Proposal to use EPF savings as bank loan collateral not against EPF act -PM
21 Mar 2023 11:46am
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Anwar, who is also Finance Minister, said the government had checked with EPF and the Attorney-General for legal advice on this matter.
He said this method of applying for bank loans would not jeopardise the interests of EPF members because they would continue receiving dividends on the savings used as collateral.
"For example, RM50,000 is used (as collateral) for loans but dividends will be given in full according to the original amount. So there is no deduction (dividend),” he said during the Minister’s Question Time (MQT) in the Dewan Rakyat today.
He was replying to a supplementary question from Datuk Muslimin Yahaya (PN-Sungai Besar) on whether the proposal would breach the EPF Act and whether the prime minister had sought advice from the Attorney-General on the matter.
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Melaka Domestic Trade and Cost of Living Ministry (KPDN) director Norena Jaafar inspecting the container used for the diesel embezzlement syndicate. Photo: BERNAMA