Sunday, December 14, 2003

Your Money or My Money?

One by one, those 'clever' people who were put at various government agencies are showing their true colours. Or rather the outer coat has faded away. We now hear another brilliant idea which shocked the nation.

It was reported in The Star on Saturday (13/12/2003) that Employees Provident Fund contributors will not be allowed to withdraw their savings in a lump sum on reaching the age of 55 under a proposal being worked out by the organisation.

Instead, the proposed scheme would allow members who reach that age to withdraw between 20% and 30% of their total savings, with the rest being paid out in monthly payments over 15 to 20 years, according to sources.

Instead of working to manage the fund properly and make it more productive and profitable in their investments, the EPF management seems more interested in petty matters. Instead of raising the annual dividen, which has been declining since 1999, they choose to make life difficult for those reaching 55.

Is EPF short of money or are there irregularities to be covered up? Or else why such proposal was made? Though the Prime Minister disgreed with the proposal, it gave us the idea of what kind of people who sit in the management team. Soon they will come out with yet another 'brilliant' idea which will again make headlines in the media.

Let the people decide on their money, for whatever reasons, they have waited till 55. No one should touch their money.

Wake up EPF, do your work, not others.

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