Retirement 101: Have You Begun Planning For Your Retirement Yet?

Let’s get straight to the heart of the matter: retirement is something that all of us should be concerned with, given that at some point, we
will
 get to the stage where we are no longer able to earn active income. And this includes even those who are still in their 20s or 30s, who oftentimes think that they’re too young to think about building a retirement fund – except that no, that’s quite untrue.

In fact, retirement planning is something that you should start as early as possible because that means time is on your side; you’ll be able to plan and strategise, as well as reap returns that can only come with long-term savings or investments meant for retirement. Therefore, join me as I address some of the essentials of retirement planning.

Key Things To Building Your Nest Egg

In this section, we’ll focus on several key things that you should consider as you plan for your golden years, including how much you need for your retirement and how to save for it. But first….

Why is it important to prepare for your retirement?

Preparing for your retirement will allow you to do so comfortably, without having to significantly deflate your lifestyle. It ensures that even if your “income” may reduce slightly, it is still enough to meet your general expenses.

What you don’t want is for a severe gap to occur because your income has fallen post-retirement, causing you to be unable to meet your existing expenses and obligations. If this happens, you may be forced to adjust your lifestyle significantly, obtain a loan, or get someone else to fund your retirement – which can be quite unpleasant.

How much do I need to retire?

So we financial planners at RinggitPlus frequently talk about the need to achieve a millionaire status, and we always get asked why we stress that so often. Here’s the answer: for a comfortable retirement. Let’s look at the following table that shows how much you need in order to retire – based on your lifestyle:

So as you can see, if you want to retire in comfort – not even in luxury – you’re already going to need
at least RM1 million in savings
 (to meet monthly expenses of between RM4,000 to RM7,500 across 20 years). As such, being a millionaire is no longer a luxury but more of a necessity.

What can I do to grow my retirement savings?

Start by looking at your EPF savings; there are a few things that you can do just through this one channel to help boost and prolong the value of your retirement savings:

a) Put in more EPF contribution if you can

One thing that people aren’t really aware of is that you can actually top up your EPF funds. As a salaried employee, you are not limited only to the minimum EPF statutory rate of 11% that is regularly deducted from your monthly salary. If you feel that you can afford to contribute more, go ahead and
 top up your EPF savings
! Perhaps put in an additional RM60,000 a year, which can then grow at a pretty decent rate of 5% to 6% annually.

b) Do not withdraw your entire EPF savings

Even though you’re allowed to withdraw your EPF savings at the age of 55 years old, you do not need to withdraw every single sen from the account. This is something that many people misunderstand; they get the idea that once you make an EPF withdrawal, you have to withdraw 100% of your funds.

Consider partial withdrawals instead, and only the amount that you need, so that the remaining sum can be left in your EPF account to continue generating profit from compounded interest and so on.

c) Plan your expected expenses during retirement in advance

Finally, plan ahead if possible. For instance, if you know that you want to retire and still be able to spend RM5,000 per month – barring any massive emergencies or purchases – then you can aim to save up to about RM1 million.

And from there, you can also plan how much to withdraw each year for your personal use, as well as how much to maintain in your EPF account so that it continues to provide consistent returns. This step also ensures that you remain disciplined in your expenses, instead of being tempted to make big purchases once you have withdrawn the full sum of your EPF savings at one go.

What else can I do beyond saving with EPF?

Outside of saving with the EPF, look at other investment assets that can give you better returns over time – specifically 9% and above. This percentage is obtained via two mathematical rules called Rule 20:30 and Rule 50:20, designed to calculate how much you need to save per day and for how long in order to obtain RM1 million.

Essentially, Rule 20:30 states that you can get RM1 million if you save RM20 every day for 30 years, while Rule 50:20 requires you to save RM50 every day for 20 years. This is under the assumption that the return of your savings is compounded monthly at an annual return rate of 9% – hence my advice earlier.

One investment asset that you can consider looking into are unit trust funds, although the portfolio chosen should meet a few key criteria. For instance, it should be a portfolio that does not cost too much, is growth in nature, and yet still provide sufficient liquidity. Here’s the framework that you can use to select a unit trust fund that is suited for you:

You may also want to check out if you can invest in your selected portfolios via EPF’s
 i-Invest platform
 within i-Akaun. The feature allows EPF members to invest their EPF Akaun 1 savings directly into approved unit trusts, with the sales charge capped at a maximum of 0.5% only. This is in comparison to the usual 3% fee if you were to invest via agents.

***

Finally, I’d like to state that I do understand the enormity of having to think about or plan for your retirement – it can certainly be intimidating, thinking about how to save up to a total RM1 million. That said, I also cannot emphasise enough the importance of taking this step as soon as you can because starting today and starting five years later will make a big difference.

In my next column, I’ll cover some of the misconceptions that people have with regard to retirement planning, so keep an eye out for that. In the meantime, you can catch my full discussion on this topic 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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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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    Lau

    10 months ago

annual return rate of 9% is very difficult to achieve by most of the investment tools, you may find there are not many can even beat EPF of annual 5.5% return. Unit trust on the other hand, they do have other charges beside the sales charge. Do find out the detail like management fees, trustee fees and overall performances before you select the right one with matching to your risk appetite.

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Grab Will Suspend PayLater Postpaid Service At The End Of This Month

Grab is suspending its pilot PayLater service until further notice. From 30 April 2020, you will no longer be able to use PayLater as a payment method on the Grab app.

First
rolled out to selected users late last year
, PayLater allows Grab users to use Grab services (Grab rides, GrabFood, and GrabExpress) and pay for them at a later date. Grab transactions paid for via the PayLater function are consolidated into a single bill that you could settle the following month. While Grab refers to PayLater as a postpaid service, the feature essentially offers a line of credit for Grab users to defer payment for up to a month.

If you are a current PayLater postpaid user, you can continue to use the service until the end of the month. As usual, you will receive your bill for your April transactions on 1 May and have to make your payment by 7 May. However, you will not be able to use PayLater after 10pm on 30 April 2020.

Grab explained that it was closing the PayLater pilot to focus its resources on products and features that would be of more help during these uncertain times – such as introducing
contactless delivery
 and making your
daily essentials
 and
fresh produce available via GrabMart
.

“Stay tuned for exciting new PayLater products and partners,” said Grab, on the subject of whether PayLater would be back at a later date. “In the meantime, please stay safe.”

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How Consolidating Your Loans Could Help You Get Lower Repayment Rates & Better Cash Flow

It’s no secret that in the past year, most of us were constantly
reviewing our finances.
 Many of us finally saw the importance of an emergency fund while some of us were finding ways to improve our cash flow for current expenses – from cutting down on shopping expenses, generating side incomes, consolidating our high-interest debts or even refinancing our current home loans.

Solutions such as refinancing and debt consolidation may seem similar on the outside but there’s a difference. Mortgage refinancing is the act of replacing your existing home loan with a new loan that typically offers shorter tenures or better interest rates.

On the other hand, debt consolidation involves combining multiple loans into one single payment – either through a new loan, a balance transfer credit card, or cashing out on the value of your property.

These solutions offer borrowers a way to reduce and manage monthly payments, lower the overall accrued interest over time, and if possible, shorten the loan tenure.

If you’re handling a few high-interest debts and would like to reduce your monthly payments, consider consolidating your debt. But if you’re looking to enjoy lower interest or a shorter repayment period on your current mortgage, then refinancing would be a good idea.

Standard Chartered MortgageOne Refinancing offers existing homeowners flexible mortgage refinancing solutions that include benefits such as having a reduced overall interest and lower monthly repayments. They offer two solutions, namely Just Transfer and Debt Consolidation Plan.

Just Transfer is a mortgage refinancing solution that allows you to transfer your existing mortgage to Standard Chartered Bank while enjoying interest rates from as low as 2.88% p.a*.

On the other hand, the Debt Consolidation Plan, allows you to leverage your existing property’s value appreciation to pay off other commitments such as personal loans and credit card debt.

Not to mention, homeowners will also get to save on loan legal fees, stamp duties and valuation report charges via the MortgageOne Zero Cost campaign.

For a better understanding, let’s dive into how Standard Chartered MortgageOne Refinancing solutions work with Tham and Jane.

***

So, if you’re looking to refinance your mortgage to save on interest, enjoy lower interest from as low as 2.88%*, and gain additional funds to pay off other commitments, consider Standard Chartered’s MortgageOne Refinancing Solutions: Just Transfer and Debt Consolidation Plan, where you can explore the benefits and flexibility of a home loan. To apply or to learn more, head to
 Standard Chartered’s MortgageOne website.

*The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

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Katrina Balan Quiroz

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

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RPGT For Properties Below RM200,000 To Be Exempted From January 2019 Onwards

The government has decided to exempt the Real Property Gains Tax (RPGT) to Malaysians who sell individual properties that are priced RM200,000 and below. Finance Minister Lim Gian Eng stated that this exemption will take effect from 1 January 2019 onwards.

RPGT is a tax paid by Malaysian citizens or permanent resident in Malaysia when you sell off a property under your name if the property is disposed within five years of purchase. As part of Budget 2019, the government announced that it will impose RPGT on the disposal of properties and shares in property holding companies in the sixth year and above from 1 January 2019.

However, in a bid to ensure that this implementation of RPGT won’t burden the lower-income groups, the government has tweaked the tax to exclude low-cost houses, low-medium cost houses, and affordable houses valued at RM200,000 and below.

The RPGT announcement was just one of the property-related changes stated in Budget 2019. Check out
our highlights of Budget 2019
 for other property updates taking effect in 2019.

(Source:
The Star
)

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How to Have a Blast on a Budget This New Year's Eve

New Year’s Eve is a reason for merriment, and being Malaysians, we love our celebrations. This is why New Year’s Eve is the perfect reason to go out and celebrate all the good (and bad) that has happened in the past year, while looking forward to better and more hopeful things to come.

Having a good time on New Year’s Eve can be a very cost-effective affair, and you can have the time of your life without spending much at all. You just have to know where to go and what to do.

Join a Public Countdown Party

Many shopping malls will be organizing their own countdown parties with plenty of activities like performances and firework displays. In the Klang Valley, famous spots for countdown parties include KLCC park , The Curve, Sunway Pyramid and Merdeka Square.

Entrance to all these parties is absolutely free, plus they’re family friendly too, so you can take your children along. In places like Merdeka Square, there will be many roadside hawker stalls open so that you can pop by for a budget meal before the countdown begins.

Go Uphill to Watch the Fireworks

There are several lookout points in and around the Klang Valley which offer awesome views of all the fireworks going on. These hilly locations are great for unobstructed views of a good part of KL, because why watch only one fireworks show when you can watch all of them simultaneously.

Some of the hilltop locations you can check out are Bukit Pantai in Bangsar, Kenny Hills in Bukit Tunku and Taman Bukit Cheras.

Have a Nighttime Picnic

Gather your loved ones, pack a picnic blanket, cook up a storm and have a countdown at your local park. Just be sure to pick a spot that’s brightly lit and near the main road. Also, try to go in a big group of more than 5.

In any case, many parks will definitely be filled with people trying to get in on the revelry, so you won’t have to worry too much about security.

Take a Day Trip out of the City

Rather than stay in the city amidst all the traffic congestion and raucous celebration, you can choose to take your family or best buddies and go for a short road trip to shop and eat at the next town or village.

You don’t have to spend much as you won’t need to find a place to stay the night.

Another fun way to welcome the New Year in an unapologetic manner is to throw a party. To find out how to do this within a tight budget, check out our tips
here
 and
here
. We hope all of you have a blast, so stay safe and have a Happy New Year 2017!

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Government Hospitals, Clinics To Go Cashless From 1 October 2022

(Image: Hospital Sungai Buloh Selangor/Facebook)

All facilities under the Ministry of Health (MOH), including hospitals and clinics, will only accept cashless payments from 1 October 2022. Cash payments, however, will still be allowed for customers who do not have a bank account or access to cashless payment modes.

In a circular, the secretary-general of MOH Datuk Harjeet Singh said that customers may perform cashless payments via e-payment modes, including debit cards, credit cards, and e-wallets. This move is in line with the MOH’s anti-corruption plan and the Malaysia Digital Economic Blueprint 2021.

“The implementation of cashless payment at Health Ministry facilities is expected to bring positive outcomes. Among them are reducing the risk of leakages of public money, and improving the efficiency of revenue management at the counter, which is faster, easier, and safer,” Datuk Harjeet further stated, adding that the move will also mitigate the risk of Covid-19 infection at payment counters.

(Image: Berita Harian)

Datuk Harjeet urged all state health departments to take the necessary action to ensure a seamless operation of cashless payments at their respective facilities. “These include identifying
pusat tanggungjawab
 (PTJs) for the implementation of cashless payment using terminal-point-of-sale (TPOS) and DuitNow; identifying the number of counters that need to be equipped with TPOS, and ensuring the person-in-charge at the counter is trained to use TPOS,” he stated, adding that the MOH expects 95% of transactions at its hospitals and clinics to be cashless by the end of the year.

Meanwhile, Melaka health and anti-drug committee chairman Dr Muhamad Akmal Saleh commented that cash will still be accepted at all government health facilities in Melaka come 1 October. This is to ease senior citizens to make payments at hospitals and clinics.

“We will not make it compulsory for cashless payments, especially at the rural health facilities, as many elderly folks have no access to debit cards, credit cards, and e-wallets. The state will maintain the conventional way of making payments as well as the cashless platform,” Dr Muhamad Akmal remarked.

(Sources:
New Straits Times
, The Star [
1
,
2
])

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Nur Adilah Ramli

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Allianz General Sees Increased Take-Up Rate For Special Perils Cover Among Policyholders

(Image: The Malaysian Reserve)

Allianz General Insurance Malaysia Bhd revealed that there has been a surge in the number of policyholders who chose to include the special perils cover as part of their private car comprehensive cover in early January 2022.

Specifically, the insurer recorded an increased take-up rate of 22% for the special perils cover – including both new and renewed policies – during the period of 1 to 17 January 2022 alone. This translates to approximately 15,000 out of 68,000 customers. In comparison, only 11% policyholders (123,000 out of 1.11 million policyholders) opted to include the special perils cover as part of their motor vehicle insurance last year.

To clarify, Allianz General’s special perils cover under its motor insurance (comprehensive cover) offers protection against flood, windstorm, landslide, or subsidence for some additional premium. This is on top of other optional benefits that policyholders can also purchase, including windscreen damage, passenger liability cover, as well as strike, riot, and civil commotion coverage.

(Image: Malay Mail/Hari Anggara)

The chief executive officer of Allianz General, Sean Wang attributed this spike to the devastating floods that took place during the end of 2021, adding that the catastrophe is clear proof of the necessity of insurance. He said that this is especially true when people have assets to protect.

“Yet, Malaysians are grossly under-insured as people favour a cheaper policy when choosing to forgo flood cover. There is a need to break the vicious cycle of economising our insurance policy. Either that, or we risk continuing to be under-insured and short-changing ourselves in the process,” said Wang in a statement.

Lastly, Wang emphasised that it is fairly easy for the public to purchase insurance for their homes or vehicles through various channels, including Allianz General itself, intermediaries or platforms like Pos Malaysia, online insurance markets, or even insurtech start-ups. He also said that some of Allianz General’s policies come with the special perils cover at no extra charge – such as the Allianz Motorcycle Plus policy – to provide added value.

(Source:
The Malaysian Reserve
)

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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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Razer Launches Razer Card, The World's First Card That Lights Up When Making Payments

Razer has revealed its new Razer Card, a prepaid Visa card is linked to the Razer Pay e-wallet. In true Razer fashion, the Razer Card also holds the distinction of being the world’s first payment card that lights up when making payments (no RGB lights though).

According to Razer, the new Razer Card will be available in the form of a virtual card for easy online and mobile payments that’s accessible from the existing Razer Pay e-wallet, but there’s also the option to request for physical numberless cards for in-store contactless and chip transactions. The physical cards will draw funds from the Razer Pay e-wallet, and are available in two versions: the Standard Razer Card, which looks pretty sleek on its own, and the Premium Razer Card, which has the really cool feature of lighting up when you are carrying out transactions.

Here’s a GIF of how the light-up animation will look like on the Premium Razer Card:

Backed by global payments network Visa, the Razer Card’s launch has been a long time coming: Razer announced its
partnership with Visa as far back as mid-2019
, where it was already mentioned that a physical prepaid card was on the cards.

The Razer Card’s main benefit lies in its unlimited 1% cashback on all purchases with with no minimum spend and no cashback cap to boot. Additionally, cardholders get 5% cashback for RazerStore and Razer Gold purchases, although Razer Pay has temporarily bumped this up to 10% for the beta testing phase. RazerStore and Razer Gold are the company’s online platforms where gamers can purchase Razer gaming products and exclusive gaming deals.

Alongside the card’s launch is a gamified rewards programme for cardholders, where they can earn rewards for completing specific tasks: Pay tasks, Spend tasks, and Influence tasks. Pay and Spend tasks are tracked based on the number of qualified transactions carried out and the amount spent, respectively, whereas Influence tasks work like a referral programme, in which you get people to sign up for the Razer Card. Achieving these tasks will earn you tasks rewards; the more you achieve, the better your task rewards will be.

On top of the task rewards, Razer Card cardholders will also have a chance to win ultimate rewards and meta rewards. These rewards are awarded based on your rate of completion with regard to the pay, spend, and influence tasks. For instance, users who complete all pay, spend, and influence tasks will be entitled to an ultimate reward (worth S$749.90 during the beta testing phase).

For now, the Razer Card is only available to an exclusive audience of 1,337 Singaporean users who will be recruited through a beta testing programme. The beta phase will run till 31 December 2020 and officially launch in Singapore in January 2021. Interestingly, Razer also announced that the Razer Card will be expanded to other countries where Razer Pay is available – which includes Malaysia, where it was
one of the first markets to launch the e-wallet
.

(Source:
Razer
,
Business Times
)

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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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    Conky

    2 years ago

Hello, I don’t think it’s the world’s first credit card to light up when making payment.

HK Bank of Communication has this one.

https://www.hk.bankcomm.com/hk/shtml/hk/en/2005575/2005601/2005615/2500605/2601229/list.shtml?channelId=2601229?WT.ac=

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Is an Internet Service Provider The Only Thing You Need For Your Entertainment?

As an online entity, we’re a bit biased when we say this, but it’s true: a good internet service provider is one of the most important things that households need to pay attention to. We use it to connect with each other, conduct businesses, and as the place we get our media from. But can it be the only place for you to fulfill all your entertainment needs? Maybe. Let’s find out.

Music

While record stores may be going away with the advent of digital downloads via iTunes or streaming services like Spotify, people do still listen to the radio. If you like listening to news and radio personalities from your favourite stations, you still need a radio in your household. Or do you?

Like we’ve mentioned, for music, services like Spotify and iTunes serve as more than adequate substitutes. You don’t have to hear any annoying ads, and you no longer have to fiddle with antennae to find the best signal. As far as radio personalities go, you can just go online and listen to ad-supported podcasts via any device connected to the internet. It’s essentially the same experience, but all online. Score one for internet service providers.

Movies

Nothing is quite like the experience of sitting with hot popcorn in your lap and marveling at a gigantic screen showing the latest storytelling epic featuring your favourite film stars. And now with 3D, IMAX, and several other configurations impossible to replicate at home, there’s no way watching movies can be replaced by your internet service providers, right?

For one thing, watching movies at the cinema costs money. Not just the ticket price, but also the cost of driving there, parking fees, and that RM20 small popcorn. With video-on-demand services like iflix or Netflix, you can watch whatever movie (or TV series) you want in full HD quality at your own convenience, with your own snacks.

Live Events

Here’s one thing that digital substitutes can’t replace. Live performances of music, comedy, or poetry are more intimate, culturally resonant, and gives us a sense of contributing to the local arts community. No fiber optic connection can beat that.

Unless you’re on Periscope, YouTube Live, or Twitch. These three services offer live video streams to different live events all over the world. Not only do you get to know what’s happening right as it happens, you also don’t even need to get out of your underwear. Internet service provider wins again.

While getting your entertainment without the internet is still a fun and fulfilling experience in its own right, it’s hard to deny that a fast, solid internet connection can do wonders to achieve the same goals. It looks like a good internet service provider really
can
 be all you need to entertain yourself. However, we recommend switching between getting your entertainment via the net, and going out into the community once in a while. Just to get some sun, at least.

Speaking of internet service providers, check out
our comparison tool for finding out which of the popular providers in Malaysia is the best fit for you
. Do you have anything to say about this article? Do let us know in the comments section down below!

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Ahmad Mudhakkir

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EPF Launches i-Lestari Online Portal To Ease Application Process For RM500 Withdrawals

Employee Provident Fund (EPF) members who have yet to apply for the i-Lestari Withdrawal Scheme but wish to do so can now make their applications more conveniently through the new i-Lestari Online portal. The portal is dedicated solely to facilitating i-Lestari withdrawals, and offers a simpler application process as you will not need to print any forms or visit any EPF branches.

Here’s a step-by-step application process for the RM500 monthly withdrawal scheme using the
i-Lestari Online
 portal:

1. Select “Permohonan Baru”, and fill in the mandatory personal details: your name, MyKad number, mobile number, email address, as well as home address.

2. Select an amount that you wish to withdraw each month. You are allowed to choose between RM50 to RM500.

3. Select the bank that you want the money to be credited into, and fill in your bank account number.

4. Agree to the terms and conditions, and submit your application. And you’re set!

According to the
EPF
, you can then come back to the same site two days after the submission of your application to check on its status. To do that, just key in your MyKad number, mobile number, and click on “Semak”. EPF will also send a confirmation SMS to your registered mobile number once the withdrawal has been credited.

Prior to this, EPF members who wanted to apply for the scheme could do so via three channels:
online, email, and post
. However, online applications were limited only to those who have activated their i-Akaun accounts, whereas email and postal applications will take a longer time to process. EPF subsequently allowed its members to
register for their i-Akaun via email
, but this required the submission of various documents.

“We quickly realised after we launched i-Lestari in early April that the process for applications was quite complicated and caused a lot of confusion. On top of that, many of our members had not yet set up their i-Akaun through which i-Lestari was being mainly processed, and this made the application process even more difficult,” said the chief executive officer of EPF, Alizakri Alias, explaining the rationale behind the
i-Lestari Online portal
.

As of 13 April 2020, EPF has received more than 1.4 million applications for the scheme. So far, over 700,000 applications have been approved, and disbursements will begin on 4 May 2020. EPF members can apply for the
i-Lestari Withdrawal Scheme
 until 31 March 2021.

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Kumpulan Wang Simpanan Pekerja

KWSP

PRIHATIN Economic Stimulus Package

Tunku Alizakri Alias

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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New Applications And Appeals For BPN 2.0 Will Open On 15 October

(Image: The Star)

New applications and appeals for the government’s second round of
Bantuan Prihatin Nasional (BPN 2.0) aid
 will be open starting from 15 October 2020. The relevant applications and appeals can be made online via the official BPN portal on the Lembaga Hasil Dalam Negeri (LHDN) website.

In its
FAQ document
 posted online, the LHDN has made it clear that only those who received the first round of BPN aid will qualify for BPN 2.0. These recipients do not have to make any applications for BPN 2.0 and will receive the new aid automatically via the same channel as before.

However, the authorities have mentioned some example cases where you can make a new application or appeal to receive BPN 2.0:

If you were actually eligible for the first round of BPN but never received the payment

If you are not listed as a BPN 2.0 recipient but meet the eligibility criteria

If you were previously a single individual recipient but now wish to receive the household payment after getting married

If you were previously married to a BPN recipient under the household category and now wish to receive BPN 2.0 as a single parent after divorce

Addressing the question of whether a previous M40 BPN recipient who is now in the B40 category can make an appeal for BPN 2.0, the LHDN stated that “category eligibility for BPN 2.0 is based on the approval for the last round of BPN 2020”.

You can check your BPN 2.0 eligibility status on the
official BPN portal
 starting 15 October 2020. To find out more about the BPN 2.0 aid, check out our definitive guide on the
second Bantuan Prihatin Nasional aid here
.

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Jacie Tan

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    Loh Kok Cheng

    2 years ago

How about retiree, do i get anything

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    Sagayamary Pauline A/P S S Doss

    2 years ago

I want to apply for BPN 2.0 how do I apply please assist me

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    Choong Siew Moi

    2 years ago

How about my salary after Convid-19 has deducted and now less than RM4,000.00 per month and I am now M40. Can I apply for BPN.2?

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    Gertrude A Martin

    2 years ago

Good morning, i should be eligible for BPN 2.0. My husband aged 64 years retired from work on 6/10/19 and is now unemployed. I am the sole breadwinner of the family. My monthly income is RM6,160.00 at present and I would like to appeal for the aid, which was rejected the first time around.

Truly and sincerely seek your kind assistance and approval and I really appreciate the assistance.

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Malaysia Will Not Recognise Crypto As Legal Tender

(Image: Getty Images)

Deputy Finance Minister I Mohd Shahar Abdullah has said that Malaysia is not planning to recognise cryptocurrencies, such as Bitcoin, as legal tender.

According to Mohd Shahar, cryptocurrencies are not suitable to be used as payment instruments due to several limitations. “This includes price swings and exposure to cyber threats,” he said.

Mohd Shahar’s comments came following a proposal by the Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin to
adopt digital currencies as legal tender
. Datuk Zahidi stated that the adoption of such currencies will assist the younger generation who actively use digital currencies, especially on non-fungible token (NFT) trading platforms.

(Image: The Edge Markets)

Malaysia has, however, been actively evaluating the opportunities and risks of
central bank digital currencies
.
Project Dunbar
, for instance, saw Bank Negara Malaysia collaborating with three other central banks and the Bank for International Settlements (BIS) Innovation Hub in assessing the use of central bank digital currencies for international settlements via a shared platform.

(Source:
Free Malaysia Today
)

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diffride, The New E-Hailing App In Malaysia

(Image: diffride)

Given how the Malaysian e-hailing scene is currently being dominated by Grab, a new player entering the market is sure to garner attention. On 21 August, new e-hailing app diffride was launched, emphasising its new approach to charging drivers as one of the things that differentiates it from other apps.

Instead of taking a cut from the journey fare, diffride charges its drivers a flat RM5 per day as a fee for connecting drivers with passengers and for insurance coverage for both parties. The rest of the fare over the course of the day goes entirely to the driver.

“This means that we can offer our passengers a more competitive fare rate for their journey and also allow our drivers to take home a larger amount of their earnings,” said diffride CEO Hannah Yong during the launch.

The fare starts at a base rate of RM5 for the first 5km and the rest of the journey will be charged based on time and distance. diffride accepts payment in cash, credit cards, and debit cards.

(Image: paultan)

Customers may be attracted to the following options diffride has to offer: booking ahead for journeys longer than an hour, booking a ride for a friend, and diffride’s telematics feature. The telematics system tracks drivers’ acceleration and braking patterns to detect unsafe driving or speeding to generate a review, which would hopefully lead to a higher standard of driving among diffride drivers.

Besides the flat fee charge for drivers, which is a first among e-hailing service providers in Malaysia, diffride also has other plans to attract drivers. According to Yong, diffride is partnering with Digi to offer drivers special postpaid plans from as low as RM58 per month with at least 10GB of data and unlimited calls to offset the expenses spent for navigation and contacting passengers. diffride can also get its drivers special deals for Huawei smartphones, if they wish to buy a new phone for the job.

Following the publicity of the diffride launch, we were curious to see how well this app would hold up as an alternative to Grab. We were surprised to find that the
app is only available on Android
, where it has a low rating of 2.3 out of 5 stars and some bad reviews.

Based on the diffride Passenger app reviews, most users cited difficulty in signing up, an oversimplified map, and a lack of drivers as their general complaints. Similarly, a quick look at the comments on the
Driver version of the app
 shows that it is prone to crashing, though the app has a 3.5 star rating.

At the official launch, Yong stated that diffride has about 2,000 drivers now and targets to have 6,000 by the end of the year. The company also has plans to expand to other cities outside of the Klang Valley. Hopefully, the app’s reiliability would improve by then.

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    Michelle Low

    1 year ago

Would like to use your teksi ride service for the first time.

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Samsung Unveils Samsung Wallet, Allows Storage Of Cryptocurrency And Personal Documents

Samsung has announced Samsung Wallet during its Unpacked 2022 event last night, a comprehensive tool where you can keep a range of personal documents and items, allowing you to access and store “complex digital products”, such as cryptocurrency.

“Samsung Wallet combines digital payment, ID, keys, and asset management into one tool to simplify your routines, from showing your student ID to compiling travel documents before a flight,” the tech giant revealed in a statement.

Other specific examples of personal items that can be stored in your Samsung Wallet include your driver’s licence and identity cards, digital house or car keys, credit and debit cards, as well as boarding passes and vaccination records. You will also be able to make payments using the Samsung Wallet, likely through Samsung Pay.

Naturally, the Samsung Wallet will be supported across all
Galaxy S22 series phones
 – which was also launched at the same event yesterday – but did not confirm if older Galaxy phones will support it. Samsung further highlighted that all user information in this new phone series (and by extension, the wallet) will be protected by
Samsung’s Knox Vault security feature
, which stores sensitive information such as your passwords in a separate processor and memory from the phone’s main operating system.

Aside from that, the various features of the Samsung Wallet will be rolled out in stages. According to the press statement, the Samsung Wallet’s boarding pass and access ticket features will be introduced ahead of other functions upon the release of the wallet. Additionally, these features will make their debut in South Korea before being rolled out to customers in other countries. Meanwhile, the Digital ID feature – which allows you to store your IDs in the Samsung Wallet – will only be made available sometime later this year.

With this latest development, Samsung Wallet now stands as a direct competitor of the Apple Wallet, which also offers similar functionalities – but with the added ability to access or store cryptocurrency.

(Sources:
Samsung
,
CNET
)

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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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Alliance Bank Is The Latest Bank To Announce No Compound Interest On Loans For Moratorium

Alliance Bank has announced that interest on its conventional loans for individual and SME customers will not be compounded during the moratorium period. This makes Alliance the latest bank to come forward and declare non-compounding interest during the six-month moratorium as an additional benefit to its customers.

“Following BNM’s announcement, we are pleased to announce that interest on conventional loans will not be compounded during the moratorium period,” said Joel Kornreich, group CEO of Alliance Bank. “This is to help alleviate the financial burden of our individual customers and SME clients during the moratorium period.”

(Image: The Malaysian Reserve)

In accordance with shariah principals, the profit for Islamic financing products will not be compounded.

On 25 March, BNM announced that all banks and development financial institutions would offer an automatic
6-month moratorium
 for loan and financing repayments to SME and individuals. BNM also stated that banks would still be
accruing
 interest on loans/financing during the deferment period, and that interest would be
compounded
 for conventional loans. However, several banks including
HSBC
,
RHB
, and
Maybank
 have come forward to offer non-compounding interest of their own accord.

Alllance Bank individual and SME customers should also note that they must reply to the SMS notification sent by the bank by 30 March 2020 if they wish to opt out of the automatic 6-month moratorium.

(Source:
Alliance Bank
)

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Maybank Rolls Out Integrated Automobile Financing Solution For EV, Hybrid Car Users

(Image: The Sun Daily)

Maybank has introduced an integrated automobile financing solution that is targeted at helping electric vehicle (EV) and hybrid car users. Said to be the first of its kind, the solution will cover various aspects of owning such vehicles – including holistic financing solutions, insurance, as well as takaful coverage and EV charging privileges – and is currently offered until the end of this year.

According to the bank, eligible customers will be able to get up to 90% margin of financing for their cars, with up to 108 months of financing tenure and preferential rates. They will also enjoy various EV charging privileges via InCharge – an EV charging membership by Maybank Islamic – including a 30% discount when using charging stations that are listed on the ParkEasy app. This is in addition to being awarded bonus InCharge credit of up to RM500 when they apply for EV financing solutions (with a minimum disbursement of RM120,000).

On top of that, Maybank is offering a complimentary EV home charger coverage for newly registered battery-powered electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) aged below one year. These vehicles must, however, be covered by Maybank’s insurance arm, Etiqa.

In a statement, Maybank said that the launch of this new solution is in line with its aspiration to become the sustainability leader in the region, and will help the bank meet its recently revised target of achieving RM80 billion worth of sustainable financing by 2025. It also hopes to achieve a carbon-neutral position by 2030.

The new solution also complements Maybank’s and Maybank Islamic’s ongoing sustainability efforts that have been rolled out thus far. For instance, Maybank Islamic became Malaysia’s first financial provider to embark on the EV charging infrastructure landscape, following its move to install EV charging stations at Dataran Maybank, the Kuala Lumpur Golf and Country Club, and the Mandarin Oriental Hotel (KL). It also aims to install several more EV charging stations within the Klang Valley and other states in Peninsular Malaysia by the end of 2024.

Maybank had also mobilised its insurance arm, Etiqa, to introduce
insurance and takaful coverage for EV home chargers
 last year. It offers up to RM12,000 coverage to repair customers’ EV home charger in the event of misfortunes, including theft, fire, and floods.

Group chief executive officer of Maybank’s community financial services, Dato’ John Chong further commented that Maybank hopes to support the government’s sustainability aims with these efforts as well. “Our initiative is also in support of the government’s vision of growing the EV market share to 38% by 2040 through the Low Carbon Nation Aspiration under the National Energy Policy 2022-2040,” he said.

The chief executive officer of Maybank Islamic, Datuk Mohamed Rafique Merican concurred, adding that this is another initiative made to contribute to the public and the environment. “Our ultimate goal is to create a positive impact to the environment and society, and in line with the group’s mission to humanise financial services, Maybank Islamic will allocate proceeds collected from the usage of the EV charging stations to fund identified social impact initiatives,” he stated.

(Source: Maybank [
1
,
2
])

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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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Computers For The Modern Workplace

The last few years have seen a boom of innovation in computers. While most of the attention has gone to the powerful gaming machines and ultra-slim laptops, some manufacturers have also been creating some truly interesting solutions for corporate computers.

These new-age gadgets are designed for the modern workspace, taking advantage of high-performance yet power-efficient hardware, combining them with innovative design and robust build quality.

Convergence in form and function

Work computers of the past were clunky, uninspiring, and worst of all, were a pain to upgrade – rendering them useless after a set number of years. Today, work computers look nothing like those chunky machines.

It isn’t uncommon for work computers today taking the form of an all-in-one (AiO) PC, incorporating the computer hardware into the chassis of the monitor. In the past, AiOs were never considered for office use due to their poor upgradeability and low performance compared to standard PCs, but that is no longer the case today.

Acer’s new
Veriton Z AiO
 offers everything you would expect from a modern computer, fitted into the body of a 21.5-inch monitor with slim bezels. The sleek machines can be fitted with the latest-generation Intel Core i5 hexa-core processors and up to 32GB of RAM and 1.5TB of storage, with a large amount of modern connectivity options including USB Type C with Thunderbolt 3 and Bluetooth 5.0.

There are some unique touches, too. Like some of the latest laptops, the power button of the Acer Veriton Z AiO also has a fingerprint sensor which means only you can unlock your computer. This combination of convenience and security extends to the 2MP webcam as well. It’s retractable, and only activates when it is in use. You can even flip the webcam around so you have the flexibility to use it for individual video calls, or for large video conferencing.

Space-saving innovation

For those looking for something even more compact, the quantum leap in just how good mini PCs are today means they are great options for the workspace too. Imagine a cube weighing just 2.9kg packing the capabilities of a full-sized PC when you plug in a monitor, mouse, and keyboard.

The new
Acer Veriton N
 series were designed with a variety of factors in mind, including space saving features, full-fledged performance, and easy upgradeability. Like the Veriton Z, the Veriton N compact PC can fit the latest Intel Core i processors, alongside a maximum 32GB of RAM and one hard drive bay.

One of the coolest aspects of the Acer Veriton N compact PC is its ability to be mounted on any monitor that has VESA mount support. Attaching the Veriton N to the back of a monitor frees up precious desk space and makes cable management easier.

Future ready, corporate savvy

While the new Acer Veriton Z and N models feature future-proof hardware such as the eight-gen Intel Core i processors, USB 3.1 Type C with Thunderbolt 3 as well as Bluetooth 5.0 support, Acer also ensured that legacy ports for older corporate hardware is still supported. You’ll find connectivity options such as VGA and DVI ports alongside the modern HDMI and DisplayPort, as well as a healthy amount of USB 3.0 ports. There is even space for a DVD writer and an SD card reader!

A taste of tomorrow, today

Regardless of the type of business, Acer’s new Veriton N and Z corporate computers attempt to evolve alongside the workspace of the future. The workspace of today is wildly different from what it used to be; gone are the cubicles in favour of open offices, hotdesking, and even co-working spaces. Similarly, the new Veriton computers are agile, adaptable, and capable enough to empower employees – no matter where they may be working.

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Insurance Strategies For Every Stage in Life

Insurance Protection Is Like Having A Parachute

Having the surety of insurance or takaful protection is a lot like having a parachute strapped to your back at all times – the weight might be burdensome, but you’d be thankful when you need it to cushion your fall. Having the foresight to know what kind of insurance policy and when to purchase it is key to keeping your finances in tip-top shape.

While we have segmented when you should get a specific policy, these are just guidelines – they’re not set in stone. If you become a homeowner while still a bachelor, that’s when you would need a home insurance. Below is a brief overview of the insurance policies that you should be getting at specific points in life:

Starting Your First Job

Priority:
 Establishing a career, setting financial goals, including adequate medical and accident coverage

Medical and Health Insurance

How cheap (or expensive) is basic healthcare in Malaysia? With the recent allowance for medical practitioners to
raise medical fees
 and charges, the simple fact remains that for most Malaysians, healthcare is hard to afford without access to a medical card – which allows you to claim for costly hospitalisation and surgical fees.

If you have been insured under your parents’ medical insurance policy all these years (usually up to a maximum of 23 years old), you’ll need to fork out some cash for your own after your coverage has expired. If you have a confirmed employment, you will usually obtain one through your employer.

Motor Insurance

Malaysia currently has the dubious honour of being one of the top 25 countries most dangerous to road users, with an average of 30 deaths for every 100,000 individuals – the
road accident rate in Malaysia
 is really quite alarming! Not only that, because of the often clogged roads and frantic driving in urban cities such as Kuala Lumpur, many drivers have succumbed to road rage – just ask our good friend Kiki below:

The point is not to scare you from ever driving again, but to emphasize the importance of having comprehensive insurance protection for your vehicle, be it a car or motorbike. For a new vehicle, the insured value will be the purchase price while for other vehicles, the insured value is the market value of the vehicle at the point you apply for the insurance policy.

Personal Accident Insurance

If you rely purely on your monthly salary to support your daily expenses, you should get yourself a personal accident insurance policy – it will provide you with financial compensation in the event of injury, disability or death caused by violent, accidental, external and visible events. That is unless you are working in a high risk environment that has already provided you with a specialised PA policy i.e. law enforcement, pilot, military, and divers.

While employers traditionally provide you with PA insurance policy, some people may prefer the increased coverage provided by buying private policies to supplement those of their employers. This is especially important when you have dependents relaying on your income.

Starting A Family

Priority:
 Pay for mortgage loans, protection for your spouse, and financial security for your child’s education

Term Life Insurance

A term life insurance, similar to your personal accident insurance, is meant to replace your income for those relying on it should something unfortunate were to happen resulting in your death or permanent disablement. Again, having this policy is very important when you have dependents such as children and a spouse who is not employed.

Once your children are all grown up and can support themselves financially, a term life insurance won’t be too necessary.

Critical Illness Insurance

Often times policyholders will supplement a term life insurance policy with a critical illness rider or stand-alone policy. This policy gives you a lump sum benefit upon diagnosis of any of the 36 major diseases and illnesses including cancer, heart attack, stroke, diabetes including diseases often associated with old age such as Alzheimer’s disease and Parkinson’s disease.

Fire/Homeowner’s insurance

If you own or plan to own a home, you will need a home and fire insurance – this cannot be negotiated. A homeowner’s insurance will insure everything from the home itself to your belongings to someone getting injured on your property.

You will also be covered from natural disasters such as flooding and landslides. A home is potentially the biggest investment you will ever make, and many struggle everyday to afford to have a roof over their heads, so protecting your home should be a top priority.

In Malaysia, you can either take up a MRTA or MLTA insurance to insure both your family and mortgage. Of course, you will have no need for one if you decide to put your home up for sale, go back to renting, or make alternative living arrangements – move in back with the parents, maybe?

Getting Ready For Retirement

Priority:
 Secure regular income for retired life, update medical and critical illness coverage

Retirement Insurance

As you slowly move into this stage in life, your financial woes will mostly relate to maintaining a plan to ensure a steady flow of funds with the absence of paid employment.

Once you reach your late 30s, sign yourself up for a retirement insurance plan, also known as a retirement annuity plan. You receive a guaranteed level of income each year that can be paid out monthly. For some, their Employees Provident Fund(EPF) contributions may be enough to tide them over through their golden years, but on average, most people would have run out of funds within only 3 years.

As an example, you can start by paying a RM3000 premium per year from the age of 40 until the year you retire. Your policy will then be able to pay out a higher amount based of say RM7000 per year for 10 to 30 years after you retire.

With a retirement annuity, unlike a
Private Retirement Scheme
 (PRS), which requires you to produce a GP (Grand of Probate) or LA (Letter of Estate Administration) to unfreeze and withdraw money in the event of your death, you will only need to make a nomination to pass on your wealth to your beneficiaries.

Know your options

The best thing to do before deciding on a insurance policy is to get yourself educated – get quotes from different insurers, read the nitty-gritty details of your policy, and whenever in doubt, ask your insurance agent questions. If you’re keen on checking out the best term life insurance options, click through to our
comparisons page
 to see the best ones Malaysia has to offer!

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Fresh Banknotes For Raya To Be Available At Selected Bank ATMs

Hari Raya is just around the corner, and with the nation having had subdued celebrations in the past two years due to Covid-19, most Malaysians are certainly excited to
balik kampung
 for the occasion! Aside from being an opportunity to reunite with family members, this is also a chance to partake in
raya
 traditions once again, including the giving and receiving of
duit raya
.

In line with this, several banks are now providing brand-new notes to customers for Hari Raya via their automated teller machines (ATMs). If you’re in need of some, here are a few banks that you can visit:

Affin Bank

(Image: The Star)

Get your RM10 and RM50
raya
notes at numerous Affin Bank ATMs
 nationwide from today onwards instead of queueing at bank counters. The withdrawal limit is set at RM5,000 per day, but do be aware that this cap is also subject to your card’s withdrawal limit and the availability of the notes in the ATMs. Here’s the
full list of the ATMs
 that are offering this service.

AmBank

AmBank customers will also be able to obtain RM10
raya
 notes from the bank’s ATMs, available for withdrawal at selected locations nationwide. While the bank did not share if there are any daily withdrawal cap, it is safe to assume that you will also be limited by your card’s withdrawal limit and the availability of notes. Head on over to
these locations to get your notes from AmBank ATMs
 if you need them!

Maybank

(Image: New Straits Times)

Similarly, Maybank customers will also be able to obtain
raya
notes at a total of 70 selected Maybank ATMs
 nationwide, provided in the denomination of RM10 and RM50. Available from today until 4 May 2022, note that some Maybank ATMs will only dispense specific denominations, so you may want to check
Maybank’s list here
 before heading out. For instance, if you’re withdrawing from the ATM at Puchong Jaya, only RM10 notes will be dispensed.

Aside from that, you can also expect to be restricted by the withdrawal limit of your card and the availability of notes in the machines.

***

If you’re unable to travel back to your hometown for any reasons, consider sending
e-duit raya
 to your family members and friends instead! You can do so from various e-wallets, in addition to mobile banking apps – with many even letting you send customised Hari Raya greetings. After all, the purpose of giving
duit raya
 is really just to spread joy during this occasion, regardless of whether you’re doing it via an actual green packet or online transfer!

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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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Boost Introduces Pay With Coins Feature For Mobile Prepaid Top-Ups

The Boost app is finally allowing its users to make payments using Boost Coins, but only when buying mobile prepaid top-ups. This feature is available to Boost users who are on Level 5 of its tiered loyalty programme.

Boost users earn Coins from transactions that they carry out on the app and occasionally from Shake rewards. These Coins can be used to redeem vouchers, gifts, insurance plans, and cash in the form of credit in Boost’s Partner Wallets – but until now, it has not been possible for Boost users to use Coins to directly offset any payments made on Boost.

According to Boost, Level 5 Boosties can use their coins to discount up to 10% of their total payment on prepaid top-ups made within the Boost app. All you have to do is choose the amount you wish to deduct using your Coins and confirm payment. In addition to being a Level 5 user, your transaction amount must be more than RM10 and you must have sufficient Coins balance.

Based on the screenshot below, it looks like the rate of redemption for the Pay With Coins feature is between 160 and 165 Coins for every RM1 redeemed. If you redeem RM1 or RM5 off your mobile prepaid top-up, you are using 160 Coins per Ringgit, but if you redeem RM2 off, you are using 165 Coins per Ringgit.

Boost also added that you can make use of Partner Wallet benefits for the transaction alongside the Pay With Coins feature. However, it is not known whether the e-wallet app will extend the Pay With Coins benefit to other payments besides prepaid top-ups. Currently, physical store purchases, web portal payments, and any other payments are explicitly excluded from Pay With Coins.

You can find out more about Pay With Coins in the Rewards section of your Boost app.

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    Anonymous

    1 year ago

Boost Coin is damn useless, inside picture RM5 off is 800coin, now 20/09/2021 RM5 off 850coin. If exchange item, all the rewards require an insane amount of coins that you have to save up for at least half year. In conclusion, Boost coin useless, BoostUP level also useless, their whole reward program is a joke.

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TNB Meter Reading Halted During MCO, Electricity Bills To Be Estimated

Tenaga Nasional Berhad (TNB) has made some changes to its billing operation during the movement control order (MCO) period. During the MCO, TNB will be temporarily halting its meter reading operations and issuing electricity bills based on estimated consumption.

The estimation will be made based on your previous month’s electricity consumption. “For example, if the amount due for your February 2020 bill is RM100, your current month’s bill will be estimated to RM100,” said TNB
in a statement
. “Your bill will be adjusted once our meter reader takes the actual reading next month (depending on the current situation).”

Furthermore, printed bills will not be delivered to your premises during the MCO period. You can get a copy of your latest bill via the
myTNB portal
 or the myTNB mobile app.

According to TNB, these steps have been taken for the safety of its customers and employees during the MCO. Any enquiries may be directed to the TNB Careline at 1-300-88-5454 or emailed to
[email protected]
.

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    Chong Tekchoon

    3 years ago

COVID-19: Diskaun bil elektrik 50%. Yang diumumkan oleh Perdana menteri selama enam bulan. Mulai bil April.

Bagaimana pengiraan dengan bil anggaran.

Terima kasih.

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    BAHARUM IBRAHIM ( Acct No: 220191341706 ) ZAHARAH BT HANIFF

    3 years ago

How am I going to pay bill for this month of April?

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Maybank's “The Path to Gold” Contest

Maybank’s
“The Path to Gold” contest
, offers RM50,000 worth of gold and attractive prizes such as RM10,000 fixed deposit, Mac Book Pro, Panasonic Lumix Camera and an Apple iPad.

You can earn a competition entry by signing up for one or more of these products: ASB Financing, Current or Savings Account, Fixed Deposit, Automobile Financing, Investment, Gold Investment Account and Mortgage.

Hurry up as the contest will end on 31 December 2012. Thank you to
The Malay Mail
 for bringing the contest to our attention!

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Aidilfitri Around the World

At the time of writing, we are approximately in the middle of
Ramadhan, where Muslims around the world
 fast for a month leading up to Eid.
Eid al-Fitr
 or better known to us as the Hari Raya Aidilfitri holiday is when Muslims end the fasting month.

We know how in Malaysia, most people celebrate by heading back to their home towns and visiting each other’s houses. We also enjoy amazing dishes offered at open houses and hand out
duit raya
 to children. But what about the rest of the world? Let’s find out how other countries all over the planet celebrate Eid!

Middle East

Like most of the world, the people of the Middle East gather together with families
after prayers for Eid
. The children will go around asking for forgiveness from their elders after which they will receive money as gifts. Wait, that sounds like our duit raya that the kids get here doesn’t it? Well the difference here is the children also get gift bags, which are beautifully decorated parcels containing toys and candy as well.

On the morning of Eid, it is a common tradition for some parts of Saudi Arabia for people to put large rugs on a street in the neighbourhood where people can bring meals to share with each other. It also common for them to swap places so they try different meals being served by others.

In Turkey, children go from door to door within the neighborhood wishing others for which they are then awarded traditional candy, other treats or sometimes money. That sounds very similar to Halloween, without having to wear a fancy costume.

Asia

Muslims in Asia usually start their day off with prayers and then get together with their families to celebrate this joyous occasion. In Pakistan, people gather in stadiums, sports grounds, and parks to perform prayers and greet one another. Before heading home to their loved ones and the rest of the family, they tend to reach out and give to charity so that more people can enjoy this wonderful celebration of Eid.

Most of the world always tends to focus their giving to the less fortunate and towards the children.
Burmese Muslims
 not only do those things, they have taken it up a notch and give gifts and food to elder relatives, their employers, and even government authorities who are non-Muslims. Traditionally they give new clothes to colleagues and co-workers while family members and children receive money.

Australia

While not a widely celebrated holiday, those observing are usually granted
leave for such festivities by their company
While those celebrating begin by attending mosque, the rest of Australia joins in the festivities at the fairs.

The Australian Consortium known as
MEFF (Multicultural Eid Festival & Fair)
 which is based in Sydney holds a huge fair in conjunction with the festivities. Thousands of people, Muslim and non-Muslims attend the celebrations which has become a big theme park visit. It is filled with fun and games, assorted food, stalls and performances.

The festival has caught on and been slowly spreading throughout Australia as well, with the biggest one being in Broadmeadows, Melbourne. The festival takes place on the weekend of Eid, with the Australian Federal Police as the proud sponsor.

Different People, Similar Traditions

With the few differences from around the world, the main focus remains the same. Muslims celebrating begin with prayers, asking for forgiveness, spending time with loved ones, enjoying an amazing time together, and not to mention great food. Despite all the celebrations, some take the time to visit the graves of and pay respects to their ancestors on the holy day of Eid as well.

As your little ones receive all their green packets, run through and try out our
comparison tool
 to find the right children’s savings account for them to store all the raya cash they get along the way.

Do you know of any other amazing traditions practiced around the world? Share with us in the comments below.

Image Sources: Image 1 from
Can’t Stand The Heat
; Image 2 from
Dawn
; Image 3 from
International Business Times

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Alliance Bank Announces Revision To Timeless Bonus Points Conversion Rate For Enrich Points

Alliance Bank has announced that it is revising the conversion rate of its Timeless Bonus Points (TBP) for Enrich Points, which is set to take effect from 1 October 2022.

Following the revision, Alliance Bank’s clients will need 10,000 TBP in order to redeem 1,000 Enrich Points. At present, you can redeem the same amount of 1,000 Enrich Points with 6,000 TBP. Here’s a table to summarise:

Enrich Points
Current conversion rate
(before 1 October 2022)
New conversion rate
(after 1 October 2022)
1,000 Enrich Points
6,000 TBP
10,000 TBP

Meanwhile, the conversion rate for 1,000 airasia points remains unchanged at 3,000 TBP. Alliance Bank currently only offers the redemption of Enrich Points and airasia points under its “Air Miles” category.

This revision only applies to the conversion rate for Enrich Points, with the rest of
Alliance Bank’s TBP catalogue
 remaining unchanged. Since Alliance Bank’s TBP is evergreen (which means your points will not expire) you have plenty of time to collect your points to redeem big-ticket items if air miles are not your interest.

Alliance Bank’s clients are able to earn TBP from a wide range of services and products, including the bank’s credit cards, deposits, loans, and unit trust investments. Some of Alliance Bank’s most rewarding rewards points credit cards to collect TBP include the
Alliance Bank Visa Infinite and Platinum credit cards
, which allows you to earn
up to 8x TBP for every RM1 spent on selected purchases
.

(Source:
Alliance Bank
)

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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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AmBank Named As Malaysia’s Best Bank, One Of Top 100 Banks Globally

(Image: The Star)

AmBank has been named as Malaysia’s best bank in a global ranking of 1,000 of the world’s quoted banks. This was revealed in the inaugural issue of The Statement, a new banking magazine published by Lafferty Group – an organisation that provides research and advisory services to the banking industry worldwide.

At the same time, AmBank is also ranked as one of the top 100 banks in the world by Lafferty, scoring particularly well for financial inclusion. Lafferty further noted that on average, Malaysian banks rated higher than banks in Australia, the UK, and the US, although they trail behind Indonesian banks.

Lafferty also revealed that its ranking is dispelling the view that banks in the western market, such as the US and the UK, are the leading entities for industry achievement. Instead, banks from emerging markets are now setting the pace in world banking.

(Image:
EIN Presswire
)

“They are more focused and unfettered by the mistakes that have done so much damage to Western banks. These mistakes include a misguided love affair with universal banking and the destructive ideology of shareholder value,” said the chief executive officer of Lafferty Group, Michael Lafferty.

The manager of Lafferty’s 1,000 Database & Research, Alexander Erickson, concurred with the opinion. He added that emerging market banks are becoming key industry players, especially in areas such as financial inclusion, diversity, and climate risk policy. “This has opened up new doors and altered the course of research and data analytics,” he said.

Lafferty’s global ranking of 1,000 banks
 is a database that rates banks worldwide for their overall quality and longer-term sustainability. The banks are rated across 21 metrics, including staff investment, strategy, culture, leadership, customer satisfaction, digitalisation, inclusion, climate risk, and financials. Lafferty also clarified that its bank quality ratings are not credit ratings.

Meanwhile,
The Statement
 contains insights into the 1,000 banks’ directions post-Covid-19, and is anchored in continuous research. It is an exclusive magazine that draws information from Lafferty’s extensive database of global ratings and rankings.

Aside from this recognition by Lafferty, AmBank had also recently won
four prestigious awards from The Asset and Global Business Outlook
 for its AmOnline digital banking platform.

(Source:
The Edge Markets
)

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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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Maybank Revamps Design & Features Of Singapore Airlines KrisFlyer Amex Gold Credit Card

Aside from launching the Singapore Airlines KrisFlyer Amex Platinum credit card, Maybank has also made some revisions to its Singapore Airlines KrisFlyer Amex Gold card. Now featuring a sleek new vertical design – similar to its
brand-new Platinum counterpart
 – the Singapore Airlines KrisFlyer Amex Gold card will also see some changes to its earning rates, benefits, and annual fee, effective immediately.

(
Left
: Previous design of Singapore Airlines KrisFlyer Amex Gold card
Right
: New design of Singapore Airlines KrisFlyer Amex Gold card)

In terms of the earning rates, cardholders of the Singapore Airlines KrisFlyer Amex Gold card used to be able to earn 1 KrisFlyer (KF) Mile for every RM2 spent on local or overseas transactions, as well as for every RM1 spent on ticket bookings via the Singapore Airlines website. Now, the rates have been revised as per detailed below:

Transactions
Earning rates before 30 March 2022 revision
Earning rates after 30 March 2022 revision
Local & overseas transactions
1 KF Mile for every RM2 spent
1 KF Mile for every RM4 spent
Online transactions
N/A
1 KF Mile for every RM3 spent
Ticket booking via Singapore Airlines website
1 KF Mile for every RM1 spent
1 KF Mile for every RM1 spent (inclusive of Scoot and KrisShop)

Aside from that, Maybank has also removed the Gold card’s travel benefit of 5x access to Plaza Premium Lounges per year, swapping it instead with:

50% discount on Plaza Premium Lounge access (per visit)
15% discount on car rental and complimentary car upgrade via Avis or Hertz

Moreover, the Singapore Airlines KrisFlyer Amex Gold card also loses the anniversary bonus benefit, which allows cardholders to get double their existing KF miles provided that they spend a minimum of RM60,000 within their card’s anniversary date. Instead, cardholders will now be entitled to rebates of up to 30% when they dine at Marriott Bonvoy’s participating restaurants.

As for the annual fees, the existing fee of RM250 will be reduced to RM100 to match the revisions made (waived for the first year). The minimum annual income required to apply for the Gold card is also now set at RM36,000 (from RM60,000 previously); new cardmembers will be entitled to a welcome bonus of 3,000 KrisFlyer Miles upon using the card for the first time.

Maybank is currently allowing existing
Singapore Airlines KrisFlyer Amex Gold cardholders
 to upgrade their cards to the Platinum version for free. If you do take up the offer, you’ll enjoy a higher earning rate, along with more travel and lifestyle benefits – including a fast track to the KrisFlyer Elite Gold membership – but note that the annual fee stands at RM300 (after first year waiver).

(Source:
Maybank
)

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4 Ways to Get More From Your Credit Card This Weekend

For many Malaysians, the weekend signals retail therapy in some of the region’s most impressive malls. It appears that mid-year sales/Raya Deals are also in full swing at many stores nationwide, so all the more reason to get your shopping done.

If you’ve taken your credit card along for the ride, hold up and take a few moments to read this! We’re going to share with you some of the ways you can maximise your credit card benefits this weekend and in typical RinggitPlus fashion: Get more for your money!

1. Opt for 0% Payment Plans on Big Spends

Buying a new couch for Raya or refurbishing the bedroom with new linen? These can be hefty spends on your credit card and (horror of horrors) attracting up to 18% on the already large price!

Save yourself the financial cardiac arrest by opting to convert your huge purchases into 0% installment plans available with major credit cards. Of course, do call your credit card company to find out the exact terms and if there are any hindrances such as specific merchants/retailers only.

Easy payment plans differ in terms from bank to bank but most will have some kind of plan to ease big spends by offering 0% staggered payments over a length of time. If you are going to be going large or going home in the shopping department – give your friendly bank customer service officer a call first!

2. Stalk Credit Card Promotions

Every.Single.Credit.Card in the market will have some retail/merchant promotion attached. This could be as simple as a flat percentage discount, a free gift or some other benefit like a 2 for 1 deal. The only way to know, of course, is to get into the act of promotion detective work.

Stalk the bank website, look out for placards in malls and if you’re really determined – ask the outlet or store you are browsing in if they have any credit card promotions ongoing. You know, in case they misplaced the placard!

These discounts can give you up to 30% at times for no reason other than simply swiping the right card so why not benefit from this?

3. Use All the Points!

Use your points to pay at outlets or redeem them for shopping vouchers that can go towards your shopping sprees! If you haven’t paid any attention to the points you are accumulating then there’s no time like the present to start taking a look.

Many stores are now offering Pay with Points options for select credit cards so do check if yours is capable of offering such a benefit. This is the easiest way to save money on the spot with no hassle or time lag. For instance, if you own a Maybank credit card or American Express,
RCUBED at One Utama
 offers you massive options for redemption.

However, if your card unfortunately does not come with many on the spot redemption options; you can still make use of your points for shopping by redeeming them for vouchers and household items.

4. Use All the Freebies!

Some credit cards give you stuff for free – like access to the Plaza Premium Lounges in KLIA and KLIA2; free movie tickets at selected theaters with purchase; or free stays if you book your holiday on your card. Whatever they want to give you for free; welcome it with open arms!

Credit card companies do pay merchants and service providers for these privileges so why not make full use of them? Now’s the time to pull out those credit card brochures or check out the relevant bank card pages for more info on what you are entitled to enjoy by being a loyal user of your piece of plastic.

For example, take your shopping to the massive mall in KLIA2 and unwind at the
Plaza Premium Lounge
 with free wifi, food and a brilliant scene of planes taking off. Complimentary lounge access is available to many
travel
 and
premium credit cards
 so if you think you may qualify – call your bank for further information.

There’s probably more that your card can do for you but you may have no idea. Take a few moments to visit the bank page for your card and do a bit of bedtime reading. If you’re going to spend on your card anyway; might as well get the most from each swipe!

If you’ve gone through the freebie/benefit list on your card and are feeling less than chuffed – check out
our card comparator
 to apply for a more rewarding card and get a taste of some real benefits.

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Standard Chartered Updates Smart Credit Card With New Card Face

Standard Chartered appears to have updated the card face of its Smart credit card in Malaysia, changing it from the existing minimalist slate-grey theme to a patterned background with a light green hue.

Malaysia’s version of the Smart credit card was originally
launched back in November 2020
 with a silver-hued design, coupled with a greyscale of the Standard Chartered logo set horizontally against the background – as you can below:

Now, the updated Smart credit card – which was shown on Standard Chartered’s website – has a patterned background, with one section of the card covered in a light hue of mint-green, while the other in white. The Standard Chartered logo is still set against the background, but it is a shade lighter than before, and is arranged vertically instead of horizontally. Here’s how the new card face looks like:

With this change, Standard Chartered Malaysia’s Smart credit card is set to move away from the card design that it originally shared with
its counterpart in selected countries such as Hong Kong
. Instead, it will now look like the versions that were rolled out in both India and Singapore.

Other than the card design, other details of Standard Chartered Malaysia’s Smart credit card remain unchanged. It is still a Visa Platinum card, offering 6% cashback for payments made with seven participating digital lifestyle merchants (total cashback capped at RM20 per month). To unlock the 6% cashback rate, however, you must meet a minimum spend requirement of RM1,000 per month.

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5% off SHIN perfumes with a Public Bank credit card

Spoil yourself with celebrity endorsed perfume brands at

SHINS. From now till 31 July 2013
Public

Bank
 credit card and debit cardholders are entitled to 5% off branded

perfumes when they shop at any SHIN outlet in Malaysia.

This discount is not applicable with other existing promotions,

discounts, vouchers and/or corporate and loyalty cards. For a full list of

participating outlets as well as promotion.

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PM: More Cash Assistances To Come For Malaysians After BKC

(Source: Bernama)

Prime Minister Datuk Seri Ismail Sabri Yaakob has commented that the government will be channeling more cash assistance to Malaysians who are impacted by the ongoing Covid-19 pandemic starting from next month. This is on top of the Special Covid-19 Aid (BKC) that is
already being distributed as of yesterday
.

The prime minister, who held a video conference to check on the distribution of the BKC payments, emphasised that BKC is only one of the assistances provided to help Malaysians weather through this difficult period. “Hopefully, what the government is giving today, although it may not be much, at least it can help reduce the people’s burden,” he said, referring to the BKC initiative.

Meanwhile, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz – who was also present at the call – clarified that the government has various other forms of assistance in the pipeline to be given out until the end of this year. One such aids is the Bantuan Prihatin Rakyat (BPR) cash aid, where payments for Phase 3 involving a total of RM2.32 billion are scheduled to be made at the end of this month. To recap,
BPR was first introduced during the tabling of Budget 2021
as an enhanced version of the Bantuan Sara Hidup (BSH) initiative to help B40 households.

(Image: Focus Malaysia)

Another aid that is also due to be disbursed soon is the cash assistance for those who are unemployed (Bantuan Kehilangan Pendapatan), scheduled for October 2021. This
one-off financial aid of RM500
 will be channelled to individuals who had lost their income, based on data from the Employees Provident Fund (EPF) and the Social Security Organisation (SOCSO). For context, this unemployment aid was first announced back in June 2021 during the unveiling of the PEMULIH stimulus package.

“The prime minister has agreed to proceed with these assistance,” said Datuk Zafrul during the video conference.

(Source:
The Malaysian Reserve
)

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Citibank giving 20,000 Rewards Points in credit card promotion

It’s a Rewards Points windfall with
Citibank Rewards Platinum Card!

The bank is
generously dishing out 20,000 welcome points to all new cardholders
 in its latest credit card promotion. The only catch is you’ve got to spend RM500 or more within 60 days of card approval.

For a little perspective, here’s some of the stuff on
Citibank’s Rewards Points catalogue
 that you can redeem with 20,000 points: a Panasonic sandwich maker, a Morgan slow cooker, a Casio sports watch, an Arnold Palmer laptop backpack or even RM50 Giant or Isetan vouchers.

There’s no traditional annual fee imposed on the card. However, you’ll be charged RM100 to subscribe to each reward category (Shopping, Entertainment, Driving, Home, Travel) on which you enjoy your 5x Rewards Points.

Two of these categories are given to you for free during the first year. You’ll also get a subscription fee waiver on one category with every RM15,000 you spend on your principal card annually.

Have a look at this Citibank credit card promotion’s
terms and conditions
.

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Things You Should Know Before Deciding to be a Stay-at-Home Parent

In the current state of Malaysia’s economy, having a sole bread winner to support a household financially could be a tough situation. Couples who aren’t financially prepared could derail even the strongest of wealth situations (and marriages!). So for those of you considering quitting your job to be more hands on with the raising of your child; considering the money aspect is a big priority.

So before you take the plunge, here are a few things you should prepare for.

Budgeting trial-and-error

Writing up a budget and executing one are two different things. It requires trial and error. You will most likely find yourself altering your budget more often than not at the beginning. Having more than one child requires a bigger budget to accommodate a larger crowd.

On the other hand, first-time parents will also experience change in spending priority on top of your groceries and household bills. You will be looking at more
child care spends
 such as medical fees, nursing, and baby products. Again, newbie parents will find that there’s usually an additional item they didn’t realise they needed until they needed it and it will surely wreck your budget so be ready to work and rework until you find the grouping of digits that work best for you.

Living Frugally

It goes very much without saying that having only one income versus two AND having another mouth to feed (or a few!) means a lot of cutting back (unless the one working spouse is truly raking in big bucks – in which case you don’t even need to read this article!). Vacations may dwindle and luxury dinners replaced with home-cooked meals but if you enjoy this and look at it in the spirit it was meant (as a way to spend more time with your family and less about materialism); you’ll more than survive; you’ll thrive.

You will definitely find yourself getting savvier about deal-hunting too. Opt for cheaper alternatives or make bulk purchases to maintain as much of your lifestyle as possible yet not going broke.

Allowances for the Non-Working Spouse

Since there will be one spouse without employment; he/she will be dependent on the working spouse to provide for all the household necessities including his/her own upkeep. The non-working spouse will still have personal expenses but no income and as such; couples usually decide on an ‘allowance’ amount for the non-working spouse. It’s a difficult subject to broach but definitely needs to be discussed and a reasonable sum allowance agreed upon.

Saving Plans

Before you decide to stay at home, be sure to have adequate savings set aside to back you up in case you run into emergencies. Saving will also be more trying with only one income but a small amount at least should always be made a priority. Both the working and non-working spouse should commit to putting aside money into savings every month. The working spouse can deduct this amount from the household income and the non-working spouse can portion off a part of his/her allowance for the purpose.

Plan B: A part time job

Being a stay-at-home-parent isn’t equivalent to merely dealing with crying children and cleaning every nook and cranny at home. With handy tools like a laptop or a smart phone, working at home is more possible than ever before. Essentially, a home maker could still put food on the table, get the house done and dusted while working from home through freelancing or running an online business. That way home maker can still keep in touch with the outside world without missing out on their child’s development. The additional income will surely be welcome in the household too.

The role of a homemaker is vastly underrated. In reality, it isn’t any less challenging than the role and responsibilities of a breadwinner. Quite often, homemakers are required to multitask: juggling between managing the household and taking care of the children. A homemaker is essentially playing the role of cleaner, child-minder and cook plus many other things at once. It’s a difficult job but also one of the most rewarding.

If you’ve decided to undertake this very important function – we hope you’ve thoroughly considered and planned out the financial aspects of the move prior to starting out. If you have; then get ready for the role of a lifetime.

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Childcare

Family

Family Finance

Financial Behaviour

Financial Belief

Personal Finance

Saving Plans

About THE AUTHOR

Denise Chan

Denise Chan

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