EPF to bail out ill-guided projects?

Najib running out of money? RM1.5bil taken from EPF to fund Nong Chik's housing scheme

At a time when other governments are looking into austerity programs to cushion themselves from a global recession, Malaysia is spending its retirement fund on ill-guided projects. And when a government of the day - the UMNO-BN - unceremoniously plays around with money its citizens have toiled hard for and set apart for their retirement needs, one thing is clear - nothing is safe anymore.

EPF funds used as BN pocket money

PKR has bashed a move to use RM1.5 billion from the Employee's Provident Fund (EPF) to help finance those unable to obtain bank loans to buy low-cost public housing units.

"Even banks are not prepared to give the loans. What is the EPF's investment panel doing?

"Why is EPF money being used as BN's pocket money?" asked party vice-president Nurul Izzah Anwar (right) at a press conference today.