S Manikavasagam is the elected MP of Kapar(P.109).He stood under the PKR ticket.He is also in the Environmental Committee(opposition).
This is another method for KWSP to steal our money!
Remember during Budget 2008 announcement last yr, our Finance Minister (cum PM) announced that in order to assist KWSP members to reduce the burden in housing load repayment, KWSP will allow monthly withdrawal from members’ A/C II for the purpose?
Sounds like a nice goodies!
When you apply for the monthly withdrawal, you only need to provide KWSP yr housing loan & instalment details from yr bank and the bank a/c # you like KWSP to bank the monthly
withdrawal into it. KWSP will approve yr application based on the available amt in yr A/C II and compute the withdrawal period by dividing the approved amt with the monthly instalment amt. Application process takes about a month and you will receive the monthly payout promptly into yr bank a/c!
Well everything appear to be nice and good. It was indeed a noble plan until you take to close look at yr KWSP Statement!
The withdrawal plan is actually a SCAM!
This is how the KWSP SCAM works…….
Assuming you have RM100,000 in yr A/C II and yr housing loan’s monthly instalment is RM2000/mth. KWSP will approve yr application of withdrawal from yr A/C II of RM100,000 and pay you RM2000/mth for the next 50mths.
Everything appears to be in order BUT…….
What KWSP didn’t highlight to you is that when the application was approved, the TOTAL AMT (RM100,000) is removed from yr A/C II! It appears to be transfered to an unknown a/c to effect the monthly payment from therein.
The impact to the member are as follows :-
- You just lost RM100,000 from yr A/C II. Assuming the KWSP Dividend is 5%, you will lose
- >RM4,000 in dividend during the 1st year. Based on the above example you will will lose >RM10,000 over the 50 mths period!
- There is no statement to account for the amt approved vs amt paid, hence you would need to keep the monthly payment voucher to reconcile against the approved amt over the 50mths period to ensure there is no missing amt!
Assuming there are 100,000 members who innocently fell prey to this SCAM, based on the above example, KWSP would have cheated the members of 100,000 X RM10,000 = RM1,000,000,000 (that’s RM1 BILLION) over the period!
Furthermore, if you discovered this SCAM early and intend to stop the plan, KWSP would not allow any cancellation of the plan until at least 1 year. That would mean, once the application is approved, based on the above example, you would have lost >RM4,000.
100,000 members would have lost 100,000 X RM4,000 = RM400,000,000 (RM400 MILLION) in One Year!!!
If you’re a victim of this KWSP SCAM, would suggest you call yr MP to raise hell in Parliament! (BN MPs won’t do it)
For others who have not fallen into this SCAM, pls continue to watch out and alert yr family & friends about this.
HOW COULD THE GOVERNMENT ALLOW ITS AGENCY TASKED WITH SAFEGUARDING ITS CITIZEN’S HARD EARNED MONEY TO CHEAT ITS MEMBERS IN THIS MANNER
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Nov 1, 2008 at 10:48:03
I am a supporter of PKR and the whole PAKATAN RAKYAT Agenda. I was there to support the new band of leaders at the Stadium Kelana Jaya on Malaysia Day, 16 September, because I was proud to be Malaysian.
But I really hope that in all the need to come out with sensational blog entries, that PKR MPs do not resort to promoting and forwarding SCAM emails and SMS as the real thing.
Don’t be like the bloody UTUSAN racist and hateful pigs and publish SCAM emails and other people’s false accusations as the real thing. PLEASE CHECK WITH THE RIGHT SOURCE lah!
I know a couple of top EPF people, and there has been a Press Release to counter this so-called EPF SCAM and the truth about how the dividend is still computed on the funds reserved in the member’s name for the monthly withdrawal scheme.
I really would appreciate some more responsibility from PKR MPs compared with what we have been going through the past 51 years.
Thank you.
Regards,
Anand
Nov 1, 2008 at 10:52:03
I have copy-pasted the EPF Press Release below:
————————————————-
EPF pays dividends for savings reserved under Housing Loan Monthly
Instalment Withdrawal
The Employees Provident Fund (EPF) would like to state that members’
savings that have been kept aside in a separate account for
withdrawals under Housing Loan Monthly Instalment Withdrawal will
continue to receive dividends accordingly. This statement comes in
response to recent emails and blogs that state the EPF does not pay
dividends on the said amount.
When a member’s application for Housing Loan Monthly Instalment
Withdrawal is approved, the total amount of savings that will be taken
out from Account 2 for the purpose of this withdrawal will be put
aside in another account. The reason for this is to separate the
amount from the main account, as funds allocated for this withdrawal
cannot be used for other withdrawals from Account 2. In addition, it
serves to facilitate as well as monitor the monthly payments.
The EPF would like to reiterate any savings that are still with the
EPF will continue to earn dividends annually up until the member
reaches the age of 75. Accordingly, the savings that have been kept
aside and are committed for withdrawals under Housing Loan Monthly
Instalment Withdrawal will continue to receive dividends for the year.
The dividends on this amount will be credited into Account 2 after
dividend for the year is declared.
In any case, the Housing Loan Monthly Instalment Withdrawal was
introduced in January 2008 and as dividend for 2008 is yet to be
declared, there is no issue of the EPF not paying dividends on the
said amount.
We hope that this statement will put to rest any confusion regarding
this issue. The EPF wishes to assure its members that it is committed
to protecting members’ interests and enhancing the value of their
savings.
(NIK AFFENDI JAAFAR)
Senior Manager
Public Relations
Employees Provident Fund
Date: 30 October 2008