Sunday, 31 October 2010

Putting two and two together

Some are saying I am getting lame with all these Malaysia bashings.  Well, not sure if I want to admit to that.  One thing for sure, Malaysia is just so bash-able.

And here is another thing which I think every Malaysian should take note of…

Last Thursday, an umno MP said this as reported here

For the un-informed, Warisan Malaysia is a 100-storey mega tower costing MYR5b Malaysia intends to build.

Anyway, interesting to note that MP saying it will not be govt money which will be building the tower. I totally agree with him, the govt pocket is empty. 
And more interestingly… on the very same day… this was reported in TheStar:-

Apparently, EPF contributors are asked to withdraw our money only when you hit 75.  And… note that EPF said this…

“We will also transfer the money to the govt if it is not claimed when contributor reaches the age of 80”

Can you put two and two together?

P/S:  Thanks Redbabe fore the “Versatile Blogger Award”.





20 comments:

Amanda Christine Wong said...

They will probably die before they get their money. what a great idea!

Anonymous said...

NOW, better withdraw ALL my moneys & masuk dalam pillow cases !!

Angie Tan said...

*sigh*... Sometimes I think our govt is like a circus... full of clowns.

Hmmmm... Time to think of withdrawing our $$ before 60 & stashing it elsewhere (*read migration*)

Anonymous said...

I bet it is safer to have your retirement fund with CPF rather than EPF; consider yourself luckier than most of us.

Anonymous said...

I think you got it wrong.
I believe a person can withdraw upon retiring at age 55 but others opt to leave some of their savings there. You know, even at 5% per year, the interest paid is still higher than the ones paid by most banks.
It is just that they do not want you to put your money there forever.
sometimes one must read without wearing sunglasses..

Klaw said...

Agree with anonymous.
You've been fair in your statements for as long as I can remember, but the article states that people should withdraw ALL their savings by 75, it doesn't say they can only withdraw when they reach 75.

And to put in my 2 cents of Malaysian bashing, Malaysians believe everything they read (poor Hassan Skodeng and TNB, if you read the number of people that commented on that piece of parody, it's 80% believing it's true).

house-tai said...

yah man, had you read the news in its entirety? it said you must withdraw ALL your savings by 75, not that you're allowed to withdraw ONLY when you're 75.

PapaseedTorres said...

in the next general election, give the oppositions a chance. maybe they could do a better job, or worse.. but at least give them a chance to try and improve these kind of things..

you know your current government won't listen to you anyhow and will always telling you half truths.. so the next general election just kick them out of office and give the other guy a chance..

peace..

MKL said...

I heard the proposed supertall was named Warisan Merdeka...

eiling lim said...

wah i can definitely see where this is heading to... better withdraw fast fast or else your money belongs to the govt! lol

doc said...

call me uninformed but nope, can't put these 2 & 2 together. please enlighten how the warisan building (or bankrupt govt) is related to the EPF withdrawal?

Anonymous said...

hahahaaaa, msian sibeh trusty or can i say 'naive'? rite man, dump all that u wanna save in EPF, no worry, their teeth can b treated gold 1, they DO what they say, i mean EVER

ZEWT juz being sour grape he know nuts abt finance!

Anonymous said...

i dunno why u all are bashing zewt when the govt clearly make sub-standard stuff to kill us for example the milo-tin car.

T(H)(B) said...

They don't sound like they know what is going on.

whoalse said...

At the end of the day, that funds in the EPF do not belong to the govt. They belong to us, the contributors - the willing and the unwilling. After seeing how these funds are wasted, I think we should have the say in how to deal with our monies, ie when we can withdraw them out without being told when and how to.

Anonymous said...

Life is very cheap in malaysia, so what so proud to be msian ? I would bury my head into the ground b4 admitting i am msian.

zewt said...

Amanda Christine Wong - probably right.

anon @ 31/10 5.02pm - put in the bank.

Angie Tan - migration is good.

anon @ 31/10 9.31pm - well, i am not contributing to CPF yet.

anon @ 31/10 9.53pm - the thing is, malaysia always need glasses to look at her.

Klaw - bro, you want the govt to make it a rule before you can put 2 to 2? do u know how difficult it is for ppl to withdraw their funds when they reach 55?

house-tai - did i?

PapaseedTorres - that has always been in my mind.

zewt said...

MKL - yup... come and visit.

eiling lim - or dont put as much.

doc - the money to build it.

anon @ 4/11 11.20am - as long as the food is good eh?

anon @ 4/11 6.57pm - milo tin and practically sub standard everything else.

T(H)(B) - that's the story in malaysia.

whoalse - well, i wonder how many ppl know where the EPF money goes.

anon @ 13/11 10.35pm - i will still admit... but will be ashamed.

house-tai said...

I would be interested to hear your stories of why it's difficult to withdraw all your EPF savings at 55?

According to:
http://www.kwsp.gov.my/index.php?ac=2146&ch=p2news&pg=en_p2news_press

"For example, if a member has savings of RM100,000, the member can choose to withdraw it as a lump sum or make part withdrawal of RM50,000 and at the same time arrange to withdraw the remainder in amounts of RM500 monthly until the savings are finished. Alternatively, the member can also choose to withdraw the RM100,000 in five instalments within a period of two years.

Members who choose the monthly payment option can withdraw a minimum of RM250 monthly for a period of at least 12 months (current option is 5 years) provided they have a minimum of RM3,000 in their accounts."

Being a gahmen agency, I expect there will be some processing/waiting time, but if everything is in order, I don't see any reason why your ringgit won't see the lights of the day. I personally know of someone who turned 55 + officially retired in September (2010) and is now already driving a brand new Hyndai. Courtesy of EPF, not Big Sweep.

zewt said...

house-tai - my Mom's.