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Dr S.Subramaniam comes out with a good suggestion indeed that plantation companies set up a special fund for the welfare of their estate workers after they retire. Perhaps can backdate it eh? How about tossing in some free land or funds to relocate the tamil school and one or temples as well?

He said that:

estate workers were usually left in a lurch once they retire. He said the workers often had everything provided when they were still employed.

Subramanium said estate managements should deduct a portion of the worker’s monthly salaries and pay them in one lump sum when they retire.

He said it was compulsory for management to provide houses for their workers should an estate be taken over for redevelopment.

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Since the special fund (unit trust) was announced to help the indian community, many people are becoming interested. Obviously by given the job to existing fund managers like PNB who manage government unit trust schemes (ASN, ASB, ASM, ASW, ASD etc.) people will be more willing to trust it. Anything but MIC - that’s the what I hear. No one wants another MAIKA.

Firstly, people from all walks of life should be given an opportunity to get those units, and definitely not given to few selected Indian-based cooperatives or organisations only. Post offices and banks should be used as application centres. There should also be a limit on the amount each individual can subscribe. The fund size should be moderate, perhaps 1000 million units at RM1/unit for a start, which translates to about 562 units per individual (based on population of 1.78 million). A maximum limit of RM10,000 should be imposed. This will provide some hindsight on how much equity the community can afford to put up.

Secondly, the rate of return should be on par with other existing funds managed by PNB. At the moment, we find that ASN earns about 2% more than other unit trust schemes under PNB (if I’m not mistaken).

MIC, meanwhile records its thanks to the goverment as mentioned by Devamany:

The MIC had previously called for the Indian community’s equity to be increased to three per cent by 2020.

We are happy with the government’s move to form a special trust fund to increase the Indian community’s share of the economy.

However, Deputy Minister Saravanan suggested that a special committee to progress of the fund is set up. He said that there should be a fair Indian representation in the committee comprising professionals, especially bankers, stock market experts, non-governmental organisation activists and political parties.

The committee must ensure smooth and fair implementation of the scheme. The scheme must receive equal distribution of unit trusts for the Indian community and nobody should be left out.

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