LETTER | Many are facing loss of income or even employment with the latest MCO extension.
| When the housing and loan deferments for six months for consumers were announced in the early part of the movement control order , the Federation of Malaysian Consumers Associations fully supported the move by banks to help consumers reduce their financial burdens so that they could spend their monies on foods and other essentials.
The MCO has since been extended to 56 days and with the possibility that it may be extended even further. During this period, and with the ending of the MCO nowhere in sight, workers are losing their jobs, having their incomes reduced and facing a bleak economic recovery in the future. Thus, many families are facing these crises with limited means as well as not having a clear picture of their employment future. The six-month deferment of their bank obligations was useful but certainly not sufficient.
For many families, there would be major financial readjustments, especially for those who had lost their jobs or had their incomes reduced. Worse still for those who have lost their jobs and they are unable to find new jobs.
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