What Is Hospital Cash Insurance?

When you’re being hospitalised, the last thing you would want to worry about is whether or not your income is disrupted while you’re being treated.

Some medical insurance policies offer hospital allowance benefit to help with the loss of income, but what if you don’t have a medical insurance or if you do? What if it’s not sufficient to replace your income? Here’s where hospital cash insurance can come to your rescue.

How Do Hospital Cash Insurance Work?

A hospital cash insurance policy is a standalone, affordable coverage that helps to replace your income by providing a fixed sum of money for each of the days you are hospitalised. You can purchase the policy on its own or use it to supplement your existing
medical insurance
 policy.

The good thing about a hospital cash insurance policy is that you will get paid regardless of any other insurance you have. This helps with your out-of-pocket expenses including your living and certain medical expenses which might not be covered under your medical insurance policy.

In short, it’s a straightforward policy with the sole purpose of helping to replace your income while you’re out of work and in the hospital – which means you won’t have to dip into your savings or retirement fund to help pay for your daily expenses while you’re being hospitalised.

Compare the
best medical cards in Malaysia
 for overseas treatment

When Will The Policy Kick In?

A hospital cash insurance policy goes into effect the moment you’re admitted to a hospital and provide you daily cash benefit to help supplement your existing medical insurance. Also, no matter how much your medical bills are at the end of your hospitalisation period, the policy will pay you the agreed amount of cash benefit based on the number of days you spend in the hospital.

Who Needs Hospital Cash Insurance?

While everyone who has the potential to fall ill and hospitalised can benefit from having a hospital cash insurance policy cover, it’s especially useful to those who do not have a fixed income, such as self-employed individuals, freelancers, Grab or Uber drivers, or anyone who earns their income on a daily basis. The pay-out from this
health insurance
 policy can be used to pay off daily expenses such as:

Daily living costs such as groceries

Utility bills

Child’s day-care

Loan repayments (such as car and home loans)

Other financial commitments such as medical or life insurance premiums

It is essential for you to have a backup plan in the event you cannot provide for yourself and your family – no matter how short the setback may be. A hospital cash insurance is perfect to safeguard your finances both for you and your dependents. It can even help recover the amount you may need to pay for the deductibles as per your medical insurance policy contract.

Here’s an example scenario:

Sarah is a freelance graphic designer whose income depends on the number of projects she gets from her clients. One fated day she got into an accident and was hospitalised for a month due to her injuries. Her medical insurance covered most of her medical and hospitalisation costs but only after she forked out a deductible of RM800.

Although her savings was enough to pay for the deductible, it was a large sum of money to take out of her own pocket – especially since she was not earning any income during her hospitalisation period. Thankfully, Sarah has a hospital cash insurance policy that pays her RM200 for each of the days she spends in the hospital.

For the one month that she was hospitalised, Sarah was entitled to RM6,000 in hospital cash benefit, which is enough to recover the money she had paid for her deductible, pay off any medical costs that are not covered by her medical insurance, as well as her other personal expenses.

Check out this Allianz deductible medical insurance Malaysia

How Much Hospital Cash Insurance Coverage Do I Need?

You’ll need to calculate your daily expenses to know exactly the right amount of coverage for you. List down all of your important financial commitments such as your groceries, daily expenses, loan repayments, utility bills, and calculate the average amount of money you’d spend in a day.

You can also calculate your ideal coverage by dividing your monthly income by the number of days in a month, which allows you to get the amount of your daily income. For example, if your monthly income is RM4,000, then:

4,000 ÷ 30 days =
133

From the above, your daily income is RM130, so it goes without saying that a hospital cash insurance coverage of higher than RM130 per day would be ideal for you. Some policies such as
Allianz i-HospitalCash
 even offer double hospital cash benefit if you are hospitalised overseas.

Allianz i-HospitalCash provides up to RM250 in daily cash benefit if you are hospitalised locally and up to RM500 per day for overseas hospitalisations. What’s more, you’ll also be entitled to No Claims Bonus of up to 20% of total paid premiums if you don’t make a claim at the end of the coverage period!

Interested to learn more? Be sure to check out their
website
 if you’d like to learn more about Allianz i-HospitalCash!

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Economists: 20% Of M40 Income Group Has Dropped Into B40 Due To Covid-19

(Image: Asia Insurance Review)

An estimated 20% of the M40 income group has fallen through into the B40 income group following the rounds of job losses and salary cuts that were brought about by Covid-19, said several economists.

According to these economists, only a strong economic recovery will be able to propel these individuals back to their original level of income and earnings. This is despite the various government initiatives currently provided to help ease their financial woes. Worse, there is no clear timeline as to when this recovery could happen.

An economist from Universiti Utara Malaysia (UUM), Dr K. Kuperan Viswanathan pointed out that at present, even individuals with tertiary education are facing difficulties in gaining employment. Even if they are hired, they often start with low salaries. He also noted that despite the World Bank’s optimistic forecast of a 6% economic growth for Malaysia’s economy this year, the target may be difficult to achieve given the escalating number of new Covid-19 infections daily.

(Image: Bernama)

“As long as people don’t travel and spend, the economy will take a lot more time to recover. Curtailing travel has a negative impact on the economy. People need to be encouraged to spend, given that consumption brings business opportunities, which will then create jobs,” he explained, referring to the movement control order (MCO) and its variants that have been imposed to curb the spread of the pandemic.

Kuperan further warned that there may not be an immediate economic recovery after the end of the pandemic. Instead, he believes the recovery will come in surges, with ups and downs. As such, he cautioned those in the lower M40 category to manage their finances better as most of them do not have enough savings to last beyond one to three months.

Aside from that, economist from Sunway University Business School, Dr Yeah Kim Leng believe that the people’s biggest challenge after the end of the pandemic is job search. “Things will be different, so people may need to learn new skills to meet the challenges of the time. Jobs are not going to be available immediately after the economy opens up again. Businesses will take time to re-employ and remove salary cuts, and this is certainly bad news for those who have dropped into the B40 category,” he said.

(Image: The Malaysian Reserve)

Yeah added that because of these uncertainties, many people are beginning to consider work in the informal sector, such as the gig economy. The public may also need to learn to carry out online businesses in a bid to improve their economic status – although there is a risk of the gig economy marketplace getting overcrowded with people selling similar products.

Meanwhile, senior lecturer from the Faculty of Economics and Administration of Universiti Malaya, Dr Mohammad Tawfik Yaakub commented that the government could help create jobs by providing more aggressive initiatives for entrepreneurs. At the same time, businesses must continue to explore new export markets.

The chief economist of Bank Islam, Dr Mohd Afzanizam Abdul Rashid also chimed in to note that specific sectors – such as tourism, aviation, and F&B – are expected to recover more slowly.

(Source:
The Sun
)

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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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    Curious Kim

    2 years ago

Would that mean the B40 (Bottom 40%) is now technically B60 (Bottom 60%) given that more people are only able to earn that level of income?

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Track Your Finances in a Calendar Format with Dollarbird

We at Ringgitplus understand that tracking figures and numbers for your financials can be confusing. That’s why we built calculators for
home loans
,
fixed deposits
, and other financial instruments right into the site. Sorting figures for easy viewing helps us focus less on crunching numbers and more on figuring out how to balance them.

To that end, plenty of mobile apps have been made to help us manage our personal finances but a lot of them look like fancy ledger books and make sorting through the data a bit of a chore.
Dollarbird
 attempts to combine the features of a good budget tracker with the visibility of a calendar app to make expense tracking much easier on the eyes and brain.

Why a Calendar?

Simply because most of our expenses are recurring. Rent, utilities, loans, holidays, all happen with some regularity. Seeing these expenses show up as calendar ‘events’ helps us see when a big money sink is coming and how far along we have until it comes.

Expenses aren’t the only thing recurring of course, income is as well. When first opening the app, it prompts you to key in your recurring income and expenses so you can see where they are on the calendar and plan accordingly. Since your income is an expression of how much your time is worth, seeing your cashflow in a calendar format can really help you see this connection clearly.

You can set your income and expenses to recur every few weeks or every month so it gets automatically included onto your calendar. When the day comes for these transactions to happen, you’ll be alerted to confirm whether or not they did, before these transactions gets added into your balance.

You’ll also be able to see your cashflow and account balance in a neat little infograph that makes it super easy to see where you can save on your spending.

What About Non-Recurring Income and Expenses?

When those occur, you can just key them in as they come. One of the hassles of budget tracking is how you have to remember to key in your transactions. Thankfully, Dollarbird includes a reminder feature so you can set it up to buzz you say, after lunch, or at the end of a shopping day. You can also add in future or expected expenses the same way.

One thing that bears mentioning is how helpful Dollarbird is with guiding the user along on how to use their apps. They have an extensive
FAQ section
 on their official site and their developers are very attentive with responding to comments and criticism of their apps. So if you encounter any usage problems, just reach out and you’re sure to be well-served by their development team.

Conclusion

Many apps that claim to help you track your budget are either too simple, or too involved. We feel like Dollarbird is a unique presentation of a budget app with its calendar integration and easily digestible infographs. The app is available on both
iOS
 and
Android
 for free, with unlockable paid features.

It’s a great little app to try out if you’re looking for a budget tracker that gives you an easier, more visual way to know if your budget makes sense. Speaking of apps, check out
the app we mentioned that lets you know when other apps are free or on discount
 on the Google Play Store.

Photo credits:
Dollarbird

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Ahmad Mudhakkir

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Hong Leong Mach Credit Cardholders To Receive Wise Or Visa Infinite As Replacements

Hong Leong Bank has announced that existing Mach credit cardholders will receive other Hong Leong credit cards as replacements upon expiry of their current Mach Gold or Mach Signature credit card. Both cards will no longer be usable upon their expiry.

Mach by Hong Leong, which offered a variety of products from credit cards to fixed deposits targeted at urban youths,
ceased operations in February 2018
. At the time, most customers were able to continue using their Mach products without any changes, with the servicing of those products being taken over by Hong Leong Bank branches.

The latest announcement reveals that upon their current card expiry date, Mach cardholders will not receive the same cards but instead will be issued replacement cards by Hong Leong Bank. Specifically, Mach Gold credit card users will be sent the
Hong Leong Wise
 credit card. The Hong Leong Wise offers 8% cashback on petrol, groceries, and dining on weekends with a minimum spend of RM500 per month.

Meanwhile, Mach Signature credit cardholders will be issued the
Hong Leong Bank Infinite
 credit card, which offers 1 Enrich Mile for every RM2.80 spent locally and 1 Enrich Mile for every RM1.80 spent overseas.

It is likely that Mach credit cardholders who already own either of the Wise or Visa Infinite cards will not have a replacement card sent to them. That said, cardholders who have any enquiries are advised to look out for further information via email, or contact Hong Leong Bank directly.

(Source: Hong Leong Bank [
1
], [
2
])

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Experts Caution Against Introducing New Taxes In Budget 2022

(Image: Samsul Said/Bloomberg)

Experts have expressed concern over the government possibly forming new taxes in Budget 2022, and instead called for tighter expenditure controls to prevent corruption and leakage.

Assoc-Prof Ahmed Razman Abdul Latiff, Manager of Business Development of Putra Business School, explained that tighter measures can help to control licensing and importation of high-duty goods such as cigarettes and tobacco products, combat illegal trade, and improve compliance. This will lead to increased revenue gain and improved economic growth.

“If it can be controlled, the government has no reason to implement a new tax. Other avenues including higher commodity prices for oil, crude palm oil, and rubber will be enough to finance the budget if there is not much revenue leakage,” he said.

The government is currently looking at
other ways to fight corruption and prevent revenue leakages
. This includes implementing a Tax Identification Number (TIN), imposing excise duty on electronic and non-electronic cigarette devices, and expanding the tourism tax levy for accommodation booked through online services.

Budget 2022 is also expected to finance the implementation of the 12th Malaysia Plan (12MP) with a development expenditure of RM 400 billion over the next five years until 2025.

Image:
Malaysia Now

According to economist Datuk Madeline Berma, the pandemic gives an opportunity for change to improve the country’s economy. She hopes that the budget will show the government’s commitment to the people and how it plans to spend the country’s money.

Likewise, Razman highlighted that recovery is crucial as the country enters an endemic state and the budget should factor in that not everyone can recover quickly. After all, the pandemic has already shifted the country’s socio-economic status, causing the
B40 to expand into the B50
. Furthermore, the
country’s average salaries fell for the first time
 since the Department of Statistics Malaysia started the Salaries and Wages Survey Report.

(Sources:
Malay Mail
,
The Malaysian Reserve
)

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Sheu Quen

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Content writer with a penchant for perfection in her work and can't stand having her name misspelled or mispronounced.

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How to Avoid the Latest Charity Scams

It’s downright disheartening when your good intentions and money get exploited by manipulative charity scams that abuse your kindness for selfish gains.

The saddest part of it is that some of these charity scams are so sophisticated that it’s becoming increasingly difficult to tell the difference between a fraud and the real deal. We at RinggitPlus have been sleuthing around have discovered these top three newest charity scams that are still operating today:

1. Scams That Take Advantage of Global Disasters

There’s always a swindler who’s ready to swoop in when disaster strikes to “help” collect money for victims of tragedies and disasters. In actual fact, the money you have so thoughtfully donated will only end up in their own pockets. These scammers play on the urgency and devastation caused by whatever disaster that’s just taken place to appeal for quick cash from the public. Such donation scams were witnessed during the
MH370 flight disappearance
, the
Japan Tsunami,
 and countless other situations worldwide.

2. Scams That Impersonate Genuine Charity Organisations

These scams will attempt to distribute
fake emails
, brochures and letters with logos of actual charitable organizations. These scammers may stop you on the street and try to convince you with fake documentations, supposedly acting on behalf of real organizations to manipulate you into donating money to them.

These type of scammers often accept donations only in cash, and will decline any non-monetary assistance you try to offer to their organisation.

3. Scams That Operate Via Social Media

Making the rounds on
Facebook and other social media
 outlets, scammers are reaching out to even more people with compelling photographs and stories. Worse still, these fake charities often get their posts circulated by trusted sources, such as your own friends and family. However, your social contacts may be inadvertently spreading false information, so don’t be so quick to trust what you see in your social media feeds, and investigate thoroughly before you make any donation.

Now you know what these scams look like, it’s time to find out how you can avoid from being tricked by charity scams :

1. Ask To See A License For Collecting Donations

All charities need to have a
permit or license
 before collecting donations in Malaysia. If you are being solicited for donations by an organization that does not have the right to collect funds for charitable causes, you are likely being scammed. Do also ask for identifications before donating.

2. Be Wary Of Unfamiliar Charities

If you have not heard of a certain charity, it doesn’t mean that they do not exist. It does however, mean that you’ll need to be extra careful. There’s still a possibility that the charity is fake, though. One thing you
can
 do is a quick online search on your smartphone to check on the legitimacy of said charity. Still, you could be donating to an impostor, so it might be wiser to contact the organisation directly to make your donations.

3. Don’t Be Pressured Into Donating

Scammers will attempt to rush you into giving them money so you’ll have less time to think about what you are doing. They may pressure you and say that they will only be there to collect donations for a short time, or that the situation is dire and they need your monetary assistance as fast possible. When in doubt,
don’t give
. You can always look for the official charity organisation’s office and make your donation at a later time.

Read Also:
How to Give to the Right Charity (Even if You Don’t Have Money)

4. Avoid On-The-Spot Cash Donations

There are safer methods to donate rather than simply handing out cash. With certified charitable donations, you can usually donate money securely via cheque, credit card, PayPal or online transfer. If they decline your offer to donate via card or cheque and insist on cash, that’s a major red flag. We can’t stress this enough, people:
when in doubt, dont give
.

5. Ask Questions About The Charity Organisation

Learn more about the charity by asking important questions like what the money will be used for, how it will last and who will benefit from it. If the person soliciting donations aren’t able to answer your questions or gets defensive, don’t donate to them no matter how persuasive they get. Note that even if they
do
 have all the answers, it still doesn’t mean that the charity is genuine. Use your judgement in these situations.

Again, you can always head their office and make your donation at a later time to be absolutely sure that your money is really helping a good cause.

6. Ask For A Receipt

While this is not a sure-fire way to avoid getting tricked, do ask if you can get a receipt before you donate. It’s a tell-tale sign if the charity is unable or refuses to issue a receipt.

If you suspect that you have been solicited by a charity scam, collect as many details about them as you can; even better, take photographs of the scammers in question and report them to the authorities. This way you can help protect other do-gooders from being tricked by fake charities.

Since many legitimate charities allow you to donate online via credit card, it might be a good idea to get one and make secure donation payments. Check out our list of the best credit cards in Malaysia on our
comparison page
 to discover one that’s just right for you!

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4 Reasons To Apply For An SME Loan From Avex Credit

In the initial phases of starting a business, some financing is typically required to kickstart operations, start running, and also long-term growth. Getting a cash injection, whether from friends and family, the bank, or other sources, may be very beneficial to the business especially when done responsibly and strategically.

Business financing is used in various ways but its common uses include purchasing property, buying new equipment, and working capital. If your business is in the market for some financing, consider getting one from Avex Credit.

Introducing Avex Credit

Avex Credit, otherwise known as Avex Credit (M) Sdn Bhd, is a credit and financial advisory company licensed under the provisions of the Malaysian Government Money Lenders Act 1951. Avex Credit offers a variety of products such as SME Loan, Personal Loan, Debt Restructuring, and Secured Loan.

If you’re a business owner seeking suitable financing that can help take your business to the next level, you may want to consider Avex Credit’s SME Loan. Here are four reasons to apply for an SME Loan from Avex Credit:

Customisable Loan Package

Avex Credit’s SME Loan applicants will get to enjoy a loan package that’s personalised to their business needs. Knowing that business loans aren’t a ‘one size fits all’, Avex Credit ensures that each SME is provided with an amount that best suits their objectives.

To propel your business forward, the SME Loan offers financing amounts from RM500,000 up to RM3,000,000.

Whether your plan is to renovate your existing retail space, push digital marketing, or purchase new equipment, the SME Loan can provide you with a sufficient financial cushion to make those goals come to life.

Loan Repayment Flexibility

Business owners may be concerned about whether they could sustain the monthly repayment of a loan. Avex Credit provides flexibility as the tenure period of the SME Loan is between 3 to 60 months. This means applicants can select a payment plan that suits their business and cash flow.

In terms of the eligibility criteria, they’re also quite lenient. The application is even open to those who are self-employed and freelancers, in addition to SMEs and business owners. So, long as your business has been established for a minimum period of 1 year, or the person in charge of operations has at least 2 to 3 years of experience in the relevant business, you may always apply for the loan.

Speedy and Easy Application Process

When opportunities present themselves, sometimes you don’t have a lot of time to decide before they’re no longer available. At times, the only resource you’re lacking is funding.

Understanding that time is of the essence, the application process for Avex Credit’s SME Loan is a quick one. How quick, you ask? You could get your approval and funding within 7 working days.

When it comes to applying, applicants have an option to apply online or visit the office to seek consultation before applying on the spot.

Designated Specialist For Additional Support

Managing day-to-day operations and paving the way to success is not an easy task. To ensure you’re managing your financing right, Avex Credit will provide you with a designated loan specialist to assist you with all your queries.

This way, you can allocate your energy efficiently to your business while the specialist helps you manage your loan in the best way possible.

***

So, if you’ve been searching for a loan to accelerate your business’ growth, perhaps Avex Credit’s SME Loan is the solution for you. The financing is open to business owners as well as gig workers, freelancers, and self-employed folks. Plus, you’ll be provided with a loan specialist and the loan provided to you will be personalised to your business needs. On top of that, the application process is simple and quick.

To register for Avex Credit’s SME Loan,
click here to apply via RinggitPlus
.

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Alliance Bank Credit Card holders can enjoy RM388 off per night at Equatorial Cameron Highlands

Fancy picking and munching on some fresh, juicy strawberries? If you’re tempted, there’s only one place for it: Malaysia’s very own “Land of Strawberries”, Cameron Highlands!

If you’re an Alliance Bank credit card holder you would have received an Alliance Bank Room Cash Voucher for
RM388 per night at the cosy Equatorial Cameron Highlands
. This voucher is valid up till April.

The voucher is redeemable on all room categories with tariff rates. For example, a Superior Room costs RM487 nett per night. With your RM388 discount voucher, you only pay RM149 nett.

When you want to indulge in more than just strawberries, you can also enjoy their hearty Buffet Breakfast and Set Steamboat Dinner at a promotional rate of RM25 and RM45 nett per person respectively.

Usage of the Room Cash Voucher is applicable from Sundays to Thursdays. Fridays, Saturdays, school holidays and certain peak periods carry a RM40+ surcharge. Please see their
terms and conditions
 for more details.

Image source:
mycoolholidays.com

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BNM Issues Draft Framework For Digital Insurers, Takaful Operators

(Image: Bloomberg)

Bank Negara Malaysia (BNM) has said that it is looking to award up to five licences to eligible digital insurers and takaful operators (DITOs) soon. This is following the issuance of the exposure draft on the Licensing and Regulatory Framework for DITOs last week to invite written feedback.

In a statement, BNM said that the exposure draft outlines a proposed framework that can be used to ease the entry of DITOs into Malaysia. Additionally, it ensures that the selected entities can offer strong value propositions, thereby heightening inclusion, competition, and efficiency in the industry.

“The exposure draft specifies licensing and application procedures, as well as specific requirements on the eligible business models and distribution channels of DITOs. This is intended to promote sustainable business operations, while delivering value to policyholders,” said the central bank, adding that DITOs will also have to comply with the existing requirements under the Financial Services Act 2013 or Islamic Financial Services Act 2013.

BNM further said that DITOs are expected to carry their insurance or takaful business wholly – or almost wholly – through digital and electronic means. In turn, this is expected to drive new types of business and operating models, as well as offer wider product choices and more efficient service quality to meet consumer needs.

(Image: The Sun Daily)

Moreover, the central bank explained that just like
Malaysia’s first five digital banks
, the DITOs that are eventually selected will need to go through a foundational phase of three to five years. During this period, they will be allowed to operate with lower minimum paid-up capital requirements and some regulatory flexibilities that are commensurate with their early stage of operations. In turn, they are expected to prove their capabilities in serving the Malaysian public and achieving BNM’s goals set for them. Those who are unable to do so by the end of the foundational phase will need to implement an exit plan, as per indicated in the exposure draft.

In terms of timeline, BNM is accepting written feedback for the current exposure draft until 28 April 2023. Following that, it aims to finalise the policy document and invite applications for the five licences in 2023. Meanwhile, the central bank had already issued the
discussion paper on the Licensing and Regulatory Framework for DITOs
 earlier this year.

All feedback on the exposure draft on the Licensing and Regulatory Framework for DITOs can be sent to
[email protected]
. You can also read up on the
exposure draft here
.

(Source:
Bank Negara Malaysia
)

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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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The Maybank Grab Mastercard Platinum Is Malaysia’s First Card To Offer Same-Day Online Approval, Instant Issuance Of Digital Card

Following its official launch this morning, the much-hyped Maybank Grab Mastercard Platinum credit card has been revealed to offer two significant benefits: same-day online approval and instant issuance of a digital card upon approval for Maybank2u users. It will be the first credit card in the country to offer such advantages.

Maybank is clearly aiming to bring a faster and more convenient user experience to its customers via the card as the digital card – which is built into the Maybank2u platform – can be immediately used for digital transactions (such as e-commerce and of course, on Grab). This fully-digitalised application process substantially cuts the usual waiting period that comes with applying for a new credit card, which can take anywhere from a week to even a month in some cases.

Currently, the fully digitalised application process and issuance of the digital card is available only for Maybank2u customers. Non-Maybank2u customers will need to head over to the Maybank2u website to apply, and the physical credit cards will be issued within 10 business days after their applications have been approved. The Maybank Grab Mastercard Platinum is also
Malaysia’s first dual-faced credit card
, available in black and white options.

“The launch of the Maybank Grab Mastercard Platinum is yet another first for Maybank as we continue to make good of our commitment to our customers to bring them new experience, constructive solutions, and relevant benefits that complement their lifestyle. Besides the strong proposition of the card, we have also introduced a fully digitalised application process on Maybank2u, with same-day online approval and instant issuance of a digital card upon approval to give our customers a differentiated experience,” said Maybank’s group chief executive officer of the community financial services, Dato’ John Chong.

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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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    Vivienne Wong

    3 years ago

Together we growth with Grab, I am full time platinum grab driver about 3 years plus, willing to go all with Grab.New interested in new launching Maybank Grab MasterCard Platinum credit cards.

Hoping a surprised replied.Every week , I make payments to car loan and rental., Cash flow member with Maybank too.about 2years plus.

Hope to get my grab and cash flow member Maybank Grab MasterCard Platinum.card at Maybank Pyramid Bandar Sunway.Notice me if application on surprising reply.TQ.

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GrabPay Expands Its E-Tunai Rakyat Additional Incentives

GrabPay is expanding its additional incentives for the e-Tunai Rakyat programme. Now that the first two tiers with higher-value incentives are fully claimed, GrabPay has introduced a new third tier – offering vouchers worth RM60 to 200,000 e-Tunai claimers.

When the e-Tunai Rakyat programme started on 15 January, GrabPay announced that it would be giving out additional vouchers on top of the RM30 digital incentive set by the government. The e-wallet offered vouchers worth up to RM270 to its first 10,000 applicants, vouchers up to RM120 for the next applicants up to 110,000, and vouchers up to RM30 for the rest.

Under the new tier, 200,000 claimers will be able get cash vouchers for Grab services up to RM60 as well as five additional vouchers at food and beverage outlets and Hotlink. Once all the claims on this new tier are made, the remaining e-Tunai claimers will receive the lower-value vouchers amounting to RM30.

While you have until 9 March 2020 to make your claim for the
official RM30 incentive
 from the government, you should consider putting in your e-Tunai Rakyat applications quickly if you haven’t already done so. Find out what
additional incentives
 are being offered by the different e-wallet partners here and
claim your e-Tunai Rakyat
 now.

(Source:
Grab
)

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Boost Launches New Food Delivery Feature, Boost Makan

Boost has rolled out its own food delivery service, called Boost Makan, allowing users to order food and delicacies from around their area. This is offered on top of its existing partnerships with other food delivery platforms, such as DeliverEat, Pop Meals, and eatigo.

Boost Makan currently lists six categories of cuisines comprising of numerous F&B merchants and restaurants, including local, Western, and vegetarian food. To access the feature, tap on the “Food” tile on your main page, and you’ll find Boost Makan listed along with Boost’s other food delivery partners. The app will also prompt you to switch on your GPS if you have not already done so.

Once you’re on the Boost Makan page, go ahead and browse through the available merchants and restaurants. Before you can make any actual orders, however, first-time Boost Makan users are required to verify their account by keying in a verification code from Boost, after which they’ll also need to create a Boost Makan profile.

When ordering, you’ll have the choice to arrange for a delivery or to self pick-up. Some merchants may even allow you to go for a drive thru or book a dine-in reservation. If you’re making orders through the feature, Boost Makan will show you a clear breakdown of the pricing structure, inclusive of the service fee and tax, as well as delivery fee if you’re getting your order delivered. When you’re ready, go ahead and pay for your orders; payments can only be made via your Boost Wallet.

To celebrate the launch of Boost Makan, Boost is currently running a
campaign that offers RM5 cashback
 to users who spend a minimum of RM20 in a single transaction via the new feature (excluding service fee and tax, as well as delivery fees and other charges). The campaign is ongoing until 31 December 2021, although the campaign period is divided into two phases (Phase 1 until 30 November 2021, Phase 2 from 1 – 31 December 2021).

With this new feature, Boost has followed in the footsteps of apps like Grab and Shopee – both of which also have their own food delivery services, namely
GrabFood
 and
ShopeeFood
.

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Can Downsizing Your Home Save You Money?

Many
personal finance articles do suggest that people downsize their home
 in order to save money. Moving out of big houses to live in cubicle apartments in order to save on rent seems the be an obvious money saving tip.

But is this really true for Malaysians? This writer has been in the market for a new home and it would appear that size isn’t the only thing that matters in house-hunting.

The Benefits of Downsizing

There are no doubt benefits to downsizing. You may be considering these factors if the idea has popped into your head.

1)
Less space = Less furniture to buy
. Have you looked at your bare living room and thought; “Maybe I need more couches/side tables/racks”? The extra space will encourage us to buy more because we think we have the room for it.

2)
Less space = Less Cleaning
. Even if you are opting to clean your home on your own, a bigger space will mean more cleaning detergent and more electricity for your vacuum and other electrically powered cleaning aids.

3)
Less items = Less maintenance
. If you have many appliances or items in the home, there will be some maintenance involved.

4)
Less rent or lower purchase price
. Generally smaller homes cost less. For example a studio in a condominium complex will certainly be cheaper than the 2 bedroom unit. But is a small place always cheaper? Here is where this list gets tricky.

Smaller Size Does Not Always Equate Smaller Price

The fact of the matter (in the Klang Valley) at any rate is that the size of a place is only one factor that affects the price. Location, availability of amenities, age and even the situation of the landlord/seller will decide on price.

It is not uncommon to find an older house large enough to house a kindergarten at the same price as a 500sqft condominium unit.

However, if you did stay in a 2 bedroom apartment suite; downsizing to a studio or single bedroom will certainly save you money.

Does Size Really Matter?

Downsizing can save you money if you make particular choices but it can end up being a bad decision too. It might be important to consider other factors beyond size.

1)
Is location important to you?
 If you don’t mind a bit of driving and have no need for a city central location; you could find a home just as big but for a cheaper price if you head for the outskirts or smaller cities.

2)
Could you consider sharing?
 It is not uncommon to find many people renting out rooms in their home or sharing with siblings and friends to save on costs. Consider if this is an option you might prefer to moving again.

3)
Consider your health and safety
. Big or small, houses or units with steep staircases or security issues should be a no go. Is there perhaps constant smog from nearby factories or even a high crime rate in the area? It might be worth forking out more to keep yourself safe.

4)
Consider your mobility
. Do you drive or do you need to be close to public transportation? Consider if giving yourself added headache on your commute is worth the amount you save.

5)
Have you comparison shopped?
 If you’ve found the perfect neighbourhood for your needs; do a bit of comparison shopping in the area. You might find downsizing not necessary at all if you find the right place.

If you’ve found a place that not only meets all your requirements and can save you money because of it’s smaller size then do go for it!

Thinking of buying this dream house you found? Use our
home loan calculator
 to find out if you can afford it and get the home loan suitable for you.

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DBKL Adds JomParking As Approved App For Collection Of Street Parking Fees, Effective Today

Following Kuala Lumpur City Hall’s (DBKL) recent switch from roadside ticketing machines to cashless payments for street parking fees, the city hall has now agreed to include JomParking as one of the mobile apps accepted to collect such fees. This update will take effect today.

Earlier this month, DBKL had announced on short notice that it was terminating its parking machine services. Instead, it will be implementing
cashless payment methods
 via selected mobile apps and e-wallets, with the four approved apps being EZ Smart Park, Flexi Parking, Wilayah Parking, and M-Cash. Glaringly missing was JomParking, a popular mobile app used for the same purpose, which subsequently tweeted to inform users that its payment services for street parking managed by DBKL will be temporarily unavailable.

Hello JPeeps!

We would like to inform you that JomParking will be temporarily unavailable in Dewan Bandaraya Kuala Lumpur (DBKL).

We sincerely regret for any inconvenience caused and thank you for your kind understanding.
pic.twitter.com/3fLZZPJ4Ew

—
[email protected]
 (@JomParking)
October 1, 2020

DBKL’s abrupt decision then spurred several parliamentarians to
request for a grace period for motorists in KL
, stating that JomParking users will need time to migrate to the new apps. The group also highlighted that there were about 330,000 JomParking app users as of December 2019.

Following that, DBKL said in its
latest statement
 that it will now also accept JomParking as one of the approved apps to collect street parking fees. This is to “make it convenient for existing app users to carry out their transactions.” With this, there will now be five approved apps and e-wallets for the collection of street parking fees.

(Image: Malay Mail)

The city hall further reiterated that monthly passes are still unavailable, although applications for reserved parking bays can be made as usual. It also urged the public to continue adapting and familiarising themselves with the new payment methods.

You can download
JomParking
 on
Google Play
, the
App Store
, and
Huawei App Gallery
.

(Source:
DBKL
)

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Alex Cheong Pui Yin

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MBF Cards and AmBank credit cards XtremeDeals offer

XtremeDeals
 is THE place to head to for the best prices on almost everything your heart desires.

The site features an extensive array of goodies sorted by category, i.e. Electronics & Gadgets, Travel & Outdoors, For Him, For Her, Children, Home Essentials, Health & Wellness as well as Festive.

And while XtremeDeals now accepts all Visa and MasterCard credit/debit cards issued by Malaysian financial institutions for payment, only MBF Cards and AmBank credit card holders enjoy the special privilege of 0% Easy Payment Plan purchases.

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Lazada 9th Birthday Sale Mega Day: Best Deals & Highlights

Lazada’s month-long birthday celebration will end with a bang on 27 March 2021 with a one-day only mega sale. As you can expect, the Lazada 9
th
 Birthday Sale Mega Day will offer steep discounts through the Crazy Brand Mega Offer sale and various other flash deals starting from 12am. In the meantime, there are
countdown sale activities
 that you can partake in as Lazada nears its
Birthday Sale Mega Day
:

Collect your special
Lazada Bonus discount vouchers

Collect platform-wide RM9 Free Shipping vouchers to be redeemed on Mega Day

Collect bank and partner vouchers
here

Get instant rebates by pre-ordering selected products

Stand a chance to win prizes by topping up your Lazada Wallet in preparation for the
Birthday Sale Mega Day

Join in on Lazada’s Super Party, featuring Katy Perry, NCT Dream, Ismail Izzani and more on 26 March 2021

Lazada 9
th
 Birthday Sale Mega Day: Deals You Won’t Want To Miss!

According to Lazada, its Birthday Sale Mega Day will kick off with the
Crazy Brand Mega Offer
 sale, which takes place between 12am to 2am. This will then be followed by other promos such as the Big Brand Surprise (50% storewide discounts vouchers for use between 12pm to 2pm) and subsequent flash deals throughout the day. Take advantage of the various discounts and perks to top up on your essential needs (or, you know, buy that laptop or phone that you’ve been wanting for a while now)!

Read on for some deals that you will want to keep an eye out for!

Groceries & Home Essentials

Milo Mega Sale
: Special price of
RM14.99 for 1kg
, and
RM27 for 2kg
. Don’t forget to grab the 20% discount voucher (minimum spend RM175, capped at RM40) which is eligible for other grocery items!

Nestle Brand Mega Sale (Maggi, Nescafe, Nestum, Starbucks, and other items)
: Special voucher RM30 off with minimum spend of RM150, applicable between 12am to 2am only. Discount vouchers of up to RM34 and RM0.99 flash sales throughout the rest of the day, with free gifts available.

Fernleaf
: Up to RM29 off on storewide purchases (with minimum spend) between 12am to 2am only.

Unilever Homecare Brand Mega Sale (Dove, Breeze, Sunlight, Lady’s Choice, Lipton, and other household products)
: Up to 40% discount starting from 2am onwards, with additional 15% vouchers.

Colgate-Palmolive (Colgate, Softlan, Protex, and other grocery products)
: Up to 50% off, with additional 20% discount vouchers applicable between 12am to 2am only. Free gifts provided for every purchase with no minimum spend.

P&G (Dynamo, Ambi Pur, Febreeze, Head & Shoulders, and other brands)
: Up to 50% off, with additional RM50 discount vouchers applicable between 12am to 2am. Assorted gifts provided. Other deals throughout the day (12pm to 2pm, 8pm to 12am) that offer 50% discounts on selected products as well.

Vinda
: Wet wipes and tissue with up to RM40 savings between 12 am to 2am, as well as up to 36% discounts during subsequent flash deals and via bulk purchases.

Tesco
: Up to RM20 off with minimum spend of RM160 on selected household products between 12am to 2am.

Signature Market
: 25% off on selected products with minimum spend of RM50 between 12am to 2am, 50% off with no minimum spend between 12pm to 2pm. UP to 15% discount and special price for selected bundle purchases throughout the day. Exclusive free gifts available.

Mom/Baby

Mamil
: 8% off between 12am to 2am, with exclusive free gifts.

Isomil
: RM40 discount vouchers for purchase of two or twelve 850g units between 12am to 2am.

Pediasure
: RM50 discount voucher applicable between 12am to 2am, with exclusive gifts available.

Drypers
: All-day discount vouchers available, with additional 10% or 18% savings between 12am to 2am depending on minimum spend amount. Free gifts worth RM39.90 given with purchase of one carton of selected products.

MamyPoko
: Up to 18% off on selected products between 12am to 2am, and up to 14% discount throughout the day.

Huggies
: Up to 45% off between 12am to 2am. 15% savings all day, with additional RM5 discount voucher.

Hasbro
: Up to 65% off, with additional 50% discount vouchers applicable between 12am to 2am. Up to 60% off and extra 50% discount voucher for the rest of the day.

Lego
: Up to 25% off between 12am to 2am, and up to 15% discount all day. Exclusive birthday deals available for selected products.

Healthcare & Pharmacy

Dettol
: 25% discount vouchers applicable between 12am to 2am, with free gifts. Special price for bundle purchases during flash sales and exclusive birthday deals throughout the day.

Guardian
: Up to 70% off on items from various categories, with additional RM18 discount voucher applicable between 12am to 2am.

Watsons
: Up to 70% off on selected products, and up to RM107 discount (with minimum spend) between 12am to 2am.

Caring
: Up to 10% off on selected products between 12am to 2am.

Chemist Warehouse
: 50% discount voucher with minimum spend RM200, capped at RM100 applicable between 12am to 2am and 8pm-11:59pm for specific products only. 30% discount voucher with minimum spend RM200, capped at RM60 applicable all day.

Beauty Products

Bobbi Brown
: Free 3-piece gift worth RM50 with every order. Free full-sized Extra Lip Tint worth up to RM132 with every order above RM250.

Kinohimitsu
: Savings of up to 50% on selected items throughout the day, with additional 15% discount vouchers and free gifts between 12am to 2am.

Laneige
: 20% off storewide with additional 5% discount voucher between 12am to 2am. Free gifts available for every order. 18% discount vouchers and exclusive gifts after 2am. Save up to 51% on selected set purchases.

L’Oreal Paris
: Up to 45% off on selected products between 12am to 2am, with exclusive gifts worth RM120 and free shipping all day.

Innisfree
: 15% savings on storewide purchases between 12am to 2am, with additional 15% discount voucher, and exclusive free gifts worth RM155. Special buy 1 free 3 offer on selected items and bundles.

Garnier
: Up to 45% off on selected products between 12am to 2am, including twin packs and product sets. Free gifts available. Exclusive launch of the new
Garnier Light Complete Super UV Matte Finish
 with 15% discount.

Kose
: RM20 discount voucher with minimum spend of RM250. Up to 13 pieces of free gifts between 12am to 2am. Launch of new product Sekkisei Clear Wellness refills, and discounts on selected Kose product sets.

Sports & Lifestyle

New Balance
: Up to 60% savings during the Crazy Brand Mega Offer sale (12am to 2am). 51% discounts applicable storewide, with additional RM10 discount vouchers to use on selected products.

Nike
: Up to 50% off on selected products, with additional discount of up to 25% when you buy two or three items – applicable between 12am to 2am.

Adidas
: Up to 50% off for storewide purchases, and additional discount of up to 40% when you buy multiple selected items – applicable between 12am to 2am.

Converse
: Up to 60% discount between 12am to 2am, with additional 10% or 15% discount if you buy two or three items, respectively.

Royal Sporting House
: Savings of up to 75% on selected items, with an additional 9% discount voucher with no minimum spend between 12am to 2am.

Sports Direct
: Up to 65% off between 12am to 2am, with additional 20% discount voucher. There is also an extra 10% all-day discount.

Optimum Nutrition
: Up to 40% off on selected products between 12am to 2am. Additional 12% discount vouchers for selected products as well.

Fossil
: Up to 60% off on selected watches, smartwatches as well as bags.

Bata Crazy Brand Mega Offer
 sales (12am to 2am) with up to 60% off on selected products, and 25% discount with no minimum spend. All-day promo also provides 60% discount on other items, along with additional 20% discount vouchers and combo promotions of up to 35% off.

Clarks
: Up to 65% discount, with an extra 10% off and an RM20 discount voucher – applicable between 12am to 2am.

Electronics/Electrical Appliances

Apple
: Exclusive discounts up to RM200 off for items such as the
iPhone 12 Pro Max
,
iPad 7
th
 and 8
th
 Gen
, and
MacBook Pro 13
.

Samsung
: Exclusive promotions between 12am to 2am for
Galaxy Note20 (RM300 discount)
 and
Galaxy M02 (RM100 discount)
. Flash sale offers of up to 43% off, along with discount vouchers of up to RM600 for Samsung televisions and RM50 for other selected items.

Samsung Galaxy S21 Ultra
: Tesco is offering the flagship Galaxy S21 Ultra 256GB at RM4,599 (RRP: RM5,299) from 12-2am only. Combine the promo price of RM4,999 with the special 10% discount voucher capped at RM400. Available for both
Silver
 &
Black
 colours.

Xiaomi
: Special price for products such as
Redmi Note 9
,
Redmi 9A Smartphone
,
Redmi Note 10
,
POCO X3 NFC Smartphone (RM200 discount)
, and
POCO M3 Smartphone
 between 12am to 2am.

OnePlus
: Exclusive flash sale of items such as the
OnePlus 8
,
OnePlus 8 Pro
, and
OnePlus Nord N10
 – some only available between 12am to 2am.

Western Digital
: Up to 50% off storewide during the Crazy Brand Mega Offer sale (12am to 2am), with additional RM90 discount vouchers (minimum spend RM1,000) on a huge selection of hard disk drives and SSDs. Additional 8% discount voucher applicable storewide with minimum spend of RM100.

Baseus
: Up to 90% off storewide. Additional discount vouchers of up to 50% during 12am to 2am only. 10% discount and free gifts for storewide purchases after the Crazy Brand Mega Offer sale.

Logitech
: 15% discount voucher applicable storewide from 12am-2am, capped at RM100, on top of special discounts on computer mice, keyboards, speakers, work-from-home equipment such as webcams and headsets, and gaming peripherals.

Bosch
: Up to 69% savings between 12am to 2am, with additional RM15 storewide vouchers (minimum spend RM150).

Senheng
: Up to 50% discount for selected products, with additional RM99 discount voucher applicable between 12am to 2am. There are also all-day discount vouchers of up to RM100.

Tefal
: Exclusive bundle deals with additional discount vouchers up to RM129 off only applicable from 12am-2am. Other all-day discount vouchers worth up to RM100 available.

Dyson
: Savings of up to RM650 on selected products between 12am to 2am, with additional RM150 & RM400 discount vouchers available.

Microsoft Surface Pro: Up to RM500 special discount for
Microsoft Surface Pro 7
 with a minimum spend of RM2,000 during the same period. Combine with 10% discount voucher capped at RM400, available at Tesco.

***

For more sales and offers, head on to the
Lazada Birthday Sale main page
.

As you check out the above deals come 27 March, don’t forget to also maximise the benefits that you can get during your shopping spree by using the
best credit cards for online shopping
. With this, you’ll be able to earn – whether via cashback or reward points – even as you spend. Happy birthday, Lazada, and thank you for the discounts!

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Dove

Drypers

Dynamo

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Lipton

Longform

MacBook

Maggi

Mamil

MamyPoko

Milo

Nakada

Nescafe

Nestle

Nestum

New Balance

Nike

OnePlus

OnePlus 8

OnePlus 8 Pro

OnePlus Nord N10

Optimum Nutrition

P&G

Pediasure

POCO M3 Smartphone

POCO X3 NFC Smartphone

Protex

Redmi 9A

Redmi Note 10

Redmi Note 9

Royal Sporting House

Samsung

Samsung Galaxy M02

Samsung Galaxy Note 20

Senheng

Signature Market

Softlan

Sports Direct

Starbucks

Sunlight

Tefal

Tesco

Thule

Unilever

Vinda

Watsons

Western Digital

Xiaomi

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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Budget 2020 Malaysia: Better Job Opportunities Under Malaysians@Work

The government is introducing a new initiative called Malaysians@Work (#MalaysiaKerja). The initiative is aimed at providing better job opportunities for youth and women, as well as reducing over-dependency on foreign labour for lower-skilled jobs.

Malaysians@Work is divided into four separate programmes based on their intended target groups – graduates, women, locals, and apprentices. With the exception of the scheme for apprentices, all of the Malaysians@Work initiatives will be managed by the Employees Provident Fund (EPF). Thus, the incentives offered will be entered into each employee’s EPF account each month.

Graduates@Work

Aimed at graduates who have been unemployed for more than 12 months.

These graduates who manage to secure work will receive a wage incentive of RM500 per month for 2 years.

Their employers will receive a hiring incentive up to RM300 per month for each new hire for 2 years.

Women@Work

Aimed at providing 33,000 job opportunities per year for women who have stopped working for a year or longer and are between 30-50 years old.

These women who return to the workforce will receive a wage incentive of RM500 per month for 2 years.

Their employers will receive a hiring incentive of up to RM300 per month for 2 years.

The current income tax exemption for women returning to work after a career break will be extended for another 4 years up until 2023.

Locals@Work

Aimed at incentivising the shift away from low-skilled foreign workers to prioritising local labour by equalising the cost of hiring.

Malaysians who are hired to replace foreign workers will receive either RM350 or RM500 per month (depending on the sector) for 2 years.

Their employers will receive a hiring incentive of up to RM250 per month for 2 years.

Apprentice@Work

Aimed at encouraging more youth to enter TVET courses.

Trainees on apprenticeships will receive an additional RM100 per month on the existing allowance.

Companies participating in the Skim Latihan Dual Nasional (SLDN) will get a double tax deduction on expenses incurred for another 2 years.

The double tax deduction currently given to companies undertaking Structured Internship Programmes (SIP) approved by TalentCorp will be expanded to include students from all academic fields, not just engineering and technology.

The government believes that Malaysians@Work will enable unemployed Malaysians to gain the necessary skills and capabilities with on-the-job training and increase the overall employment retention rate. The programme will cost RM6.5 billion over 5 years and is expected to create an additional 350,000 jobs for Malaysians, as well as reduce foreign workers dependency by more than 130,000 workers.

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Freelancing vs Part-Timing: Which is the Best Alternative to Full-Time Work?

If you are about to hand in your permanent-job badge and look for something more in the way of fewer working hours and greater flexibility, then you’re probably thinking of getting part-time job or even freelancing.

Between the two, which do you think has a better outlook? Let’s review the advantages and disadvantages of both freelance and part-time positions:

Freelancers

Directly offering your skills, talent, effort, and time to clients and customers is one way to go about working
without having to be employed full-time
. But how does it compare to working part-time?

Advantages

High Income Possibility:
 Earning possibilities mimic that of sole proprietors in that you are essentially running a small business. This means your money-making capabilities have no ceiling, i.e. you could make a lot by freelancing, sometimes way more than if you applied the same skills to a steady employer.

No Office Politics:
 Once you are
armed with strong savings
, you can actually get out of negative work relationships relatively easily by declining future projects from certain clients. This is why there is a ‘free’ in freelance after all.

Flexible Work Schedule:
 Since freelancers manage their own schedules, their work-life balance can be better managed. In fact, this is probably one of the most advertised reasons for why millennials get into freelance positions.

Disadvantages

No Automatic Coverage or Benefits:
 Freelancers lose out on corporate benefits such as medical compensation, employer contributions to the Employees Provident Fund (EPF) or SOCSO and the like. They don’t have the benefit of claiming medical leave and still receiving a paycheque at the end of the month.

Riskier Income:
 Just like running a sole proprietorship or any other business, there are no guarantees of income with freelancing – no steady paycheque and no assurance that clients will pay as promised. Yes, you can definitely earn more while freelancing, but you have to work a lot harder to get there.

Part-Timers

The close cousin to working full-time, and
the first jobs
 of many young Malaysians out there post-SPM. You can definitely continue earning steady cash long afterwards of course, but how does it stack up against freelancing?

Advantages

Benefits and Coverage:
 If as a part-timer you earn less than RM1,500 (and work 70% fewer hours than a full-time employee), the Employment Act states that you are still entitled to EPF and SOCSO contributions by employers.

In addition, you should also be eligible for annual leave, public holidays, sick leave and overtime compensation. Some companies may still
offer such benefits
 even if you draw a higher wage.

Fixed and Guaranteed Income:
 Wages earned are typically fixed like a salary. Also, they face fewer risks than freelancers in terms of having a predictable income and when contracted; companies are liable to uphold payments. Part-timers can also seek compensation owed through labour services if employers fail to pay wages.

Disadvantages

Less Flexible Work Schedule:
 Typically, this group of workers have the same accountability as permanent employees, which include specified work hours, lunch breaks and the like.

Coworkers:
 You can’t
drop a disagreeable client or boss
 when you are employed, even if it is just part-time. If you’ve been contracted to work 4-days a week under a difficult superior, office-politicking colleagues and a generally uncomfortable work environment – you’ll likely spend it counting the days to your next position.

There’s a lot to think about if you’re choosing which of these two routes to go with, and we hope this comparison can help you make a more informed decision. Which one do you think is better? Let us know in the comments section down below!

Making an attractive side income with freelancing or working part-time? Be sure to put your hard-earned cash somewhere safe and where it can grow, like a high-interest Fixed Deposit account. Visit our
comparison page
 to find one that suits your needs.

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Maybank Enables Secure2u As Preferred Method To Authorise JomPAY And FPX Transactions

(Image: Maybank)

Maybank has said that it is enabling its Secure2u feature as the preferred authorisation method for JomPAY and FPX transactions as of 6 December 2022.

With this latest update, the verification arrangement for the two transactions will be implemented as below:

Transactions
Secure2u
SMS TAC
JomPAY
Yes
No longer available
FPX payments
Yes (newly enabled)
Yes

This move is the latest step taken by Maybank in its effort to
gradually migrate from SMS TAC and OTPs
 to a more secure verification method, as
directed by Bank Negara Malaysia (BNM)
 back in September 2022. Prior to this, Maybank had already enabled its Secure2u verification method for numerous other transactions and banking activities, including
first-time favourite transfers and the addition of new favourites
.
Third-party (Maybank to Maybank) and interbank GIRO (IBG) transfers (regardless of amount)
, too, are to be verified using Secure2u.

In its notice, Maybank also stated that new customers who have yet to activate their Secure2u feature should do so on the MAE by Maybank2u (MAE) app, since all
Secure2u activations have now been permanently moved from the older Maybank2u app to MAE app
. This is as the bank plans to
phase out the Maybank2u app eventually
, leaving MAE app as its sole mobile banking app.

Additionally, do be aware that there will be a 12-hour activation period when you enable Secure2u on the MAE app for the first time, or on a different device – so be sure to do this when you’re not in a hurry to perform any transactions! This is yet another safety feature that was introduced under BNM’s recent directives.

Meanwhile, those who are already using Secure2u on the Maybank2u app can continue to approve transactions as usual. “However, we highly recommend making the switch to the MAE app as it has all the M2U features and more,” Maybank further emphasised.

If you are uncertain as to how to activate Secure2u on your MAE app, the process is actually quite straightforward, as you can see in this video guide here:

Alternatively, you can email Maybank at
[email protected]
 if you find yourselves in need of further details or assistance. Do also check out
Maybank’s Secure2u page
 for updated information.

(Source:
Maybank
)

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Alex Cheong Pui Yin

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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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Go On a Power Holiday with MBF Credit Cards

MBF Cards is offering cardmembers power holiday packages across Malaysia, Thailand and Singapore. Rejuvenate yourself in Impiana Hotel, Perak for as low as RM198 nett for 2D/1N or escape to the tranquil beaches of Chaweng Noi Koh Samui for 3D/2N at RM834 nett.

Check out MBF’s
promotional site
 for more exciting destination packages.

This promotion is valid till 30 June 2013 and
Terms & Conditions
 of may vary according to package. Please note that there may be additional surcharges for bookings made on weekends and/or public and school holidays. Offer(s) are redeemable through vouchers which will be will delivered to the cardholder in 7 days from the approval date.

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Personal Loans - things you need to know

Glancing through our archives we’ve noticed that we’ve churning out quite a few pieces on personal loans deals and promos without stopping to think that somewhere out there is a segment of our readers who may not even understand what personal loans are all about.

It may be shocking to read but there a lot of people out there who are unfamiliar about personal finance management but are afraid to ask. Of course in today’s knowledge driven economy it’s absolutely understandable. Nobody wants to feel stupid by asking about stuff that seems so basic.

Us guys at RinggitPlus totally get this, that’s why to get you started on the fast track to financial freedom we’ve compiled a mini-introduction to personal loans.

Personal Loans – What’s It All About

To put it simply, personally loans are money you can ‘borrow’ from a financial institution at an agreed interest rate which you will be able pay back slowly in a few years. People use these types of loans for a variety of pursuits: buying a car, paying for uni fees, making your dream wedding come true, ordering a Siberian Husky off eBay, anything really as long as it’s not for business purposes.

There are two kinds of personal loans:

Secured personal loans
: These loans come with a guarantor or collateral in the form of a property or land attached. Should the loan applicant fail to make his payments the bank has the right to seize the collateral or shift responsibility of payment to the guarantor. Secured personal loans are usually made by individuals who do not have good credit history but it can also be used to secure interest rates much lower than industry standards.

Unsecured personal loans
: These are more common and do not require the applicant to put up any collateral or guarantor. Unsecured personal loans generally take less time to approve and hassle free as you can apply for it online. The downside of this convenience is a higher interest rate.

Which One is Better for Me?

Unfortunately there is no one right or wrong answer for that. It really depends on your financial standing and reasons for getting a loan. If you are in need of emergency cash to fix your roof and are sure you will be able to pay it back in a couple of years then an unsecured personal loan is your best bet.

But if you’re a fresh grad for example who has been bumming for the past three years since you graduated and in need of a car to get to work then getting secured personal loan with mom and dad in tow might be a safer choice.

Some really smart and experienced people opt for loans even though they can afford it. For instance, instead of dipping into your savings for a new car you could instead secure a car loan and keep your money for more fruitful investments.

Things To Look Out For

We’ve all been told repeatedly to read the Term & Conditions carefully, but frankly the way those things are worded it’s not surprising that so many people are still clueless when it comes to our personal finances. When in doubt a simple phone call or face-to-face with a bank officer might help. The downside to this is that he/she might spout out a slur of bank jargon and terms and this can be very intimidating. The good news is that by learning a few common key words you can ask specific questions and actually get information that is relevant to your needs.

Per annum (p.a.) – The amount of interest rate you will be charged per year for the duration of your loan. For example a RM10, 000 loan at 11% p.a. rate stretched out over five years will amount to RM5, 500 in interest charges which means you will have to pay back RM15, 500 in the course of five years. As you can see the longer it takes to settle your loan the more you will have to pay.

Principal – The initial amount of money that you loaned. Going by the example above the principal amount would be RM10, 000.

Tenure – The number of years you are expected to pay back your loan. The longer your tenure the more interest you have to pay.

Installment – The amount you have to pay each month. This is calculated based on the your initial loan plus interest divided by the number of months in your tenure.

Default – In banking terms it means that a person has failed to pay their monthly installment. This is a scenario we want to avoid.

Penalties – In the event that you are unable to make your monthly installments you will be penalized with additional charges. Most banks apply a 1% penalty but always check beforehand!

Making the Best Out of Your Debt

You must be feeling a whole lot more confident right now. As you can see, personal finance is not that hard once you strip off the convoluted language and terms. Now that you’ve got the basics down pat you should know that on top of the loan you are entitled to a few additional perks as well. The benefits vary from bank to bank but the most important thing to remember is that they all want your money so go on out there and exercise your right as a consumer and make them work for it!

Examples of extras you can squeeze out of your loan provider:

Cashback rebates – Some banks offer cashback if you have been good and been keeping up with your monthly payments.

Free gifts – Watches, mobile phones, and discount coupons are just some of the things they like to throw at us to get us to sign on.

Insurance coverage – These are optional and are not completely free of charge but it’s nice to have options.

Points reward system – Like points you accumulate with your credit card but this is based on your loan amount.

Service fee waivers – A lot of banks are trying to attract customers by absorbing the cost of processing fees. Some are even bold enough to promise lower interest rates should they fail to contact a customer within 48 hours.

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Is Malaysia Ready to Go Cash-Free?

A Cash-Free Future

Think about the last time you carried a wad of cash to go shopping –we’re willing to bet that it’s been a while. Nowadays, all you need is to pack plastic; a debit or credit card and only a bit of spare cash, just in case. Even mobile payments are catching on with offline merchants.

Going cashless is relatively safer, convenient and what’s more, every cent spent can be tracked. Furthermore, without cash at checkout points, fewer errors can be expected where cashiers incorrectly return change.

But still, even with all these positive points and a push from
Bank Negara Malaysia
, are we really ready to go completely cash-free? To answer this question, let’s first look at our cashless options:

1. Bank Cards

Debit, credit and prepaid cards are the most commonly accepted and used cashless payment options in Malaysia. In recent years, debit card usage has spiked, with approximately 44 million.pdf) cards (as of 2013) in circulation. This means that when compared to the population in the country, about 1.5 debit cards has been issued for each person.

2. Mobile Transactions

Online merchants have equipped remittance systems to allow for checkouts and payment from smartphones. Even local offline merchants have incorporated mobile banking facilities as well, although in smaller numbers.

3. Contactless Payments

New tech has equipped payment cards and smartphones with contactless payment features such as Visa payWave and
MasterCard® Contactless
. These features speed up the checkout process; sans the need to count coins and paper money. It’s also rather convenient as you don’t have to run to the ATM as much to withdraw cash for small payments.

4. Prepaid Cards

Cards preloaded with cash like the
Touch ‘n Go Zing card
 can be used for more than just highway tolls (which is to go
fully cashless by 2018)
. Use it to pay for “public transport, carparks, petrol, retail chains, restaurants and healthcare”.
Visa
 and
MasterCard
 prepaid cards are also available for use at many more merchants.

5. Virtual Money

Digital currency and Cryptocurrency such as Bitcoin are not recognised as legal tender in Malaysia just yet, but locals are still using it. A
petrol station
 in Jalan Raja Chulan started accepting bitcoins for payment in 2014, in addition to a
VPN service
 and
boutique café
 in Taman Tun Dr Ismail.

Barriers to a Fully Cashless System

Even while all these payment options are available to Malaysians, there are a couple of obstacles that need to addressed before we can truly go cashless.

Not Accepted Everywhere

At present, the cashless option as a payment method isn’t available everywhere. Have you tried paying for your
teh tarik
 and
roti canai
 at the local
mamak
? It probably won’t work. Apart from these small-scale operators, even certain fast-food joints, convenience stores and health clinics are still only accepting cash.

In fact, usage of cashless options appears to be focussed in city areas and within larger retail establishments.

Thus, even if Malaysian consumers are equipped with cashless payment articles;
vendors and merchants
 will need to adopt the system before we fully (or mostly) go cashless.

A Cash Mindset and Trust Issues

While it appears that the majority of Malaysian consumers are embracing cashless systems, it is possible that usage is confined mostly to those in the capital, major cities and towns.

Denizens of rural areas and outskirts of Malaysia are still very much dependent on cash. And even as numerous cashless payment options are available, changing mind sets and addressing trust issues
apparent
 with cashless systems is going to take time.

Riding the Cashless Wave

If you’re ready to join the cashless world, note that one of the best cashless options currently available is still your credit card. This is because it has numerous fraud protection protocols in place, especially when shopping with overseas online merchants and is often accompanied by special perks.

If you don’t already have one or are simply looking for a better card, do head on over to our
comparison page
 to find the best credit card for your needs.

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BNM: Malaysians May Deplete Retirement Savings 19 Years Before Death

(Image: The Malaysian Reserve/Razak Ghazali

Bank Negara Malaysia (BNM) has cautioned that the retirement savings of an average Malaysian may likely dry up 19 years before their deaths. Given this forecast, it is crucial for the country to implement several “immediate priorities” to remedy the situation, as drafting social reforms to address the matter will require a longer timeframe.

In its Economic & Monetary Review 2022, BNM laid out how it came to the conclusion, stating that prior to Covid-19, the median savings for retirees aged between 51 to 55 years old can usually hold out for approximately five years. Following the numerous Covid-19-related withdrawals, however – which caused the
median savings of certain segments in the society to drop drastically
 – the savings will now only last them around three years.

To further complicate things, average global life expectancies are also expected to increase, rising to above 77 years old by 2050, as indicated by a
United Nations study in 2022
. These facts all add up to contribute to BNM’s belief that the average Malaysian will deplete his or her retirement savings 19 years before their deaths. As such, it has suggested several shorter-term policies that can be implemented immediately to help rebuild the resilience and adequacy of the people’s retirement savings in a post-pandemic landscape.

BNM’s first idea involves the ringfencing and reinvestment of retirement funds to lengthen the accumulation stage, which it says, “needs to be urgently instituted”. “This involves reinvesting a portion of savings that would otherwise have been withdrawn upon the withdrawal age, thereby extending the accumulation period,” said BNM, adding that Employees Provident Fund (EPF) members in the B40 income group (aged between 50 to 54) can potentially gain up to an additional RM36,800 savings if they defer withdrawals and continue contributing up to the age of 60.

Aside from that, BNM also proposed enhancements to old-age social safety nets (usually in the form of targeted cash assistance programmes) to ensure that the basic needs of retirees are taken care of. In Malaysia, approximately 19.5% of individuals aged 60 and above are already receiving old-age benefits; this percentage is only expected to grow with
Malaysia slowly becoming an aging society
. To support this potential development, BNM said that the government must enhance the adequacy and reach of Malaysia’s old-age safety nets.

“Adequacy can be enhanced by ensuring that assistances are linked to standard of living measures. For example, the minimum pension for public sector employees at RM1,000 per month could be used as a benchmark for cash assistance, similar to how it is used by EPF as the basis for Basic Savings. The reach of programmes can be widened by consolidating assistances towards a single flagship programme (such as Sumbangan Tunai Rahmah), thereby maximising ease of access,” said BNM.

(Image: Malay Mail/Yusof Mat Isa)

Yet another suggestion by BNM is to tap into old-age productivity and social mobility to enhance income. This revolves around crafting suitable job opportunities for senior individuals who may want to work again. At present, BNM said that there is a lack of suitable occupations for such individuals as there is low employment demand for old-age workers. Some initiatives that can be implemented immediately include providing contract hiring incentives, as well as leveraging on existing platforms such as myFutureJobs.

BNM’s final proposal is to ensure that comprehensive social protection data is made readily available to all relevant parties so that policy intervention can be carried out in a timely manner. The central bank specifically pinpointed the informal sector of the Malaysian workforce as a segment that will benefit from this. At present, information gaps exist in the informal sector because current social security arrangements and data are only captured via formal employment. Capturing data on informal and gig workers will allow the government to better assist them with boosting their retirement funds.

(Image: Malay Mail/Hari Anggara)

“As a start, automatic registration of all 18-year-olds into EPF and Social Security Organisation’s (SOCSO) databases can be explored. This is in line with the government’s pursuit of building a harmonised social protection database (Pangkalan Data Perlindungan Sosial – PDPS),” said BNM.

Ultimately, BNM acknowledged that reforming the old-age protection system is a broad and highly complex policy challenge for Malaysia; it needs to be addressed over a longer time frame as most of its obstacles encountered are structural in nature, such as the
country’s low wage structure
. However, it stressed that shorter-term policies can be executed in the meantime to address urgent needs.

“It is worth emphasising that these enhancements are no substitute for necessary long-term economic reforms that can raise current income levels. A labour market underpinned by robust productivity and high financial literacy are vital complements for a better pension system. Therefore, enhancements over both short- and long-term horizons are needed concurrently to ensure continued strengthening of the economy, supported by an effective social protection system,” the central bank said.

(Source:
BNM
)

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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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    Engineer

    5 months ago

Increase the retirement age. Simple obvious solution.

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EPF Adds Five New Platforms To Its i-Invest Investment Facility

(Image: The Star)

The Employees Provident Fund (EPF) has added another five platforms from six Fund Management Institutions (FMIs) to its self-service online investment facility, i-Invest. These additional platforms are expected to provide EPF members with more flexibility when they perform Members Investment Scheme (MIS) transactions through the facility.

According to the EPF, the new platforms are from the following FMIs:

Affin Hwang Asset Management Bhd

Kenanga Investors Bhd

RHB Asset Management Sdn Bhd (which shares its platform with RHB Islamic International Management Bhd)

Hong Leong Asset Management Bhd

TA Investment Management Bhd

With the addition of these five new platforms, there are now a total of 10 platforms directly connected to i-Invest. Prior to this, i-Invest had offered five pilot platforms from Amanah Saham Nasional Bhd, Eastspring Investments Bhd, Manulife Investment Management Bhd, Principal Asset Management Bhd, and Public Mutual Bhd.

“FMIs without their own platforms offer investment products on i-Invest through the two appointed Institutional UTS Advisers (IUTAs), which are iFAST Capital Sdn Bhd and Philip Mutual Bhd,” added the EPF. IUTAs are registered corporations that are authorised to market and distribute unit trust schemes of another party.

The agency further reassured that the FMIs listed are required to comply with strict guidelines to safeguard the integrity of the investment schemes offered to its members. This also ensures that FMIs carry out their duties ethically and with competence.

(Image: Majalah Labur)

To recap,
i-Invest was launched in August 2019
 as a digital platform that allows members to invest their EPF savings into unit trust funds from approved FMIs, directly from their EPF i-Akaun portal. Members can also conveniently transact and monitor their investments anytime and anywhere through the platform. Moreover, i-Invest enables members to compare the unit trust funds available, gain a consolidated view of their existing investments, as well as assess other vital information and historical performance data related to investment funds that are on offer.

As of 30 April 2020, i-Invest has recorded about 25,000 transactions worth RM219.3 million. The EPF also reminded that members investing through i-Invest will not be charged any upfront fee by FMIs for 12 months starting from 1 May 2020, making this a good opportunity to diversify their retirement portfolio at a lower cost.

(Source:
Employees Provident Fund
)

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Maxis Upgrades Postpaid Plans, Offers Up To 40GB Extra Data For Free

(Image: Nikkei Asian Review)

Maxis has announced that it is boosting its existing postpaid plans with up to 40GB data at no extra cost, and removing the weekend/weekday data split as well as data sharing for relevant plans. The upgrading process is slated to take place between 4 to 10 June 2020.

Virtually all of Maxis’ existing postpaid plans will enjoy this round of data upgrades. One highlight will be the Maxis Postpaid 98 plan, where subscribers will enjoy 50% more data after the upgrade. Plus, Maxis is also doing way with the all-day and weekend split quotas.

Other plans in the upgrade include Maxis Postpaid 108 and 128 – both of which will enjoy an increase of 20GB data – as well as Maxis Postpaid 158 and 188 with an extra 30GB and 40GB, respectively. The Maxis Postpaid 68 plan that is exclusive only to Sabah and Sarawak and the Tablet 28 Plan, too, will see an extra 15GB and 20GB data each.

Meanwhile, the Maxis Postpaid Share 48, which is a sharing plan for supplementary lines, will also be revised to offer a higher data quota to its lines. At present, each supplementary line under this plan gets 10GB of data that contributes to a data pool that is shareable with family members and across devices, plus 10GB personal data that cannot be shared. After 4 June, you’ll get to enjoy 30GB of all-day data instead.

According to Maxis, existing customers will be notified via SMS once the upgrade is done. New customers can also get to enjoy these enhanced plans from 4 June onwards.

Note that you will not be able to change the share limit for share lines or switch rate plans during the upgrade period. The upgraded data will also not be prorated, which means that you’ll receive the full quota after the process has been completed.

(Source:
Maxis
)

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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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