EPF, Fraudulent Withdrawals And The Government.
Employees Provident Fund (EPF) contributors who had withdrawn their savings by fraudulent means will not get away with their crimes as action will be taken against them. The agency's monitoring mechanisms were able to detect and trace such fraudulent applications and those guilty could be charged in court.
Fraudulent withdrawal of a contributor's EPF savings is an offence under Section 59 of the EPF Act 1991 and those guilty are liable to a maximum jail sentence of three years or a RM10,000 fine, or both. "The EPF continues to toughen up its stance on fraudulent withdrawals to ensure the members' retirement savings are protected and preserved for their post-retirement needs.
As the custodian of old-age savings for more than 11 million members, the EPF has constantly exercised vigilance and caution in dealing with withdrawals by members, to ensure that their savings are being withdrawn for the appropriate reasons as provided for under the EPF Act 1991.
It is sad that some members resort to fraudulent means to withdraw their savings and even sadder when some of them are willing to pay part of their own hard-earned savings to unscrupulous third parties. Members should realise that they are not cheating the EPF of any money; they are only cheating themselves.
Excellent advice from the EPF to its members and what a reassurance! I feel so secure in knowing that my hard-earned savings are very very safe. Thank you EPF. However there is this slight problem you seem to have overlooked. While you are extremely vigilant about withdrawal of a few thousand ringgit by the members (and we are grateful to you for that), you seem to be looking the other way or at least 'close one eye', Jasin style, when the government digs deep into your coffers and removes millions and millions of our money. Is this halal or fraudulent? Or you simply don't have the balls to ask?
Don't get me wrong EPF. I just had this doubt and decided to clarify. I'm sure one day you'll provide the answers either in the form of a whitepaper or when the government of the day decides to declassify documents pertaining to fraudulent(?) withdrawals of previous administrations. Until then please keep up the good work.
Fraudulent withdrawal of a contributor's EPF savings is an offence under Section 59 of the EPF Act 1991 and those guilty are liable to a maximum jail sentence of three years or a RM10,000 fine, or both. "The EPF continues to toughen up its stance on fraudulent withdrawals to ensure the members' retirement savings are protected and preserved for their post-retirement needs.
As the custodian of old-age savings for more than 11 million members, the EPF has constantly exercised vigilance and caution in dealing with withdrawals by members, to ensure that their savings are being withdrawn for the appropriate reasons as provided for under the EPF Act 1991.
It is sad that some members resort to fraudulent means to withdraw their savings and even sadder when some of them are willing to pay part of their own hard-earned savings to unscrupulous third parties. Members should realise that they are not cheating the EPF of any money; they are only cheating themselves.
Excellent advice from the EPF to its members and what a reassurance! I feel so secure in knowing that my hard-earned savings are very very safe. Thank you EPF. However there is this slight problem you seem to have overlooked. While you are extremely vigilant about withdrawal of a few thousand ringgit by the members (and we are grateful to you for that), you seem to be looking the other way or at least 'close one eye', Jasin style, when the government digs deep into your coffers and removes millions and millions of our money. Is this halal or fraudulent? Or you simply don't have the balls to ask?
Don't get me wrong EPF. I just had this doubt and decided to clarify. I'm sure one day you'll provide the answers either in the form of a whitepaper or when the government of the day decides to declassify documents pertaining to fraudulent(?) withdrawals of previous administrations. Until then please keep up the good work.
posted by The Malaysian. at 7/17/2006 09:18:00 AM
2 Comments:
Malaysian,
My exact thoughts,man !
The powers-that-be will always spin the attention of the real tax-payers interest to something or somewhere else!
Do we smell a rat here ? I can...!
Cheers Malaysian!
Very best site. Keep working. Will return in the near future.
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