'EPF savings as bank loan collateral will only get members into worse financial problems and more difficulties.' theSun theSundaily economy finance KWSP EPF Malaysia
An expert said the government could provide subsidies and assistance to EPF contributors who are having financial problems. – HAFIZ SOHAIMI/theSun: There are other ways for the government to help Employees Provident Fund contributors who are in financial distress, instead of allowing them to use their EPF savings as collateral for bank loans.
“The government needs to come up with a scheme to help those facing financial problems, such as implementing a universal income scheme, which targets those who cannot make ends meet.” “These are the ones who desperately need and deserve help,” he said, adding that the government could provide subsidies and assistance to those in need.
According to economic experts, the EPF could use the contribution money as collateral for bank loans to help members who have financial problems. During the height of the Covid-19 pandemic, the government allowed a special one-off withdrawal of RM10,000, apart from allowing applications to withdraw through i-Lestari, i-Sinar, and i-Citra schemes.
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