Using funds from the Employee Provident Fund (EPF) to provide loans for the government’s social housing scheme is against the EPF Act 1991, said DAP.
Its national publicity secretary Tony Pua (right) blasted Prime Minister Najib Razak and Federal Territories Minister Raja Nong Chik's “feeble attempt at justifying the use of EPF funds” for the scheme, that he said abused the people’s retirement funds for political purposes.
“Firstly the prime minister must be castigated for having the cheek to claim that the RM1.5 billion is aninsignificant amount relative to the EPF fund size.
“Regardless of whether it is RM1.5 million or RM1.5 billion or even RM15 billion, the EPF funds must be managed stringently and not be subjected to abuse,” said Pua in a statement today.
He said Clause 26 of the EPF Act permitted the fund to lend money to federal and state governments as well as registered corporate bodies in the country, but not to individuals, in this case, private home buyers.
Therefore, he said, the social housing loan scheme is in breach of the Act.
Its national publicity secretary Tony Pua (right) blasted Prime Minister Najib Razak and Federal Territories Minister Raja Nong Chik's “feeble attempt at justifying the use of EPF funds” for the scheme, that he said abused the people’s retirement funds for political purposes.“Firstly the prime minister must be castigated for having the cheek to claim that the RM1.5 billion is aninsignificant amount relative to the EPF fund size.
“Regardless of whether it is RM1.5 million or RM1.5 billion or even RM15 billion, the EPF funds must be managed stringently and not be subjected to abuse,” said Pua in a statement today.
He said Clause 26 of the EPF Act permitted the fund to lend money to federal and state governments as well as registered corporate bodies in the country, but not to individuals, in this case, private home buyers.
Therefore, he said, the social housing loan scheme is in breach of the Act.
On Monday, Raja Nong Chik reportedly announced an "easy financing scheme" for 20,000 eligible PPR tenants and potential buyers who could not obtain bank loans.
The opposition criticised the government for abusing the people’s retirement savings for the BN’s alleged “vote-buying on a whim”.
[More to follow]
The opposition criticised the government for abusing the people’s retirement savings for the BN’s alleged “vote-buying on a whim”.
[More to follow]
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.