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IPOH - With no other options available, a private sector employee has been forced to use his Employees Provident Fund (EPF) savings to settle a loan from the National Higher Education Fund Corporation (PTPTN) over the past six years.
Nik Amirul Firdaus, 31, said he has made monthly payments in hopes of reducing the burden of financing his diploma and bachelor's degree studies at a public university.
According to him, nearly RM13,000 of his EPF savings have been used for loan repayments over this period.
"Even though my savings were not substantial at that time since I had just started working, I was determined to use my EPF because I had no other choice.
"I was worried about being blacklisted in the Central Credit Reference Information System (CCRIS) report as I frequently received warning messages about my debt and arrears.
"My salary was just enough to cover monthly car payments, phone bills, rent, and personal expenses," he told Sinar on Wednesday.
The eldest of two siblings admitted that he feels somewhat regretful about using his EPF funds, especially since his retirement savings are now significantly depleted.
Due to the monthly loan repayments, his remaining EPF savings are now less than RM1,000.
"If my financial situation improves, I plan to stop these monthly payments and instead use my salary to make the repayments.
"This way, I can save my EPF for the future," he said.