Received in my inbox about the epf withdrawal scheme. Could someone out there verify this? This is something serious. I paste it here, word for word-

This is another method for KWSP to steal our money!

Remember during Budget 2008 announcement last yr, our Finance Minister (cum
PM) announced that in order to assist KWSP members to reduce the burden in
housing load repayment, KWSP will allow monthly withdrawal from members’
A/C II for the purpose? Sounds like a nice goodies!
When you apply for the monthly withdrawal, you only need to provide KWSP yr
housing loan & instalment detailsfrom yr bank and the bank a/c # you like KWSP to bank
the monthly withdrawal into it. KWSP will approve yrapplication based on the available amt
in yr A/C II and compute thewithdrawal period by dividing the approved amt with the monthly instalmentamt. Application process takes about a month and you will receive the
monthly payout promptly into yr bank a/c!Well everything appear to be nice and good. It was
indeed a noble planuntil you take to close look at yr KWSP Statement!
The withdrawal plan is actually a SCAM!

This is how the KWSP SCAM works…….

Assuming you have RM100,000 in yr A/C II and yr housing loan’s monthly
instalment is RM2000/mth.
KWSP will approve yr application of withdrawal from yr A/C II of RM100,000
and pay you RM2000/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 AMT (RM100,000) is removed from yr A/C II! It appears
to be transfered to an unknown a/c to effect the monthly payment from

The impact to the member are as follows :-
1. 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 will lose >RM10,000 over the 50 mths period!
2. There is no statement to account for the amt approved vs amt paid, hence
you would need to keep the monthly payment voucher to reconcile against the
approved amt over the 50mths period to ensure there is no missing amt!

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, would suggest you call yr MP to raise
hell in Parliament! (BN MPs won’t do it)
For others who have not fallen into this SCAM, pls continue to watch out
and alert yr family & friends about this.


Anyone who works in EPF out there?
True of False?