I would like to raise this question I have in mind regarding the Employees Provident Fund - why do Malaysians not have a choice in deciding how our EPF money is being used?

All Malaysians are forced by law to contribute to the EPF, fine. However, when it comes to how the money is utilised, we do not have any representation on how will it be used. All EPF does is take direction from the government on how the money is to be disbursed.

Now, there is no check and balance and we are unable to make better use of the funds even if we are very much capable of it. The interest rates of the EPF all these years has not been as attractive as it should be.

EPF is easily the largest public fund available in Malaysia but why are its interest rates just a wee bit higher than the banks’ fixed deposit rates?

With prudent investment in the various retirement option schemes we have currently, contributors are better investing the money themselves.

Now, the question is, why do Malaysians not have the option of deciding or selecting the investment options for EPF funds if we're forced by law to contribute? Why are local institutions such as banks and insurance companies not allowed to manage our EPF money?

There have been many investments by the EPF over these few years that may not have been in the best interest of the contributors. We would like to decide on the investments to be able to better manage our own funds.

We are not allowed to take out our EPF money except for specific reasons. But if EPF does not prove to be the best institution for managing ours fund, I would like to demand that our EPF money be made available to us to invest in the various retirement schemes available on the market.

We do not need to hear of more dubious use of EPF funds in the name of ‘investments’.

We can very well see today that even smaller companies can provide better value compared to the giant monopolistic companies in their specific industries such as pay-TV, Internet service, providers, telcos and list goes on,.

These smaller companies also do provide better service too.

It is high time that other financial institutions are allowed to manage our retirement funds. We must have the right to manage our own funds.

If there must be law that stipulates withdrawal of EPF funds be only after 55 so be it but there must be a choice for us on who would manage these funds.