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EPF savings as collateral for loans does not violate Act - Anwar

11 Mar 2023 03:38pm
Prime Minister Datuk Seri Anwar Ibrahim greets an attendee at the World Water Day celebrations at the Indera Mulia Stadium in Ipoh today. - Photo: BERNAMA
Prime Minister Datuk Seri Anwar Ibrahim greets an attendee at the World Water Day celebrations at the Indera Mulia Stadium in Ipoh today. - Photo: BERNAMA
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IPOH - The method of allowing contributors to use the funds in the Employees Provident Fund (EPF) as collateral for bank loans does not violate the EPF Act, said Prime Minister Datuk Seri Anwar Ibrahim today.

He said the matter had been discussed with the EPF and there were no obstacles to implementing it.

Anwar, who is also Finance Minister, said that the method is to help certain cases.

"...but 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 launching the 2023 World Water Day celebration at the Indera Mulia Stadium here today.

Anwar announced in the Dewan Rakyat on Thursday that the government would introduce a method that would allow contributors who are in dire straits to take up loans from a bank with a collateral from their EPF. - BERNAMA

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EPF
EPF Withdrawals
ANWAR IBRAHIM
PRIME MINISTER
Finance Minister
employees provident fund
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