EPF Sucks!

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I am pissed.

I worked hard.

Big percentage goes as tax .... where the government 'occasionally' uses as personal coin, I mean cash jar.

Another big percentage goes to the employee provident fund, where it is supposed to be wisely invested for my future.

The same government comes in to find another money jar since the tax jar seemed to be more limited nowadays.

RM5 billion is given to Valuecap ( or Valuecrap) , a company that seemed unable to service its loan and whose shareholding is a mystery. -> to selected high healed people.

RM10 billion is given to Khazanah, with the money going to Government linked companies -> to selected high healed people.

Back to EPF. It obtained a record RM20 billion of gross income.

Gross income: 2007 = RM18.29 billion ;
2008 = RM20 billion (9.36% increase)

Net income: 2007 = RM16.87 billion ; 2008 should be = RM18.45 billion (9.36%)?

But now 2008’s net income = RM14.26 billion, short of RM4.2 billion?

Read at http://stocktube.blogspot.com/2009/03/epfs-45-dividend-your-cheese-eaten-by.html

So,
I am earning 4.5% and not 6% ( 2007 is 5.0%) because RM4.2 billion is missing. Coincidentally, RM5 billion is given in cash to Valuecap. It means that the EPF shareholders are getting less dividens because the money was given to somebody else. -> to selected high healed people.

1. EPF chairman should resign.
2. Nor Yaakob should resign for forcing the valuecap issue.

I hope EPF fund managers are getting less bonuses too.... fat hope.
EPF sucks!!!

RM5 billion to Valuecap? Register your protest at KWSP website

Updated: Here is the reply. At least there is some job for these people to do, but what kind of answer is this? geezz..

Dear Mr,

Thank you for your query dated 25th October 2008.

Refer to the announcement made by the DPM on Valuecap Sdn Bhd,for your information, as for now EPF does not have futher information regarding this matter.

We are pleased to inform you that we really appreciate your comments on the services provided by the EPF to the members for our future enhancement.

Your query is very much appreciated.
Thank you.

"YOU ARE OUR PRIORITY"

With Kind Regards,

FIITRAHANIN BTE ABU BAKAR
Customer Service Executive
EMPLOYEES PROVIDENT FUND

For any queries and further information, please call our EPF Call Centre at 03-8922 6000 or visit our nearest EPF office. You may also wish to search for more information through our website at www.kwsp.gov.my

If you are pissed with the misuse of public fund, suspiciusly to prop up UMNO linked companies .. try registering your displeasure their website. http://www.kwsp.gov.my/index.php?ch=rcm&page=rcm&call=rcmform

Here is a sample of mine.

I would like to register my complain against the usage of my pension money by EPF that was forced by government to be loaned to a non transparent, non accountable speculative ( gambling ) entity called Valuecap. This company does not have a transparent declaration on its operation & performance and would have difficulty getting this loan approved by any banking / financial institutions.It is even more discouraging to find out that the value of previous loan disbursed to Valuecap has gone down from RM10 billion to RM5 billion.

1.There is risk getting involved in this investment.
2. The money could be used better and any loss of this amount would affect contributors like me. Already EPF has maintained that it will find difficulty maintaining its performance.
3. EPF already have an investment arm and could earn more using the RM5 billion than a lousy percentage.