Posted by andy118 > 2012-04-22 23:36 | Report Abuse

Thanks for highliting it ot us.

Posted by khwong33 > 2012-04-23 00:26 | Report Abuse

Hi CP Teh,
First, i appreciate your effort to bring up this issue as most of the readers, i think, is a KWSP member.
My housing loan withdrawal from EPF a/c II was approved in 2010 and is currently getting monthly transfer into my bank a/c.
What I can tell you is ALL are NOT true.
I am not sure who is writing this but I am sure he/she is not currently getting monthly hse loan withdrawal from EPF.
1st, the withdrawn amount is actually transfered to a seperate a/c and is getting annual dividend like what we get in a/c II. In the annual and current statement, this seperate a/c is just below the a/c II. The total dividend received is sum from a/c I + a/c II + this hse loan a/c.
2nd, there is an official statement for this seperate a/c, clearly stated initial amount, monthly progressive withdrawal and YTD balance.
I am using KWSP i-akaun and is tracking monthly transaction as well as the annual dividend credited, everything is alright. One thing surprise me , I received the similar chain email 2 yrs ago and today it is still spreading. I remember, few yrs back it was a hot topic and EPF's director had a press conf to clarify it. It is not convinient to disclose my statement publicly so I can send to your private email. But, please stop this chain as it is not true at all. Somebody has motive behind it.

Posted by cpteh > 2012-04-23 08:21 | Report Abuse

Hi khwong

Thanks a lot for sharing of the info. The purpose of posting such is to make awareness to many(who might think of withdrawing EPF ... it is a/c I ... for trading purposes). I am not sure about the so-called scam, but it is good for some kind people like you to point out to many.

Hope more will come out to speak about it, for general interests.

I have not withdrawn my a/c II for housing purposes, so I do not have much idea of the scheme.

Thanks again for spending some of your time to point it out for all.

TEH

Posted by Steven Lee > 2012-04-23 08:35 | Report Abuse

http://www.kwsp.gov.my/index.php?hdl=bin&rp=900

Posted by bondklse > 2012-04-23 09:13 | Report Abuse

Teh, if it is not true then please do not simply spread fear and rumour like this. Imagine if someone truely wanted to use the EPF to reduce his /her loan and had not read the reply by khwong33 then he would have been mislead by your article.

I would rate it as being irresponsible to post such kind of rumour. I suggest you remove this article.

Posted by khwong33 > 2012-04-23 09:16 | Report Abuse

Thanks a lot, Teh and Steven for valuable input.
Another EPF topic, which is more of our interest as a investor is Withdrawal from a/c I to directly invest in stock market (not for unit trust) via some local broker/investment hse. I found the withdrawal and annual mgmt fee is quite high. Nevertheless, it is still an opportunity during market crash like 2008/09 to invest in some undervlued blue chips and get handsome return when market recover. What is you guys opinion?

Posted by bondklse > 2012-04-23 09:30 | Report Abuse

suggest we start a new thread on using EPF or investing.