Saturday, 4 February 2012

EPF Abuse Retirees Safety Nett Supreme Council Member cum PKR Sabah Secretary Dr Roland Chia Ming Shen is saddened that the Government has resorted to using Employees Provident Fund (EPF) savings to fund loans for the purchase of public housing projects.

To even consider such a move is wrong and to add salt into injury, PKR Sabah questioned why only the Federal Territories were given special status to have EPF to channel RM1.5bil to the Federal Territories Foundation as part of a special funding scheme. Are not we suppose to be 1-Malaysia?

What about Sabah who contributes the most especially in terms of Oil & Gas revenue and is also the largest Palm oil producer in the whole country Malaysia.

The loans will definitely would not make money for EPF and the risk of payment default would be high because most of the purchasers are lower income group who has already have difficulty to make ends meet. Dr Roland Chia said the Government must consider EPF contributors’ interest and not abuse the fund as it served as a safety net for retirees.

Instead the funds for public housing project must come directly from the Government and those who qualify should pay rental for their units and subsequently, have this converted to ownership,” he said.

The government should first address the many delayed Federal housing projects like the SPNB and PPRT housing projects in Sabah and throughout Malaysia before even getting EPF to fund purchase of new public housing projects. So the question arises, what has happened to our federal coffers?


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