i personally find it kinda funny... so far we have no news on epf income, accounts gain, deficit, etc...
yesterday it came out clearly that epf income jumps 11.7%... and today... just one day after yesterday.. the govt announced epf to provide bulk funding for 425 projects!...
why this very 2 important news only announced one day apart?!?... whereby, this 2 news are link to each other...
are they trying to avoid this kinda scenario...
pm : dear rakyat... epf to provide bulk funding for 425 projects...
rakyat : but, why our money?!?... where's the accounts of epf?!?... is epf running on a losing/gaining accounts?!?..
pm : as the papers have reported yesterday.. epf is gaining and the govt could ask for funds from the epf for the construction of housing and stations for the police, and the govt would pay rental to the epf... pls read the yesterday papers and get yr facts right...
rakyat : (they would hv no choice but to keep quiet eh?!?)...
as per report in one of the reports below...
"Samy Vellu thanked the Prime Minister for the projects, adding that it showed that Datuk Seri Abdullah Ahmad Badawi cared about the problems faced by local contractors, especially bumiputra ones, in getting jobs."
after following up very closely on this 9th mp news and all... i guess.. maybe and/or somehow i missed pm saying that he cared about the problems faced by local contractors, especially bumiputra ones, in getting jobs...
so, did uncle sam just 'leak' this out?!?...
u mean it's easier to get a job done when you are a bumiputra company in malaysia?!?...
can someone pls define to me wat does bumiputra means?!?...
EPF income jumps 11.7%
KUALA LUMPUR: The Employees Provident Fund's (EPF) gross income rose by 11.7% to RM13.2bil, and asset size by 9.8% to RM263.8bil, for the financial year ended Dec 31.
EPF chairman Tan Sri Abdul Halim Ali said the fund’s investment income continued to grow despite difficult market conditions.
“About 78% of the total gross income came from fixed income instruments,” he said.
“Of these instruments, Malaysian Government Securities (MGS) contributed 38.1%, and loans and bonds 33.9%.
“Of the total income, equities made up 22.2%, money market instruments 5.5%, and properties 0.3%.”
He said in line with its prudent and effective investment strategies, the fund has declared a higher dividend rate of 5% for 2005 compared with 4.75% for the previous year.
The EPF’s 2005 Annual Report was tabled in Parliament yesterday.
Abdul Halim said in the year under review, the EPF’s total accumulated investments increased by 9.6% to RM259.9bil.
“MGS remained the core investment instrument, representing RM97.8bil, while loans/ bonds contributed RM94.3bil, equity RM49.6bil, money market instruments RM16.6bil, and property RM1.6 bil,” he said.
“Total contributions collected by the EPF in 2005 rose 11.5% to RM24.4bil, up from RM21.9bil in 2004.
“The year also saw increases in asset size, membership base, employer base and contributions.
“Membership increased by 3.5% to 11.1 million members, with 5.23 million being actively contributing members.”
Going forward, Abdul Halim said, the EPF would continue with its large-scale operational efficiency programmes in line with best practices and standards.
“The EPF will continue with its 55-year record with clear objectives to be achieved in the coming years,” he said. – Bernama
EPF to provide bulk of funding for 425 projects
PUTRAJAYA: The Employees Provident Fund will provide the bulk of the funding for 425 projects under private finance initiatives (PFIs).
Funding from the EPF will be channelled to a Special Purpose Vehicle (SPV) – which might not necessarily be owned by the EPF – which would then pay contractors to build the various social infrastructure projects under the 9MP, such as quarters for uniformed personnel.
The EPF then gets a return from the assets leased by the Government, which would be higher than what the fund could get from its deposits in the banks.
The SPV, which owns the assets, would transfer the facilities to the Government after the lease ends.
To assist PFI projects and make them more viable, the Government will establish a RM5bil Facilitation Fund to provide some financial assistance for land acquisition or aid in the relocation of squatters.
Prime Minister Datuk Seri Abdullah Ahmad Badawi said yesterday the PFI scheme would have two formats.
In the first format, a private company would construct the building and lease it to the Government.
He said the Government could ask for funds from the EPF for the construction of housing and stations for the police, and the Government would pay rental to the EPF.
“It’s a good investment for the EPF as the rental is already guaranteed, and EPF enjoys better returns,” Abdullah said.
In the second example, a private company would build, own and operate the asset and assume the financial and commercial risks of such an asset.
Such PFI would undertake projects not identified by the Government but by the private sector that deemed a project economically viable and would benefit the public.
“Through the PFI, private companies have to finance it in its entirety,” Abdullah said.
“But if there are issues the project faces, such as land issues, we will facilitate that, through a fund.
“We will help in these matters, but (private companies) should not hope for a bail-out.”
Boost for construction industry
KUALA LUMPUR: The 880 projects worth RM15bil to be tendered under the 9th Malaysia Plan will give a much needed boost to the country's construction industry, Works Minister Datuk Seri S. Samy Vellu said here yesterday.
As part of the speedy rollout of the projects, the tender documents for all of them have to be given out by June 30, 2007, he said.
The tenders will be advertised in local newspapers and online.
Samy Vellu thanked the Prime Minister for the projects, adding that it showed that Datuk Seri Abdullah Ahmad Badawi cared about the problems faced by local contractors, especially bumiputra ones, in getting jobs.
Samy Vellu said that in line with Abdullah's directions, the Public Works Department (PWD) and other relevant departments and agencies in the ministry would speed up the design and issuance of tender documents.
“I will personally monitor the implementation of this directive,” he said, adding that the PWD had already issued tender documents for some of the 65 infrastructure projects announced.
EPF keen to be major financier of 9MP jobs
SHAH ALAM: The Employees Provident Fund (EPF) is committed to being a major financier of the RM20bil worth of private finance initiative projects under the 9th Malaysia Plan (9MP), said chief executive officer Datuk Azlan Mohd Zainol.
“We are ready to fund all RM20bil worth of projects if necessary,” he said after a corporate briefing and plant tour of The Star Media Hub here yesterday.
“However, we believe funding will be shared with Kumpulan Wang Amanah Pencen, but we would be the major financier.
“We expect proposals to start coming in soon, probably by the year-end. The EPF is very supportive of the 9MP.
“We will also continue with our traditional investments in bonds, Malaysian government securities and loans.”
The 12 senior management staff members of the EPF were taken on a tour of The Star’s printing plant here by Star Publications (M) Bhd group managing director Datuk Steven Tan and some of the newspaper's senior officials. This was the EPF senior management’s first visit to the plant.
Among the fund officials were deputy chief executive officer (management and organisational development) Rusma Ibrahim, deputy chief executive officer (investment) Dr Roslan A. Ghaffar, chief investment officer (equities) Johari Abdul Muid, general manager (private equity) Rita Benoy Bushon and general manager (property investment) Mohd Lofty Mohd Noh.
Azlan was impressed with The Star Media Hub’s state-of-the-art printing technology.