Making Money Online

Hey there Friend,

I got another ‘interesting’ e-mail to share here.
Oh! Before I proceed maybe some explanation is in order.

What is KWSP?

KWSP is a shortform for Kumpulan Wang Simpanan Pekerja.
Or it is known as EPF: Employee Provident Fund.
It’s a form of deduction imposed by the Government on a portion of the salary.
It can also be considered as a ‘forced’ savings.

What it’s used for?

It can be used as down payment for a house purchase. I used it before.
But it’s for the first time home buyer.
It can be used to pay off the mortgage.
That’s for the second time home buyer. I plan to do this, soon.
It can also be used to pay your tuition fee. My wife used hers for the Postgrads.

Until I got this email…

It was sent by somebody, who got it from somebody, who got it sent from somebody.
But it’s too interesting.
And I’ll include it here.
I don’t know what to make out of this but I think this email itself is a ’scam’.
I don’t know. It’s possible.
Whatever it is, just make sure your house ‘appreciate’ its value.
So it can ‘offset’ the so-called ‘loses’.

Here’s the email:

PLS TAKE NOTE ON THIS ISSUE. THIS IS SERIOUS!!!

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 good plan !
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 fall 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.

HOW COULD THE GOVERNMENT ALLOW ITS AGENCY TASKED WITH SAFEGUARDING ITS
CITIZEN’S HARD EARNED MONEY TO CHEAT ITS MEMBERS IN THIS MANNER???

What do you think?

Could this be another ’scam’? You go figure.