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Published: Tuesday July 16, 2013 MYT 12:00:00 AM
Updated: Tuesday July 16, 2013 MYT 7:41:06 AM

Bankrupts cannot touch EPF savings

BANKRUPTS will not be allowed to withdraw their Employees Provident Fund savings to settle credit card debts.

Deputy Finance Minister Datuk Ahmad Maslan brushed aside the suggestion of Datuk Nawani Ahmad (BN – Langkawi), saying that it was not how EPF savings should be utilised.

“Withdrawals to settle credit card debts will reduce and affect the savings of members for their retirement,’’ he told Nawani during question time.

Ahmad Maslan said 1,284 of 19,575 persons declared bankrupt last year were due to credit card debts.

“Between January and March this year, 257 persons were declared bankrupt due to credit card debts, out of a total of 4,925 individuals,’’ he added.

He said Malaysia’s household debt had gone up to 83% against gross domestic product, with credit card debt accounting for 4.5% of the total debts compared to 5.2% in 2010.

“Home loans account for the highest with 47%, followed by car loans at 20%, non-residential loans at 9.3% and personal loans at 8.7%,” he added.

Meanwhile, Deputy Communications and Multimedia Minister Datuk Jailani Johari said the Government did not “spy” on messages and conversations via popular applications like WhatsApp or Kakao.

“The Government only monitors mobile phone applications,’’ he told Mas Ermieyati Samsudin (BN – Masjid Tanah) during question time.

Jailani urged users to be extra careful when using smartphone applications as the safety of important or confidential data was not guaranteed.

“In sharing private data, I would like to advise the use of secure means of communication,’’ he added.

Tags / Keywords: Government

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