This is an excerpt of a report from The Star:
…Najib also announced that contributors to the Armed Forces Superannuation Fund (LTAT) would receive a 16% dividend and bonus payout, the highest since 1997.
He said the LTAT would pay out 7% in dividends, 3% bonus and another 6% in special bonuses to its 120,000 contributors for 2007.
“LTAT recorded a gross unaudited profit of RM606mil, a 29.2% increase compared to the RM468.9mil achieved in 2006,” he said, adding that the amount was the second highest since LTAT was established.
The highest gross profit recorded was in 1996, when the fund made RM697.6mil.
And here is a reaction from a friend of mine:
So Najib announces a 16% dividend for LTAT. And EPF was only able to deliver 5.8% (for 2007)? ASB announced 8.5% a short while back.
What does this tell us? That this is a government for all the people and, especially, the lower income? Or that this is a government of sectional interests? Or that this is simply an incompetent government, milking the EPF as a cheap source of funds for its multi-billion dollar schemes which do not appear to have been especially well thought through.
Take SCORE (the Sarawak Corridor of Renewable Energy), for example. The first of the energy backbone for SCORE, namely Bakun, has seen a disaster of a resettlement, while the second proposed energy backbone, namely Murum, may well be the nail in the coffin of the Penan, who have been swept aside by plantation development.
EPF is managed by the government, while ASB is managed by PNB and LTAT is a government statutory body.
The largest fund in the country (EPF) turns in a totally lack-lustre performance against much smaller funds. The fund that’s the retirement income of, especially, lowly paid workers, gives them a miserable return compared to the likes of ASB or LTAT.
Maybe EPF contributors should turn the fund over to the PNB, provided PNB can assure them that it will deliver dividends on par with ASB.
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Dear Anil
What is wrong in accepting Roses from the children as matter
of love – you only give roses – when you love a person. -no
our PM does not want it – instead he used gun – to spray the
children and protesters – which is part of democractice process
Please if you have time, watch channel 203 Astro which is based
on Aliran ‘Motto’ – Justice free and democracy.
Yesterday, My son Nasser bought a book for me – Judges
the Judges by N.H. Chan. I was reding it for half 4.15 to 4.45.
A first class book written by a Malaysian Judges, exposing
openly about the Judiciary and naming the cases.
Regards against
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EPF FUNDS
As you know I am old timer being in public service from 1955 even before independence. The idea of EPF was for workers to benefit
from the funds – it was so until 1980. We had great leaders PP
Narayanan and V.David who were members of the Board and there was protection for the Fund . David was my housemate in Klang Road in 1955 – 1956. They were members of the EPF – and they were really protecting the FUNDS from being misused.
But then came Maha came – now, (under) Mahathir, ….the FUNDS (were allowed to be used) everywhere leaving it empty. Because the workers reps are no more workers prortecters just yes men. changing of times.
The FUND is used for all sorts of purposes. God save the Fund
Hamid Ibrahim
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I don’t understand – how can EPF with so much funds invested give us so little dividend. And LTAT (with i don’t think have much funds) give dividend more than double that of EPF.
We should have a new GOVERNMENT to get EPF to invest properly so that EPF contributors can get much better dividends.
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EPF declared 5.8%
With its massive funds totaling something $280 billion
We should imagine the returns high
Yet it was a poor payout
It is sad really
When our fund never runs properly
It is used to help cronies
Running into troubles
RHB bought for over $1.5 billion
All pending cases against Rashid Hussein dropped
So what now about the lost money?
Write it off as bad debts………..
And about the losses in MBSB
Pumping hundred millions
Yet it didn’t show a quickly returns
I read somewhere it has recovered
Mildly in its assets employed
EPF pays rental a $1 million a month
For the last couple of years
It was reported in the Star
The building owned by the ruling elite members
Imagine this is how the money wasted
Helping the other party to grow rich
And the workers’ fund gets lowly returns
There are many faults in EPF
Yet the officials try to hide
Transparency can’t be found
How the officials use the fund’s money
At the calls of the ruling government
I can only say my displeasure
Maybe my own ignorance too
It is just a simple economic
The basket of many goods
The good returns on investments
Unless something isn’t right
Derailed the workers’ fund
So every year get peanut returns
While others double its glory
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It’s simple.
The bumis get more than the non-bumis(EPF).
Most LTAT contributors are bumis and ASB contributors are bumis.
EPF contributors are mostly from the private sector which is predominantly non-malay.
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its a typical racist policy-its that simple this has been going on ever since the great mahathir …
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As long as the fund is managed by the government, you do n ot have to expect a good result. Read the news on the Star. Items costs a few ringgit, the government paid more than a few hundred ringgit for it. Why? Where is the clean and efficent seen in this country. It is only supporting and helping their own cronies to growth richer. When these cronies run out of cash, they will use the fund money to bail them out like other authors had mentione earlier.
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What a ahame, absolute shame but the greater shame is that Govt. cannot feel it. Adding injury to insult, PM saya Malaysia owned by all. They are actually amoral having NO SENSE AT ALL OF MORALITY. They are out to makan orang of the other races. A sure FAILED STATE in the making. All the other component parties of BN knows all about this but choose to turn a blind eye, typical (lackeys) of UMNO.
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