KUALA LUMPUR: The government is proposing to introduce a scheme which allows Employees Provident Fund (EPF) contributors to apply for bank loans by using their retirement funds as collateral.
Prime Minister Datuk Seri Anwar Ibrahim (pic) said, however, this facility would only be for those who need money desperately.
“In principle, I do not agree with allowing special withdrawals from the people’s retirement fund.
“However, I will ensure that EPF gives space to hard-pressed contributors with savings to borrow from banks, by using their EPF money as collateral for the loans,” he said when winding up the debate on the Supply Bill 2023 in the Dewan Rakyat today.
Anwar said this was the best way to help contributors in the present circumstances, as many countries which had given relaxations like withdrawals from retirement funds had cancelled such facilities.
More to come... - Bernama
