'Bad idea' - union says on EPF savings as loan collateral proposal

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...