Anyway, I receive an email which I have personal experience with. I think its important for all Malaysian to know too .... and I would guess USA goverment may have done the same. Good luck with your obama votes :)
Subject: SCAM by KWSP / EPF / 401K
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 :-
1. 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!
2. 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???
Pls spread this message around.
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 :-
1. 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!
2. 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???
Pls spread this message around.
9 comments:
I guess your labelling this as a joke indicates that you've verified it as a fake; but i think you should've specifically mentioned it so. Because this is not a scam. visit www.synergyplanners.blogspot.com for the low down.
Thanks Synergy, really appreciate your comment here. But no this wasn't a fake. I label "joke" because such a silly mistake is really a big joke internationally. This mistake shows 1) big dis-engagement between Prime Minster office and EPF officers, 2) no proper process control when implementing change in EPF fund management and 3) no good indepedant finance guy work in EPF ...
and yes the epf officer already know this and they said the dividen is still in. But the fix isn't on the printing, they are fixxing to patch up this exact mistake now.
Ideally EPF must not be withdrawn for housing loan. If this is done then people suddenly feel that they have "additional disposable income" which is actually spending money that should be put aside for retirement.
For people who use their EPF to pay housing loans, they must examine how they use the net salary. Is it for entertainment? Or is it for necessary goods.
Our current salary level, from which our retirement pay is derived from, does not bear any resemblance of the future price level. My dad working in the 1960's till 1980's earned much less than RM2K and yet could afford a house and car and 3 kids...
Use EPF for it's original purposes. Gauge your monthly spending budget from net pay alone for in future, I foresee many retirees have to continue working. Take cue from Singapore
Lee Wee Tak
Thank you Lee,
Perfect forewords ...
Michael,
thank you for an informative and easy to understand financial blog
will mark this as my regular site to visit
keep up the good words
Lee Wee Tak
I mean work...sorry
thanks for the encouragement ... I really appreciate that.
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