Posts Tagged ‘Funds’

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1st Meeting Cabinet Committee on Indian Community

July 2nd, 2008
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I reproduce the whole article from the Star today. Heard a bit over the radio yesterday night as well.

The main points discussed:

1. there will be a special unit to monitor Tamil schools, especially to help convert to full-aided status, and merge schools with less students. Rather than merging, relocation will be a better option.

2. AIMST to receive grants from government to sponsor students. I don’t think that only AIMST should be chosen for this purpose. There should another few more institutions to avoid calls of cronyism or favoritism.

3. taxi and bus permits.

4. better business opportunities and loans.

5. more places for vocational training.

6. lack of Indians in civil service.

7. getting PNB’s help in the unit trust investment for Indians. This, I suppose is related to the recent announcement during 9th Malaysian Plan Midterm Review.

8. University intake for Indians will not be review (not mentioned in the article below). Najib says the students must study hard in school to ensure better prospect in entering local universities.

This committee was established in the aftermath of BN being rejected by the Indian community in the last election. Thanks to the awareness created by HINDRAF, the community can now see that proposals by MIC is being taken a bit more seriously by the government.

Unit to keep track of Tamil schools

KUALA LUMPUR: The Government will set up a special unit under the Education Ministry to monitor the development of Tamil schools as well as their problems.

Deputy Prime Minister Datuk Seri Najib Tun Razak said the unit would identify the schools to be converted into fully-assisted schools as well as consolidate those which had an enrolment of less than 50 pupils.

“For these schools which will be consolidated, we will propose that dormitories and other facilities be built for the students.

“For schools which have too many students, cabins will be built as additional classrooms for them,” he told reporters after chairing a Cabinet committee meeting on social problems facing Indians at the Parliament building here yesterday.

Najib said the committee also proposed that an institute set up by MIC – the Asian Institute for Medicine, Science and Technology – be re-categorised as one of the five institutes to receive aid from the Government as a measure to boost the intake of Indian students into critical sectors like medicine and engineering.

The institute, he added, would then sponsor Indian students to pursue courses in critical areas in institutions of higher learning.

Other matters raised during the meeting included more taxi and bus permits for Indian companies, better business opportunities and easier loans for entrepreneurs from that community, and more vocational training places for its youths.

“We would also like to see more opportunities for Indians in the development of vendor programmes with companies like Proton and Petronas.

“The committee also notes the lack of Indians in the civil service. We will raise this matter with the Public Service Department,” said Najib.

Najib said the committee would also discuss with Permodalan Nasional ways to increase the Indian hold on equity in the Malaysian market.

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Posted in Indian, Tamil-Schools

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Subra calls for retirement funds for estate workers

June 30th, 2008
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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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Posted in Indian

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How to set up the unit trust program for Indians

June 30th, 2008
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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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Posted in Indian

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Unit trust scheme to reverse Indian equity drop

June 26th, 2008
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The hottest news among the concerned Indians surely have to be the news that Indian equity DROPPED to 1.1% from previous 1.2%. This is a big blow to MIC, and if used properly, will spell the end of Samy Vellu and MIC. For all they claimed on stages and advertised in papers, what we ended up with is a drop in equity. When everyone else registered positive growth, ours went the opposite way. Even though the value of investment increased (by/to?) RM575.2million or 9% within the period 2004-2006.
Unless there is proof that from 2006 to 2007, some sort mini miracle happened to improve the percentage…it will be a body blow for MIC.

Yeah, equity may not be all, but as it is an indicator fondly used by other races, so I guess its fair that we too treat it as an important indicator.

The non-privileged, normal Malaysians share increased from 40.6 percent in 2004 to 43.9
percent in 2006, meaning the Chinese community’s hold increased 3.3%, far more than the privileged and Indians communities.

For non-bumiputeras, it increased from 40.6% in 2004 to 43.9% in 2006. Chinese ownership group saw an increase from 39.6% to 42.4%, while for Indians it showed a slight decline from 1.2% to 1.1%.

However, there was a decline in foreign ownership from 32.5% to 30.1% while for nominees, it fell from 8.0% to 6.6%.

Also, the contentious “privileged’ people equity is being put at 19.4% whereas alternative figures quote more than 45% (google for ASLI’s report on bumiputra equity), increasing from 18.9% in 2004. ?During the period, individual ownership increased from 15.0% to 15.1% while for institutions, including Permodalan Nasional Bhd, it increased from 2.2% to 2.6%. The government’s target under the 9MP is to attain bumiputera equity ownership between 20% and 25% by 2010, which excludes government companies like Petroliam Nasional Bhd and Khazanah Nasional Bhd. The equity ownership is based on the par value of the shares and not on market capitalization.

The irony is privileged people’s equity increased 0.5% and below are among the measures to reach the target of 20 to 25% being introduced by PM:
» Read more: Unit trust scheme to reverse Indian equity drop

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Posted in BornInMalaysia, Indian

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9th Malaysia Plan facts and statistics

June 26th, 2008
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NST and Star:

Success of 9MP (first two years):

  • including sustaining economic growth at an encouraging rate of 6.1 per cent per annum
  • enhancing the quality of life of Malaysians by increasing per capita income from RM18,840 in 2005 to RM23,066 in 2007
  • government reduced the fiscal deficit from 3.6 per cent of Gross Domestic Product (GDP) in 2005 to 3.2 per cent in 2007
  • government enhanced the quality and access to the national education system through the implementation of the Education Development Master Plan and the National Higher Education Strategic Plan.
  • lowered the overall poverty rate from 5.7 per cent in 2004 to 3.6 per cent in 2007
  • incidences of absolute poverty were reduced from 1.2 per cent to 0.7 per cent in 2007
  • In Peninsular Malaysia, the percentage of hardcore poverty has
    been reduced from 0.7% in 2004 to 0.3% in 2007
  • for Sabah it was
    reduced from 6.5% to 3.7%
  • for Sarawak it was reduced from 1.1% to
    0.7%
  • urban hardcore poverty rate was reduced from 0.4%
    to 0.3%
  • rural hardcore poverty rate reduced from 2.9% to 1.4%
  • Overall poverty in Peninsular Malaysia was reduced from 3.6%
    to 2.3% while for Sabah, it was reduced from 23% to 16% and Sarawak
    from 7.5% to 4.2%.
  • urban poverty rate was reduced
    from 2.5% to 2% and for rural from 11.9% to 7.1%
  • Bumiputera’s mean income
    increased by 5.2% to RM3,156 in 2007 from RM2,711 in 2004.
  • During the
    period, the Chinese’s income rose 3.0% to RM4,853 from RM4,437
  • Indians’ income rose 3.2% to RM3,799 from RM3.456
  • for others, a
    15.5% increase to RM3,651 from RM2,312
  • In urban areas, income
    rose 3.3% to RM4,356 from RM3,956
  • for the rural area, there was a
    6.8% increase to RM2,283 from RM1,875
  • Bumiputera ownership has increased from 18.9% in share capital in 2004
    to 19.4% in 2006
  • During the period, individual ownership increased
    from 15.0% to 15.1%
  • for institutions, including Permodalan
    Nasional Bhd, it increased from 2.2% to 2.6%
  • For
    non-bumiputeras, it increased from 40.6% in 2004 to 43.9% in 2006
  • Chinese ownership group saw an increase from 39.6% to 42.4%
  • for
    Indians it showed a slight decline from 1.2% to 1.1%
  • decline in foreign ownership from 32.5% to 30.1%
  • for nominees, it fell from 8.0% to 6.6%.

Measure to increase privileged people’s participation:

  • A comprehensive database to monitor Bumiputera performance in the corporate sector will be set up
  • Bumiputera wealth ownership in the non-financial assets such as ownership of commercial and residential buildings will be used as an additional yardstick to evaluate the performance
  • to attain bumiputera equity ownership between 20% and 25% by
    2010, which excludes government companies like Petroliam Nasional Bhd
    and Khazanah Nasional Bhd. The equity ownership is based on the par
    value of the shares and not on market capitalization.

Focus of 9MP (remaining years):

  • increase in the mean income of all Malaysians
  • decline in the incidence of poverty
  • improvement in the restructuring of employment pattern and corporate equity ownership
  • increasing the income share of the lowest 40 percent of households
  • creating a bigger middle income group – defined as those earning household income between RM2,000 to RM4,000 per month, is expected to increase in size and achieve a more rapid growth in income level
  • narrowing ethnic and regional disparities
  • eradicate hardcore poverty and reduce overall poverty to 2.8% by 2010

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