Mon, 18 Oct 2010
PPF participants' freedom to invest
Interesting to note that "The insurance industry also seemed keen to muscle in on the scheme, with the Life Insurance Association of Malaysia saying the proposal was expected to spur the development of retirement schemes developed by insurance companies."
http://www.sun2surf.com/article.cfm?id=53060
Wed, 20 Oct 2010
MTUC against PPF, says too risky to contributors
"The returns would depend on market forces, and this was very risky for the contributors because they might lose all their savings," said MTUC secretary-general G. Rajasegaran.
"Now, however, it appears that the insurance lobbyists have succeeded, based on the announcement by the finance ministry that the government had agreed to appoint insurance companies to handle the fund," he told Bernama today.
Rajasegaran was commenting on a statement by the ministry’s economic and international division under-secretary, Datuk Dr Mohd Irwan Serigar Abdullah, that EPF dividends would be gradually scaled down to encourage contributors to bring their money to the PPF.
http://www.sun2surf.com/article.cfm?id=53140
Fri, 22 Oct 2010
EPF has scheme for self-employed
THE proposed private pension fund (PPF) is a re-branding of the failed annuity scheme that the insurance industry was instrumental in bringing into its short-lived existence.
Once the workings of the scheme were seen, it became obvious that those withdrawing their savings in the EPF and putting them into the annuity scheme were getting a bad deal and the insurance companies were the real beneficiaries. There was a hue and cry and the scheme was scrapped but not before the insurance companies had reaped millions in a short time. Where did the promised benefits to the investors go?
The PPF is being touted as an investment scheme to benefit workers. In reality, it is a profit-making project designed to benefit the operators of the scheme.
Ravinder Singh
http://www.thesundaily.com/article.cfm?id=53191
Fri, 22 Oct 2010
PPF For Those Without EPF
"If you look at the EPF, in the EPF 10,000 contributors have a million and above in their savings lying idle there and they are comfortable with whatever returns the EPF is paying them. So one way to discourage them from keeping the money there and to bring it to the PPF, we are going to reduce the dividends gradually to encourage them to go to the PPF."
http://epaper.sun2surf.com/friday/pdf/theSun2010102202.pdf
Mon, 25 Oct 2010
Drop PPF idea
It is ridiculous therefore that to "encourage" this minuscule percentage of millionaires to take their money out of the EPF, a whopping 99.857% of the other contributors should suffer the consequences of the move.
Related:
401(k) for Dummies
法国人罢工、退休金与退休制度
The Biggest Scam Ever
"True education was to be restricted to the son and daughters of the elite. For the rest, it would be better to produce skilled workers with no particular aspirations other than to enjoy life."
G.Edward Griffin in The Creature from Jekyll Island, on Rockefeller's General Education Board, founded in 1903.
