Employees Provident Fund

KUALA LUMPUR: The government is proposing to introduce a scheme which allows Employees Provident Fund (EPF) contributors to apply for bank loans by us...

If we spend RM10 million, we have to add RM100 million in Sabah and Sarawak,” said Anwar, who is also Finance Minister. Anwar said this was the best way to help contributors in the present circumstances, as many countries which had given relaxations like withdrawals from retirement funds had cancelled such facilities. “However, I will ensure that EPF gives space to hard-pressed contributors with savings to borrow from banks, by using their EPF money as collateral for the loans,” he said when winding up the debate on the Supply Bill 2023 in the Dewan Rakyat today.

KUALA LUMPUR, March 9 — The government said today it is deliberating to greenlight Employees' Provident Fund (EPF) savings to be used as collateral for ...

This is the best,” Anwar, who is also finance minister, said in Parliament today. “Instead, I suggest another method to assist those who desperately need cash. “I welcome the opinions, but we must remember that EPF is meant as retirement savings.

PARLIAMENT | The government will allow Employees Provident Fund (EPF) members, who are in dire financial states, to use their retirement funds as collateral ...

Datuk Seri Anwar Ibrahim has announced a new policy in that will allow those in dire financial straits to use their EPF as collateral for bank loans.

In response, Anwar said he proposed EPF-guaranteed bank loans to those financially strapped. He suggested that the EPF could finetune the policy and RM500 given to those who need it. Anwar stated that he disagreed with another round of EPF withdrawals.

KUALA LUMPUR: The government is proposing to introduce a scheme which allows Employees Provident Fund (EPF) contributors to apply for bank loans by us...

If we spend RM10 million, we have to add RM100 million in Sabah and Sarawak,” said Anwar, who is also Finance Minister. Anwar said this was the best way to help contributors in the present circumstances, as many countries which had given relaxations like withdrawals from retirement funds had cancelled such facilities. “However, I will ensure that EPF gives space to hard-pressed contributors with savings to borrow from banks, by using their EPF money as collateral for the loans,” he said when winding up the debate on the Supply Bill 2023 in the Dewan Rakyat today.

The government has given the green light to Employees Provident Fund (EPF) contributors to use the savings in their Account 2 as collateral for bank loans ...

[But] I will ensure EPF allows contributors who have money yet facing financial difficulties to borrow from banks by using their EPF savings as collateral or guarantee,” he told the Dewan Rakyat on Thursday (March 9). “EPF has become a hot topic because many MPs raised this issue, and I welcome it, but we have to remember the principle of EPF is retirement savings,” he said in his winding-up speech for the policy stage debate of the revised Budget 2023. “I have instructed EPF to examine the best method to implement this measure,” he said in the statement.

KUALA LUMPUR: The Employees Provident Fund (EPF) says there are 4.81 million members in the 40-54 age range as at end December last year.

KUALA LUMPUR: Lower starting salaries for those who began their careers before the implementation of the minimum wage in 2013 are among the factors ...

“Also, inconsistent contributions that were due to members shifting in and out of the formal sector. As at the end of December 2022, there were 4.81 million EPF members in the 40-54 age range, with 2.17 million of them being active members and the remaining 2.64 million being inactive members (defined as having made no contributions in the past year). The other factor is that 59% of the 2.85 million members in this age group applied for Covid-19 related withdrawals and withdrew more than RM62bil in total.

KUALA LUMPUR: Lower starting salaries for those who began their careers before the implementation of the minimum wage in 2013 is among the factors con...

As of the end of December 2022, there were 4.81 million EPF members in the 40-54 age range, 2.17 million of which were active members and 2.64 million inactive members (defined as having made no contributions in the past year). The other factor is that 59 per cent of the 2.85 million members in this age group applied for Covid-19-related withdrawals and withdrew more than RM62 billion in total. “Also, inconsistent contributions that were due to members shifting in and out of the formal sector; where only 45 per cent of the 4.81 million members in this age group made contributions in 2022, while the rest did not contribute at all last year.

KUALA LUMPUR, March 9 — The Employees Provident Fund (EPF) today revealed that two million members aged between 40 and 54 have less than RM10,000 in their ...

As at end December 2022, there are actually 4.81 million EPF members in the 40-54 age range, with 2.17 million being active members and 2.64 million inactive members,” it said in a statement. “Details on the programme are being worked out with the Ministry of Finance, subject to budget approval from Parliament, and will be communicated to members in due course,” it said. “We would like to clarify that the table contained in the EPF 2021 Annual Report refers to active members only.

PETALING JAYA: While it was launched on Jan 1, 2017, not many of the 8.4 million active Employees Provident Fund (EPF) contributors are aware that the...

And some two million of them are in the 40 to 54 years age group. “But their savings in Akaun Emas can only be withdrawn once they reach 60 years. “Also, those who have participated in the Members Investment Scheme can withdraw their unit trust savings at any time through EPF’s I-invest. It will only close after he has withdrawn all his savings from it. “Akaun Emas will ensure they have some kind of savings after they reach 60 and provides them with some kind of lifeline. “The balance of the money in their accounts 1 and 2 will be transferred to “Akaun 55” upon reaching this age (55 years).

Lower starting salaries for those who began their careers before the implementation of the minimum wage in 2013 is among the factors contributing to ...

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Prime Minister Anwar Ibrahim says this facility would only be for those in desperate need of money.

If we spend RM10 million, we have to add RM100 million in Sabah and Sarawak," said Anwar, who is also finance minister. I am consistent in this matter. Anwar said this was the best way to help contributors in the present circumstances, as many countries which had given relaxations like withdrawals from retirement funds had cancelled such facilities.

KUALA LUMPUR: The government will allow a special collateral agreement to assist Employees Provident Fund (EPF) contributors through bank loans.

Previously, Prime Minister Datuk Seri Anwar Ibrahim announced that the government was finding ways to reduce people's financial burden without them having to withdraw their EPF savings. "I am open to all criticism made against me for not allowing another round of withdrawals. Prime Minister Datuk Seri Anwar Ibrahim said the collateral agreement was more suited to assist contributors who were in "desperate" need without having to withdraw their savings.

The Sarawak Bank Employees' Union says contributors' savings are protected from bankruptcy proceedings under the EPF Act.

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The Sarawak Bank Employees' Union, however, has criticised the government's plan as "ill-conceived", asking, "So what happens if the.

"In some cases, contributors are also tied as they have the money (in their account) but cannot withdraw it. Secondly, banks are going to charge a higher interest rate than EPF dividends, so contributors will see their overall financial position worsen further," he said while adding that many workers are already spending a significant portion of their income to repay housing, vehicle, and consumer loans. Further details regarding the implementation of this initiative will be announced by EPF at a later date," it said. Would banks agree to give loans on such collateral? [told](https://www.nst.com.my/news/nation/2023/03/887578/govt-allow-emergency-loans-through-epf-collateral-agreement-nsttv) Dewan Rakyat that he is "open to all criticism" made against him for not allowing another EPF withdrawal as he does not agree with a special withdrawal of the people's retirement savings. [Free Malaysia Today](https://www.freemalaysiatoday.com/category/nation/2023/03/10/bad-idea-to-use-epf-savings-as-loan-collateral-says-union/)& [New Straits Times](https://www.nst.com.my/news/nation/2023/03/887578/govt-allow-emergency-loans-through-epf-collateral-agreement-nsttv)