EPF wants to retain your retirement money till the day you die.

From The Star: Friday January 16, 2009
Ministry looking into ways to make EPF savings last a lifetime

KUALA LUMPUR: The Human Resources Ministry is looking into setting up a pension scheme for private sector employees so that their Employees Provident Fund (EPF) savings can last a lifetime.

Minister Datuk Dr S. Subramaniam said that through the scheme, the employees would receive a monthly pension instead of withdrawing all their savings upon retirement.

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I can't believe my ears when I hear the news on Bernama TV. I simply can't believe that they want to alter the mechanism of our retirement fund releases.

EPF is the form of retirement funds similar to Superannuation funds everywhere around the world. The whole objective is to protect your money while you're in employment and to safeguard your future. Everywhere around the world, these funds can be withdrawn upon retirements.

I think our Government thinks we're so BLOODY STUPID that we don't know how to manage our own money.

The whole reason why the older generations finishes their funds in less than 2 years is because of education. Some of them are not educated enough to resists irrelevant investments, especially when it comes under the recommendations of the CON JOB childrens.

Now is 2009, most Malaysians goes to school. Almost everyone can read a little bit of everything. We're not that STUPID anyway.

..............OK... MORE ISSUES ON STUPIDITY

The GOVERNMENT thinks we're so STUPID that we don't know the reasons why the BLOODY HELL they want to propose this system.

As a person with business education background, let me highlight these:

- With less outgoing cashflow, that means, growing ingoing cash. (Collect More, Release Less)
- That mean, Retained Capital will constantly increase.
- They manage our money at their disposal. If they have more Capital, they'll have more Profit. (Rules of Thumb: The more money you have, the more money you can make)
- More UNCOLLECTED DEAD MAN MONEY (in case of legal problem), means they practically take your hardearn money without ever going to give it back to you or your family.
- There are no way they can implement a proper mechanism for pension-like release. Everyone's living standard is different. What happen when they need more??? When people are OLD, they are likely to get sick, YOU BLOODY THINK HOSPITAL FEES ARE CHEAP AR????.... When we are old, the money means nothing to us anymore, we just want a comfortable life. If we can pass it down to our children, we would gladly do so.


At the end of the day, it is still our money. We don't want EPF to control it after we retire.


I'm 100% against this move

If they implement, we shall all protest and threaten to reduce payments made to EPF.

Brothers and Sisters, don't let the government fool you.