PN to hold roadshow over use of EPF savings for bank loans

The coalition’s chief whip claims the scheme goes against the EPF Act 1991.

(FMT) – Perikatan Nasional will organise a roadshow soon over the government’s move to allow EPF contributors to use their Account 2 savings as support for loan applications.

PN chief whip Takiyuddin Hassan said the campaign would be held to explain how the scheme went against the EPF Act 1991.

“The Act does not allow it (using Account 2 savings for loan applications). Who advised the finance minister (Anwar Ibrahim)? Was he not advised, or did he receive the wrong advice?” he said in a statement.

Takiyuddin also expressed dissatisfaction that a motion to refer Anwar to the Parliamentary Rights and Privileges Committee for allegedly making misleading statements had been rejected.

Previously, Anwar proposed using EPF savings as collateral for those seeking emergency loans, following repeated calls from the opposition and other groups to allow further EPF withdrawals.

EPF has since released a statement clarifying how the funds in a member’s Account 2 can be used to support loan applications.

Earlier, PN MPs staged a walkout from the Dewan Rakyat after their demands for a debate on a targeted EPF withdrawal scheme were unsuccessful.

Wan Ahmad Fayhsal Wan Ahmad Kamal (PN-Machang) said the motion needed to be debated today because the Dewan Rakyat meeting ends tomorrow.

However, deputy speaker Alice Lau said she could not entertain the motion because Speaker Johari Abdul had already made a ruling on the matter.