Tasek Gelugor MP Wan Saiful Wan Jan said the issue surrounding the matter had nothing to do with the age of contributors allowed to make the withdrawal, but the concept itself.

“The concept being used here is that one needs to borrow from the bank in order to settle any (existing) loans from banks. So, in actuality, the loans will not be settled, and this is despite the fact that EPF contributors have funds in their accounts (to do so).

“This is why we disagree with the government’s idea (of using EPF savings to support loan applications).

“This concept becomes ‘commercial’ and it would only benefit the banks, not the people,” he told reporters outside Istana Negara here today.

He said it would not be a problem if the government itself lends the money through its agencies at a discounted rate.

Wan Saiful was accompanying taxi driver Noorazlan Ismail, 48, to submit a memorandum to Istana Negara.

Noorazlan had walked more than 300km from Skudai, Johor, to Istana Negara to call for a targeted EPF withdrawal scheme.

His journey, which began on March 28, had gone viral on social media and elicited reaction from netizens and politicians, such as Wan Saiful and Bersatu secretary-general Hamzah Zainudin.

Although he reached Kuala Lumpur on foot yesterday, Noorazlan was driven to Istana Negara with Wan Saiful to avoid any issues with the authorities.

Noorazlan is expected to be accompanied to Parliament this afternoon to meet other MPs.

Earlier today, EPF announced that it has finalised the mechanism as well as the terms and conditions for the use of Account 2 savings as support for loan applications.

The fund said the savings in Account 2 will serve as the basis for obtaining personal financing through an advance application for the “Age 50 or Age 55 Conditional Withdrawal” scheme.

The scheme will involve two phases, with the first beginning on April 7 for members aged 40 and above.