Groups pan govt proposal to use EPF savings as loan collateral
Groups say the EPF Act 1991 disallows contributors from using their EPF savings as collaterals for any third-party loans, so another round of emergency withdrawals is not advisable. – The Malaysian Insight file pic, March 10, 2023.
A CIVIL society group and a union today slammed the government’s proposed scheme to allow Employees Provident Fund contributors to use their Account 2 savings as collateral for personal bank loans. They said the proposal is not well-thought out and will only lead to more financial issues for EPF members.
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