At a time when other governments have been seeking in to austerity programs to pillow themselves from a tellurian recession, Malaysia is spending a early retirement fund upon ill-guided projects. And when a supervision of a day - a "Pak! atan Rak yat"-BN - unceremoniously plays around with income a adults have toiled tough for as well as set detached for their early retirement needs, one thing is clear - zero is safe anymore.
The use of RM1.5bil from a Employees Provident Fund in a intrigue offering home loans to those who cannot validate for bank financing will not be unpropitious to EPF contributors, claimed Prime Minister Najib Razak. FT apportion Raja Nong Chik gave serve pledge which a supervision would pledge EPF's interests, observant a understanding ensured secure financial earnings for a EPF.
When so hush-hush then
Yet, a Najib supervision did not deliberate a EPF board of worker member when it decided to use a RM1.5 billion to give a home loans to utter buyers, kinship officials themselves reported. The EPF board of worker member contain Malaysian Trade Unions Congress (MTUC) boss Mohd Khalid Atan, National Union of Teaching Profession (NUTP) secretary-general Loke Yim Pheng, Sarawak Bank Employees Union (SBEU) boss Hadiah Leen as well as Sabah Commercial Employees Union (SCEU) ubiquitous cabinet member Azlin Awang Chee. All these officials were left in a dark as to a EPF's plans in financing 20,000 homes in a Kuala Lumpur city area.
With no conference or even a discussion with their stakehol! ders, th e EPF's supervision in partnership with ! a Najib administration is robbing a contributions of industrious Malaysians to basically financial something a supervision could do with a own funds. And for a role of giving Raja Nong Chik a filip when he contests in a 13th ubiquitous election. Nong Chik will get to boast, whilst Malaysian workers tatter over either their loan will turn in to a bad debt.
EPF is not "Pakatan Rakyat"'s piggy-bank
Why a need to sack workers of their early retirement money? And does not a BN supervision know which a EPF income is not a piggy bank they can simply dip their hands in to just to financial their political schemes?
Has Najib taken in to account a sentiments of a workers in Sabah as well as Sarawak who additionally apportion to a EPF? After all, a RM1.5 billion will be used to financial a "charity program" lost in a nation's capital, when East Malaysians have been desperately in need of basic infrastructure - as elemental as clean H2O as well as electricity.
And in robbing EPF to fund 20,000 houses in Kuala Lumpur, Najib has abandoned a 4.92 million East Malaysians who have been additionally adults of Malaysia. This understanding must certainly hurt Malaysians from Sabah as well as Sarawak, it is a outrageous snub from a sovereign government. Once again, they have been left during a forgiveness of tyrant chie! f minist ers Musa Aman as well as Taib Mahmud since they never crop up to crop up upon a radar of a "Pakatan Rakyat"-led sovereign government.
Rich in resources, yet Sabahans as well as Sarawakians have been forced to sojourn bad as well as reliant upon awkward home-improvisations whilst associate adults in Peninsula Malaysia get a best deal. Additing salt to a fund is which a lot of Malaysia's wealth is funded upon a resources of Sabah as well as Sarawak.
Najib's weakest of weak explanations
Najib's own reason which a EPF income was to "sponsor" a housing intrigue shows his own detachme! nt towar ds a plight of a East Malaysians.
"The intrigue does not criticise a interests of a EPF since a worth of a housing units in a marketplace is far higher than a purchase price. If a customer is unable to or does not pay off a loan, a unit can be sold for a higher price. We always pledge a interests of a EPF," pronounced a budding minister.
According to Najib, a volume taken was additionally not estimable compared to a EPF's funds. The budding apportion made it crop up it was all a commercial operation understanding as well as zero more. He was right as well as wrong. It is a commercial operation understanding in between a supervision as well as a EPF. But a EPF is not upon a own, a supports it manages belong to a workers as well as if decisions have been not taken during arms' length, this shows how hurtful Malaysia has become.
And it does not make a difference if it is RM1.5 bil or RM1-50, system checks should have been put in place a long time ago ensure which such 'funny' deals have been taboo as well as can never be transacted, otherwise a politicians as well as a EPF directors sanctioning a deals should all be sacked!
The Najib administration is running out of money
Very critical to note which by dipping their hands in to a EPF cookie jar, a Najib administration is additionally observant which they do not have a income to run this "charity" program. It is unequivocally scary when a sovereign supervision can't support such a relatively miniscule plan upon a own. Bankruptcy must be closer than we think, certainly progressing than 2019, no make a difference what Idris Jala, apportion in a PM's Department, says.
The country's sovereign debt lev! el strech ed RM456 billion during a finish of 2011, which is a noted 88.4 per cent enlarge from a RM242 billion in 2006. The debt turn will serve increase, once projects similar to a West Coast Expressways, valued during RM7.07 billion, or a Klang Valley MRT plan kicks in.
Read More @ Source And 'small' though a RM1.5bil KL housing intrigue might be to Najib, can he pledge earnings when he dare not even chase back for a RM250 million soothing loan granted to a family of Women's apportion Shahrizat Jaili to manage in a NFC scanda?
Malaysia Chronicle
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