People Housing Programme: simple math don't look right

As an EPF contributor and tax payer, I am most perplexed and worried by this latest pre- general election allocation of our statutory  life savings.

EPF loan guaranteed: FT Foundation
Last updated on 31 January 2012 - 12:18pm
Pauline Wong
KUALA LUMPUR (Jan 31, 2012): The RM1.5 billion loan from the Employees Provident Fund (EPF) to be used for a special funding scheme for public housing is in safe hands, the Federal Territories Foundation said yesterday.
Foundation executive director Datuk Mohd Idris Mohd Isa said the money will be guaranteed by the foundation for repayment within 25 years.
The money is to be channelled for an "easy financing scheme" for the sale of houses in National Economic Action Council's People Housing Programme (PPR) and KL City Hall (DBKL) public housing.
Raja Nong Chik had yesterday told theSun that the funds will be given to the foundation to help some 20,000 eligible tenants and interested buyers living in the urban PPR and KL City Hall public housing units.
A typical unit in a public housing programme in Kuala Lumpur costs below RM35,000.
Take a look at the numbers below. It seems that the abovementioned allocation is meant for more than 20,000 households. If typically a public house only cost RM35,000 then the fund can cater for more than double the 20,000 number of household  announced by the minister

The minister should clarify himself because the numbers do not look right. Unless, of course another minister got misquoted yet again.
Numbers aside, why do the entire nations’ contributors have to fork out for people in Kuala Lumpur only? Why do retirement fund of a Negeri Sembilan, Sarawak and Kelantan contributor have to do with the housing woe of a person in Kuala Lumpur?
We have already paid income taxes, service tax stamp duties, assessments and custom duties. When companies pay taxes, they collect from tax payers via their selling price so how come we tax and EPF contributors have to pay again?

Public Housing programmes should be financed from various taxes collected. It has been like this for so long, why the sudden need to get extra money from EPF?
Port Klang Free Trade Zone scandal was reported to cost tax payers RM12.5billion and that foul up could pay for more than 8 rounds of this seemingly inflated project.
If the Barisan Nasional administration exercise commonsense and discipline with our money, the above mentioned expenditure would be nicely taken care of by taxes collected.



    written by Waterdragon, February 03, 2012 05:16:59

    have you forgotten about the people in PJ, Shah Alam and Klang paying for the construction of a highway (i can't remember which one now) at the Batu 3 Toll Plaza? they simply widen the road a bit and then the people have to pay toll till this day. the collection is supposedly to pay for the other highway being built then. so how?

    what about those houses built under SPNB? why can't these units be channelled to the KLites? there are still many abandoned units,right? in fact, there is no need to build more housing. there are so many abandoned units that could be given to the people.

    besides, you're right, the maths doesn't add up. you sure it's for houses and not for...wink....wink ??
    written by sputjam, February 02, 2012 14:07:29

    Its not only EPF money that will be used to subsidise the KL people.
    All the oil money from sabah, sarawak, terengganu and kelantan ends up in KL.
    The best schools, hospitals, airport etc are also in KL.
    Because KL have the largest airport, the rural people in KK and penang, alor star etc have to pay very high airport charges to subsidise the cost of KLIA.
    written by CrookinparAdize, February 02, 2012 01:39:44

    U sure your EPF money still around when you retire? It's another illegal pyramid scam, most likely. After all, was it not that EPF is seeking loan from oversea recently?

    U bet, EPF is giving 'loan' to BN to be use to buy votes during election! That's how Perakian will receive 500 .

    Take the 500 now and worry about it later when you try collect the money from the bankrupt government when you retire!
    written by befocus, February 02, 2012 00:44:42

    My plea to ali MPs is to say NO to using EPF for People Housing Programme. We EPF contributors are stakeholders, so, please do consider our feelings about our hard-earned money. Dont bully us by quoting all kinds of Acts and Laws saying the govt of the day has the power to do it.
    written by onnetline, February 01, 2012 22:56:55

    Big expenditure ........ means big ' allocation ' scam or commission for some ' cable connected ' ARMNOs parasites !
    written by SI, February 01, 2012 22:15:23

    ]This EPF special funding scheme reeks of 'CORRUPTION' and nothing else! If BN government wants to help the poor & needy, do it with BN money not hard earned money of EPF contributors!

  2. Watedragon must be drinking the same water as I am!

  3. The numbers are embarrassing. I'm surprised the government allowed them to come out.

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