'Bad idea' - union says on EPF savings as loan collateral proposal
Published: Mar 10, 2023 8:26 AM
The Sarawak Bank Employees' Union has dubbed the proposal by the government to allow Employees Provident Fund (EPF) savings to be used as collateral for emergency loans as a “bad idea”.
"Under the EPF Act, contributors' savings are protected from bankruptcy proceedings, so what happens if the borrowers defaulted on their loans? Would banks want to give us a loan on such collateral?
"Given that the scheme is...
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