A lower loan interest rate

THE Covid-19 pandemic has severely impacted the global economy. Malaysia has not been spared its effects, with many businesses closing permanently while many more struggle to recover to pre-pandemic levels. Some employees have taken pay cuts while others have lost their jobs, with unemployment rates reaching record highs.Even though the civil service has been fortunate enough to be spared similar situations, many are also struggling as the pandemic has caused the price of many goods and services to increase, especially essential items such as food. In addition, personal expenses have also increased as we have to buy masks and sanitisers to comply with Health Ministry guidelines.

This increase in the cost of living leaves civil servants needing more disposable income. While most private sector borrowers enjoyed the loan repayment moratorium for six months regardless of their employment status and salary, civil servants with government loans were not offered the same privilege.