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Friday, December 1, 2017

Public Mutual declares RM96m distributions for 5 funds

KUALA LUMPUR: Public Mutual has declared distributions amounting to more than RM96mil for five funds for the financial year ended Nov 30, 2017.

It said on Thursday that for the Public Far-East Dividend Fund, the distribution was 0.75 sen per unit while for the Public Dividend Select Fund it was 0.3 sen.

Public Mutual said for the Public Ittikal Sequel Fund and Public Islamic Alpha-40 Growth Fund it was 0.5 sen per unit.

For the Public Islamic Infrastructure Bond Fund, it was 4.25 sen per unit.

Public Ittikal Sequel Fund, Public Islamic Alpha-40 Growth Fund and Public Islamic Infrastructure Bond Fund are open for the EPF members investment scheme. 

As at end-October 2017, the total fund size managed by the Public Mutual, which ia unit of Public Bank, was RM80.2bil.

*Taken from The Star

Monday, November 27, 2017

EPF contributors more vigilant with savings withdrawals

KOTA KINABALU: More Employees Provident Fund (EPF) contributors are now increasingly vigilant when withdrawing savings from their accounts, after learning from the experiences of those who had been duped by individuals who claimed they could assist with the EPF withdrawal process.
These contributors are now either approaching the EPF, financial consultants or experienced individuals for information, before using the EPF withdrawal facility.
According to a contributor, Willie Gitrus from Papar, here, before withdrawing his EPF savings recently for the purpose of building a house, he went to the EPF office in Kota Kinabalu to find out what was required before making such a withdrawal.
"I also asked some friends who had dealt with the EPF before and the information gained from them were helpful," the 34-year-old technician told Bernama recently.
According to Willie, he had read an advertisement offering to assist with the EPF withdrawal process on Facebook, but he avoided it as its fee was 30% of the total amount withdrawn, which was way too high.
"Anyway, I was informed by EPF officers that it was not necessary to engage a 'middleman' to facilitate the approval of withdrawal from my own account," he added.
Meanwhile, Lorri Son, 39, said he gathered the required information from the EPF website before withdrawing his savings a few months ago.
"Initially, I had no idea of how to withdraw my savings to build a house, but the EPF website is very useful and I learned of the process and procedures from there.
"Apart from that, when I went to the EPF office in Kota Kinabalu to collect the forms, several officers were at the counters to help with inquiries from contributors," he said.
Lorri said he did not trust the EPF advertisements on social media as he was aware that there were criminal syndicates out to cheat and make profits from cash-strapped contributors.
"Do not be deceived by people who claim they can assist in making EPF withdrawals, and most importantly, to deal direct with the EPF to make use of the withdrawal facility," he said.
*Taken from The Sun Daily

Sunday, November 5, 2017

In Malaysia's EPF, 0.4% account holders own more money than the bottom 51.91%

KUALA LUMPUR: According to government data, income inequality among its people -- as measured by the Gini coefficient -- has been trending down in the past four decades, from 0.513 in 1970, when the New Economic Policy was introduced, to 0.401 in 2014. A zero implies everyone has the same amount of wealth and 1 means the centralisation of wealth in one household.
But is income inequality really going down? A 2014 World Bank Study, co-authored by economists Dr Muhammed Abdul Khalid and Lee Hwok-Aun, seem to indicate the reverse is true if we look at Employees Provident Fund's savings, where the Gini coefficient has risen from 0.643 in 2003 to 0.661 in 2013. 
EPF's own data, culled from its Annual Report 2016, showed 0.4% of its members -- that's 28,727 EPF members having about RM47.2 billion worth of savings in EPF. They have more money than the combined savings of the bottom 51.9% of its members, comprising 3.6 million people who collectively owned RM43.9 billion in the fund.