Apple AirPods, RM600 Lazada e-Vouchers & More Are Guaranteed This Week

It’s a brand new week, and we’re shooing away the blues with a round of guaranteed gifts and more with selected credit cards!

For newcomers, the Unbox This Week Campaign is a weekly campaign where we present you with the best deals from our featured bank partners. All you need to do is to apply for selected credit cards from these weeks through RinggitPlus and you’ll get to go home rewarded.

This week (23 – 30 August), our featured bank partners are
Citibank, HSBC, Standard Chartered, and CIMB
 – if you have considered applying for any of these banks, check out the deals below.

Citibank – Guaranteed Apple AirPods OR RM600 Lazada e-Voucher

This week, you get to choose which guaranteed prize to take home with Citibank! The ever-popular Apple Airpods or an RM600 Lazada e-Voucher are both up for grabs when you apply and get approved for a Citibank Credit Card.

To make sure you’ll be taking home a guaranteed gift, remember to activate and spend a minimum of 8 retail transactions on your new card within 60 days upon approval. Once the bank has confirmed your eligibility, you’ll receive instructions from us via email on how you can claim your gift.

Please take note that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citibank credit cards can
head on over here to do so.

HSBC – Guaranteed RM600 Lazada e-Voucher

Receive an RM600 Lazada e-Voucher when you apply, get approved, and spend with selected HSBC credit cards! Shop for all your essentials, workspace needs, or just give yourself a much-needed retail therapy session.

Apply for selected HSBC credit cards through RinggitPlus and upon approval, activate your new card and spend a minimum of RM1,000 within 60 days to take home your prize.

Just remember that current cardholders and applicants who were denied within 6 months prior to this campaign, as well as those who have cancelled their HSBC credit cards within 6 months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your
HSBC credit card here
.

Standard Chartered Bank – Guaranteed Harman Kardon Esquire Mini 2

Wherever you go, the Harmon Kardon Esquire Mini 2 can go too. This portable Bluetooth speaker produces high-fidelity sounds and can go for up to 10 hours of playtime.

And the good news is that the Harmon Kardon Esquire Mini 2 is guaranteed for ALL approved applicants! Although, applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign in the past six months. If you qualify, then you can
apply for your new Standard Chartered credit card here.

CIMB – Realme Watch S Smart Watch

The Realme Watch S Smart Watch is where style meets sports. With this gadget on your wrist, you’ll be able to monitor your sleep times, check-in with your blood oxygen and heart rate, and of course, keeping up with time in style.

To win the Realme Watch S Smart Watch, just apply, activate, and swipe any transaction amount with a new CIMB e Credit Card to be eligible.

The Realme Watch S Smart Watch is limited to only 50 randomly selected successful applicants. Other successful applicants will take home RM100 Lazada e-Voucher instead.

Please take note that existing cardholders of any CIMB credit card and individuals who have held or cancelled a CIMB e credit card in the 6 months are not eligible for this campaign. Otherwise, you can apply for a
CIMB e credit card here.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 30 August (1pm), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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Top retirement money myths

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Samsung Wallet To Arrive In Malaysia By End-January 2023

Samsung has announced that another eight new markets will be able to tap into the convenience of its Samsung Wallet by the end of January 2023, including Malaysia. This comes following its official launch last year, during which the app was rolled out to only six key markets before being expanded to several more countries.

With this latest update, Samsung users in Malaysia will soon be able to utilise the Samsung Wallet app – which merges the functions of Samsung Pay and Samsung Pass – to not only make payments, but also keep a range of personal documents and items. Some items that you can keep within your Samsung Wallet (via the capabilities of Samsung Pass) include your credit and debit cards, membership cards, as well as personal and student IDs.

In addition to that, you can also store boarding passes, movie tickets, selected cryptocurrencies, and even digital keys from selected brands. Some brands that have signed a partnership with Samsung to allow this functionality thus far include Korean Air, Audi, Genesis, Hyundai, Porsche, and BMW.

Samsung also stressed that users’ data will be protected by several security measures, including Samsung Knox, a “defense-grade security platform”. Essentially, Knox offers data protection by storing highly sensitive data in a portion of your mobile phone’s memory known as a “secure environment” – separate from other day-to-day data.

Of course, users will need a compatible mobile phone in order to use Samsung Wallet. Samsung has said that Samsung Wallet is available only on devices that are running on Android 9 and above – you can find the full list of
supported phones in Samsung’s FAQ here
. The tech giant also noted that the available features and content offered via Samsung Wallet may vary depending on factors such as country, device model, and firmware version.

Aside from Malaysia, the other countries that will also see Samsung Wallet arriving at their shores by the end of January 2023 are Australia, Brazil, Canada, Hong Kong, India, Singapore, and Taiwan. During the
launch of Samsung Wallet back in June 2022
, it was only made available to France, Germany, Italy, Spain, the UK, and the US. Subsequently, it was expanded to more countries, including China, Finland, Qatar, the UAE, and Vietnam.

(Source:
Samsung
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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LHDN Extends Malaysia Income Tax Filing Deadline By Two Months

The deadline for filing income tax return forms in Malaysia has been extended by two months. According to Lembaga Hasil Dalam Negeri (LHDN), the move is meant to facilitate the submission of tax returns affected by the national movement control order, which starts today.

Thus, the new deadline for filing your income tax returns in Malaysia via e-Filing is 30 June 2020 for resident individuals who do not carry on a business and 30 August 2020 for resident individuals who carry on a business. You can see the full amended schedule for income tax returns filing on the
LHDN website
.

Normally, the deadline for resident individuals to file their taxes is 30 April (for offline channels), and 15 May for filing through e-Filing.

Thus, taxpayers are strongly encouraged to make full use of LHDN’s online service, ezHasiL, when it comes to filing their taxes and also making any necessary tax payments. Before you do, be sure to check out
how to maximise your tax refunds
, or read our
comprehensive income tax guide
.

LHDN also announced that it is closing its all its branches between 18 – 31 March, in line with the restricted movement order made by the government. To help ease tax processes during this time, LHDN has agreed to allow taxpayers to:

request for first-time e-Filing PIN through telephone

make enquiries through an official feedback form online

reset forgotten passwords through registered email or phone number.

The inland revenue board is also still contactable through its online feedback forms, the HASiL Live Chat, and the HASiL Care Line at 03-89111000 locally or +603-89111100 for overseas calls.

If you need a handy guide to filing your income tax in Malaysia, make sure to check out our
Income Tax articles here
.

(Source:
LHDN
)

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Jacie Tan

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    Alice

    3 years ago

Hello, may i know for company BE form submission supposingly deadline on 31 March’2020, is it also extended to another 2 months to 30 Jun’20?

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    NOORHAYATI BINTI MOHAMED EUSOFF

    3 years ago

My scheduled income tax payment is on every odd month. Income tax for 2019 payment is due in May. Can I defer my payment to a another month that is in July now that  due to MCO my income has been deeply affected .

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    phang hoi ing

    3 years ago

Can i know for the staff income tax when is the deadline? do we still have to pay monthly by the 15th of the month ?

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    Srikanta Kumar Jana

    3 years ago

Request for first-time e-Filing PIN

1

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    Tan Tor Jin

    3 years ago

Failed to get TAC despite several attempts with  correct mobile nos.

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    Sury

    3 years ago

Hi…i need to check my refund status. Done on 12.4.2020. Call your no many times but failed. Pls help.

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Can You Afford Your Bucket List?

Admit it; you cried at some point during the Jack Nicholson and Morgan Freeman blub-fest that is
The Bucket List
! If you’ve yet to see it, you might want to do so first before carrying on with this article (because then, you will probably be equipped with your own list!). Although, the idea of a bucket list existed before; the movie propelled to cult-like popularity, appealing to the travel-hungry and innovative Gen-Ys.

The bucket list is quite simply a list of things you want to achieve before you die (or ‘kick the bucket’ so to speak). The to-do’s can range from the simple, such as trying an exotic type of food to the completely far-out earning of millions. It’s not for anyone to tell what your list should contain but some common threads have shown themselves in some of the lists made public by people on social media.

In fact, the popular online Bucket List social site (where you can list the top things in your list and share them with like-minded people), Bucketlist.org;
compiled the most popular bucket list items
 people have listed in their featured segment. From it you’ll realise that many people on the bucketlist bandwagon aren’t exactly unique in their wants! These include:

See the Northern Lights

Attend a music festival

Learn a new skill

Visit New York/London/Paris

Swim with Dolphins

Sky-Dive or another extreme sport

The first thing that you might notice of course; is that all of these things will require some amount of ‘capital’!

Pouring Cold Water on Your Bucket List Dreams?

Honestly, we’re not trying to douse your dreams! Having a bucket list is not only fun; it gives you enjoyable things to look forward to in life. But more than we want you to have that list; we want you to actually achieve it! Money can often be a downer when you’re plotting such amazing life experiences, so let us help you not only make an awesome bucket list but to help you create a plan that actually makes it all achievable.

The Bucket List Game Plan

In order to make your bucket list items a reality; you need to get realistic! And this means, having some idea about what is needed to achieve these goals. The easiest way to do this is to separate your list items into groups according to ease of execution:

1) Items achievable in the country with minimal cost and preparation (volunteering at a shelter, eating a new dish…);

2) Items requiring travel (seeing a famous beach, visiting a particular city…);

3) Items requiring travel and extensive planning (such as settling overseas, taking a traveling sabbatical).

Once you’ve done this, you can start breaking down the cost and estimated time-frame to get each item done. Nothing needs to be cast in stone. You’ll definitely need to tweak it from time to time but at least you will have a starting point. There may be some items you may not be able to fit into the categories and may not have ringgit values per se; such as earning more money or maybe, writing a book. You can safely leave these out of your bucket list budgeting.

Once you’ve grouped your items, you can start adding estimate costs based on your current research. Once all the numbers are down on paper, you might find yourself suddenly discouraged. These numbers are too high! This is all impossible! Before you turn and run; stop and breathe. You’ve got estimates, now fold up that piece of paper or close that word document on your laptop because the first part is done.

The Bucket List Funding System

Bucket lists are supposed to fun and life changing. Not dreary and tedious. You’ve now got an awesome list with realistic figures, but the time has come to put it aside momentarily. Now you need to build your bucket list fund. There will be items on your list with smaller price tags and those with bigger ones so we suggest two ways of building the fund:

The Bucket List Petty Cash
. For smaller spend items, the petty cash box is perfect. Commit to putting in RM5 – RM10 per day (or whichever minimum amount you can afford) into a piggy bank or envelope in a safe place. Once you’ve reached a decent amount of say, RM100; you can always open a savings account.

The Bucket List FD
. No, it’s not a particular product. It means opening a fixed deposit especially for your bucket list big ticket items. Start with the minimum RM1,000 or however much the bank of your choice allows as a minimum. Best to select a 3/6 month FD so you don’t lose out of interest if you wish to cash out within the year. Endevour to continue topping up amounts in higher amounts than the petty cash (maybe RM100 – 200 each bank in) whenever you are comfortable.

Whenever you notice either of your fund pots growing past a particular threshold (set by you!); you can whip out your trusty Bucket List complete with price points to see which one you can afford. Don’t worry about depleting the fund – you can grow them again. They are there for this purpose anyway!

The added benefit of the Bucket List fund is that you now have another pot of money hidden away in case of emergencies.

We understand that with trying to save for emergencies, retirement and just for general savings is already taxing on your paycheque and adding another might be too much for some. But that’s the best part about doing your own budgeting; you get to set the amounts you can afford.

At the end of the day; we’d all love to accomplish everything on our lists without having to worry about money but if such an option isn’t available to us (ie. we’re not minting money!) that doesn’t mean we need to give up on our dreams.

Give it a shot – you may find yourself striking off more items on the list sooner than you ever thought possible!

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Weirdest Things Ever Insured

We insure our cars, houses, bodies and even our precious belongings. It helps us sleep better at night knowing that if some god-awful thing was to happen to us – we’d at least not have to worry about money.

Worry about troubling times and money keep a lot of people up at night. So when we found these weird and wacky insurance policies being taken out around the world – we wondered what a party it must be in these people’s mind before bedtime.

Insuring Wee Nessie

There’s nothing ‘wee’ (small) about the mythical monster of the lake but for some reason Scottish people like the prefix.

They also like giving mythical creatures pet names and taking insurance policies out in case they exist. It sounds a bit weird: why insure something that may not exist?

Well, a cruise company operating tours on the Loch Ness lake are not taking any chances. The company has apparently taken out an insurance policy to protect them should the monster decide to damage one of their boats.

According to a
Daily Mail report
, a company representative said:

“I don’t know what the odds of this actually happening might be, but this is Loch Ness. How silly would we look if it did and we weren’t covered for it? I hope we never have to make a claim and if Nessie does make another appearance, she gives our boats a wide berth.”

We really wondered if this was some kind of trolling report but a quick search online showed no one rebutting the report.

Protecting Ourselves (Financially) From Alien Abductions

If you can’t prevent little Green Men from taking you away into the night, the least you can do is have insurance for the event. This is apparently a real problem in the UK as
the Telegraph reports approximately 37,000 people have purchased such policies
.

The London insurance company behind the policy has supposedly earned a cool £4 million from sale of this policy and has, unsurprisingly, not made a single payout.

Some people will really insure anything!

Woe is the Receiver of Bad Christmas Presents

You lie awake the night before Christmas; palpitating and sweating into your 50% polyester sheets as you think about what’s ahead of you on the 25th.

Receiving presents: good ones, bad ones and all in between. But your mind can’t get past the gaudy t-shirt Aunt Clara thought was “so you” or the suspiciously bristly teddy bear you could have sworn was secondhand. How painful the fake smile will be as you thank the giver…

Or at least this is what we think the policyholder of this bizarre insurance thought. According to
snippets we found on various sites
; an individual called Andrew Areoff purchased a policy to protect him against “naff Christmas presents.”

Areoff apparently paid £500 for a sum insured of £1 million. We couldn’t find any report stating whether or not Areoff received his payout so we can only assume that he received very impressive presents after that.

Preparing for the Next Coming of Christ

Although this policy has been scrapped after criticism from the Catholic Church, it turned out that three women in Scotland (really, what is it with Scotland and their insurance habits?) had been consistently insuring themselves since the year 2000 against the possibility of having a virgin birth and thus being mother to the next coming of Jesus Christ.

The policy, the report says, was to help the girls prepare and care for a child they never expected however they would first have to
prove
 it really was a virgin birth (please don’t ask us how).

In the
BBC report announcing the cancellation of the policy
 – the insurance company representative said:

“The people were concerned about having sufficient funds if they immaculately conceived. It was for caring and bringing up the Christ.

“We sometimes get weird requests and this is the weirdest we have had.”

So there you have it folks – if you thought
Jennifer Lopez’s rear end was a strange thing to insure
 – well, at least her behind exists.

Perhaps in some Freudian way, the people above may have hoped for the eventualities they insured themselves against to validate the strange workings of their thought processes.

We’re not sure. But we do know that whatever your reason – insurance can buy you peace of mind. So before you go sprinting off to buy insurance for a
pontianak
 sighting or the horror of a lousy tasting
nasi lemak
, why not take out the policies you do need like a
medical insurance card
, or homeowner’s insurance?

It’ll do more wonders for your sleep than all the numbered sheep in the world.

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Why Is Your WiFi So Slow?

If you have WiFi problems at home, the question “Why is the WiFi so slow?” is probably one that you would hear or ask quite frequently. Most of the time, you ask this without really expecting an answer – it’s just a way to express frustration while waiting for a page to load or a video to finish buffering. However, there could be solid reasons as to why your WiFi speed is slower than it should be. Uncovering these reasons could help you make some changes to your current Internet situation and thus get the proper WiFi speed that you deserve.

To put it simply, if you have a large house with multiple heavy Internet users under one roof, you will have to get a plan that can cater to the demands of your household. Luckily, Maxis provides a range of plans so that you can choose the one that best suits your home size and Internet needs. The 500Mbps and 800Mbps plans also come with two free mesh WiFi units, to complement the high-speed WiFi with a consistently strong network throughout your house.

Head on over to the Maxis website to find the right
MaxisONE Home Fibre Plan
 for you.

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What You Can Expect From Budget 2015

Ready or not; our Prime Minister will today announce the details of Budget 2015. What does this mean for you and I? We present you some of our predictions (we don’t really have crystal balls nor government spies – it’s as Sherlock Holmes would say to Watson; “Elementary,”) on policies and measures that may rear it’s head later today. The list is of course not all-encompassing as we only want to talk about the issues closest to
 your
 pocket!

So without further ado; we give you our RinggitPlus Predictions.

Goods and Services Tax (GST)

Sorry, but we’re not going to predict they will do away with GST as much as the people may ask for it. It looks pretty set to go ahead and we’d be mighty surprised if that wasn’t the case. GST will continue at 6% on 1 April 2015,
but
 it is likely that businesses will be given more time to comply, that is, longer grace period. The reason may be because word has reached government ears that not all businesses (especially SMEs) may be ready for the move. How long will the grace period be? Your guess is as good as ours.

But before you celebrate over the slight respite, take note that some unscrupulous businesses may use time to indiscriminately raise prices, without proper reporting back to Customs – and pocket the extra.

Petrol Subsidy

Since the
petrol subsidy rationalisation already happened
; we might see the government attempted to ease the pockets of the lower income group with the much talked about tiered petrol subsidy system. Rumours are rife but only after 5pm today will we know for sure. The
tiered system is explained in our article
 on the issue but in a nutshell, you can expect the following ‘reliefs’ for the lower income segment.

Fuel credits or fuel vouchers distributed in a similar way to BR1M;

Welfare system like myKasih which uses myKad numbers connected to LHDN to provide fuel payments.

Other Handouts

To quell a grumbling rakyat after the petrol subsidy cut announcement, we expect more handouts to be given to possibly a larger group of eligible recipients. Here’s what we expect will happen here.

Continuation of BR1M / BB1M / Retiree payments;

BR1M has been gradually going up each year so there may either be an increase in amounts outright, and / or a move to combine the amount with the fuel handout.

Tax changes

There shouldn’t be any new changes here as it was already announced last year that there will be a revision of tax rates (1-3% personal for 2015 and 1% corporate in 2016) to offset GST but the government may simply reiterate the move as a way to show that they are taking into account the sentiment of the rakyat.

Property Policy and Affordable Homes

A big issue on everyone’s mind; there may be an announcement of plans to build more affordable homes. Last year the amount of such houses being built were approximately 80,000 and there is a good chance there may be more announced. There may not be any further tightening on speculators via
real property gains tax (RPGT)
 as the current rate has already been increased to the highest it’s ever been. There has also been a
drop in the Malaysian House Price Index (MHPI)
 and a fall in loans in the past 12 months.

So there you have it, folks. Some top things to look out for during the budget. Although, not really a prediction (because it’s been reported everywhere already!) Prime Minister Najib Razak is assuring the people that the
Budget 2015 will be rakyat focused
.

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Lazada Birthday Sale 2023 Will Be Held From 3 March To Coincide With 3.3 Sale

Lazada’s annual birthday sale, which is typically held on 27 March, will be pushed forward this year. For 2023, it will coincide with the 3.3 Mega Sale Day – and unlike previous one-day only sale events, the 2023 Lazada Birthday Sale will last for 12 days.

As one of the biggest online sales event of the year, Lazada Birthday Sale is typically a one-day affair, offering arguably one of the best online mega sale day events of the year, rivalling 9.9 and 11.11 with the Lazada-exclusive perks such as
Lazada Bonus
, loads of bank promo codes, surprise vouchers, and RM0 minimum spend free shipping vouchers released every hour.

For 2023, Lazada appears to be taking advantage of the early Raya celebrations this year and pushing forward its birthday sale to coincide with 3.3 and make it extra epic with a sale period lasting almost two weeks! Based on
Lazada’s Epic 11th Birthday Sale landing page
 which is already live on the app, you can already see that the sale period will be from 3 March all the way until 13 March. Even the
Chup Dulu pre-order page
 is already live and available for purchase.

As usual, shoppers can expect great deals across millions of products and save even more with stackable vouchers – Lazada is the only e-commerce platform that currently allows for stacking up to
five
 different vouchers – Lazada Bonus (RM8 off every RM80), bank vouchers (up to RM100 off RM1,200), platform/category vouchers, free shipping vouchers, and LazCoins (if the merchant supports it).

With the first day of Ramadhan expected to fall on 22 March, Lazada appears to reward early bird shoppers with the double Birthday/3.3 sale. And who knows, with the Birthday Sale pushed forward, there may even be time for a Raya Sale in early April!

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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Versa Collaborates With Affin Hwang To Launch New Digital Cash Management Solution

Versa Asia has collaborated with Affin Hwang Asset Management to launch a new cash management mobile app that allows Malaysians to earn returns similar to fixed deposit rates on their invested money through money market funds. It also offers them the flexibility of being able to access their funds at any time, with no lock-ins and hidden terms.

Versa works like a savings account, but with returns on par with FD interest rates – and without the need to visit a bank. Once you’ve registered an account with Versa, you can then deposit an amount of money into it, which will be invested into Affin Hwang’s Enhanced Deposit Fund. Returns will then be re-deposited into your account and re-invested until you decide to withdraw them.

Versa allows you to start saving at a minimum of RM100, and it charges no hidden fees, including management, transfer, and exit fees. You can also withdraw your money anytime without penalty, with income distribution calculated up to the day of withdrawal.

While Versa did not share a projected interest rate, it does have a calculator that lets you gauge how much you can potentially gain through its platform. The calculator also compares your returns via Versa with your yield if you keep your money in a conventional savings account. You can check out
Versa’s calculator here
.

According to the chief executive officer of Versa, Teoh Wei-Xiang, Versa aims to liberalise and make the cash management market more accessible. “Cash management solutions were traditionally only accessible to sophisticated investors and are not readily available to all Malaysians. We are democratising access to such products together with Affin Hwang Asset Management to bring these solutions to every Malaysian regardless of wealth status,” he said.

The chief innovation officer of Affin Hwang Asset Management, Allen Woo, concurred. “The relevance of such products is wholly in line with the government’s promotion of a cashless society,” he added.

Versa has obtained conditional approval from the Securities Commission Malaysia to operate as a recognised market operator. Versa joins a relatively small pool of cash management solutions, which includes the recent
StashAway Simple
 and lesser-known alternatives from investment banks such as RHB, Opus, and Nomura.

Versa
 is now open for registration via its official website. Additional information on the product is expected to be available when it is officially launched.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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    Jack

    1 year ago

Duration cash out to personal acc?

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#SaveMoneyWithHann: Life after MCO - Money Fixes And Preparing For A New Normal

To Malaysians and SMEs: Do not wait and see, act early, save your money and eventually Save Malaysia.

I stated in my post last week that we’re living in a time of great uncertainty, and one that is certainly very scary for us all. However once the immediate shock of the health scares of mass infections are either controlled or contended with, attention must turn to the state of our finances, or our money situation – which I’m sure is an equally scary situation.
How bad is it?
In short, bad. The Department of Statistics Malaysia (DOSM) issued a survey in early April and the
report
 showed some worrying results. Our own
RinggitPlus COVID-19 Financial Wellbeing Survey
 echoed the same sentiment – the most worrying statistic being 51% of respondents not being able to survive for more than two months with just their savings alone.
In late April, the Malaysia Institute of Economic Research (MIER) forecasted a 2% drop in our economy (GDP) for every 2 weeks that we are under the Movement Control Order (MCO). So for an 8-week “lockdown” that likely means an 8% drop this year in 2020, let alone any lingering negative impact from a limited reopening of economic sectors.

For context, the Malaysian economy dropped -1.5% in 2009 (Global Financial Crisis) and -7.3% in 1998 (Asian Financial Crisis), so this “Lockdown Recession” has the potential to be a lot worse.

Now, what can you do? As an employee, you may been hit with a salary cut, put on unpaid leave, or worse, retrenched. It’s a demoralising period, but there are some very important things to act on. Here’s what to do.
 At the same time, Covid-19 has hit businesses harder than virtually anything we’ve experienced in recent times. As a business owner, there’s a very real possibility of going under if you adopt a “wait and see” attitude. Here’s what to look out for as a business owner.

Employees: Salary been Cut? Been put on unpaid leave? Retrenched? Act Quick

							If you’re one of the unfortunate (and growing list of) employees who have been either made to be put on unpaid leave, had your salary cut, or worse, retrenched, the most important thing to do is not to freeze/panic, but respond quickly:

Benefits and Payouts Check - claim your RM100s and even RM1,000s. Don't miss out.

Bantuan Prihatin Nasional (BPN)
 – All B40/M40 Malaysians are eligible to get this aid
on top of BSH
 – so you get it if you’re a single earning below RM4,000 monthly or your household earns below RM8,000 monthly, regardless of your current employment status. If you haven’t received it automatically, you might been left out, so don’t forget to register with LHDN.
Bantuan Sara Hidup (BSH)
 – From RM300 for singles all the way to RM1,480 for B40 families with 4 children or more. Remember, you also get it alongside the BPN payment.
Employment Retention Program (ERP)
 – If you’ve been made to take a salary cut or go on unpaid leave for more than 30 days, your employer can claim an additional RM600 monthly for three months with the Employment Retention Program, and credit the payment directly to you within 7 days.
Employee Insurance System (EIS)
 – If you have been retrenched but were actively contributing to the EIS during your employment, you can apply for Job Search Allowance, which pays 80 ->30% of your monthly wages up to RM4,000 over 6 months while you look for a new job.

Take the 6-Month Bank Moratorium - it's better regardless of your situation.

Regardless of your financial situation, you should take it for your Personal Loans, Car Loans,
and
 Home Loans (or their Islamic financing equivalents). Even if you can afford to repay your monthly installments for the next 6 months and beyond, there are distinct advantages.
With so much uncertainty with the global economy, the extra cash in hand can make a big difference three, four months down the line – you’ll never know what will happen. Plus, with so many high-yield savings account and fixed deposit promotions, you can even earn interest on this deferred instalments (and offset the interest charged on your existing loans). My brilliant editorial team headed by Pang has got it all calculated for you
here
 if you don’t believe me. No opinions, just facts.

Recover/Increase your Income - New Job and/or Gig Economy

For those in generalised or all-companies-need-this-function jobs such as marketing, HR, finance, or sales who have been made redundant, it’s worth considering sectors of the economy which are “benefiting” from either the MCO or post Covid-19 world for the next two years, that is, consumer staples (groceries etc.), pharmaceuticals, agricultural (as we seek to be come more locally sufficient), technology, and digital economy (as we go online) sectors.
For those who have had hours cut, put on unpaid leave, or in industries which face an uncertain future (such as events management, international tourism), a small silver lining is that the last five years have seen an explosion of the freelance/gig economy, including in Malaysia. It is important to remember that this covers more than just the usually quoted e-hailing (Grab, MyCar), logistics (TheLorry, Lalamove, Ninja Van) or food delivery (Grab, Foodpanda) sectors. For those who prefer ‘non-going-outside’ work (i.e. working from their laptop or smartphone), there are many available freelance/gig economy platforms, ranging from the less technical (GoGet, Supahands), to more skilled work (Upwork, Fiverr, Freelancer).
The existence of the gig economy means that for every hour that you are not ‘working as an employee”, you can technically still earn money for your time by putting those hours into an on-demand platform.

Negotiate your regular payments - rent, school fees, bills, anything you can think of.

If you’re renting, keep in mind that your landlord may be an individual or a company which is (or should be) eligible for the same 6-month bank loan moratorium as everyone else, meaning they should be in a (financial) position to accept similar level of deferments on your own rental payments to them.
If you have schoolgoing children, my best guess is schools are unlikely to open till after the mid-year of 2020. Perhaps a sensible reduction (to reflect the lowered costs of running a school/centre with no students in attendance) of fees are in order.
The list can go on and on, but as long as we keep in mind what the situation of the other party with whom you’re negotiating with, and the specific circumstances, there may be some sort of new arrangement that can be agreed.

Restructure your household budgets - things are no longer the same.

Most of our regular readers will know that I usually go last to this, as I feel that Malaysians should save as much money as possible without changing how we live our lives (i.e., the “easy savings” before the more difficult ones). Having said that, in this case, our post Covid-19 lives have changed regardless of whether we wanted it to or not.
Households with a 10% of income “travel budget” or a RM200 per weekend “going/dining out” budget will now see that automatically “saved” for them. Groceries and electricity bills may need a rebudgeting in a “stay at home most of the time” world. You may already notice that you’re spending more in certain categories, and considerably less in others. Use this time to balance your books – especially if you are also going through reduced salaries.

Use available financial instruments to tide you through - and keep them as low cost as possible.

If you have done steps 1-5 but still need some extra cash for 3-6 months, it’s time to take advantage of financial instruments at your disposal.Don’t just rack up 18% p.a. debt on your credit card by only paying the minimum due. If you must borrow, do it as cheaply and as flexibly as possible. Cheaply meaning lower interest rates, and flexibly meaning short tenures and no repayment fees.
Here’s what I recommend:
(a) If you’re making a large purchase upfront either because of an emergency or needing to invest in something (like a car or a business purchase) to make an income, why not make it using 0% easy payment plans (EPP) where available? These are usually really 0% p.a. (with no added nor hidden fees), and they do exist (either as seasonal promotions or sometimes bundled as part of a card’s feature).
(b) Spend to your budget and use a
balance transfer for 6-12 months
 to buy some time for repayment. All banks in Malaysia offer balance transfers with fees under effectively 3% p.a., making it one of the cheapest forms of short term borrowing. Like (a) above, you can also find 0% BTs occasionally offered by banks. Be sure to ask, as they sometimes are not advertised.
(c) Only after you’ve exhausted the relatively low-cost options of (a) and (b) should you then consider Personal Loans/Financing (at 5-10% p.a. flat or 9-18% p.a. effective). Not much to add here, except go for the lowest effective rates, but keep in mind not all banks can process you online (and you may not want to walk into a bank branch for the next few months).

Self-Employed / Business: Lost Revenue? – Act Quick Also

Most estimates are that 80-90% of businesses are negatively affected by the combination of the Movement Control Order (MCO) and Covid-19, losing considerable revenue and profitability. If you’re a self-employed worker who has lost their source of revenue, or a business owner which has seen tremendous impact from either the MCO or the spread of Covid-19 or both, you need to quickly do the following:

Brace for a sustained "MCO-level low" Q2 2020 and at least 12 months before a full recovery.

Early numbers out of Wuhan, China tells us that life won’t quite be the same after a lengthy lockdown and especially with the virus still a looming threat to the public. If your business depends on people/crowds walking in, or meeting each other face to face, or travelling around, I would plan for a situation with reduced business volumes for the next 12 months. How much reduced depends on your business, but I would say, halfway between a lockdown and “previous normal” for at least 1-2 months, with no getting back to “normal’ for another 2-3 quarters after that.

Benefits and Loans Check

Be sure to know between your ERP (Employee Retention Programme), your WSP (Wage Subsidy Programme) and your SRF (Special Relief Facility). If you don’t, we’ve covered them
here
 and
here
. Don’t forget that the 6-month bank loan moratorium may also apply for term loans and hire purchases with banks, which might help the situation in the short term for you.

Negotiate your regular payments - rent, supplies, etc.

Similar to the consumer side, now is the time to go through your line items one by one, and see which can be negotiated. If you’re renting, keep in mind that your landlord may be an individual or a company which is (or should be) eligible for the same 6-month bank loan moratorium as everyone else, meaning they should be in a (financial) position to accept similar level of deferments on your own rental payments to them.

Pivot - MCO-time(s) and New Normal

“Wait and see” is not a viable strategy here – don’t assume your business will get back to normal (again, learning from the likes of Wuhan and New Zealand, things have yet to get back to normal after the reopening of their lockdowns).
What does pivot mean? Find a way to deliver your product or service to a customer without them having to walk in or experience face to face. Embrace the digital economy sooner rather than later. If you can’t, find a way to increase confidence in the safety of the physical interaction, whether it’s regular disinfection, mask-wearing, or contactless interactions.

Cut once, cut fast, cut hard

If you must make cuts to expenses including wages, do it quickly, do it as deep as you can take, and try to only do it once. There’s nothing more demoralising to employees than to be dreading if there will be yet another round of cuts.

Save Yourself First Before Saving The Economy
One thing that not many people know is that consumer spending (that’s all of us) makes up ~60% of the Malaysian economy, so yes, more than petroleum/oil & gas, more than Government Spending, and more than private (i.e. business) investments. It also means our economy suffers greatly when consumers don’t spend – it’s why you may hear suggestions that Malaysians should spend more “to save the economy”.
If we all cut back on spending (which had been the case for almost two months of MCO), does that mean our economy suffers? Yes it does – Prime Minister Tan Sri Muhyiddin Yassin revealed that the Government loses RM2.4 billion in revenue for each day of the MCO. Shouldn’t we then spend to save the economy?
We should, but you can’t save the economy if you yourself are not “saved” first. Think of it like the oxygen mask in an airplane. In an emergency, you should put one on for yourself first before helping others in your care (in this case, the economy).

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Hann Liew

Hann Liew

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    CF Choo

    3 years ago

Question –

EIS pays on a scale basis for 6 months. Does it mean that every month must demonstrate job search effort? I think this is easy. What will be difficult is getting interviews. Please advise if there is any other better way.

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    Hann Liew

    3 years ago

    Reply to

        CF Choo

Hi there, sorry, just clarifying, better way than trying to apply for jobs via the usual job search portals? Or better way than applying for the Job Search Allowance?

Either way, if you’re applying for the JSA I would suggest including the official Vacancies portal of Perkeso – can’t hurt to expand the options, as limited as they may appear…

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CIMB To Discontinue TNG Reload Services Via ATM, Effective Today

(Image: Free Malaysia Today)

CIMB Bank has announced that it will cease offering Touch ‘n Go (TNG) reload services at its automated teller machines (ATMs), starting from today.

“Effective 2 May 2023 onwards, Touch ‘n Go reload services at CIMB Bank Automated Teller Machines (ATM) will be discontinued. Please visit the Touch ‘n Go website to find the nearest Touch ‘n Go reload points,” the bank shared in a notice on its website.

Prior to this update, CIMB customers who opt to reload their TNG cards at CIMB’s ATMs could
do so without charges
, while there is a fee of RM0.50 to reload via other bank ATMs. Despite the cessation of this service, CIMB customers will still have a variety of other convenient methods to top up their TNG cards, including selected stores, petrol stations, TNG kiosks, and public transport stations. Note, though, that most of these avenues will also charge a RM0.50 reload fee.

Meanwhile, those who have managed to purchase the
enhanced TNG card with near-field communication (NFC) capabilities
 will have an even easier time to top up their cards as they can do it for free via their TNG eWallet. The new card was launched back in April 2022, and is available for sale at several locations, including selected petrol stations, as well as
TNG’s official online store on Lazada
.

(Source:
CIMB
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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HSBC Revamps Premier World Mastercard: Up To 8x Bonus Points On Local Spending

HSBC is relaunching its HSBC Premier World Mastercard Credit Card, moving away from rewards for malls and hotels to focus on online, contactless, and groceries spend instead. The changes to the card’s benefits will take place on 9 November and will affect all new and existing HSBC Premier World Mastercard cardholders.

Under the new HSBC Premier World Mastercard Credit Card benefits, cardholders are entitled to:

10x Rewards Points on overseas face-to-face spend

8x Rewards Points for contactless spend

5x Rewards Points for groceries

5x Rewards Points for selected online merchant spend

All other retail spend will qualify for 1x Rewards Points. The table below shows the benefits before and after the card’s “relaunch”:

Benefits before 9 November 2020

Benefits after 9 November 2020

·       1x Rewards Points on all eligible spend

·       9x Additional Rewards Points for overseas dining and hotel

·       7x Additional Rewards Points for spend at Mid Valley Megamall and The Gardens Mall

·       4x Additional Rewards Points for spend at participating malls

·       4x Additional Rewards Points on local hotel spend

·       1x Rewards Points on all eligible spend

·       9x Additional Rewards Points for overseas face to face spend

·       7x Additional Rewards Points for contactless spend

·       4x Additional Rewards Points for groceries

·       4x Additional Rewards Points on Lazada, Fave, Grab, Shopee, HappyFresh, and Zalora

Same as before, eligible spend include all transactions made with the HSBC Premier World Mastercard Credit Card – excluding petrol, charitable, quasi-cash or government-related transactions. The terms and conditions also specify that no additional rewards points will be given for spend on insurance and utility payments.

The changes made to the HSBC Premier World Mastercard make it a more relevant credit card in current times, with more consumers turning to contactless payments, online shopping, and eating at home compared to before. In fact, these new benefits are quite similar to that of the
HSBC Platinum Mastercard
 now, as both cards offer 8x points for contactless and 5x points on groceries and online spend. Still, the highest points multiplier on the HSBC Premier World Mastercard remains travel-related, with the category broadened to rewards points on all overseas face-to-face spend as opposed to the dining and hotel requirements previously.

Besides that, the relaunch has also made some changes to the maximum number of Rewards Points cardholders can get using the HSBC Premier World Mastercard:

Points capping before 9 November

Points capping after 9 November

·       Overseas: 20,000 Additional Rewards Points per month

·       Local: 9,000 Additional Rewards Points per month

·       Overseas: 15,000 Additional Rewards Points per month

·       Contactless: 8,000 Additional Rewards Points per month

·       Groceries: 4,000 Additional Rewards Points per month

·       Online: 4,000 Additional Rewards Points per month

Altogether, you can earn a total of 31,000 Additional Rewards Points per month under the new revision compared to the total of 29,000 Additional Rewards Points before. This is mostly due to the increase of the maximum local Additional Rewards Points you can earn, from 9,000 previously to 16,000 after the revamp. Nonetheless, you’ll notice that you can earn fewer Additional Rewards Points for overseas transaction with the change.

Currently, HSBC Premier World Mastercard cardholders are entitled to 6x complimentary Plaza Premium Lounge visits in KLIA, Hong Kong, and Singapore. However, in its
announcement
 about the credit card’s relaunch, HSBC made no mention of any changes to the card’s airport lounge privileges – so one could assume that they remain unaffected.

The
HSBC Premier World Mastercard Credit Card
 is exclusively available for HSBC Premier accountholders with a minimum of RM200,000 in total relationship balance with HSBC, and is free for life.

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Jacie Tan

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Avoid These Pitfalls to Get More During Online Shopping

Shopaholics, please stand up! You may already be aware that we are on the tale end of the
MyCyberSale
 that happens yearly around this time.

Ending on the 2nd of October, you’re probably scrambling to get your online shopping done before the sweet deals run out.

We’re shopping with you, to be sure but in the rush – don’t get caught in the pitfalls of online shopping. The ease of every click is a great way for merchants to get you to part with your hard-earned cash and not always for the best of deals.

Let us clue you in on the sneaky pitfalls of online shopping before you go off on your buying frenzy.

Discount Codes with Manual Entry

Have you seen a splash banner on a shopping site saying they are offering a percentage discount off of everything on site? It’s a great deal but if you want it – search for the tiny print somewhere on the banner that tells you the code you need to enter to get it.

Often, discount codes aren’t automatically keyed in for you just because you shopped during a sale period – you may need to manually do it.

If you should forget the code or forget to enter it – your purchase will be at full price. Bummer!

Misleading Discount Claims

In a bid to get you to believe you truly are getting a deal – some sites have been known to inflate retail prices and then claim to offer you massive discounts.

The number game in discount online shopping can be dubious. Imagine if Site A states that they are offering a 65% discount on Item 1 and Site B states they are offering a 45% discount on Item 1. This looks great for Site A until you notice that they claim the retail price is RM600 where else Site B claims the retail price is RM300.

In this example, Site A is selling Item 1 at RM210 and Site B is selling Item 2 at RM165. Despite Site A’s claim of a higher discount – their site is NOT the cheaper option!

Don’t believe this happens? We assure you it does. Test the theory over a period of time by comparing prices online yourself. Don’t be surprised if it happens a lot more often than you thought possible.

Cheaper at Physical Stores?!

The day has come when it is indeed possible to buy an item cheaper at a physical store than online. Previously, online stores were touted as the cheapest way to get your shopping done. Without the need to pay rent and other overheads, they were supposed to be the cheaper option as they can channel the savings over to the buyer.

The problem then arose that this perception gave online stores the upper hand and people automatically assumed that the items were cheaper whether or not this was true.

Whilst some simply took advantage of the situation by charging high prices – other smaller stores could not compete with big chain retail outlets because of their small quantity inventory purchases and lack of supplier negotiating clout.

An online seller this writer purchased a clothing item from many moons ago explained this when her items were found to be nearly 30% more expensive than the physical store.

She explained that the stores could afford to buy huge bulk quantities and receive larger discounts but she could not. She had purchased her stock at almost the price the big retailer was selling theirs for.

Supplier prices were just one of the many reasons an item could be cheaper outside. You may not always be able to check but where possible – why not try comparing with a nearby supermarket?

Crazy Calculations!

Online stores many a time offer multiple discount codes with different rates and caps. This can be both a boon and a bane. The different discounts help you save no matter how much you are spending but it also makes for some crazy calculations.

Imagine that these two promo codes exist on a site:

a) 10% off all purchases with a maximum of RM100 discount use promo code TENCENT;

b) 30% of all purchases with a maximum of RM40 discount use promo code THREECENT;

You might be inclined to think the 30% wins every time but pay attention to caps and check out how this adds up when you actually start filling up your cart!

Total Purchase Price

Final Price w/ code TENCENT

Final Price w/ Code THREECENT

RM100

RM90

RM70

RM250

RM225

RM210 (maximum of RM40)

RM500

RM450

RM460 (maximum of RM40)

RM1,000

RM900 (maximum of RM100)

RM960 (maximum of RM40)

Looking at the simple table, the more you spend, the better it is to use the 10% code as opposed to the 30% one. The key is in knowing where the 30% stops being the best deal (ie. where the cap is).

Look like too much calculations for something as simple as shopping? That’s the game folks!

Not Using the Right Payment Method

To be fair, it isn’t really right or wrong but the best method would be the method that saves you money.

Many buyers opt for bank transfer or cash on delivery – afraid to rack up debt on their credit card. All this is well and good but if you do have the cash to repay your credit card after – why not get another discount to boot?

Many sites now team up with banks or credit card companies to offer exclusive discounts if you pay with a particular card. On occasion, you might find the exclusive discounts apply if you use a particular bank’s online banking portal.

Whichever the discount inducing method – take that one! Watch out for the little bank badges on the item listing to know when you can save more by using a particular method.

That’s not the only benefit to paying with your credit card. Some
cards offer more cashback or benefits for online purchases
 but even if they don’t – you earn reward points and regular cashback (if your card is a
cashback
/rewards point card) anyway.

Get
a good credit card
 and enjoy more benefits when you shop online.

Once you’ve done this – the only thing left to do is to patiently stalk the mailman!

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Diana Chai

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BNM Governor: Economy Cannot Be Helped By Blanket Loan Moratorium Alone

(Image: The Star)

Bank Negara Malaysia (BNM) governor Datuk Nor Shamsiah Mohd Yunus stated that is a “fallacy” to think that the economy can only be helped by the implementation of an automatic loan moratorium alone.

Speaking at a press conference on the release of Malaysia’s Q4 gross domestic product (GDP) data, Nor Shamsiah said that a blanket loan moratorium is not the remedy to current economic problems. Nonetheless, the BNM director highlighted that help has never stopped for those in need of it, with
loan repayment assistance and moratorium extensions
 being made readily available.

According to Nor Shamsiah, 1.4 million borrowers so far have applied for repayment assistance, with a 95% approval rate. It was found that 45% of borrowers opted to reduce their monthly instalments rather than request a moratorium.

“This is observed for households and borrowers in lower-income segments, or the B40 group. This suggests that borrowers are making informed choices on managing their debt, based on what they can afford,” she said. “So they are not asking for a moratorium, they do not want a one-size-fits-all solution. What they want is tailored assistance that meets their financial circumstances.”

Nor Shamsiah opined that a more
targeted approach is appropriate
 as it puts the choice in the hands of the borrowers, allowing them to make informed decisions based on their own financial conditions. Moreover, while there are still some who have trouble with loan repayments, the vast majority of borrowers have resumed their repayments – with some doing so even before the
automatic moratorium
 ended last year. The value of repayments has reached levels seen before last year’s MCO, she noted.

On top of that, the BNM director pointed out that
another round of automatic loan moratorium
 would erode banks’ buffers and make it more difficult for new loans to be obtained. Malaysians are also affected by the profitability of banks directly through their bank deposits or indirectly through funds like the EPF.

(Source:
The Edge Markets
)

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Visa Study: 65% Of Malaysians Are Interested In Digital Banking Services

Payment service provider Visa has released new findings from its Visa Consumer Payment Attitudes Study 2021 that point to a readiness among Malaysians to adopt digital banking as a norm. Specifically, Visa highlighted that 74% Malaysians are aware of existing digital banking services, and 65% are interested in using such services.

The country manager for Visa Malaysia, Ng Kong Boon further said that the survey findings indicated that Malaysians are not only open to traditional banks, but also new entrants that will be issued digital banking licences. This is following Bank Negara Malaysia’s (BNM) move to soon provide
five digital banking licences
 to eligible applicants.

“They [the survey participants] have expressed interest in the digital banking services provided by renowned brands (71%), financial services brands (65%), and even new start-ups (60%). We believe it will take the collective effort of the government, existing traditional banks, and institutions applying for digital banking licences to create better financial inclusion for all, not just the affluent, but also the underserved and unserved population,” said Ng.

Additionally, the study showed that 78% of Malaysians are motivated to switch to a digital bank for better rewards, whereas 72% said that they would do so to enjoy the lower costs provided via digital banking. Survey respondents also shared that they are most interested in using digital banking services for the following transactions:

Bill payments (78%)
Money transfers to family and friends (69%)
Payment at retail locations (62%)
Deposits and withdrawals (61%)

Visa attributed this openness to digital banking services to a number of reasons, chief of which is the new societal norm to avoid crowds and limit face-to-face interaction. In fact, 43% of the survey participants have said that they are currently limiting their banking activities to only online banking services, preferring not to visit any bank branches.

(Image: Amanz)

Aside from that, digital banks also appealed to Malaysians because these services provided more efficiency, convenience, accessibility, and security. “Having access to the same type of services at traditional banks but via digital channels allows consumers to bank at a place and time of their choice without being tied to the limitations of banking hours and long queues,” said Visa in a statement.

Visa’s Consumer Payment Attitudes Study 2021
 took place between August to September 2020, polling 7,526 consumers from eight countries, including Malaysia, Singapore, and Thailand. It was conducted to understand the behaviours of consumers and identify areas where Visa can drive greater adoption of digital payments.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Budget 2023: Stamp Duty For Transfer Of Properties Between Direct Family Members Set At RM10

From 2023, the transfer of properties between family members will be set at a fixed rate of just RM10. Meanwhile, there will also be an increase to the stamp duty exemption for property transfer and loan agreements for houses worth between RM500,000 to RM1 million.

In the tabling of Budget 2023, Finance Minister Datuk Seri Tengku Zafrul Aziz stated that the government will set a nominal rate of just RM10 for transfer of properties “based on love”. This includes transfers between spouses, parent and children, as well as grandparents and grandchildren.

The amount saved can be very steep, considering that currently, the stamp duty exemption for property transfers between parent and children is only 50%, while there are no stamp duty discounts for gifts between grandparents and grandchildren (and any other family relation). The only full exemption of stamp duty is between spouses.

On a separate note, Tengku Zafrul also announced that the stamp duty for houses worth between RM500,001 to RM1 million will be increased to 75% from the current rate of 50%, effective until 31 December 2023. This is on top of the 100% stamp duty exemption for houses below RM500,000. This is aimed at further encouraging ownership of first homes, as the stamp duty exemptions can be quite substantial.

“For example, a 100% exemption for a RM300,000 property purchase can save RM6,500 (in stamp duty) while a 75% exemption for a RM750,000 property purchase can save the rakyat up to RM15,000 (in stamp duty),” he said.

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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    Jitkooi

    5 months ago

Is this still valid for budget  2023?

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    Ahmad

    3 months ago

Has this being gazetted? Last month I was at LHDN Jln Duta and was told these clauses has not been gazetted yet

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    sia

    3 months ago

    Reply to

        Ahmad

yes, when start?

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Making The Most Out of Staying Home - While Saving Electricity (And Money)

It has been 8 months since Malaysians started staying home as part of nationwide efforts to curb the spread of Covid-19. This includes many of us who have transformed our home into our working spaces. Fast forward 8 months later to today, while some of us have returned to our physical workspaces, many are still working from home. And now, since we’ve been asked to stay home for an extended period of time, it’s understandable that you’d become a little uninspired or demotivated – perhaps due to restricted movement and the monotonous routine at home.

Hence in this article, we want to show you some easy ways to make the most out of staying home. After all, it’s uncertain how long more we might have to stay home, right? So, why not make the best out of it. Even better? You will also get to save electricity and subsequently your money.

Read on to find out how!

1. Spend Quality Time With Your Loved Ones

If you’ve ever wondered whether you have spent enough time with your loved ones at home or not, surely the pandemic has given us the chance to do so. But staying home together doesn’t automatically translate to spending quality time together — especially if you have your work or your gadgets taking over your attention from them. Here’s what you can do:

Allocate a gadget-free time with your family to really connect

Plan an activity that everyone can participate together

E.g.: A family-only party where you learn to cook new recipes together

Also shut down your machines such as computer, television, or PS4 because just like us humans, machines too need a time out so they can operate more efficiently

2. Have the “Self-Care” You Needed

Before the pandemic, it seemed that we were always in a rush to either get ready for work or too tired to properly get ready for bed. Since we’re staying home most of the time, why not take the time for some much-needed self-care?

Have a cold morning shower for 1 – 2 minutes. It helps to “jump-start” your body and keep you energised throughout the day

Dim the bedroom lights 2 hours before bed to help wind down your brain. This will help to improve your sleep quality

3. Clean Your Space, Clear Your Mind

From the words of Marie Kondo, “The objective of cleaning is not just to clean, but to feel happiness living within that environment”, clearing and cleaning your home can help you spring clean your mind of mental clutter thus allowing you to relax and enjoy the time at home.

Start small by cleaning your electric kettles to get rid of hard water stains, washing air filters for better air circulation, or decluttering your fridge for longer lasting produce. For fresher and crispier clothes, hang your laundry in the sun; make it a family affair and get the kids to help out too!

4. Upgrade Your Home Appliances

Even though a part of our electricity bills is being subsidised during these trying times, taking the time to examine your home and electrical appliances could help you save even more on electricity. Plus, if you are going to spend more time at home – it’s always better to use home appliances that will last you a long time, while still being environmentally and economically friendly.

Replace regular bulbs with cost-efficient and sustainable LED bulbs

Choose 5-star energy efficient appliances which are better value for money and last longer

Instal spotlights with motion sensors – it saves electricity, and it keeps you and your loved ones safe from stumbling in the dark

5. Time to Kick-Start The Eco-Friendly Habits You’ve Always Been Thinking About

If you have been thinking about stepping up your eco-game further than just bringing reusable shopping bags to buy groceries – now could be the best time to level up. Staying home has given us ample opportunities to start thinking about how we consume electricity at home.

And here are a few small acts of eco-friendly habits that you can start to cultivate from home.

Forget the microwave, thaw your frozen food naturally to save more electricity

Switch off lights during the day (besides, natural lighting is always the best)

Set your air conditioner’s timer before you sleep so it switches off automatically without overuse

Fold clothes immediately after wash so it stays wrinkle-free and you can skip the ironing

Close all doors and windows when using air conditioner so you can optimise the use of electricity

And there you have it – 5 ways you can make the most out of staying home. What’s more, if you turn them into habits, that’s even better because you’ll save money not just during this restricted movement period, but also in the long term.

In light of this, be an energy efficient warrior at home and remember that the Prihatin Stimulus Package discount of up to 50% (based on electricity usage) for your monthly electricity bill is still in effect, until 31 December 2020.

Additionally, if you’d like to know more information on how to save and use electricity efficiently, visit
 www.mytnb.com.my

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Are You Guilty Of These 7 Retirement Planning Traps?

In my last column, I shared some thoughts on some key details about retirement planning, such as how much you actually need in order to retire, as well as what you can do to grow your retirement savings. This time round, I’d like to dedicate this column to discussing several common misconceptions that people have about retirement planning.

As we all know, the key objective of retirement planning is to ensure that you have financial security to be able to enjoy your golden years, instead of having to constantly worry about how to pay for your needs. This is especially important now that
 Malaysians have a longer life expectancy
 as compared to before; the Department of Statistics Malaysia (DOSM) noted that male and female youths (aged 15 in 2021) are expected to live until the age of 73.9 years and 79 years, respectively. This is an increase of one to one and a half years in life expectancy as compared to a decade ago.

Given the importance of retirement planning, let’s start by debunking some key misconceptions that Malaysians often have with regard to the matter.

I’m still young, I’ve got plenty of time!

People often think that they still have time before they get to the age where they need to worry about saving for a nest egg.

Well, I’m here to say that it’s always better to start young. When you’re young, you have a higher likelihood of generating additional return and making compounding interest work for you. For those who aren’t aware, compounding interest is basically the interest that you can earn on a deposit, accrued on both the initial principal
and
 the accumulated interest from previous periods (aka interest on interest).

This means that you can actually earn quite a bit via compounding interest –
if
 you start saving or investing early – and it is also why it is important for you to think about retirement planning now.

I’m too old, what’s the point?

On the other end of the continuum, there are also those who think that they’re too old to do any planning for retirement, having hit the age of 40s or 50s.

“
I’m already reaching the age where I can withdraw my Employees Provident Fund (EPF) anyway – there’s nothing that I can do about retirement planning anymore.
“

Quite untrue! In such a situation, the goal of retirement planning then is to ensure that you can generate consistent funds to last you through your golden years, or to stretch out the value of your savings. At the very least, it is important to know how much you need to live on once you’re in your retirement days, as we tend to overestimate and think that what we have is more than enough for our retirement.

I’ve parked all my retirement savings in fixed deposit (FD) accounts.

The third misconception revolves around the placement of your retirement funds, where most people think that it is sufficient to just park their savings in a savings account or FD account. Unfortunately, that’s not the case. The returns from your savings and FD accounts are lower than the inflation rate that we see today, as is clearly shown in the graph below:

As such, you’ll have to look at other asset classes beyond your savings and FD accounts to give you that return for your retirement. Some instruments that you could also consider in your retirement planning strategy include bonds, equities, money market funds, real estate investment trusts (REIT), and so on.

I’ve worked hard, I deserve to spend it now.

This is an issue of delayed versus instant gratification – you’ve worked hard to earn your money, so why should you not enjoy what you have reaped now?

My stance is that you
can
enjoy your hard-earned money now, but it’s also crucial for you to allocate a portion of it for retirement. Approximately 10% to 20% of your income today should go to your retirement funds, making for a good balance for your spending at present, as well as for your future. And note that this 10% to 20% for your retirement should not include the amount already credited to your EPF savings – precisely because of my very next point.

I’ve got my EPF savings for my retirement.

There’s no way around it: EPF savings is just not enough to take care of your retirement needs. As our
RinggitPlus Malaysian Financial Literacy Survey 2021
 has shown, more Malaysians are now aware this fact; in fact, only 15% of our respondents believe that their EPF savings is sufficient for their retirement. Therefore, you
have
 to think of additional funds to supplement your EPF savings if you wish to enjoy a comfortable retirement.

I need to prioritise my child’s education fund.

Oftentimes, parents may prioritise their children’s education fund, hoping that their children will then be able to take care of them in their retirement days after landing a good job through quality education. However, this may not be the best way forward because there’s no promise over the outcome of your children’s education resulting in higher income.

In fact, if you look at the
 average starting salary for most graduates in Malaysia
, it’s not very substantial. It may not be enough to support both your child’s needs as well as your retirement needs – which is why having your own retirement fund is crucial.

I must know EVERYTHING about investing and retirement planning.

Finally, I believe that while you should have an adequate grasp of investing or retirement planning before making any decisions, you do not need to know
all the ins and outs
 of everything in order to start taking action. If you make it a necessity to know everything about investing before taking a step, you may never start investing at all. As such, do your best to arm yourself with as much knowledge as you can, and then start the ball rolling.

***

Of course, this list only highlights some of the main misconceptions that people can have about retirement planning; there are likely many more out there. But now that you’re better informed about how important it is to start early, I hope you’re ready to take the
first step to grow your retirement savings – as I’ve advised in my previous column
. More importantly, share your knowledge with your loved ones so that they, too, can secure their future!

As always, catch my full discussion on the topic of retirement planning here:

This article was contributed by Azril Ikram, a licensed financial planner. To get deeper insights on your personal financial goals, check out
RinggitPlus Financial Planner
, a 1-to-1 financial planning service. RinggitPlus Financial Planner covers everything from tax efficiency all the way down to wealth planning and retirement savings.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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    alis azlin

    9 months ago

thank you

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All you need to know about Investment Linked Plans

There are many types of insurance products out in the market catering to different financial needs. Investment linked plans were revolutionary about 8 years ago and is today offered by major insurance companies nationwide – but to decide if it’s the plan you want, you first need to know what it’s all about.

The investment linked plan (ILP) is an insurance plan that combines the benefit of investment and protection. Regulated by Bank Negara, this policy is essentially for those who are seeking to have their premiums earn some returns while insuring their health.

How does it work?

The premium paid to your insurance policy will be divided into two: a portion will go to investment and the remainder goes to the insurance company as pure coverage premium. You’ll be given two options for premium payments: a single premium which means a one-off payment paid for the entire contract period or a regular premium that you pay at regularised intervals throughout the year. Most people opt for the recurring payment as it allows them easy-to-manage, bite sized payment amounts.

You will be able to monitor your investment performance through yearly reports issued by your insurance company. This report will include details of all your premium allocations, relevant insurance charges, investment value and fund unit price.

The Benefits

Flexibility.
 If there’s a change in your financial situation, most ILPs allow you to customise your portfolio or change your premium amount to suit your affordability. Depending on your risk appetite, you can choose to switch between funds within the insurance company’s fund options. Most companies allow one free switch per year while additional switches entail a processing fee. Do read your policy for more information and check the company terms before proceeding.

Coverage.
 The amount of coverage offered by an ILP might differ across insurance companies. You can expect coverage to include critical illness coverage, hospitalisation and death. Some insurance companies offer ‘riders’ (additional benefits or coverage added on incurring an additional premium amount) should you need additional coverage. In the end, you can opt out if your rider is no longer needed.

Savings.
 Some ILP plans offer a saving plan rider which allow you to save while generating returns for your as a safety net for retirement later on.

Withdrawals.
 Unlike your regular insurance, you can make withdrawal whenever you want should need financial aid to get your through financial difficulties.

The Drawbacks

Risk.
 Returns on your investments are not fixed and even if a company shows you stellar rates of projected returns when the year begins; there is no guarantee that such gains will materialise. As with any investment, there are risks involved. Traditional policies declare bonuses at the year end and these are usually fixed. ILPs however, are subject to the investment’s market performance.

Investment knowledge.
 Although it’s not mandatory; the flexible nature of the investment policy in allowing you to choose where to place your funds mean having some kind of investment smarts will be required to help you reap the full benefits of this policy. Of course, you can always rely on the bank to automate the investment but you probably won’t be making the best use of the policy’s flexibility feature. The Life Insurance Association of Malaysia also recommends that you monitor your fund’s performance to notice ups and downs and remember; that with flexibility comes responsibility.

Misinformation.
 Admittedly, this isn’t the problem of the policy but more of the selling of it. Many inexperienced agents call ILPs a ‘replacement’ to your savings plan. Whilst a good policy can certainly supplement your savings; the risky nature of the investment and the variable cash value sums make it less than appropriate as a savings plan. There’s still no shortcut to building that emergency fund so the minute an agent sells the product in this manner -be wary.

Increase in Premiums.
 Many ILPs come with a gradual increase in premiums over time based on the policyholder’s age. Traditional policies are fixed. Of course, do check with the company of your choice if this applies to the product you are interested in.

Get the Full Facts

Bear in mind that the potential for high return comes with high risk. Besides using past performance as an indicator, keeping yourself abreast to developments in the financial market is one of the best ways to monitor performance on invested units and gain knowledge on where to switch later. Talk to your insurance provider if you have any specific requirements for your policy. However, if all this is too much effort or if you feel your aren’t well-versed in investment speak – perhaps a traditional policy maybe just what the doctor ordered.

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Xiaomi Redmi Note 8 Series Is Now Available In Malaysia From RM599

Xiaomi has officially launched the Redmi Note 8 and Redmi Note 8 Pro in Malaysia. The latest entry of the wildly successful Redmi Note series certainly aim to impress, combining powerful hardware at affordable price points, which means plenty of reason for Malaysians to be excited about.

Redmi Note 8

Of the two models, the Redmi Note 8 is the lower-end option. Powered by a mid-range Qualcomm Snapdragon 665 processor paired with 3 or 4GB of RAM, the Redmi Note 8 sports a 6.3” Full HD display, and a 4,000 mAh battery. Storage options range from 32GB, 64GB, and 128GB.

Besides that, the Redmi Note 8 packs a quad-camera setup at the rear, a significant upgrade from the
Redmi Note 7
. It consists of a 48MP main sensor, an 8MP ultra-wide angle unit, a 2MP sensor for macro shots, and a 2MP depth sensor for better portrait shots. On the front, there is a 13MP selfie camera.

It is available in 3 colours: Moonlight White, Neptune Blue, and Space Black.

Redmi Note 8 Pro

In comparison, the Redmi Note 8 Pro is the high-performance model – and a higher price tag. It is powered by the latest MediaTek Helio G90T processor, making it the first phone with this flagship chipset. This gaming-optimised chipset is matched with a generous 6GB of RAM, while a large 4,500mAh battery ensures the long battery life that the Redmi Note series are known for. The Redmi Note 8 Pro also features a larger 6.53″ Full HD+ Dot Drop display.

In addition to the new processor, the Note 8 Pro comes with a new 64MP rear camera, which Xiaomi claims is the first in Malaysia. All three other rear cameras remain the same as the Redmi Note 8, while the selfie camera is bumped to a 20MP unit.

Consumers will be able to choose from a selection of 3 colours: Pearl White, Forest Green, and Mineral Grey.

Pricing

Model

Specs

Price

Redmi Note 8

3 GB RAM, 32GB storage

RM599

Redmi Note 8

4 GB RAM, 64GB storage

RM799

Redmi Note 8

4 GB RAM, 128GB storage

RM899

Redmi Note 8 Pro

6GB RAM, 64GB storage

RM1,099

Redmi Note 8 Pro

6GB RAM, 128GB storage

RM1,199

Malaysia is the first country outside of China to launch the Redmi Note 8 series. This series is exclusively available for pre-order on
Shopee
,
Lazada
, and authorised Mi retailers nationwide until 11 October, where it will be available everywhere else.

(Source:
Lowyat.NET
)

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RHB Credit Card Saves You Time and Money

RHB’s is promising all customers a brand
new credit card in 10 minutes
! And there’s more. The first 388 successful applicants will receive RM188 in cashback rebates when they put their new plastic to use.

There are however a few conditions you have to comply with:

This offer is applicable to Malaysian citizens between ages 21-55 years

Applicants must have a minimum income of RM24, 000 and above

Applicants must be able to provide the latest 6 months EPF statement

EPF statements must be printed out from the RHB branch’s EPF kiosk on the day of application

Applicants must register at RHB participating branches located at Suria KLCC, Paradigm Shopping Mall and Card Centre Kuala Lumpur to be eligible

All RHB credit cards qualify for the promotion with the exception of RHB Platinum Business Credit Card

The RM188 cashback is a one-time offer only and applies to principal cardholders. To be eligible a cardholder will have to spend a minimum of RM388 on a single transaction within 45 days after their card has been issued.

Some transactions will not be eligible as ‘Qualified Retail Transactions’. Check RHB’s
FAQ
 for a list of legit retail transactions.

This offer starts from 8 March 2013 and is limited to the first 388 eligible customers. Successful applicants will be notified via SMS.

For more details, please do check their
terms & conditions
 here.

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U Mobile Upgrades Its GX30 And GX38 Giler Unlimited Prepaid Plans

U Mobile has upgraded its Giler Unlimited Prepaid plans, enhancing the value of its GX30 and GX38 packages with increased speed, additional hotspot quota, and unlimited calls.

Specifically, subscribers of the GX30 plan will now be able to enjoy unlimited mobile data at the faster speed of 6Mbps, as well as a new total of 6GB of hotspot quota. Previously, they were allocated unlimited data at the speed of 3Mbps and a hotspot quota of 3GB.

Meanwhile, the GX38 prepaid plan is enhanced with unlimited calls, and it will also double its hotspot quota from 3GB to 6GB as well. Otherwise, the plan continues to offer unlimited mobile data at the speed of 6Mbps, at the discounted price of RM35 (normal price: RM38). The promo price has been offered to customers since
GX38 was first launched in February 2020
.

The enhanced plans are already available for subscription starting from today. Existing subscribers of the GX30 and GX38 plans will enjoy the benefits of these upgrades automatically upon their next renewal.

U Mobile, which touts itself as “The O.G. of best value unlimited plans”, currently sees its GX plans facing competition from Maxis’ new
Hotlink Prepaid Unlimited plans
 as well as Celcom’s recently announced
Xpax unlimited prepaid passes
.

Maxis carries two monthly prepaid plans priced at RM35 and RM45, offering unlimited internet at 3Mbps and 6Mbps, respectively. The plans also come with unlimited calls to all networks and free access to Viu Premium. Meanwhile, Celcom’s RM35 monthly pass offers unlimited internet at 3Mbps and unlimited calls to all networks. Additionally, it also offers 1GB of free weekly hotspot data and 3GB of free monthly hotspot data.

For more information about U Mobile’s upgraded
Giler Unlimited Prepaid
 plans, head on over to the telco’s site.

(Source:
SoyaCincau
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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CIMB Is Automatically Converting Outstanding Credit Card Balances To Monthly Instalments

If you have an outstanding balance on your CIMB credit card, you may find yourself being automatically enrolled into CIMB’s mew Auto Balance Conversion programme. Under this feature, eligible credit cardholders will find their outstanding credit balance automatically converted into fixed monthly instalments over a period of 36 months.

According to CIMB, the Auto Balance Conversion feature allows credit cardholders to enjoy a lower interest rate of 13% p.a. instead of the usual 15–18% p.a. charged on unpaid credit card balances. The conversion is done automatically without a processing fee, and there is also no cancellation fee incurred for early settlement.

All eligible customers will be automatically enrolled for Auto Balance Conversion. There are several criteria you have to meet to be eligible for this programme. Firstly, you must be a Malaysian with a monthly income of not more than RM5,000 per month. You must not have made full payment for your outstanding balance for the past 12 months, and over the past 12 months your average credit repayment must not be more than 10% of your outstanding balance.

Your Auto Balance Conversion will start once you’re successfully enrolled into the programme. Every month, 5 days after your payment due date, CIMB will review your outstanding credit card balance, which must be at least RM1,000 (consisting of retail and cash transactions) to qualify for conversion. Then, the outstanding amount will be converted into a 36-month instalment plan at 13% per annum.

Once your statement balance has undergone the Auto Balance Conversion, your monthly instalment amounts will be reflected on your monthly credit card statements. You must pay off the monthly payment in full every month, or a finance charge of 18% p.a. will be applied on your payment plan; this will be reflected in the following monthly statement. If you are unable to pay your monthly Auto Balance Conversion instalment plan for 3 months, your instalment will be cancelled and you will need to pay the outstanding amount in full.

Should you decide to fully pay off your Auto Balance Conversion before the end of your 36-month plan, you can call CIMB’s contact centre or email over a customer request form. Once the bank has acknowledged your intention, all you have to do is make the payment before your due date to avoid any finance charges. There is no additional fee for settling your balance payments early.

If you’re not interested in being enrolled into this programme, you should choose to opt out by contacting via telephone or email. Your credit card balances will no longer be auto-converted once you opt out. However, any existing Auto Balance Conversion plans will continue until the end of the instalment plan.

Alternatively, you can cancel your instalment payment plan within 30 days from the date of conversion and the interest for the first instalment (if any) will be reversed. The conversion amount will be reversed back into your credit card account and the normal finance charges will apply, as if the conversion did not take place. If you cancel after the 30-day period, repayment of the outstanding amount will be required.

(Source:
CIMB
)

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    c.kl

    2 years ago

I really don’t get it, and i just realised that i am in an auto balance conversion. Is it OK, if i pay more than the auto balance conversion monthly, so that i can pay off my debt more quickly? Thanks.

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