Ethics and being ethical
Sometimes the borderline between ethics and morality is a bit fuzzy. One of my normal duties is to verify letters that let people to withdraw their EPF for housing purpose which I regard it is an important piece of paper that can be so abusive.
Perhaps not everyone aware that we can only withdraw our EPF for one time on ONE house purchase. Due to these so-called irresponsible developers, many suffers from long-term payments while their houses have been abandoned. And that is why, the letter is important to house buyers who decide to go for another house buying and definitely EPF will not simply let them to withdraw on second time basis but it is allowable with the exception from our KEMENTERIAN verification on STATUS PROJEK TERBENGKALAI, and it is officially being gazzetted by the Kementerian yearly.
Along the way, there are stages of development of these abandoned projects. Some can be revived, some may not due to many factors and some developers even have heart to refund their deposit and payments. And definitely, at many times, there are cases when the purchasers get their money, spend it somewhere (I had to probe thru phone) and yet still send the application for second house withdrawal from EPF. Obviously, there are loop holes for our SENARAI TERBENGKALAI. All stages still make the projects to be eligible in the ABANDONED LIST and qualify the buyers for that letter. The revived project with CFO completed will not be out of the list, which makes the book thicker every year. And buyers will still have to continue paying their house loans for the revived ones coz basically it takes around 20-30 years.
The issues to rise later, which most of us here aware are -
1) Are buyers able to serve two house loans at the same time? if they are not able then, the tendency to default the payments makes them volatile to bankcruptcy.
2) Definitely it will be against the EPF policy of ONE HOUSE FOR ONE MEMBER. It is not fair for other people too if they are aware of this scenario. Unfortunately, out of many people I have to interview, most people who wants to withdraw money from EPF come from middle income level.
3) EPF is to save for the rainy days. What happened if the fund becomes too small to support their retirement days? The inflation of our economy proves that people are crying for better pay these days. What about the future? Then, it is our accountability too.
4) To people who have utilised on deposit/payment refund, this is a heaven door to withdraw the fund. The mentality was "ini duit kami, suka hati la kami nak buat macam mana." though we tried not to galakkan to get this letter.
Like Jaime said, "u have to exercise your power. Though the list is there to help, dont let them to abuse it"
Hahahahah, cakap memang senang. Obviously, it is one of the toughest piece of paper. To give or not to give......Obviously we have to ammend the rules here.
Perhaps not everyone aware that we can only withdraw our EPF for one time on ONE house purchase. Due to these so-called irresponsible developers, many suffers from long-term payments while their houses have been abandoned. And that is why, the letter is important to house buyers who decide to go for another house buying and definitely EPF will not simply let them to withdraw on second time basis but it is allowable with the exception from our KEMENTERIAN verification on STATUS PROJEK TERBENGKALAI, and it is officially being gazzetted by the Kementerian yearly.
Along the way, there are stages of development of these abandoned projects. Some can be revived, some may not due to many factors and some developers even have heart to refund their deposit and payments. And definitely, at many times, there are cases when the purchasers get their money, spend it somewhere (I had to probe thru phone) and yet still send the application for second house withdrawal from EPF. Obviously, there are loop holes for our SENARAI TERBENGKALAI. All stages still make the projects to be eligible in the ABANDONED LIST and qualify the buyers for that letter. The revived project with CFO completed will not be out of the list, which makes the book thicker every year. And buyers will still have to continue paying their house loans for the revived ones coz basically it takes around 20-30 years.
The issues to rise later, which most of us here aware are -
1) Are buyers able to serve two house loans at the same time? if they are not able then, the tendency to default the payments makes them volatile to bankcruptcy.
2) Definitely it will be against the EPF policy of ONE HOUSE FOR ONE MEMBER. It is not fair for other people too if they are aware of this scenario. Unfortunately, out of many people I have to interview, most people who wants to withdraw money from EPF come from middle income level.
3) EPF is to save for the rainy days. What happened if the fund becomes too small to support their retirement days? The inflation of our economy proves that people are crying for better pay these days. What about the future? Then, it is our accountability too.
4) To people who have utilised on deposit/payment refund, this is a heaven door to withdraw the fund. The mentality was "ini duit kami, suka hati la kami nak buat macam mana." though we tried not to galakkan to get this letter.
Like Jaime said, "u have to exercise your power. Though the list is there to help, dont let them to abuse it"
Hahahahah, cakap memang senang. Obviously, it is one of the toughest piece of paper. To give or not to give......Obviously we have to ammend the rules here.
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