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Initiating wage garnishment can be a lengthy process for collection agencies, which are charged with carrying out this collection method.
The emphasis of the study is on the effects on bankruptcy filing rates of policy levers, specifically homestead exemptions and wage garnishment laws; social issues such as stigma, legalized gambling, and other social factors; and self-employment.
In sum, the probability that petitioners for nonbusiness bankruptcy would file under Chapter 13 is hypothesized to increase with restrictions on wage garnishment (amount of secured debts), with current and future demand for credit (being in the high debt-use cycle of life), with home ownership, and for populations living in metropolitan areas.
To improve federal debt collection, the Debt Collection Improvement Act of 1996 established a framework of debt collection tools, including administrative wage garnishment (AWG).
Among others, Lee also suggested diverting Employees Provident Fund contributions to offset PTPTN loans until the latter are paid off, saying the wage garnishment should also be an opt-in scheme.
PKR Youth chief Akmal Nasir urged the National Higher Education Fund Corporation (PTPTN) to reconsider its wage garnishment plan starting next year, saying the sudden announcement would cause unreasonable burden to debtors.
'PTPTN must state if the wage garnishment is applied to all or only those with new loans or those who have never paid back at all.'
He also urged the public to remember PTPTN chairman Wan Saiful Wan Jan as the person behind the wage garnishment scheme set to begin in January.
Youth and Sports Minister Syed Saddiq Syed Abdul Rahman pledged to raise public complaints about the National Higher Education Fund Corporation's (PTPTN) wage garnishment scheme at the weekly Cabinet meeting tomorrow.
He said it will be like the Inland Revenue Board's system and the tiered wage garnishment scheme will start in January next year at 2 per cent for those earning between RM2,001 and RM2,499.
WHD also enforces the Migrant and Seasonal Agricultural Worker Protection Act, the Employee Polygraph Protection Act, the FMLA, wage garnishment provisions of the Consumer Credit Protection Act, and a number of employment standards and worker protections as provided in several immigration-related statutes.
Arvind then pointed that under Barisan Nasional previously, PTPTN borrowers were given the flexibility to opt for wage garnishment and did not make it mandatory.