EPF savings as bank loan collateral not illegal, says PM | The Malaysian Insight

Prime Minister Anwar Ibrahim says allowing contributors to use the funds in the Employees Provident Fund as collateral for bank loans does not violate the EPF Act. – The Malaysian Insight file pic, March 11, 2023.

THE method of allowing contributors to use the funds in the Employees Provident Fund as collateral for bank loans does not violate the EPF Act, Prime Minister Anwar Ibrahim said.Anwar, who is also finance minister, said the method is to help certain cases. “There are urgent cases. For example, contributors have savings but can’t afford to pay their children’s education fees abroad. We give consideration to these cases,” he told reporters after officiating at the national-level World Water Day 2023 celebration at the Indera Mulia Stadium in Ipoh today.

Anwar announced in the Dewan Rakyat on Thursday that the government will introduce a scheme that will allow contributors who are in dire straits to take up loans from a bank using their EPF savings as collateral. – Bernama, March 11, 2023.

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