Remember during Budget 2008 announcement last year, our Finance Minister (cum PM) announced that in order to assist KWSP members to reduce the burden in housing loan repayment, KWSP will allow monthly withdrawal from members' A/C II for the purpose?
Sounds like a nice idea! When you apply for the monthly withdrawal, you only need to provide KWSP your housing loan & instalment details from your bank and the bank a/c that you like KWSP to bank the monthly withdrawal into it. KWSP will approve your application based on the available amount in your A/C II and compute the withdrawal period by dividing the approved amount with the monthly instalment amount. Application process takes about a month and you will receive the monthly payout promptly into your bank a/c!
Well everything appears to be nice and good. It was indeed a noble plan until you take to close look at your KWSP Statement! The withdrawal plan is actually a SCAM!
This is how the KWSP SCAM works.......Assuming you have RM100,000 in your A/C II and your housing loan monthly instalment is RM2,000/mth. KWSP will approve your application of withdrawal from your A/C II of RM100,000 and pay you RM2,000/mth for the next 50mths.
Everything appears to be in order BUT.......What KWSP didn't highlight to you is that when the application was approved, the TOTAL AMOUNT (RM100,000) is removed from your A/C II!
It appears to be transfered to an unknown a/c to effect the monthly payment from there. The impact to the member are as follows :-
- You just lost RM100,000 from yr A/C II. Assuming the KWSP Dividend is 5%, you will lose RM4,000 in dividend during the 1st year. Based on the above example you will lose RM10,000 over the 50 mths period!2. There is no statement to account for the amount approved vs amount paid, hence you would need to keep the monthly payment vouchers to reconcile against the approved amount over the 50mths period to ensure there is no missing amount!
- Assuming there are 100,000 members who innocently fell prey to this SCAM, based on the above example, KWSP would have cheated the members of 100,000 X RM10,000 = RM1,000,000,000 (that's RM1 BILLION) over the period! Furthermore, if you discovered this SCAM early and intend to stop the plan, KWSP would not allow any cancellation of the plan until at least 1 year. That would mean, once the application is approved, based on the above example, you would have lost RM4,000. 100,000 members would have lost 100,000 X RM4,000 = RM400,000,000 (RM400 MILLION) in One Year!!!
If you're a victim of this KWSP SCAM, I would suggest you call your MP to raise hell in Parliament! For others who have not fallen into this SCAM, please continue to watch out and alert your family members & friends about this.
HOW COULD THE GOVERNMENT ALLOW ITS AGENCY TASKED WITH SAFEGUARIDNG ITS CITIZEN'S HARD EARNED MONEY TO CHEAT ITS MEMBERS IN THIS MANNER???
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