EPF 2009 dividend 4.5% fall short of 16% by LTAT March 17, 2009Posted by nikmj in General, Politics, National, news, malaysianinsider, Najib Razak.
Tags: najib, The Malaysianinsider, LTAT, EPF, Bank Rakyat, EPF divident 2009, The Edge Daily
This is a report from The Edge Daily
KUALA LUMPUR: The Lembaga Tabung Angkatan Tentera (Malaysian Armed Forces Fund) is rewarding its contributors with a 7% dividend, 3% bonus and 6% special bonus.
The total dividends and bonus for 2008 would be 16%, which was in line with 2007. The total amount would be RM597.9 million, up 8.3% from RM552.2 million a year ago.
The superannuation fund said on March 13 that it recorded pre-tax profit of RM631.4 million for the year ended Dec 31 last year, a 2.3% increase from the RM616.9 million in 2007.
LTAT said the pre-tax profit was the highest since the Asian financial crisis in 1997. It recorded pre-tax profit of RM697.6 million in 1996.
Its total assets as at Dec 31 had increased by 8% to RM7.2 billion and the total contributions last year were RM4.8 billion from the 116,000 contributors.
And this is a The Malaysianinsider report
KUALA LUMPUR, March 17 — Despite earning a record RM20 billion in gross income in 2008, a cautious Employees’ Provident Fund has declared a 4.5 per cent dividend for its members and blamed the lower rate of returns on the global financial crisis.
The state pension fund had declared 5.8 per cent in 2007 when it just earned RM18.29 billion. In 2008, its gross income jumped 9.36 per cent for EPF to record its highest ever earnings of RM20 billion.
“While last year was challenging due to the unprecedented global financial crisis that has impacted economies worldwide, EPF’s investment portfolio for the year performed better at the gross income level compared to 2007,” EPF chairman Tan Sri Samsudin Osman said in a statement.
“But due to the sharp decline in the equity markets, a large provision has to be made, resulting in marked reduction in net income.”
The dividends will be credited into members’ accounts on March 23. Union sources had already indicated the lower dividend but were hoping the announcement would prove them wrong.
Hahahahahaha… can you see the different between EPF and LTAT dividends? LTAT is giving 16% as good as last year bonus.
EPF is giving even worst than last year 5.8% down to 4.5% eventhough EPF claimed that this year income is the highest ever which is RM20B.
If LTAT can do such a good job to their shareholders, why EPF still reluctant to folow suit? Or is it the revenue by EPF had been wrongly spent like RM5B to purchase bad shares by Najib last time?
Its clearly shown that EPF management are not suit anymore to do the job to handle our money since it is clearly proven by dividends every year that they just simply incompetent with better managed GLC like LTAT or even Bank Rakyat.