By making savings in the EPF as collateral, it will help the subscribers, who can also use the collateral period as a time for them to rebuild their finances theSun theSundaily epf savings Finance banks
: The Employees’ Provident Fund can use the contribution money in the agency as collateral to banks to convince banking institutions to help subscribers facing financial problems including debts, said an economic expert.
“If the government can instruct the banks to help those with debt problems, it would be better because the strict regulations of some banks are making it difficult for the people, and the banks should know that the cause of the problem is due to the COVID-19 pandemic and not by the people. “Where the rules can be relaxed, it should be relaxed, such as allowing customers who are in the Central Credit Reference Information System or blacklisted to make loan structuring or flexible repayment based on their ability financial ability. This is the problem facing most entrepreneurs,“ he said.
“The proposed reduction in contribution cuts can be carried out in a few months, for example for 12 months and this will give the people room to solve their financial problems because the contribution is mandatory. “It can also be made through the Credit Counseling and Management Agency , specifically to those with bank debt ... if can be done, will give a new lease of life to those affected,” she said.
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