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Thursday, April 16, 2015

EPF, it’s OUR money you’re talking about


YOURSAY ‘If EPF was so concerned about our welfare, why invest in FGV?’
                                                          
EPF members say no to withdrawal at 60

Monty: It is laughable that the government is actually concerned with Employees Provident Fund (EPF) members’ welfare.

But take the case of Felda Global Ventures Bhd, it is abundantly clear that buying a major stake in that company was a political decision (FGV share prices dropped by more than half from its offer price).

If there was an investigation into how the decision was made, I am sure some board members will have much to answer.

Anonymous_3e86: "EPF funds have never been used to rescue any selected companies..."

You expect us to believe that? If the government is so concerned about the welfare of its rakyat, why introduce the Goods and Services Tax (GST) when most are suffering from low salaries? The country is broke - that's why.

Patriot: Suddenly EPF is so concerned with the contributors’ well-being. Strange indeed.

The government has burdened the rakyat enough. At least now, let the people enjoy their hard-earned monies.

And with the cost of living getting higher and higher like nobody's business, the EPF withdrawal at 55 will really ease the people's burden.

I doubt the survey conducted by EPF. Even if it was true, so be it, it’s the people money. Let them do what they want.

Nippon: No need to do any study. With our country’s low wages, the EPF savings is only enough for a maximum of 10 years.

Assuming you need RM2,000 a month to survive, 10 years is RM240,000. How many people have more than RM240,000 in their EPF accounts?

Whether you withdraw at 55 or 60, it will be gone within a decade.

Anonymous_1421406986: How careful and responsible are we with our money before retiring? Many are without homes or savings. We are simply not prepared for a life after retirement.

How long can RM200,000 last, assuming a fixed monthly expenses of RM2,000? No more than one hundred months or less than nine years.

Some may want to depend on their children’s generosity, not realising that the children may have their own problems. If it is already difficult for someone earning RM5,000 a month, with a family of four, to manage household expenses or to set aside some savings.

Anonymous_3f6d: What study has the EPF Board conducted to say members who withdraw all their money at 55 use it all within 10 years?

I have asked about 30 of my friends who have retired over a number of years and none of them were ever asked to participate in any study.

Had I been asked, I would state that I spent my entire retirement fund in six months. In short, who are you to ask me how I manage my money?

EPF Board, your task is to safeguard and invest our hard-earned monies until we are 55. It is not your job to worry about us after our retirement. After all, you don’t pay for our food or medical bills.

WhenDcountryGoes2Ddowgs: It’s better for the government look after the rapid increase in prices and cost of living. In any case, EPF should not change its withdrawal rules. The money belongs to the contributors.

Fair Play: Indeed, the EPF Board has no business telling contributors what is good or not good for them. It's their money and there is no justification to change the age limit for withdrawals.

Boon Hor Loy: You don’t even need to raise the threshold for withdrawal, just give the members higher dividends, for example 15 percent, then all their money will be parked in EPF.

Anonymous_1423808262: It’s bulls**t for EPF to say that they are looking at the depositors' interests when proposing for withdrawal at age 60.

The real reason is the fear they don't have enough money to pay if everybody withdraws at age 55 because of losses at Felda and maybe the need to bail out 1Malaysia Development Bhd at a later date.

No BS Please: With 1MDB, they might even increase minimum age for withdrawal to 65.

Bringon14: The EPF is a big government-backed scheme which is still operating because we all have to contribute to it by law. But that is acceptable.

The only problem is that the government has been dipping its hands into this great pool of money, thus making the pool not-so-great anymore.

Out of Time: Under Umno’s rule, we cannot trust a government entity to manage our hard-earned money, so please return our money.

There have been myriads of financial scandals, one after another, with money missing but no thieves found.
Hmmmmmmmm: For some reason, I've always have my doubts about the EPF and I will not hesitate to withdraw all my funds on reaching 55.

I have a feeling that EPF raises its dividends just to entice people to continue to leave their money with them. Not me. I prefer to be in control of my own money.

Anonymous_1401230146: Can a fox be entrusted to guard the chicken? -Mkini

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