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This article is from thestar.com.my
URL: http://thestar.com.my/news/story.asp?file=/2001/5/10/nation/1001epff&sec=nation
__________________________________________________________________________
Thursday, May 10, 2001
EPF suspends annuity plan pending consultant's study
By Jane Ritikos
SUBANG JAYA: The controversial <a
href="http://www.kwsp.gov.my/english/55years.html"target="on_top";>Employees Provident
Fund Annuity Scheme</a> has been suspended pending a consultant's study.
And the Malaysian Trades Union Congress (MTUC), which had objected strongly to the
scheme, has called off its picket on May 12.
In a letter handed over to MTUC president Senator Zainal Rampak on Tuesday, Prime
Minister Datuk Seri Dr Mahathir Mohamad assured the congress that:
<li> THE insurance annuity scheme would be deferred until a study by the consultant
engaged by EPF was completed;
<li> THERE would be a review of the death and disability payment of RM2,000 to revert
it to the previous payment of between RM1,000 to RM30,000; and
<li> EPF funds were managed without causing any doubts among members.
Zainal said the general council, which held an emergency meeting yesterday,
unanimously agreed to defer the picket.
"The council members decided to give EPF three months to settle the problems.
"We agreed to defer the picket because of the Prime Minister's assurance.
However, we will pursue all the issues highlighted in our memorandum over the next
three months until they are settled," he told a press conference yesterday.
"We want the EPF Investment Panel to be accountable to the board, which has five
workers' representatives.
"We will meet the Prime Minister on June 25 on the issues raised, which also
involve amendments to the EPF Act 1996," he said.
Among other demands, the MTUC also wants 50% of the 18 board members to be made up of
workers' representatives.
On the annuity scheme, Zainal said EPF had agreed that the consultant's study would
include input and views from MTUC.
"We want to meet the consultant by next week," he said.
MTUC had called for the scheme, managed by insurance companies, to be scrapped and
managed directly by the fund.
On the death and disability benefit, Zainal said EPF and the Human Resources Ministry
agreed to consider restoring the previous benefit of between RM1,000 and RM30,000.
>From July 1 last year, the EPF reduced to a flat payment of RM2,000.
Zainal also said the MTUC would set up a committee to monitor the management of EPF
funds.
"The committee will be made up of those who are familiar with accounts and
investments. The committee will immediately highlight things when it feels something
is not right," he said.
"We want EPF to be more careful when lending money to any party. Borrowers should
not be allowed to repay by using shares or movable property as guarantee.
"This is because when share prices drop, EPF's money is also reduced, resulting
in members getting lower dividends.
"We want EPF to be more transparent, show good governance and not simply lend
money to people just because they have political influence," he said.
Zainal also said those who wish to cancel their participation in the annuity scheme
could do so and get back their money from the insurers.
MTUC secretary-general G. Rajasekaran said the Prime Minister's statement was general
in nature and as such MTUC would have to pursue the issues until they were resolved.
Human Resources Minister Datuk Dr Fong Chan Onn said the Government had taken an
accommodating stand in dealing with MTUC's demands.
"This shows our sincerity in working together with the MTUC and we hope they will
respond appropriately," he said when contacted last night.
The MTUC had attended several discussions with the EPF management and Dr Fong over
matters concerning the EPF, but was not satisfied with the explanation given and
decided to go ahead with its picket.
__________________________________________________________________________
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