EPF’s full-page advertorial in the newspapers cannot be a substitute for transparency, good governance, efficiency or hard work – as it is a gross waste and misuse of EPF funds to mislead the 10.3 million EPF contributors about meeting their expectations
by Lim Kit Siang
(Petaling Jaya, Monday): The Employees Provident Fund (EPF) should explain how much it is spending in running full-page advertorials which appear in the various language newspapers today.
The EPF management should realize that the full-page EPF advertorials in the newspapers cannot be a substitute for transparency, good governance, efficiency or hard work although the advertisement is entitled “EPF WORKING HARDER TO MEET YOUR EXPECTATIONS”.
The 10.3 million EPF contributors are entitled to object in the strongest manner the gross waste of EPF funds to launch a most misleading EPF self-gratification advertisement drive, as the claim of the EPF advertorial to having met the expectations of the EPF contributors is not only completely misleading which cannot bear close scrutiny but most insulting and offensive.
How can the EPF “spin doctors” have the temerity to claim success to meet the expectations of the 10.3 million EPF contributors in a year when they are getting the lowest dividend in 40 years at 4.25 per cent last year?
In the advertorial, EPF claims that it has “always maintained a high level of transparency”. How can EPF make such a claim when it has not been able to answer a whole array of queries, such as the following:
In the advertorial, EPF promised its contributors that it will “continue to manage their contributions prudently, fully cognizant of its responsibilities to them for the long term and the need to provide for their retirement security”.
This meaningless verbiage cannot hide the fact that under the present EPF management, EPF contributors are heading for even lower dividends in the coming years.
What the 10.3 million EPF contributors want are not waste of EPF funds on full-page newspaper advertorials which do not advance EPF transparency and good governance, but a genuine policy commitment by the EPF Board and management to accountability, transparency and good governance to publicly justify its management and stewardship of the RM200 billion EPF funds.
DAP leaders will ask for a meeting with the EPF Chairman, Board and management and put to a test their claim in the advertorial that “The Fund has always maintained a high level of transparency”.
* Lim Kit Siang, DAP National Chairman