PETALING JAYA: The Employees Provident Fund (EPF) says it is “assessing” the implementation of the government’s proposed scheme to allow contributors to use their Account 2 savings as collateral for personal bank loans.
EPF said it will consider all the relevant factors involved in this initiative so it would be implemented smoothly.
“EPF acknowledges the recent announcement by Prime Minister Anwar Ibrahim regarding the use of the balance of contributions in Account 2 to support the application for a personal bank loan for those who need cash assistance
“Further details regarding the implementation of this initiative will be announced by EPF at a later date,” it said in a statement.
In his Budget 2023 winding-up speech yesterday, Anwar said the scheme would only be for those in desperate need of funds and had to apply for bank loans.
Anwar, who is also the finance minister, said he will ensure that those who were hard-pressed could use their EPF savings in their Account 2 as collateral for the loans.
He reiterated that he did not agree with allowing another special EPF withdrawal scheme.
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