Saturday 6 November 2021

EPF, Menteri Kewangan & Editor Bisnes: Tak Erti Menari dikatakan lantai Berjongket jongket : EH

is a song from the very versatile and talented Zizi Kirana.  The lyrics to the this song goes something like this.

Sendiri mahu ingat
Rambut sendiri sikat

Kusut lama tak sihat
Bagaimana dengan kamu?
Sendiri boleh kira
Meroyan itu gila
Tanya diri sampai bila
Nak jaga tepi kain aku?

How true it is or perhaps how far from the truth, is it that UMNO is not getting its tuntutan rakyat for a one of RM10k withdrawal because the authorities are concerned that EPF savings are being depleted. 

Do note, that the UMNO youth chief had stated that some 56 per cent of the members do have enough for a one of RM10,000  withdrawal. 

I was curious  why,  the Government  did not increase the retirement age for civil servants and those in the private sector in Budget 2022 if it was absolutely concerned with depleted savings.

More than that, I am hugely disappointed that none of the Business Editors had challenged  the EPF story.

I for one am convinced  that EPF is indeed very concerned  about the depleted savings.  Having said that, I do believe that it is only HALF THE STORY.

The other half of the story lies on actually how much ready cash does the EPF actually have. 

 I do believe that another round of withdrawal will hurt account holders as WELL AS THE EPF,  because it may have to redeem before it can afford another round of payments.

What is money market instruments? 
  • Bankers Acceptances (BAs)
  • Negotiable Instruments of Deposits (NIDs)
  • Treasury Bills.
  • Bank Negara Bills.
  • Money Market Deposits (Eligible For Protection By PIDM)