SCAM by KWSP

>>> > > 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
>>> details
>>> > >> from yr bank and the bank a/c # you like KWSP
>>> to bank the
>>> > >> monthly withdrawal into it. KWSP will approve
>>> yr
>>> > >> application based on the available amt in yr
>>> A/C II and
>>> > >> compute the
>>> > >> withdrawal period by dividing the approved
>>> amt with the
>>> > >> monthly instalment
>>> > >> amt. 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 plan until
>>> > >> 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 therein.
>>> > >>
>>> > >> 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!
>>> > >> For others who have not fallen into this
>>> SCAM, pls continue
>>> > >> to watch out and alert yr family &
>>> 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???
>>> > >>
>>> > >> Pls spread this message around.