Banks benefit more than members from new EPF scheme, says financial adviser

Banks benefit more than members from new EPF scheme, says financial adviser FMTNews

The Employees Provident Fund has finalised the mechanism and terms and conditions for the use of Account 2 savings as support for loan applications.

She said although the interest rate under the scheme will range from 4% to 5% – lower than the current market rate of 8% to 15% – EPF members must be aware that their retirement funds are intended for future use. For example, if it is for business, they should look at loan assistance targeted to that purpose, and if it is for education, they should look for options that do not seriously affect their existing retirement savings.

However, he said members must ensure they are able to pay off the loan on reaching 50 or 55, depending on which of the two schemes they choose, or end up losing their retirement funds.

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