Chow Kon Yeow: 曹观友

EPF has announced a 5.8% dividend for the coming year. This is one of the best rates for many years. I thought people would be happy. Maybe the government thought the people would be happy with the announcement.
But too bad. Over the 8pm English news, NTV7 conducted a poll: whether the 5.8 percent is fair? Well I thought over 50 percent of the respondents would be happy and say it is fair. No, no, NO. At the end of the news segment, NTV7 announced the results of the half-an-hour poll. Ninety percent said the 5.8percent interest rate is NOT FAIR! Only 10 percent thought otrherwise.
With such a mood, it would be a surprise for PM to call for a snap poll, don’t you think so?

What is the impact of the recent hike in government employee salaries on the country’s fiscal position?

Standard & Poor’s Ratings Services said it is evaluating the impact.

Malaysia’s foreign currency is rated ‘A-/stable/A-2′ and local currency is rated ‘A+/stable/A-1′.

S&P said that Malaysia’s fiscal position is the weak element of its credit profile. It added that although the general government deficit has declined steadily, the ratio remains above the median for ‘A’ rated countries.

Good growth prospects, a strong external position and a healthy financial sector balance its credit weakness, the ratings agency added.

S&P said the outlook on Malaysia could be revised to positive if it feels that the government’s deficit targets can be met with recurring revenues or sustainable expenditure cuts.

I think with general election looming, it is likely that PM Abdullah Ahmad Badawi will continue to drain the coffer to create good feelings for the electorates.

Maybank has imposed the rule that with effect from 1-7-2007, one of the criteria for legal firms to be on its panel is that 50% of the equity of the partnership of the legal firm must be held by Bumiputeras. For legal firms which are already on the Maybank panel, they have a year to comply with the new ruling.
DAP MP for Bandar Kuching Chong Chieng Jen rose early this morning to table his motion to discuss Maybank’s ruling, seen as an extension to the New Economic Policy.
Speaker Tan Sri Ramli Ngah Talib rejected the motion on the ground that it was internal policy of the bank.
Today the Bar Council said another bank is going to implement the same ruling too.
Chong said aloud that it was racial discrimination and its implementation would impact ethnic relations in the country.
Too bad the motion is rejected and we have no opportunity to oppose the ruling or hear the stand of Barisan MPs or the government.
WE often hear loud-mouthed Minister advising consumers to shift their allegiance for a certain company if they are not satisfied with the services or price hike.
The latest is the Astro’s price hike on their programme packages. Lim Keng Yaik said in his usual “Soh-chai” style, “Don’t watchlah if you don’t like the increase”.
Well, maybe Maybank customers can see some wisdom in Keng Yaik’s advice.
Close your accountlah with Maybank if you don’t like their discriminatory ruling.

A bill to amend the EPF Act has been tabled today for first reading.

Here are some of the highlights:

1. To expand the choice of investment available to members of the Fund and EPF Board may authorize transfer of any amount standing to the credit of such members into fund management institutions from the date such member has attained the age of fifty-five years.
2. No contribution and no dividend may be credited into a member’s account after such member has attained the age of seventy-five years. This is line with the proposal to make it compulsory for a working member to contribute until he has attained the age of seventy-five years.
3.EPF Board may transfer all sums of money standing to the credit of a member to the Registrar of Unclaimed Money when such member has attained the age of eighty years.
4. Transfer of credit of a member of the Fund in accordance with the division of matrimonial assets order
5. Good news for many: any member can make a withdrawal to help his spouse who has taken a housing loan to settle or reduce the housing loan without the need to be registered as a co-owner of the house; to allow a member who has a credit that exceeds RM1 million to make withdrawal,withdrawal for the purpose of taking up a health insurance policy