Lok Yim Pheng says NUTP will wait for an explanation from the ministry first
KUALA LUMPUR: The National Union of the Teaching Profession (NUTP) wants the Education Ministry to come up with an explanation on the assets and funds of the Teachers' Provident Fund (KWSG) estimated at RM124 million.
"KWSG had for decades collected contributions from the members for investment.
"The members want to know where all the assets and funds have gone to," she said yesterday.
NUTP had in 2005 written to then KWSG chairman Tan Sri Ambrin Buang on the matter.
She added that NUTP would wait for an explanation from the ministry before taking further action.
The Berita Harian on April 5, 2005 quoted Ambrin as saying that by the end of 2004, KWSG had assets of RM124 million and liabilities of RM50 million.
Lok was sure that KWSG's real assets as of December 2007 were a lot higher than that published.
KWSG was established in 1960 as a retirement fund for teachers.
Members have to contribute six per cent of their monthly salary to the fund. -- Bernama