Sunday, May 14, 2006

epf so call dividends

since i woke up rather early today, i decided to go get myself a mcdonald big breakfast, on the way there, thought i buy a copy of the nst. has been a while since i bought the local daily, since my self strike on local papers last year.

the big breakfast was a big yuck yuck, hash brown my ass, eggs was cold and hard, salty meat and boh tea ? who the fuck drinks boh tea ? everyone drinks lipton. rm6.50++ down the drain. what a way to start your day.

so was reading the paper when i saw this article "help us to help you" and "epf schemes to suit local needs" upon reading that, one article hit my mind, there was this forbes article some time ago i read on pension funds in one of the scandinavian countries. so i came back and search through my forbes collection, i recall it was a aug/sep 2001 issue, as i didnt have a kid yet and we were holidaying in pd during the national holiday weekend, i think. then i found it.

serious money - planning for norwegian retirement funds. you should seriously read it. after you do, you'll feel like burning down that kwsp building at least. there is this paragraph that i liked very much.

"In many countries, local banks with friends near the pork barrel would get most of the business. Not in Norway. Kjaer's list of outside managers reads like a roll-call of the world's most stable financial houses."

back to the nst, apparently ltat (armed forces superannuation fund) pays an annual dividend of at least 10% every single year without fail. how abt all those asn schemes, they pay far higher dividends as well. why cant epf do the same ? epf cannot just pay low dividends and say it is paying more than the local banks interest rate are not acceptable at all.

you know and i know, that epf is the gamen freaking cash cow. every single month, billions of cash comes in. epf is not a bank. not govern by the bank negara. it is suppose to be an institution to manage funds, that is what epf stand for, employee provident funds, was there any words there that says gamen ? help gamen ? save a glc company ? NO FUCKING SIR. all it say is employee provident funds, providing funds for employee. all you ppl that work for an employer.

you know what i think, the actual dividends that epf can pay us is actually much higher, but after minusing gamen entertainment, private holidays, cars, yatches, mansions, their bonuses, the balance of 3 point something percent is our share.

it is time that epf should stop giving fuck up and cock up excuses why it should be paying low dividends. we should have a protest, for what epf pays as dividends, if possible, the mtuc should get all epf members to stop epf contribution until demands are met. that should create some attention to those mother fuckers. we demand a detail cash flow of the epf accounts. we demand appointment of top notch fund managers, better yet, we want what this norwegian ppl are getting. money for retirement.

fuck you epf, fuck you gamen.

4 comments:

Ah Pek said...

hahahaa ... yah... don't contribute. use the money to buy insurance better!

Inevitable said...

I guess the fact is that not much people know...

ducky said...

insurance buy oledi lah. buy until pokai oledi.

yes, not much ppl know and not much ppl bother.

they see it as money lost.

Yodaddy said...

thats right. for people under the age of 35, in 20 years time, you would probably wont see a sen of your money. The money would be absconded by the dear leaders of today into their swiss bank account long before you reach retirement age! so what if you got low dividends? you probably wont see a sen!

OK this is the Yoda prophecy. come back in 20 years time and comment below here to confirm me as the greatest genius of this millenium.