Instead of devising means to deprive fund-holders of their rights, such as scrapping the full withdrawal of retirement savings at age 55, the Employees' Provident Fund board should think up ways of increasing returns on their investments.

The Star reported that the EPF is at a 'thinking' stage on the proposed policy, but just how much thinking goes on in that institution remains shrouded in mystery.

The EPF can improve their value to fund-holders by taking the following steps:

1. Publish quarterly reports on EPF-managed funds. With all the expensive computers it has, this should not be a major problem.

2. Take advantage of new technology and reduce staff strength. For example, does the number of staff reflect productivity increases?

3. Allow EPF officers to disclose investment mistakes without being subject to prosecution under the Official Secrets Act.

It was reported that changes to the withdrawal scheme will require parliamentary approval. It is an appropriate time to review the entire staffing needs of the EPF, given that it hardly qualifies as a place where much brain activity is required for investment decisions.