EPF Should Guide Members on Investment
Daily Express , Photo Credit to Lipstiq.com
clock 02-01-2018
hit 340

With the high cost of living today, promises of quick returns can easily persuade an individual to participate in various investment schemes, including scams. Malaysian Academic Association Congress President Prof Datuk Dr Mohd Idrus Mohd Masirin said the desire to lead a lavish lifestyle normally compels individuals to make frequent withdrawals from the Employees Provident Fund (EPF).

"Most are convinced by verbal guarantees that the investment would succeed, and in the event that it does not, the capital would be returned.

"In fact, the lack of knowledge regarding the risks involved also contribute towards them making bad choices," he said. He said investments made without proper research would only cause disappointment and frustration to EPF contributors who withdraw their money for the purpose. Prof Mohd Idrus suggested that EPF create a guideline for contributors to identify legitimate investments.

"For example, the amount of money which can be withdrawn can be controlled by EPF based on the type of investment the contributor wishes to make.

"Let's say one wants to invest in ASB, he or she may withdraw a considerable amount.

However, if it is to buy shares, the EPF can control the amount to prevent contributors from losing big money, and if the investment looks dubious, then the EPF may request for confirmation from the relevant party before allowing the withdrawal," he said. Prof Mohd Idrus said in general, people were becoming wiser in terms of investing their money, but they sometimes could lose control when they hear of promises of double returns over a short period of time.

"Therefore, people should always be reminded about fraudulent investments.

"I think the initiative to raise awareness among Malaysians on choosing the right type of investment should be included in investment programmes," he said.



Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment.


Monthly Column
The staple of your property-related materials. It's all about being ahead of the game and with The Column, you get carefully selected information that will keep you informed and running with the pack. The best news, articles and properties on the market from the Property Hunter portal, conveniently wrapped and ready, just for you.

Weekly Window
Your weekly dose of what's hot and what's not in property. The window is your view into the realm of real estate in Malaysia, curated from our portal based on the most popular pieces over the week. For those who just can't get enough, this is for you. Ain't nobody got time for dailies anymore, weekly is the new daily.