KUCHING, March 10 — A Sarawak union leader today said the federal government’s plan to allow savings from the Employees Provident Fund (EPF) to be used as collateral for bank...
KUCHING, March 10 — A Sarawak union leader today said the federal government’s plan to allow savings from the Employees Provident Fund to be used as collateral for bank loans was ill-conceived.
“Under the EPF Act, contributors’ savings are protected from bankruptcy proceedings, so what happens if the borrowers were to default on their loans? He said given that the scheme is for those desperate for loans, there would be a high risk of them defaulting.“So contributors will further see their overall financial position worsen.
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