Yesterday (21 October 2009) the third year students of the Actuarial Science and Risk Management (ASRM) program at USIM visited ETIQA Insurance and Takaful in Bangsar. They were welcomed by the management of ETIQA and given briefings on the actuarial and risk management aspects of insurance and takaful.
Thank you ETIQA for the contributions to enriching the knowledge of ASRM students at USIM. Thank you Mr. Nik Rahmat, Head of Takaful Corporate Actuarial for your explanation on the role of actuaries in family takaful. Thank you Mr. Rudie Erman, Head of Risk Management for explaining the various aspects of risk management and how ETIQA view risk management. Thank you Mr. Effendy Norazman, Head of Non-Life Corporate Actuarial for highlighting the importance of actuarial science in general insurance and takaful.
There is a lot of opportunities for actuarial science and risk management graduates from USIM to be involved in the fields of risk management and general insurance and takaful. So there is no reason for them not to work hard at their studies because the world out there need their expertise very much.
Once again I would like to thank ETIQA for their willingness to accommodate a group of eager USIM students and look forward to more cooperation between USIM and ETIQA especially in the areas of actuarial science, risk management and general insurance and takaful.
Thursday, October 22, 2009
Monday, October 19, 2009
Allow workers to revert to 11% deductions, says MTUC
The call by MTUC for the contribution from employees to EPF to be increased from 8% (suggested by the government) to the original 11% need careful study and analysis.
First of all how has the reduction of the contribution rate affected the economy of the country? How much spending money has been released to the retail sectors? Have they played any part in boosting our economy? Should such reduction be recommended again in the future when the situation requires it?
Secondly, how has it affected the employees' retirement benefit? Surely the amount at retirement would be less than if the contribution rate has not been reduced. Can this be overcome by an increase in the contribution rate when the economy has improved? Maybe EPF can increase the dividend rates in the future years with some help from the government. After all, the employees (EPF contributors)have played their part in helping the government to boost the economy when it was required by the government. So if the economy has improved as a result of the sacrifice made by the contributors, the government can help by providing subsidies to increase the dividend rates in the future.
Monday October 19, 2009
PETALING JAYA: The Malaysian Trades Union Congress (MTUC) yesterday called on the Government to allow the 2.2 million workers, who opted for the 8% Employees Provident Fund (EPF) deductions, to revert to 11% with immediate effect.
As the economy is recovering, MTUC vice-president A. Balasubrmaniam said EPF contributions were savings for old-age for private sector workers and it was important that the savings percentage be maintained.
Due to the economic downturn, the Government, in November last year, gave employees the option to either maintain the deductions at 11% or reduce it to 8% for a period of two years from Jan 1 this year.
According to the EPF, a total of 2.2 million or 40% of workers opted to reduce it to 8%.
Balasubramaniam said MTUC was now concerned for these 2.2 million workers as they were losing in terms of dividends and final pay out when they reach the retirement age.
He said that although the option was for two years, the Government should allow them to revert to the previous deductions now. — Bernama
First of all how has the reduction of the contribution rate affected the economy of the country? How much spending money has been released to the retail sectors? Have they played any part in boosting our economy? Should such reduction be recommended again in the future when the situation requires it?
Secondly, how has it affected the employees' retirement benefit? Surely the amount at retirement would be less than if the contribution rate has not been reduced. Can this be overcome by an increase in the contribution rate when the economy has improved? Maybe EPF can increase the dividend rates in the future years with some help from the government. After all, the employees (EPF contributors)have played their part in helping the government to boost the economy when it was required by the government. So if the economy has improved as a result of the sacrifice made by the contributors, the government can help by providing subsidies to increase the dividend rates in the future.
Monday October 19, 2009
PETALING JAYA: The Malaysian Trades Union Congress (MTUC) yesterday called on the Government to allow the 2.2 million workers, who opted for the 8% Employees Provident Fund (EPF) deductions, to revert to 11% with immediate effect.
As the economy is recovering, MTUC vice-president A. Balasubrmaniam said EPF contributions were savings for old-age for private sector workers and it was important that the savings percentage be maintained.
Due to the economic downturn, the Government, in November last year, gave employees the option to either maintain the deductions at 11% or reduce it to 8% for a period of two years from Jan 1 this year.
According to the EPF, a total of 2.2 million or 40% of workers opted to reduce it to 8%.
Balasubramaniam said MTUC was now concerned for these 2.2 million workers as they were losing in terms of dividends and final pay out when they reach the retirement age.
He said that although the option was for two years, the Government should allow them to revert to the previous deductions now. — Bernama
Tuesday, October 6, 2009
CUEPACS: PENSION MORE BENEFICIAL THAN EPF
This is one of the many articles on pension planning that appears in the news recently. I will also post the other articles shortly.
Isnin, 2009 Oktober 05
CUEPACS: PENSION MORE BENEFICIAL THAN EPF
Malaysian Insider
By Shazwan Mustafa Kamal
5/10/2009
KUALA LUMPUR, Oct 5 — Cuepacs president Omar Osman said civil servants stand to lose more under the current Employees Provident Fund (EPF) scheme.
That is why Cuepacs, together with the workers’ unions in seven government agencies, will be submitting a memorandum to the prime minister in an effort to ensure the welfare of these civil servants after they retire.
“We are pushing the government to look at the current status of government employees who have been allotted separate retirement plans from other government agencies,” he said referring to the seven government bodies.
There are about 60,000 employees in the seven agencies. They are Socso, the, EPF, Lembaga Tabung Angkatan Tentera, Tabung Haji, Perbadanan Hal Ehwal Bekas Angkatan Tentera (KEBAT), Bank Simpanan National and the Inland Revenue Board.
These agencies have been accorded different retirement schemes from other government bodies because they “have been given the task of managing and handling the country’s finances.”
“We want our workers’ welfare guaranteed. Even though these bodies are separate, there should be equal benefits for them, and sadly the benefits are not the same,” explained Omar.
He said that under the EPF formula, the future of these workers is not guaranteed after they reach the retirement age of 58 unlike other government employees.
Instead of handing over a lump sum of money, a pension-based model would be more conducive and realistic as they would then be able to get a steady income every month, and would be able to use their money wisely.
“Getting RM300,000 won’t be worth anything in the year 2020. Even now, everything is so expensive, people end up spending everything they have instead of saving,” he added.
According to Omar, Cuepacs has also 10 more issues which it will be taking up with the prime minister.
Among these is a call to reduce the housing loan interest for civil servants from four per cent to one per cent.
“We are like barking dogs. We will bark until they hear us.”
The barking has apparently received the attention of Datuk Seri Najib Razak, as Omar has stated that he has personally met with the prime minister regarding the matter and that he is aware of the situation.
He also expressed confidence in Najib‘s administration, saying that the 60,000 affected workers will always remain loyal to the ruling government.
Posted by CUEPACS at 17:30
Isnin, 2009 Oktober 05
CUEPACS: PENSION MORE BENEFICIAL THAN EPF
Malaysian Insider
By Shazwan Mustafa Kamal
5/10/2009
KUALA LUMPUR, Oct 5 — Cuepacs president Omar Osman said civil servants stand to lose more under the current Employees Provident Fund (EPF) scheme.
That is why Cuepacs, together with the workers’ unions in seven government agencies, will be submitting a memorandum to the prime minister in an effort to ensure the welfare of these civil servants after they retire.
“We are pushing the government to look at the current status of government employees who have been allotted separate retirement plans from other government agencies,” he said referring to the seven government bodies.
There are about 60,000 employees in the seven agencies. They are Socso, the, EPF, Lembaga Tabung Angkatan Tentera, Tabung Haji, Perbadanan Hal Ehwal Bekas Angkatan Tentera (KEBAT), Bank Simpanan National and the Inland Revenue Board.
These agencies have been accorded different retirement schemes from other government bodies because they “have been given the task of managing and handling the country’s finances.”
“We want our workers’ welfare guaranteed. Even though these bodies are separate, there should be equal benefits for them, and sadly the benefits are not the same,” explained Omar.
He said that under the EPF formula, the future of these workers is not guaranteed after they reach the retirement age of 58 unlike other government employees.
Instead of handing over a lump sum of money, a pension-based model would be more conducive and realistic as they would then be able to get a steady income every month, and would be able to use their money wisely.
“Getting RM300,000 won’t be worth anything in the year 2020. Even now, everything is so expensive, people end up spending everything they have instead of saving,” he added.
According to Omar, Cuepacs has also 10 more issues which it will be taking up with the prime minister.
Among these is a call to reduce the housing loan interest for civil servants from four per cent to one per cent.
“We are like barking dogs. We will bark until they hear us.”
The barking has apparently received the attention of Datuk Seri Najib Razak, as Omar has stated that he has personally met with the prime minister regarding the matter and that he is aware of the situation.
He also expressed confidence in Najib‘s administration, saying that the 60,000 affected workers will always remain loyal to the ruling government.
Posted by CUEPACS at 17:30
Subscribe to:
Posts (Atom)
