountability, and coupled with the government’s constant assurances that about ValueCap’s investment but at the same time, refuses to entertain Pakatan Rakyat’s demand for more details, I’d think it’s time to demand for outright answers, no?

When someone keeps on assuring you of something but refuses to discuss further about it, be very afraid, folks….very very afraid………………

Didn’t our Father of Contradictions and Mr. Rosmah insist that the fundamentals of our Malaysian economy remains strong? So, why the need to inject so much into yet another one of the many many useless government linked investment companies? Do these people actually know what’s going on economically, in the first place!!!????

And it seems our retirement fund is never short of interested suitors, after all, there’s a RM300billlion cash cow to be milked…….

With Badawi making his exit soon (or so it seems), his personal 4th Floor guys will have to start looking for a new job because according to CheDet in his blog, Mr. Rosmah is planning to appoint Ethos Capital as his own 4th Floor Advisors……….which seems to be the current trend among our new breed of leaders, doesn’t it? Round up some smart-talking fork-tongued youngsters with impressive education background and political connections, set up a base for them to play play with the taxpayers’ money and if there’s any returns made, then it’s happy hour for everyone……..

“2 for you, 3 for me and 1 for everyone else………..”.

I think Malaysian Trade Union Congress (MTUC) President Syed Shahir hit the bull’s eye when he reminded the government that EPF “as the provident fund, is the custodian of the workers’ money and not some sort of ‘automated teller machine’ for the government”.



4 Responses to “Our EPF…….A Retirement Fund……For Who?”

  1. We’re talking about our beloved (and I use the term loosely) government here. Oh, they know what’s going on here economically, make no mistake with that. It’s just that they don’t care, they need to stuff up their own pockets first and us low class citizen are just an annoyance to them. After all what say do I have in how they invest MY EPF money, eh?

  2. bongkersz said

    I wrote a post, dedicated to Najib Tun Razak and Valuecap Sdn. Bhd, the secretive fund management company in ‘Najib Tun Razak, a true Mahathirist’ Please have a look. A stinking fish is dangled upon Malaysians, disguised as ‘market saviour’.

  3. Madame said

    I get more n more depressed about the political situation here, Ernie 😦

  4. missjolie said

    There’s no hope for Malaysia. The hole is being dug deeper and deeper. 😦

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