Sabah Authorities Employees Co-operative Society Bhd (Kopeks) Chairperson Datuk Maznah Abdul Ghani reported the salary deduction restrict is greater from 50 per cent to 60 % which is the exact same since the wage deduction restrict permitted for federal workers. The web pay, having said that, ought to not be less than RM700 for every month.
She also said Kopeks recorded a 73.four percent improve in revenue final 12 months.
Earnings rose from over RM6.19 million dollars in 2008 to much more than RM10.74 million in 2009 although its profits earlier than tax also doubled to RM4.19 million final calendar year in comparison with only RM1.37 million in 2008.
"This conspicuous increase occurred because customers who used the mortgage company recorded an boost of 195 per cent from RM24.44 million to RM47.62 million final 12 months.
"Loan collection efficiency is satisfactory as well as the non executing loan fee was 0.83 percent," she stated at the annual meeting at Likas Sports Complex Multipurpose Corridor, Sunday.
Based to the 2009 efficiency, she explained the Board Customers proposed a dividend distribution of 7 per cent, that's 5 percent on talk about and two % on price.
"However, this suggestion is topic to your approval of Annual General Meeting (AGM) and Malaysian Co-operative Commission (SKM)."
Maznah also explained that this calendar year, Kopeks obtained numerous capital to accommodate member's loans from SKM via Round Modal Fund amounting to among RM5 million and RM1.7 million.
"Another bank loan was from Sabah Improvement Traditional bank amounting to RM20 million dollars that is now inside the method of documentation and closing endorsement from SKM.
"We are also discussing with other funding companies to negotiate spherical modal as Kopeks member's loans for 2010 until 2012," she mentioned.
Maznah reported the principal Kopeks problem is the lack of working capital.
"At the second, we're using outside funding steps as an average-term development strategy. However for a long-term growth strategy and for any more successful transformation, the help from all customers is extremely crucial.
"We wish every single Kopeks member will enhance their complete share investment respectively from a RM100 minimum to RM1,000 this 12 months.
A increased additional is quite much encouraged just before we can establish a maximum talk about restrict for each member later on.
"With the brand new share injection, we desire to boost the quantity of Kopeks talk about from RM3 million now to RM15 million dollars in 24 several weeks.
"The additional quantity in share is vital as it may develop the internal working money modal which inside the long-term can assist to decrease mortgage price and customers could appreciate the return of dividend from the income that is estimated to raise."
Most of these grievances appear to be related to administration, methods, company and file preserving of your bank loan transactions and repayments.
The PTPTN need to critically look at these complaints and take corrective steps ahead of implementing a necessary salary deduction.
Otherwise, the weaknesses in the system will continue to trigger inconvenience towards the debtors.
Aside from this, the proposed law need to also make sure that employers duly spend the deductions towards the PTPTN.
In cases of default or refusal to remit payments, the employer needs to be held responsible as well as the borrower need to not be unnecessarily troubled for their failure to repay the bank loan.
The PTPTN should have the powers to take suitable action towards the employers to recuperate the mortgage quantities by now deducted through the salaries.
Up to now, probably the most effective company dealing with workers’ money may be the EPF, which has refined its collection techniques over the many years.
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