Hi WEALTH & RinggitPlus Announce Partnership To Help M40 Through Financial Education

Hi WEALTH is pleased to announce a strategic partnership with RinggitPlus to help the Malaysian middle-class (M40) with financial planning fundamentals.

In this partnership, RinggitPlus will offer their expertise and fintech products in personal financial planning to Hi WEALTH’s community. “The unprecedented nature of the COV-19 pandemic on the economy has resulted in the loss of jobs, salary cuts, and lesser sales income. Therefore, it is now more important than ever for Malaysians, particularly the M40, to be educated on financial planning to ensure continuous survivability and sustenance with the proper technique and tips to manage cash flow, debt, risks, and investments,” said Hann Liew, Co-Founder of RinggitPlus.

Radzi Tajuddin, Co-Founder of Hi WEALTH, shared Hann’s view. “The COVID-19 pandemic has unfortunately exacerbated income inequality in Malaysia. As a result, 600,000 households of M40 have slipped into the B40 due to loss of jobs and reduction of incomes. Hi WEALTH is created to help the M40s improve cash flow, and financial planning plays a big role,” he said.

According to the National Economic Action Council (NEAC), more than 600,000 households from the middle 40% (M40) income group have slipped into the bottom 40% (B40) category in 2020. Against the country’s 7.28 million households, as reported by the Statistics Department for the year 2019, this represents at least 8% of households that have seen incomes drop below the B40 income maximum threshold of RM4,850 a month.

“Through Hi WEALTH, we want the M40s to do more with their money. One of the best ways to do that is to make their money work through astute financial planning and smarter investing in multiple asset classes,” Radzi explained.

“When compared with other courses, RinggitPlus offers financial planning courses that are proven with practical techniques that Malaysians, including the M40 can use to immediately improve their financial wellbeing by avoiding making any mistakes that have severe adverse impact on their financial position as well as making their finances work better for them,” said Hann.

In Hi WEALTH, every participant will be getting two RinggitPlus financial planning services comprised of the following:

RinggitPlus Financial Planner Lite
: A customised 1-on-1 digital financial planning session that helps the participants understand their financial position and receive a financial recommendation.

RinggitPlus Academy Plus
: A comprehensive course covering key financial planning content such as setting goals, budgeting, investment, risk management, insurance/takaful management, retirement planning, and estate planning.

Hi WEALTH is currently opening registration for the second batch until 24 July 2021. The programme received an overwhelming response during the registration period for the first batch last June, clocking over 1,000 registrants in just three days. The registration takes place at
Hi WEALTH’s official website
.

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Jacie Tan

Jacie Tan

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Samsung Unveils Galaxy S21 Series: Here’s All You Need To Know About Pre-Orders For Malaysia

Samsung has fast-tracked the launch of its new Galaxy S series of smartphones with the new Galaxy S21, Galaxy S21+, and Galaxy S21 Ultra. On top of that, the South Korean giants has also announced two new accessories: the Galaxy Buds Pro and the Galaxy SmartTag, an interesting new product.

There’s a lot to cover with the three devices, so let’s jump straight to the main highlights. The S21 series feature a familiar design that’s enhanced by the new “Countour Cut” camera housing, which seamlessly blends into the phone’s metal frame. This housing is also made from metal, which means it’s more durable than the older generation’s glass housing. Depending on the colourway, you could even get colour-contrast variants which looks neat.

The S21 series will also be the first from Samsung to omit the inclusion of a charger and earphones in the box. Taking a leaf out of Apple, the environmental considerations meant the only standard accessory to come in the box is a USB Type-C cable. It’s highly likely more brands will follow suit.

Now, on to the nitty gritty of the devices.

Samsung Galaxy S21 Ultra

The biggest and baddest of the lot, the Galaxy S21 Ultra picks up where the Galaxy S20 Ultra left off, with next-level specs lives up to the “Ultra” moniker. Powered by the brand new Exynos 2100 processor that appears to bridge the gap with the Qualcomm Snapdragon chipsets, it’s also the first flagship Samsung smartphone to feature
two
zoom lenses: one set at 3x, and the other at 10x. Combined with the massive 108MP main sensor (now in its second-generation) and a 12MP ultra-wide sensor, it looks like the S21 Ultra may have of the most flexible and adaptive rear camera setups in the market.

Just like the S20 Ultra, the S21 Ultra packs plenty under the hood. Accompanying the Exynos 2100 chipset is either 12GB of RAM with 256GB of storage, or a massive 16GB of RAM with 512GB of storage. There’s no expandable storage this time around, however (though one could argue the need for one given the laptop-level storage). There’s a 5,000mAh battery for all-day battery life and more, and ultra-fast charging for both wired and wireless when you need it.

The S21 Ultra’s 6.8-inch display has also been given a much-requested upgrade to offer both WQHD resolution at super-smooth 120Hz, which wasn’t possible in the S20 series. Like the futuristic Galaxy Z Fold 2, the adaptive smoothness goes from 10Hz up to 120Hz, which promises better battery life. On top of the class leading display technology, Samsung is also introducing Eye Comfort Shield, an AI-powered feature that intelligently tweaks the blue light filter to reduce eye fatigue.

Interestingly, the S21 Ultra will also include support for an S Pen. A Galaxy Note staple, the S Pen here is an optional accessory, but will offer some of the most popular feature you’d normally find on the Galaxy Note, including Air Command. There will be two variants, a standard model and an S Pen Pro, and will be sold separately.

Samsung Galaxy S21+

The middle child of the series, the S21+ aims to offer premium flagship experience without breaking the bank. It’s powered by the same Exynos 2100 processor, but packs 8GB of RAM and a generous 256GB of storage. The battery capacity is almost as large as the S21 Ultra at 4,800mAh, and has the same ultra-fast wired and wireless charging capabilities.

As for the display, the 6.7-inch panel has some good and bad news. The good news is that it has a new adaptive refresh rate that dynamically switches between 48-120Hz depending on what is on the screen. It’s also got the new Eye Comfort Shield, but… the display resolution has been reduced from WQHD+ on the S20+ to FHD+ (2400 x 1080). Of course, the S20+ has a WQHD+ resolution, but didn’t support 120Hz at that resolution.

Finally, the S21+’s camera setup looks to be unchanged from the S20+. The front camera is a single 10MP dual-pixel sensor, while the back is a triple-sensor setup comprising a 12MP main sensor, a 12MP ultra-wide sensor, and a 64MP telephoto sensor.

Samsung Galaxy S21

Where the S20 variant from last year had noticeably specs, Samsung has done well to create the S21 to be more competitive, with hardware that is essentially similar to the S21+.

Most of the internals are similar between the S21 and S21+, including the processor, RAM and storage, as well as front and rear cameras. The only differences are of course the display, at a smaller 6.2-inch size but with the same FHD+ resolution, 120Hz refresh rates, and Eye Comfort Shield, as well as a smaller battery at 4,000mAh.

One big change, though, is on the outside: the S21’s back is made from polycarbonate, while the S21+ and S21 Ultra both have Corning’s new Gorilla Glass Victus. It’ll feel less premium, but the upside is less worry about your glass back catching scratches or cracks.

Samsung Galaxy Buds Pro

The Galaxy Buds Pro is the latest in Samsung’s expanding lineup of popular earbuds. A premium in-ear earphones, these AirPods Pro rivals pack plenty of new technologies that aim to provide a best-in-class experience in three areas: audio quality, active noise cancellation, and voice clarity.

Besides the hardware, Samsung’s placed a heavy emphasis on AI to assist with its unique Intelligent Active Noise Control that can block up to 99% of ambient noises, but disables it when it recognises you are having a conversation – before enabling ANC again when the conversation ends. AI is also heavily used to identify and isolate wind noises, intelligently countering wind noise frequencies to ensure voice clarify.

Samsung Galaxy SmartTag

A new Internet of Things (IoT) product, the Galaxy SmartTag (not to be confused with the Touch ‘n Go SmartTag we grew up with) is a nifty keychain of sorts that you can attach to your valuables. Its battery lasts for months, and the Bluetooth Low Energy and new Ultra Wide Band (UWB) technologies fitted within lets you track the Smarttag wherever it may be should it go missing, using the Samsung SmartThings Find app.

Samsung Galaxy S21 Pre-Order In Malaysia

As before, Samsung has wasted no time in opening the pre-orders for the Galaxy S21 family. Pre-orders have begun today at 1am and will go on until 28 January. The Galaxy S21 series and Galaxy Buds Pro and Galaxy SmartTag will all go on sale staring 29 January.

The retail prices of the products are listed below:

Galaxy S21 5G: RM3,699

Galaxy S21+ 5G:  RM4,299

Galaxy S21 Ultra: RM5,299 (256GB), RM5,899 (512GB)

Galaxy Buds Pro: RM799

Galaxy SmartTag: RM119

As usual, pre-orders will come with a set of freebies based on what you’re purchasing. Here’s the breakdown:

Galaxy S21 5G: Free Galaxy Buds Live (worth RM699) & Galaxy SmartTag (worth RM119)

Galaxy S21+ 5G: Free Galaxy Buds Live (worth RM699) & Galaxy SmartTag (worth RM119)

Galaxy S21 Ultra: Free Galaxy Buds Pro (worth RM799) & Galaxy SmartTag (worth RM119)

Interestingly, you could even get a free gift for pre-ordering the Galaxy Buds Pro: you get a choice of a Samsung Wireless Charger Pad worth RM239, or a Galaxy Buds Pro Strap Cover worth RM99.

Pre-orders can be made across a variety of channels, from Samsung’s official website, popular retailers such as Senheng, Harvey Norman, Best Denki, Courts, and Urban Republic, and all four major telcos (Celcom, Digi, Maxis, U Mobile).

You can also pre-order at the official Samsung stores in Shopee and Lazada. At the moment, the official pre-orders on
Lazada
 and
Shopee
 adds a third free gift: a cool
Samsung Wireless Charger Trio
 that can charge 3 devices simultaneously – this is
worth RM399
. Nevertheless, we expect more retailers to open their pre-orders in the coming days (possibly with more freebies!), so we’ll keep a look out for that and share the best ones with you.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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Lazada Revises Ability To Stack Different Types Of Vouchers, Effective Immediately

Lazada has unexpectedly revised its voucher stacking mechanics, where some types of vouchers and rebate codes can no longer be stacked for use in one purchase order. Effective immediately, this means that customers will now need to do some strategising when shopping in order to get best rebates possible.

If you’ve been shopping on Lazada for a while now, you’d know that the e-commerce platform offers several different types of vouchers and rebate codes that can be stacked to give you pretty generous discounts, especially during its monthly double date sale events. In fact, up until recent sale events – such as its
4.4 Jualan Raya Mega Lazada
 and 5.5 Jualan Kasih Berganda – shoppers were allowed to stack up to seven types of vouchers/rebates in a single order to save on their purchases: Lazada Bonus + Everyday Cashback voucher + platform voucher + bank voucher + store voucher + shipping fee voucher + LazCoins.

As of today, however, Lazada has made some revisions to this, unannounced, and now only certain types of vouchers and rebate codes can be used together in one purchase. Here’s Lazada’s list of vouchers – categorised as either collectible vouchers or code vouchers – and how they can be used going forward:

Categories
Types of vouchers
Details
Collectible vouchers
Platform vouchers
Platform vouchers
: Stackable with all other vouchers except code vouchers, gift card code vouchers, Everyday Cashback vouchers, and Lazada Bonus
Free shipping vouchers
: Stackable with all other vouchers except gift card code vouchers
Bank payment vouchers (including Mastercard and credit card-specific vouchers)
: Stackable with all other vouchers except e-wallet payment vouchers and code vouchers
Lazada Bonus
: Stackable with all other vouchers except platform vouchers

Store vouchers
Stackable with all other vouchers except code vouchers and gift card code vouchers

E-wallet vouchers
Stackable with all other vouchers except bank payment vouchers and code vouchers
Code vouchers
Code vouchers
Stackable only with free shipping vouchers, Everyday Cashback vouchers, and Lazada Bonus

Gift card code voucher
Stackable only with e-wallet payment vouchers, bank payment vouchers, Everyday Cashback vouchers and Lazada Bonus

Not included in this list is the
Everyday Cashback voucher
, which was introduced earlier this year for shoppers to earn cashback for future purchases via current orders. With the latest update, this particular type of voucher can be stacked with all other vouchers except for platform vouchers.

Undoubtedly, this update can be a bit overwhelming to take in, given the wide range of vouchers that are available on Lazada. So here’s an official table from Lazada’s Help Centre to give you a better overview of which vouchers can be used together in a single purchase order:

Understandably, shoppers will likely be most impacted by the inability to stack platform vouchers and code vouchers with various other selected vouchers or rebates. Regular Lazada customers, for instance, had particularly appreciated the ability to stack platform vouchers with Lazada Bonus and Everyday Cashback vouchers during double date sale events as it allowed for considerable savings – here’s a peek at how it works in an actual purchase:

While Lazada did not share its reasons for rolling out this update, it is not the only e-commerce platform to introduce limitations on how users can stack or use their vouchers. Shopee, in fact, had
revised its customers ability to stack certain types of vouchers
 back in mid-2022.

(Source:
Lazada
)

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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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Shopee Rolls Out Self Collection Option For Klang Valley Users

E-commerce platform Shopee has rolled out a new Self Collection shipping option that lets you pick up your purchases from a collection point that is convenient to you.

With this new feature, you will no longer need to worry about missing a delivery from Shopee because no one is at home or are around to receive it. Instead, you can request for your parcels to be sent to a collection point that is nearest to you, after which you can pick it up at your own convenience (within the operating hours of the collection point).

Currently limited only to Klang Valley users, the new shipping option allows you to collect your parcels from over 300 collection points, offered via three partner stores: Mail Boxes, Shopee Xpress, and ParcelHub.

To make use of this Self Collection feature, you will need to tap on “Shipping Option” at the checkout page when purchasing your items on the Shopee app. From there, select “Self-Collection”, after which you’ll be prompted to choose a collection point. You can key in your postcode or address to find the collection point that is nearest to you. You’ll also be required to key in your name and contact number before you can proceed to place your order.

Once your parcel arrives at the collection point, Shopee will send you both an in-app notification as well as a text message. It will also provide you with a six-digit PIN code, which you must present to the agent at the collection point to pick up your parcel.

Shopee’s FAQ for the Self Collection feature also clarifies that you can send someone else to collect on your behalf, as long as that person has the right PIN code, full phone number used to place the order, and the tracking number. Additionally, you are required to pick up your parcel within seven days after its arrival at the collection point, after which the order will be cancelled, and you will be refunded depending on the payment method used. For those who made multiple orders, you will only need to provide one of the multiple PINs sent to you to collect your parcels.

Note that the Self Collection option is still being rolled out in stages, so only selected sellers are currently able to offer this convenience. It will, however, eventually be made available for all sellers.

(Sources: Shopee [
1
,
2
],
Lowyat.NET
)

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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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UOB Is Discontinuing Its SMART$ Rebate Programme

UOB will be discontinuing its SMART$ rebate loyalty programme at the beginning of next month. Customers will no longer be able to enjoy SMART$ rebates from 4 September onwards and have until 4 October 2019 to redeem their remaining SMART$ rebates.

SMART$ is an instant cash rebate programme offered to most UOB credit or debit cardholders. When you use your UOB card at a participating SMART$ merchant, you earn points that can later be redeemed when making a purchase at a participating outlet. 1 SMART$ point is equivalent to RM1 worth of rebate, and you can make a redemption up to a certain percentage of your bill.

The SMART$ rebates is not to be confused with UNIRinggit, UOB’s ongoing rewards programme for
UOB PRVI Miles
,
UOB Preferred Platinum
, and
UOB Visa Infinite
 cardholders. UNIRinggit points are used to make redemptions from the UNIRinggit rewards catalogue.

Once the SMART$ programme stops running next month, UOB customers will still have other available perks like the UNIRinggit programme or
credit card cashback
 to benefit from their spending. For now, UOB cardholders should make sure to redeem any remaining SMART$ rebates they have accumulated as they will no longer be able to do so once 4 October arrives.

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Jacie Tan

Jacie Tan

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BSN Launches New BSN Visa Cash Back Credit Card, Offers Up To 5% Cashback

Bank Simpanan Nasional (BSN) has launched a new credit card called the BSN Visa Cash Back credit card, which provides cardholders with up to 5% cashback when they spend on groceries, dining, and petrol. The card is a tiered cashback card, allowing you to reap more than RM45 cashback each month if you do maximise its benefits.

To qualify for the 5% cashback rate for the three categories, you will need to hit a minimum retail spend of RM3,000 each month. Otherwise, you will only earn a cashback rate of 0.2% (monthly spend of up to RM999.99) or 1% (monthly spend of between RM1,000 to RM2,999). Note as well that the cashback is capped at RM15 for each category per month.

Aside from that, BSN’s new cashback card also offers unlimited 1% cashback for overseas spend and 0.2% cashback for other local retail purchases. Unlike the cashback rate for groceries, dining, and petrol, these rates do not need to be unlocked via a minimum monthly spend and have no monthly cap. However, cashback will not be granted for selected transactions, including donations, charities, and government-related payments.

Total monthly retail spend

Groceries, dining, and petrol

Other retail expenses

Overseas spend

RM1 – RM999.99

0.2%

0.2%

1%

RM1,000 – RM2,999

1%

RM3,000 and above

5%

Monthly cap

RM15/category each month

Unlimited

At the BSN Visa Cash Back credit card’s highest tier for groceries, dining, and petrol, the effective cashback rate of the card stands at 1.5% (assuming a monthly spend of RM3,000 with a cashback cap of RM45). The cashback earned in the current month will be credited into the cardholder’s credit card account in the following month.

(Image: The Edge Markets)

On top of the cashback benefits, BSN cardholders will also receive various other additional perks, such as access to general Visa Platinum privileges, as well a complimentary travel insurance coverage of up to RM300,000 and a BSN Zing PLUSMiles Card. This is in addition to other regular deals offered by the bank, including easy payment plans with 0% interest.

The BSN Visa Cash Back credit card is free for life, with no conditions attached. To apply, you need to have a minimum income of RM48,000 per annum, or a monthly income of RM4,000. For more information, you can head on over to
BSN’s website
.

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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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How to Put Your Pets to Work and Have Them Earn You Money

While we’re sure most pet owners would rather spend money on their pets than make money with them, rest assured there’s plenty of ways to get that done. Of course, we’re not suggesting you put your kitty to work and make her earn her cat food, but if you’re already doing some of these things below, we think it’s good for you to know that you can make some money from them!

Enter Them In Competitions

Pet competitions like the ones held annually in
Pet World Malaysia
 can earn your pet cool prizes including cold hard cash. Training your pets to do well in these contests involve doing things you’re probably already doing to keep your pet healthy, like grooming them well and getting them plenty of exercise.

Besides earning money, these competitions are also good for keeping your pets socially active and introducing you and your pet to other pets and owners. Having a wide social circle is good for your pets too, as it is for people.

Model Your Pet

If you have a pet that’s praised often for their shiny fur, piercing eyes, or other photogenic features, you can consider letting your pet become a model. Take (or have someone take) professional photographs of your pet and send them around to modelling or advertising agencies.

You get to brush up on you photography skills and your pet gets to star in print ads for newspapers or magazines. They might even get featured in video ads if they’re good enough. Imagine watching your pet make more money than you by appearing on television!

Put Your Pet on Social Media

If you or your household has observed particularly funny or adorable behaviour from your pets, you can record them and post them on social media. We’re sure you’ve heard of internet-famous pets before, like
Grumpy Cat
 or
Shironeko
. All you need to get your pet up to those levels of fame is a constant stream of cute and funny pictures or video.

The cash comes less immediately than competitions or modellling payouts. You need to be patient in producing stuff about your pet and be willing to work on generating a community around your fluffy friend. Once your following reaches a certain high, you can look forward to earn extra cash via ad revenue, affiliate marketing, or endorsement or sponsorship deals.

Use Your Pet to Promote Your Business

If you already have your own business that you’re working on, why not use your pet to help promote it? People love seeing pets on their feeds and timelines already, so why not include your pets in your promotional material, too?

Imagine a picture of your product being used in a poster ad. Now imagine the same thing, but with your cute little pet in the picture. Suddenly, one of them is way more appealing and clickable than the other. This works even better if the product you’re selling is pet-related anyway, like pet shampoo, pet food, or pet lodging services.

Almost nobody gets a pet so they can make money off of them. But like we said, since most of us are already doing some of the things said up there, why not make some extra money off of the fun times we and our pets are already having? Have fun!

Got anything else to add to the article? Do share your thoughts with us in the comments section down below!

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Ahmad Mudhakkir

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World Bank: Malaysia’s Economic Recovery To Begin At The End Of 2020

(Image: The Malaysian Reserve)

Malaysia’s economy is expected to begin recovery from the end of this year and return to growth in 2021, said the World Bank.

World Bank country manager for Malaysia Firas Raad said that the nation needs to continue with its encouraging and effective public health measures while reverting the economy to its pre-Covid-19 state.

“The country first needs to continue its effective public health measures to ensure no second wave or the return of the Covid-19 virus,” said Firas. “Aside from that, (it must) continue supporting vulnerable households and focus on the firms that need support and recovery, especially the small and medium enterprises (SMEs), and then start to think about the medium-term reform agendas.”

Firas said that pro-growth policies, together with incentives to push the private sector, were crucial to helping the nation recover from the economic downturn. He also added that Malaysia should continue its reform efforts surrounding governance, the regulatory environment and competition of economic sectors, and education in order to achieve its goal of becoming a high-income nation.

“For Malaysia to cross into high-income country status, it will have to boost productivity growth, and that will only come with great investment in human capital,” elaborated Firas.

Firas revealed that the World Bank is currently reviewing the economic impact of Covid-19 before deciding whether to revise the country’s 2020 GDP growth target. Earlier in April, the World Bank changed Malaysia’s 2020 GDP growth forecast from 4.5% to -0.1% after taking Covid-19 factors into consideration.

With the transition from the conditional movement control order (CMCO) to the recovery movement control order (RMCO) taking place, the majority of businesses in Malaysia are allowed to reopen subject to strict standard operating procedures. The Malaysian government has also launched an
economic recovery plan dubbed PENJANA
, which consists of a set of strategic initiatives aimed at stimulating the economy towards recovery.

(Source:
Malay Mail
)

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Jacie Tan

Jacie Tan

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Here’s a Faster and Easier Way to Get Yourself Medically Covered

When you’re young and just starting out in the world, you probably don’t think much about getting yourself medically covered. Why would you? You’re at the peak of health, you’re exploring the world and yourself, you don’t have time to worry about a cough or two. Getting medical coverage is for old people… Right?

This perception makes sense, of course. Not only because medical insurance is often seen “old people needs”, but also because the process of getting insurance can be such a hassle. Thankfully, AXA Affin Life understands this and has come out with AXA eMedic, a new medical card that takes out the hassle of traditional policies while offering attractive features that work great in supplementing your existing medical policy.

For One, Everything is Online

If you’re still starting out in the world and figuring out how to manage your finances yourself, you might feel apprehensive about going to find an agent, filling out forms, and going for medical checkups when you know you’re still young and don’t yet have a history of illnesses or injury. With that in mind, AXA has come up with a medical card that’s way easier to apply for so you don’t have to worry.

You can apply for AXA eMedic completely from your browser, no medical checkup necessary. Simply answer some quick, simple questions via your device and you’re ready to go. Pay online and get your application approved with just a few taps.

Their Premiums Are Affordable

As someone who’s still moving on up in the world and getting a starting salary, it makes sense that you might not go for a medical card because it just adds even more into your regular expenditure. In fact, with other types of medical coverage, you may have to seriously rethink how much of your monthly income has to be allocated to your premiums.

AXA understands that getting medical coverage is important, but it’s also a good thing to pay attention to how much is being spent on it. So with AXA eMedic, you’ll barely feel a dent in your monthly expenses. Enjoy premiums from as low as RM37 per month, which is even lower than your mobile data plan, for coverage up to RM100,000.

Unlimited Days on Room and Board

In the event that you need to be warded, many other policies limit your stay to 90 days. But with AXA eMedic, you get unlimited days on room and board with the option of a double-bedded room in most hospitals. As long as you’re recovering, might as well make the most of your stay in the ward, right?

Cashless Admissions

With most policies, presenting your medical card to a panel hospital will suffice for admission. But if you don’t happen to have your card on hand with you, you have to call your provider ask for a Letter of Guarantee to be issued to the hospital in question.

That can turn out to be quite a hassle. Especially if your illness or injury means you can’t use your voice or if there’s nobody to help you do that for you. With AXA eMedic, cashless admissions means you can present your online medical card to get quick access at panel hospitals. No more fiddling with your wallet or losing cards. As long as you have your phone with you, you’re good to go.

Interested in Applying?

If you’re keen on getting to know more about AXA eMedic, you can
check out their product info page on the official website of AXA Affin Life
. Apply right from your browser and get covered!

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Crypto Crash 2022: Luna Loses Almost 100% Of Value, Drags Crypto Market Into Meltdown

(Image: Shutterstock/FellowNeko)

Luna, a cryptocurrency that used to be one of the top ten tokens by market capitalisation, has seen its value plummet by close to 100% in the early hours of today. From last week’s price of US$85 (and an all-time high of around US$116 just last month), Luna has now slipped below 0.01 cents. This event, in turn, sent shockwaves within the crypto market, dealing blows to other digital currencies as well.

Luna’s collapse is closely intertwined with the developments surrounding TerraUSD (UST), a popular stablecoin that is meant to be pegged with the US dollar. The UST is known as an “algorithmic stablecoin” which, unlike other stablecoins, is not backed by any reserves, but rather its value is based on an algorithm that is designed to create a balance between itself and another token (in this case, Luna).

Over the past few days, UST lost its peg in what is said to be a
“deliberate and coordinated attack”
 – where a single wallet supposedly unloaded a massive amount of UST back into the market – and caused its value to fall sharply below the US$1 mark. At the time of writing, all efforts to repeg the UST has failed; it is currently trading at just over US$0.17. The Luna Foundation Guard (LFG), in its efforts to repeg the UST, approved the ability to mint more Luna tokens and rebalance the UST’s value.

However, that didn’t happen as investors continued fleeing the stablecoin, all while billions of new Luna tokens flushed its own token value down, sending both UST and Luna into a crypto “death spiral”. To mitigate risk, the world’s biggest digital assets exchange, Binance, halted trading on Luna as well as UST-paired trades.

Luna’s price chart
(Image: Coinbase)

The events surrounding UST and Luna, understandably, spooked global crypto markets, and many have moved to pull out even from major cryptocurrencies – which then sent markets plummeting. As a result, almost
US$1 trillion worth of combined market value
 has been wiped out in just this month alone.

Bitcoin, for instance, began sliding since 8 May, hitting a
low point of US$25,401.05 on 12 May
 – its lowest level since December 2020. As of the time of writing, it has regained its footing slightly to hover at approximately US$30,390. Along with Bitcoin, Ether also tanked by more than 20%,
dipping below US$2,000
. This is its lowest point since July 2021. Meanwhile, other top coins – such as Binance Coin, Ripple, Solana, Cardano, and Avalanche – suffered
losses of between 25% to 33%
. Interestingly, these tokens – and the crypto market as a whole – has rebounded strongly, with double-digit gains across the board (though still well below how much they were valued last month).

Bitcoin’s price chart
(Image: Coinbase)

The UST’s spectacular fallout also affected other stablecoins; the world’s biggest stablecoin, USD Tether (USDT)
briefly unpegged as well, falling to 94.55 cents
. However, it recovered from the dip after reassurances from its chief technology officer, Paolo Ardoino, who said that investors should not have any problems redeeming its tokens at a one-to-one value via its platform.

While the cryptocurrency market has always been volatile, this round of carnage is reminiscent of what had been dubbed as
Crypto Crash 2021
 – which, coincidentally, also happened in the middle of May. Back then, the cryptocurrency market saw prices of Bitcoin, Ether, and various other alternative coins plunge between 30% to 60% as investors sold their coins en masse in a wave of panic. The market quickly rebounded after, however, and we’re already seeing signs of recovery this time round, in what will be known as Crypto Crash 2022.

(Sources:
CNBC
,
CNET
,
BBC
)

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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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Half A Million Malaysians Are Unemployed, And Young Malaysians Are The Majority

(Image: The Star)

Economic Affairs Minister Mohamed Azmin Ali has stated that there are about 500,000 Malaysians who are currently without a job, with a majority of that figure being youths.

The
unemployment rate in Malaysia
 as of May 2018 is at 3.3%, which is only a very slight improvement on last year’s rate of 3.4%. The current rate isn’t as worrying as the nation’s all-time high unemployment of 4.5% in 1999, but it is still higher than the record low of 2.7% in August 2012.

The more concerning aspect is the fact that a large percentage of this group are youths. The rate of unemployment amongst Malaysians between the ages of 15 to 24 is 10.8% – three times that of the general unemployment rate of 3.3%.

“The highest number of unemployed are from the younger group who are just entering the job market,” said Azmin. According to the minister, diploma holders make up the biggest group of job-seekers, followed by SPM holders.

Following the below-24 age group, the unemployment rate for those aged between 25–34 is next highest at 2.9%. 34- to 44-year-olds faced an unemployment rate of 1.1%, whereas those between the ages of 45 and 54 years were looking at a rate of 1%. Finally, those who are between 55 and 64 years of age only face an unemployment rate of 0.4%. It is clear to see that the younger the age group, the higher the trend of unemployment.

When asked what long-term measures were being taken to reduce youth unemployment, Azmin said that there were measures being taken through identifying market needs, re-skilling training, and up-skilling training. “There are also soft skills training, on-the-job training, and professional skill training,” he added.

Among ASEAN countries, the youth unemployment rate is lowest in Singapore at 4.6%, followed by Thailand (5.9%), Vietnam (7%), and the Philippines (7.9%). Indonesia’s rate of youth unemployment is higher than that of Malaysia’s at 15.6%.

(Sources:
Free Malaysia Today
,
The Malay Mail
)

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Jacie Tan

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Why It’s Important To Always Send Your Car To Official Service Centres

When it comes to servicing your car, you have a number of options. Some car owners send their cars for service at official service centres, whereas some send them to independent repair shops. Some drivers even ignore the advised car servicing schedules and neglect to send their car for regular servicing altogether! While this last option is one that is strongly discouraged, here are some reasons why you should consider sending your car to an official service centre over other places.

You Get Free Maintenance

When you first buy a car, it’s not uncommon for the manufacturer to throw in a period of free service or maintenance for your new ride. Depending on the manufacturer, this may include free labour charges and sometimes even for parts that need replacing (that are not caused by wear and tear), and would usually apply anywhere between three to five years. Manufacturers do this to encourage owners to provide the car the maintenance it needs, especially during the first few years of ownership.

However, you only get this free maintenance for your car if you send it over at the intervals required by the manufacturer, and at official service centres. Considering the fact that most cars generally have long service intervals anyway (some up to 15,000km), you don’t actually need to send your car in that often. All things considered, sending your car to an official service centre will actually save you money during the first few years of ownership.

Volkswagen Malaysia offers up to three years of free maintenance for its cars. The programme covers all maintenance costs except wear-and-tear parts such as brake discs and pads. To give you an idea of how much money this will save you, we checked the total service pricing for a Volkswagen Polo 1.6 for the first three years. It comes up to about RM2,073.42 including parts, labour, and service tax – which is a pretty decent amount to save just by sending your car to an authorised service centre for the first few years.

All Volkswagen cars have a 15,000km service and maintenance interval. It means that you can clock more miles on your car without having to worry about sending it in for service so soon, helping to keep your maintenance costs low.

You Get Peace Of Mind

Car warranties are something that many buyers may take for granted, but that doesn’t mean they’re not important. Manufacturers offer warranties because they believe in the quality of their products – and if they’re wrong, they’ll put their money where their mouths are and bear the cost of repairs. However, if you don’t send your car for service at an official service centre according to your recommended maintenance schedule this warranty will be voided, so that’s why it’s important pay heed to this especially during the warranty period. Warranty periods vary between car makers – Volkswagen for example offers a five-year warranty period.

Besides that, you also send your car to official service centres to ensure you’re getting the highest quality of service and genuine parts. There are cases of repair shops recommending that counterfeit parts be used to save you some money, or worse still, unethical shops that substitute real parts for fake ones at the same price. Volkswagen service centres pride themselves on guaranteeing you genuine Volkswagen parts and to give you even more peace of mind, their parts come under a two-year warranty.

You Save Money In The Long Run

Sending your car to an independent workshop may seem tempting because of the lower prices typically offered. Independent mechanics can charge lower rates because they tend to keep their focus on straightforward jobs and fixes. However, there’s more to a car service than just changing the engine oil or filters. When you send your car for servicing, you should be getting a full vehicle inspection and diagnosis carried out by specialised professionals who know your car.

At Volkswagen authorised service centres, you don’t just send your car to get brake pads changed and filters replaced. Your car will get a total “health check” using customised diagnostic equipment – which allows service professionals to recommend preventative steps that can keep your vehicle in the best condition
before
any problems crop up. That way, the necessary servicing and replacements can take place before a particular fault ends up causing lasting or drastic damage to your car.

How does this help you save money in the long run? It’s simple. If you don’t make sure your car gets the preventative maintenance it needs when you send it for service, you will end up paying a lot more to repair your car if it breaks down or any of its components fail. Of course, Volkswagen does provide you with five years of free roadside assistance, but as the saying goes, prevention is better than cure.

Authorised Service Centres: The Way To Go

In short, sending your car to an official service centre gives you quality assurance, can help you save money in the long run, and buys you peace of mind. If you’re a proud Volkswagen owner, you’ll get to enjoy all the benefits of Volkswagen after-sales service we outlined above – and more. Under its Volkswagen Cares programme, Volkswagen provides you with 16 after-sales promises to ensure that you get the support you need to keep your car in top condition for the long term – all you need to do is make sure you get your regular servicing done at an authorised Volkswagen service centre. To find out more, you’ll find more details over at the
Volkswagen Cares website
.

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The Sneaky Added Costs of Ordering Online

Remember the old days in the early 90’s when you had to eagerly wish some items would hit local shelves before you could get your mitts on them? All that anticipation was exciting but the abject disappointment you felt when you found the item wouldn’t be imported was also all too real. Of course; if you were born in the early 90’s and later; this might seem a pretty alien concept to you.

Yes, there existed a time when there was no internet shopping. How did we live? We depended on stores like Parkson, Metrojaya and other such departmental giants for our shopping needs. Today, not only are we attempting to top Singapore in the mall per square metre stakes; we’ve also got the world of online shopping to help us get everything we need with a few deft flicks of the keyboard/mouse.

It’s revolutionised the way we consume and whilst cutting out the middle-man importer saves us a tonne on the final price – there are other costs that are making the final amount not exactly a bargain. But whilst obvious costs like shipping are common knowledge – some costs are a bit more sneaky.

1. ‘Handling’ Costs

Many small businesses and private sellers include a ‘handling’ cost or fee in your final shipping price. Whilst it doesn’t literally mean a cost for ‘handling’ your item; it does mean you are paying more than the postage cost of the item for the seller’s effort in packing your item and heading to the post office. Handling costs are always more expensive for international buyers as more sturdy packaging and filling of international delivery/customs forms are required. To this day, many small sellers (and some big ones like Mattel USA) refuse to ship internationally. Those who do, add an average of $5 for handling. This fee covers the cost of packing materials and the seller’s effort in taking your item from stock to post office.

2. Credit Card Conversion Loss

Have you ever seen an item; used a currency calculator to see the converted price and thought, “Hmm, I can afford that,”. So you click order and await your goods. Of course, then comes the monthly credit card statement and you balk at the amount actually deducted. “But how can this be when Oanda said differently?” You cry the forlorn cry of the online shopping battle-scarred everywhere. The reason for this is simply that Oanda and other such currency converters quote actual conversion rates based on announced Forex exchange numbers for the day. Your credit card however, will be using the rate set internally by the bank in question. If you’ve traveled and exchanged foreign currency at a money changer; you will also note the different rates you are offered at different money changers. Just as the money changers are allowed to set their rates; banks can too.

More often than not, bank exchange rates will not be the most value for your money and you will find yourself paying more than you anticipated. If the amount is small, there is unlikely to be a major variance but a large purchase could see you crying over your package.

3. Customs Import Fees

Ordering something from outside of the country? Great,
Customs Malaysia
 would like to share in your consumer happiness by charging you a fee. Custom fees don’t apply to all items and the rate will differ depending on what you’ve ordered. For the most part, orders for personal use will not be subject to a fee but how does the department decide this? Mostly, by using a base price. For many items, a purchase of RM500 and below will exempt your from duties no matter what the item but breach the RM500 mark and your customs fee can run into a large fraction of the purchase price. On top of the percentage in fees that Customs Malaysia will charge you; an additional RM40 will be incurred as ‘documentation and processing’ fees. When GST kicks in – expect all of these fees to increase.

Our writer had the rude shock of an RM120 customs charge on an RM800 total order. So even though you’re keen to save on shipping by combining your purchases – the additional customs fee may make it less than worthwhile to bother.

4. Payment Gateway Fees

If you want to use the safer option of a payment gateway such as
Paypal
 instead of giving your credit card number directly to the seller; you may be charged a fee too. Whilst most payment gateways don’t as a rule charge buyers, they admit to charging a fee for currency conversion when buying from overseas in a different currency. Very few people notice this amount as the number you see reflected in your statement includes the conversion rate and the fee from the payment gateway.

Check out this screenshot of a gateway’s fee page informing the customer of the possible charge.

Still an Awesome Way to Shop

All that said, you will find that more often than not; online shopping is still a pretty awesome way to shop. Sure, there are additional costs and you may not be able to see an item beforehand; but let’s not discount how much profit a middle man importer or a retail importer is making on top of covering his costs for importing. You tend to find that even with the costs above; your items were a lot cheaper from the online store than they would have been at a physical shop. Beyond price point; online shopping doesn’t leave you at the mercy of a local retailer or merchandiser’s personal tastes: you get to buy whatever you want from a brand’s catalog without limit. You’ll also be able to find rare items and those not available here.

The benefits for shopping online are endless but you need to always be aware of what you’re paying for and why. This not only make a cheaper buy; it also makes for a more satisfying buying experience.

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Diana Chai

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Everything You Need to Know About Fixed Deposits

Considered a safe haven compared to other investment types, a Fixed Deposit (FD) is a popular choice for many first-time investors.

It guarantees a high return, easy to manage, rewards loyalty, and is protected by government insurance.

Unlike a conventional savings account that earns daily interest and allows for withdrawals at anytime, an FD restricts access to money you have invested.

No interest will be paid out for a fixed deposit if you withdraw just one sen before the maturity date.

Guaranteed Return on Investment

You won’t have to keep track of stocks prices going up and down, or read any books on Share Trading.

All you have to do is gather your spare cash, open an FD account, and claim your interest at maturity. For example, let’s say you want to apply for a 6-Month FD with a minimum deposit of RM5,000 at 3.65% per annum (p.a.).

Park your cash in the FD account and you get back your initial deposit (principal) along with interest of 3.65% per annum (p.a.) or an
Effective Interest Rate
 (EIR) of 1.82% after 6 months.

Interest is calculated daily but only paid out at maturity. It is very much a hassle-free passive investment.

Below we show you how much you can earn from a short-term fixed deposit if you choose to deposit more:

6-Month Fixed Deposit

Interest Rate at 3.65% p.a.

Deposit Amount (RM)

6-month Interest Profit (RM)

5,000

90.43

20,000

361.73

50,000

904.32

For a longer placement period of more than 1 year, you will have the option to collect your interest earnings either annually or monthly. In Malaysia, the longest placement period you can choose is 5 years.

By now you must be wondering, “But how do I calculate EIR to find out how much I will earn?”.

To find out your investment’s true rate of return, you need to take note of the interest rate and your placement period.

Let’s go with the same example above, an FD with 3.65% p.a. interest for 6 months and investment of RM20,000.

(Yearly Interest Rate/12 Months) x Placement Period In months = Effective Interest Rate (EIR)

(0.0365/12) x 6 = 1.82%

Principal Investment x EIR = Total Interest Earnings

RM20,000 × 1.82% = RM365

Let us explain what the numbers mean – Looking at the first (1) formula, you’d have to divide your yearly interest rate by 12 to get the rate at which your deposits earn interest for each month of the year, then multiply that by your placement period to get your EIR.

Next, multiply the EIR with your principal amount to get your total interest earnings, as seen in the second (2) formula.

Not too comfortable with numbers? Use the
RinggitPlus fixed deposit calculator
 to know how much you can earn on your investment!

Competitive Interest Rates

Savings accounts
 allow you to earn interests and withdraw cash from an ATM at any time. Easy access to cash is why people who rely on interest earned from savings accounts as a steady income stream aren’t interested in FDs, even though an FD has a better interest rate.

To understand the value of an FD you need to think about long-term benefits. Let’s take a look at Mr. Andy’s situation:

Mr. Andy has RM100,000 in spare cash and can get 4% p.a. interest in a 12-month FD, compared to only 2% p.a. in a savings account. He would like an extra RM4,000 to add to his yearly spending budget.

To achieve this, he should place RM96,000 of fresh funds in the FD and RM4,000 in an instant access savings account. He can then spend the money stored in the savings account over the year, knowing the RM3,840 interest earned in the fixed deposit will be enough to make up for it.

This way Mr. Andy can benefit from the high FD rate, but still can withdraw cash. If he just dumped everything into a savings account, he’d earn a much lower amount of interest at the end of 12 months.

Better still, if he’s already an existing customer with a certain bank, they may offer him an even higher rate if he uses fresh funds.

Ah, you’re scratching your head again – “Why the preferential FD rate?” or “I hear it all the time, but what are fresh funds?”. Find out below!

It Pays To Be Loyal

Banks often reward loyal customers, those with loans or other products with them special FD rates.

Just like retailers who offer exclusive discounts and freebies to frequent shoppers, banks will reward loyalty in the same way, by encouraging you to take out more products from them in an effort to lure you away from their competitors.

You’ll also often hear banks talk about fresh funds when referring to FDs. Fresh funds means money that is new to the bank, that is to say, cash you are depositing in the bank for the first time, not money you are bringing over from another account with the same bank.

So why do banks prefer fresh funds? Again, the answer is competition! Like a jealous lover, your bank may be wondering where else you are keeping your money.

By giving you huge returns, hopefully you’ll be enticed enough to bring all your stray cash into one place. With that said, always read your Terms and Conditions before signing your name on the dotted line.

Let’s say you have a savings account with
Bank A
, and they’re currently having a promotion offering loyal customers 4.25% p.a. with only RM5,000 deposit.

To transfer cash from your account with
Bank A
 into the FD will not get you the promotional rate.

Instead, you should remove money stored in
Bank B
‘s savings account to invest into the more lucrative FD from
Bank A
.

So there’s really no point in keeping money in a normal savings account right?

You’re not looking at the bigger picture – you may be earning more interest, but an FD won’t be able to give you the freedom to withdraw money or make cashless payments, as you will find out soon enough.

Know The Difference Between Savings and Fixed Deposit Accounts

A savings account offers instant access to cash, a Fixed Deposit account doesn’t. Banks will offer a less valuable interest rate for savings accounts.

An FD account is an investment in which the customer deposits a big sum of money, usually starting at RM1,000 and upwards, for a fixed time period.

Since you agree to keep the money deposited with the bank for a fixed period of time and are discouraged from withdrawing, the bank gives you a very good interest rate.

The many savings and fixed deposit accounts on offer complement each other. One allows you to earn high interest (FD), and the other provides access to cash for everyday expenses and short term emergencies (Savings Account).

We’ve summarised the main differences between a fixed deposit and savings account below:

—

Fixed Deposit

Savings Account

Reasons To Apply

To earn high interest on large sums of cash

Used for incomes savings and cashless spending

Interest Rate

Higher interest rate

Lower interest rate

Placement Period

Fixed period. Principal and interest paid out at maturity

Continuous nature. Free to close account anytime

Minimum Deposit

Higher deposit of at least RM1,000 or RM5,000

Deposits can be as low as RM20

Frequency Of Deposits

Amount deposited only once. However, can be renewed with fresh funds

Can be done any number of times. No restrictions

Cash Withdrawals

Not encouraged. Will terminate account and lose out on interest earnings

Can be done anytime, but subject to withdrawal limit

The story doesn’t end here however – we’ve only begun to dip our toes into the Fixed Deposits pool. Read on and you’ll soon learn that some FDs insist that you open a savings or current account to enjoy the higher fixed deposit rate.

Tip 1: Want to go on a shopping spree? Sign-up for a 1-month FD beforehand so you’ll have extra cash at the end of the month to soften the blow to your
credit card bill
!

How Many Types of FDs Are There?

Ever flip through the newspaper and see absurdly high interest rates advertised for fixed deposit promotions?

Most of the time, there’s some sort of catch. Without even going into the mechanics of the promotion, a strong tell-tale sign that all is not what it seems are the words: ‘you can earn up to X% p.a.’

There are two main methods banks will use in order to ‘inflate’ the interest rate of their products during a promotion: by scaling the interest rates – commonly known as Step-Up, or bundling the FD with a current or savings account – CASA Bundling.

Some FD promotions may even include both Step-Up and CASA Bundling!

Step-Up Fixed Deposit

Think of a Step-Up FD as a staircase.

Here, your FD placement period is split and placed on a staircase. Think of each step as a different month, with a different interest rate, each step gets higher as you climb.

In this case, the advertised rate usually is only available for the final month, or ‘step’ of the FD period. The Effective Interest Rate (EIR) will always be lower than the advertised rate.

For example, Bank A’s Campaign boasts an interest of up to 6.88% interest p.a. for a 6-month Fixed Deposit but a closer look shows this:

—

Month 1 – 2

Month 3 – 4

Month 5

Month 6

TOTAL

Interest rate(p.a.)

3.00%

3.15%

3.24%

6.88%

3.73%

Interest earned on RM10,000 (RM)

49.39

52.08

26.88

56.31

184.66

As you can see from the table above, the 6.88% interest p.a. offered is only available during the 6th and final month of the tenure.

Calculating the EIR gives you only 3.73% interest p.a. and profit of RM184.66 when all 6 months are taken into account.

Fixed Deposit with CASA Bundling

An FD bundled with a current or savings account (CASA) may offer a better interest rate but you’ll need to open a current or savings account with a minimum deposit to get all the benefits.

The amount you have to put into a Current or Savings Account is usually a fixed amount or a percentage of the total invested in the FD.

A bundled FD rate might look attractive, but don’t forget that the money you put into into the CASA calculates interest at a lower interest rate. The more you have to put into your CASA, the lower your EIR will be.

For example, Bank B advertises an interest rate of 4.28% p.a. for their 6-month FD, but you have to deposit 50% of your FD amount into a CASA as well.

This means that if you want to deposit RM10,000 into the FD you’ve also got to deposit RM5,000 into a CASA bringing the total amount deposited to RM15,000. You’ll still earn the same amount in interest, but you need to deposit more money.

As shown below, the EIR calculated comes up to 3.01% interest p.a. – that’s 1.27% lower than advertised.

—

6-Month Promo FD

6-Month CASA

TOTAL

Initial Deposit

10,000

5,000

15,000

Interest rate (p.a.)

4.28%

0.5%

3.01%

Interest earned (RM)

211.76

2.50

214.25

Now that you know how banks determine your earnings, we’re sure you’ll want to know that there are other things that’ll affect your interest payments, sometimes even slashing them to only half the promised amount.

We’ve mentioned this before – it’s to your disadvantage to take out money from your FD account before it matures.

Can I Make Full or Partial Cash Withdrawals?

If you’re a smart saver, you’ll only open an FD when you are able to put cash aside for the entire investment period. Banks will offer tenures as short as one-month, or as long as 5 years.

If your itchy hands choose to partially or fully withdraw your cash, depending on how long you choose to invest, you will either lose some or all of your interest earnings.

Placement of 1, 2 or 3 Months

Early withdrawals for fixed deposit accounts of 1 to 3 months tenure might result in you losing out on all the interest generated on your stored cash.

Yes, even if you decide to withdraw a small sum the day before maturity you will not be entitled to a single sen in interest. Check the small print!

Placement of more than 3 Months

For fixed deposits that run for more than three months there are a few scenarios, where you risk losing your interest.

In many cases, if you choose to make a premature full or partial withdrawal any time during the first three months you lose all interests generated.

If you choose to make withdrawals after placement of at least three months, you will still earn interest but only at half of the interest rate you were offered.

This means 50% of the interest you’ve earned will be kept by the bank as an early withdrawal fee, and you’ll only be allowed to earn at a pro-rated rate – that means the EIR for the remaining period.

Plan Your Investments Carefully

At the end of the day, it is most important that you are comfortable with your savings and budget and have a very good idea how much cash you can afford to lock away for the period of the Fixed Deposit.

There are tons of fixed deposit accounts to choose from, so taking time to research and compare interest rates on RinggitPlus is crucial. We include our analysis of the small print in each of our FD reviews too!

Decide whether to place a short-term deposit and have it automatically renewed, or to sign up for a longer term to benefit from a higher interest.

If your fixed deposit account allows for auto renewals (roll-over), the bank will reinvest your money, which may or may not include any interest earned, in a new fixed deposit investment as soon as the old placement reaches maturity.

Let’s revisit Mr. Andy for another example where he takes an FD of 1 month at 3% interest p.a. and for 12-months at 3.40% interest p.a..

Say he decides to deposit RM5,000 into a fixed deposit account for 1 month at a rate of 3% interest p.a. and continuously roll-overs at maturity for one year.

He will potentially earn RM150 in interest and also the flexibility of withdrawing his cash at the end of each month. Auto renewing a fixed deposit investment can be to repeat the same tenure, but the interest rate may not necessarily be the same.

The same RM5,000 in a deposit account with a 12-month tenure at 3.40% interest p.a. will earn RM170 in interest. That’s a slight increase of RM20, at the cost of the freedom to withdraw – he must decide if the slight bump in earnings is worth not having easy access to his cash at the end of each month.

This is where proper financial planning comes into play. If he can save RM100,000 over the years, he’d potentially earn up to RM3,400 at 3.4% p.a. for a 1 year FD! He can use that money to offset insurance or loan repayments – the wait would be worth it!

With so much money at stake, you might be worried about how safe your hard earned cash is when stored in the bank.

*
Tip 2: Always take advantage of FD promotions. These promos appear a few times a year to attract new and loyal customers. Interest rates from these promotions are always higher than the board rate. *

How Safe Are My Deposits, Really?

Should you even question the safety of your wealth stored up in a fixed deposit account?

After the
Global Financial Crisis of 2008
, many were quick to stash their money underneath their mattresses when banks around the world started failing. But is it really that bad these days?

The short answer to the question is: No, cash deposited in local or foreign banks in Malaysia is protected and insured by either PIDM or DFIA.

Protection for commercial banks

If there’s a rule of thumb for keeping your deposits safe, make sure that you park your cash into a regulated Malaysian commercial bank that is covered under the
Perbadanan Insurans Deposit Malaysia
 (PIDM) membership scheme.

PIDM protects your bank deposits and will promptly reimburse you on your insured deposits should a member bank fail. There is no charge or premium payments for this insurance protection.

Savings of up to RM250,000 are guaranteed by PIDM per person, per bank. If you have more than RM250,000 to set aside, you can get complete protection by dividing your savings into several FD accounts from different banks.

Here’s an example: You’ve won the lottery to the tune of RM1,000,000. Like any sensible human being, you’d be losing your mind, but don’t spend it all in one fell swoop or stuff your wealth in a single bank account – be sensible and open FD and CASA accounts with different banks to spread around your risks.

Imagine having one account full of money and someone getting a hold of your bank card number and drained your account! The horror!

Another way to protect your savings is to open joint accounts because they also enjoy separate deposit insurance under the PIDM scheme.

You could place RM250,000 into your own FD but also open joint FD accounts with a parent, spouse, or even your children. That way, you can enjoy high fixed deposit rates on large balances without worrying about having them insured.

Protection for co-operative banks

Now, let’s take a look at protection for co-operative banks who provide loans mainly to farmers and small- time businessmen, with protection coming directly from the Malaysian Ministry of Finance through the
Development of Financial Institution Act 2002
 (DFIA).

The DFIA does not protect depositors and banks in the event of a member bank failure specifically, but has a more broad responsibility to promote stability of the financial system as a whole.

In short, DFIA is an Act introduced by the Malaysian government that provides banks with guidelines for financial products and banking services to suit the specific needs of the public, as well as to offer consultation and advisory services to keep the banks in line and perform their roles efficiently and effectively.

However, when we relate this to deposit protection, it all depends on the individual banks – what do we mean?

Simply, there’s no standard insured amount for your bank deposits. When the RinggitPlus team took a look at protection offered by co-operative banks such as
Bank Rakyat
 and
AgroBank
, we found that they guarantee a return of 100% on your savings and investments for both principal and interest earned.

*
Tip 3: Split your savings into three parts using the 3:3:4 and 4:4:2 ratio. During regular months, put 30% in your savings account, 30% in short- term FD and 40% in long-term FD. *

On festive months, you can change the ratio to 4:4:2 to allow for more cash on hand!

How About Islamic Deposit Accounts, Is It Haram?

So far, we’ve only discussed conventional fixed deposits, but let’s not forget those who wish to invest, but don’t want to violate Islamic laws against earning interest.

These investments can be challenging to understand for some, but they’re not that much different in terms of profiting on your deposits.

Mudharabah General Investment Accounts, or also known as GIA, is the Islamic counterpart of the conventional fixed deposit.

The most distinct feature of GIA by comparison to FD is profit processing – it follows the Syariah principle of Mudharabah, or cost-plus-profit where your profit margins are predetermined by the bank to avoid paying interest or ‘riba’, which is not Halal.

Islamic banking in Malaysia is also covered under the Perbadanan Insuran Deposits Malaysia. However, this insurance coverage will be restricted when the new framework for deposit accounts takes effect in tandem with the
phasing out of Mudharabah GIA
 under the Islamic Financial Services Act 2013.

Islamic Financial Services Act 2013 (IFSA)

Administered and regulated by Bank Negara Malaysia, the
Islamic Financial Services Act 2013
 (IFSA) provides a framework of reference for Islamic banks and financial institutions to ensure financial stability and compliance with Syariah law.

This Act introduces two major classifications of products: into either principal guaranteed or investment accounts, targeted to be fully effective by June 2015.

While some Islamic banks will still offer customers GIAs, your deposits won’t be insured any longer. Instead, you’d want to shift your attention towards principal guaranteed Islamic ‘term deposit’ accounts.

These kinds of deposits are based on the concept of
Commodity Murabahah
 where commodities, such as palm oil, copper, and other raw materials are used as assets for the purchase and sale between you, the bank, and commodity traders.

Under this arrangement, you will appoint your Islamic bank as an agent for the purchase of a commodity from trader A using your investments.

After the commodity is purchased, the next step is for you to sell it back to the bank at a higher price for profit, credited to you at a deferred basis throughout your placement period.

Finally, the Islamic bank will also gain by selling the commodity to another party, Trader B.

Similar to a conventional FD, your deposit will be guaranteed and insured by PIDM, while still guaranteed as Halal.

Still confused? So were we at first, until we drew it out step-by-step! Take a look at the flowchart below to better understand this Syariah process.

How Do I Open A Fixed Deposit Account?

Eager to start investing? Most banks will allow both Malaysian residents and non-residents aged 18 years old and above to set-up a fixed deposit account.

Before heading out, you need to prepare your documents so your FD application goes as quickly and smoothly as possible.

Prepare Your Supporting Documents

There are only two things that you need to prepare before making your way down to your nearest bank branch to make an application:

• Generally, you’ll need a minimum initial deposit of RM1,000 for 1 month or RM5,000 for 2 months and above. (can be prepared in cash, cheque, or direct cash transfer to FD bank account)

• Your MyKad for identification

If you’re thinking of opening a joint account with a spouse or family member, they also need to provide a copy of their MyKad.

Always Know Where Your Fixed Deposit Certificate Is

When you sign up for a fixed deposit, the bank will issue you with a fixed deposit certificate or statement as proof of placement.

With this certificate you can check your principal deposit amount, placement period and the agreed interest rate, as well as the date of maturity.

To withdraw your money or terminate your investment, you will need to present the certificate, so do keep it safe! If lost, you must inform the bank as soon as possible.

The bank will issue a new certificate to you but of course, it won’t be for free. You will be charged RM10 for stamp duty and service fee of up to RM15.

However, many local banks such as
Maybank
 and
CIMB Bank
 are starting to offer customers the option to make fixed deposit placements online – without the worry of having to keep a physical certificate, while other banks will allow you to renew your placement period or top-up your investments using their online banking applications.

Now You’re All Set To Go!

You’ve reached the end of our guide and are now ready to take the plunge and sign-up for an FD account.

Go ahead and use our fixed deposit calculator on RinggitPlus to compare both conventional and Islamic deposit accounts, calculate your interest earnings, and apply online to start growing your wealth!

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    Why

    4 months ago

What happens if the fixed deposit matures? Let’s say I have a fixed deposit for a 12-month tenure. Once it expires, will the money be credited into my account or will it be auto-renewed? If let’s say it auto-renews, but I actually don’t want to renew it, can I withdraw my money anytime? Besides losing out on the profit, is there any other negative impact on me if I were to withdraw my money from my fixed deposit before it matures?

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    Pang Tun Yau

    4 months ago

    Reply to

        Why

It depends on the bank’s FD policy, some will automatically renew at the same tenure at prevailing rates. There are no negative impact if you were to withdraw your funds before it matures besides losing out on the profit as you mentioned.

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    YS Lim

    4 months ago

If I want to cash out my FD, do I need to bring the cert to the original branch where I opened it, or can I go to any branch of the bank?

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TNG Releases Christmas Edition Charm With Same Capability As Enhanced TNG NFC Card

Touch ‘n Go (TNG) has introduced a brand-new Christmas-exclusive merchandise in the form of a gingerbread man charm that goes beyond just being a pretty accessory. Described as “the first of its kind to be released”, this limited-edition item also offers the exact same functions as the popular enhanced TNG card with near-field communication (NFC) capability – which means you can make payments with it as well as reload it with credit directly from your TNG eWallet via NFC.

Available for purchase on
TNG eWallet’s official Lazada shop
, as well as selected service and sales centres, TNG explained that the charm can be used as usual to pay toll fees, train and bus fares, and parking charges. Registering and reloading the TNG charm via TNG eWallet, too, is done in the same way as you would normally do with an enhanced TNG card – by tapping the charm to the back of your mobile phone (with the NFC function enabled).

If you’re uncertain, here’s a tutorial video from TNG to help you out:

The charm is officially priced at RM30 per piece, and each customer can only purchase a maximum of two charms (although it is currently
out of stock
 on the Lazada shop). On its Facebook page, TNG further said that the charm will be sold on the e-shop in six batches, starting from 12.12pm until 10.12pm today (12 December) – so be sure to check back frequently! If you do manage to pre-order the charm, deliveries will begin on 20 December 2022 onwards.

TNG had begun teasing the arrival of its Christmas charm since
Wednesday last week (7 December)
, before eventually
announcing it today
. Meanwhile, the highly sought-after enhanced TNG card – which is also
available for sale on TNG’s Lazada store
 – was
launched back in April 2022
.

(Source: TNG eWallet [
1
,
2
])

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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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PTPTN Reveals Rebranded SSPN-i Plus With Upgraded Benefits, Now Renamed Simpan SSPN Plus

The National Higher Education Fund Corporation (PTPTN) has relaunched its existing Skim Simpanan Pendidikan Nasional-i Plus (SSPN-i Plus) with various upgraded benefits. Now renamed Simpan SSPN Plus, the newly rebranded savings scheme offers perks such as increased coverage for death and total and permanent disability, and expanded protection for critical illnesses.

To set the stage, the
existing SSPN-i Plus
 – which was launched in 2015 – featured a collaboration between PTPTN with only one takaful service provider, Hong Leong MSIG Takaful. There are a total of six contribution packages that depositors can commit to, with each having different savings and takaful contribution amounts. In terms of advantages, SSPN-i Plus offered perks such as death benefit and coverage for total and permanent disability (via accidents) of up to RM1 million, as well as protection for critical illnesses of up to RM100,000. The shariah-compliant scheme also offered competitive dividend and allowed for income tax relief of up to RM15,000.

Meanwhile, the rebranded Simpan SSPN Plus now sees three takaful service provider joining in the effort with some new and upsized benefits, namely Hong Leong MSIG Takaful, Great Eastern Takaful, and Takaful Ikhlas Family. If you do deposit into the Simpan SSPN Plus scheme, you’ll be given the flexibility to choose between any of the three providers, although the six contribution packages remain the same.

Here’s a table to help you get a better idea as to how the previous SSPN-i Plus and the new Simpan SSPN Plus compare:

SSPN-i Plus
(Coverage until age 64)
Simpan SSPN Plus
(Coverage until age 69)
Death benefit/Coverage for total and permanent disability (via accidents)
Up to RM1 million
Up to RM1.2 million
Death benefit/Coverage for total and permanent disability (normal)
Up to RM500,000
Up to RM1 million
Temporary total disability
Up to RM100,000
Up to RM200,000
Terminal/Critical illnesses
Up to RM100,000 (36 critical illnesses)
Up to RM200,000 (45 critical illnesses)
Hospitalisation allowance (per day)
Up to RM200
Up to RM250
Death beneficiaries support
– Depositor: Up to RM18,000
– Spouse: Up to RM9,000
– Three children: Up to RM2,000 per child
– Depositor: Up to RM25,000
– Spouse: Up to RM12,500
– Five children: Up to RM5,000 per child
Funeral arrangements
N/A
– Up to RM10,000
Outpatient treatment due to accidents
N/A
– Up to RM3,000
Income tax relief
– Up to RM8,000 (for net savings)
– Up to RM7,000 (for takaful contribution)
– Up to RM8,000 (for net savings)
– Up to RM7,000 (for takaful contribution)

In launching Simpan SSPN Plus, the chief executive officer of PTPTN, Ahmad Dasuki Abdul Majid said that Simpan SSPN Plus is both competitive and unique because of its concept, where education savings is complemented by the benefits of takaful protection. This makes it one of the best education savings plans in the market. “More than 690,000 existing SSPN-i Plus accounts will also enjoy more exciting benefits with the new Simpan SSPN Plus product,” he further said.

(Image: Malaysia Gazette)

Additionally, Ahmad Dasuki emphasised that the launch of Simpan SSPN Plus is in line with PTPTN’s Strategic Plan (2021-2025) to manage savings funds effectively, based on excellent governance, integrity, and strategy. You can find out more about
Simpan SSPN Plus here
 on PTPTN’s official website, or check out
its brochure
.

Aside from rebranding the SSPN-i Plus scheme as Simpan SSPN Plus, PTPTN has also renamed its existing SSPN-i as Simpan SSPN Prime. Aside from the name change, however, the benefits for Simpan SSPN Prime remain the same. These depositors are still entitled to tax relief of up to RM8,000 (up to 2022), free takaful protection for ringgit-to-ringgit deposits of RM1,000 and above, as well as a matching grant of up to RM10,000 for an eligible family with household income not exceeding RM4,000.

(Source:
PTPTN
)

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About THE AUTHOR

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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Don’t Forget About These Cool Credit Card Features

We love credit cards and sometimes we don’t realise know just how much they love us back! We simply swipe and forget that there is so much more to that fancy looking credit card in our wallets. Read on to find about the special perks you may be missing out on.

Your credit card has the potential to go the extra mile and be really helpful, but most of the time we just aren’t aware of the special stuff that come with. Today, we’re pointing you in the right direction with these super helpful features that are available with good credit cards.

If you already have a card, see if yours is equipped with these three bonus goodies. And if you don’t have one, now you know what to look for:

1. Purchase Protection Plan

Bet you didn’t know about this! Yes, purchases made with credit cards that have this feature can protected against
theft or accidental damage
.

The kinds of products that these plans protect vary depending on the card issuer. This is good for when you’re buying big-ticket items that can be hard to replace like electronics, home appliances, or furniture. With a purchase protection plan, you can avoid paying for replacements or repairs and shop worry-free.

2. Credit Card Insurances

You may not have utilised it or simply ignored it, but most credit cards do come with some form of insurance. Depending on the type of card issued, you may receive personal accident insurance, benefits for travel inconveniences.

Do remember however, that these benefits usually kick in only when the purchase is charged to your card. For instance, to make a claim for a missed flight, your flight ticket would have had to have been purchased with your credit card.

Choosing to Buy With Your Card

While cash is always king, credit cards are definitely vying to be top dog with these extremely valuable offerings and are certainly looking like the better choice for big purchases.

However, be sure that you can afford the stuff you swipe for and always make paying off your credit card a priority. This way you can enjoy all the extras and still stay debt-free.

Feeling just a little bit jealous that your card does not come with these cool features? Well, you don’t have to sit idly by while others have all the fun! Use our
credit card comparison tool
 to find one with all the awesome perks you deserve.

Do you know of more lovely treats to look out for when scouting for credit cards? Be a doll and share them with fellow readers in the comment section below!

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Citi PremierMiles Card: Get Rewarded While Staying Grounded

The year 2020 and the Covid-19 pandemic have brought a myriad of changes to our lifestyles, causing us to make many adjustments in our day-to-day lives as a result. With international travel not a possibility and restrictions on our movement still ongoing locally, we Malaysians have learned to realign our habits to centre around staying at home more often and explore experiences closer to us.

Besides taking care of our health and helping to flatten the curve, staying at home can be rewarding in other ways too. For example, the Citi PremierMiles Card is offering additional benefits that are sure to reward you as you undertake new lifestyle experiences in the new normal.

Get Rewarded For Online Grocery Shopping

If you have not spent much time in the kitchen before, now is the perfect time to start. Preparing your own meals at home is not only safer in light of Covid-19, but it can also offer other benefits such as a more balanced diet too. On top of that, it is very easy nowadays to get groceries delivered right to your doorstep; just order online and avoid the crowds and queues at the supermarket.

With your Citi PremierMiles Card, you can get cashback on your online grocery orders from HappyFresh, Tesco, and Jaya Grocer. You are entitled to RM10 cashback with every minimum spend of RM200 up to eight times per calendar month. Therefore, depending on how much you spend on groceries, you can earn up to RM80 in cashback from online grocery orders in a month!

Upgrade Your Home Living Experience

Are you currently working from home for the foreseeable future? Work productivity is highly dependent on having a conducive environment, so you should consider creating a home office or dedicated working space for yourself. You could also revamp the living areas to make it more comfortable for you and your loved ones as you spend more time at home. Lastly, enjoy some downtime with a new Netflix or Spotify subscription, too.

See to your home comfort needs and get rewarded with double PremierMiles for online transactions with Spotify, Netflix, Ikea, Harvey Norman, and Senheng. The Citi PremierMiles Card offers 2x PremierMiles for every RM3 on these online merchants – the same accelerated rate you’ll earn if you use the PremierMiles Card overseas. To top it off, there is no cap on the PremierMiles you can earn for these transactions.

Treat Yourself To International Cuisines

One of the best parts about travelling abroad is experiencing various cuisines across different nationalities and cultures. Even when we are not travelling, our palettes still crave having something a little bit more adventurous once in a while. Depending on the Covid-19 situation where you are, dining out is still possible in safe, socially-distanced environments.

So, treat yourself and your tastebuds to 5-star international cuisines at top fine dining establishments in Malaysia and earn 10% cashback thanks to your Citi PremierMiles Card. You can enjoy this privilege at the DoubleTree by Hilton in Johor Bahru, the Four Seasons in Kuala Lumpur and Penang, the Majestic Melaka, and the Hilton, Mandarin Oriental, Ritz Carlton, Shangri-La, and Majestic hotels in Kuala Lumpur. Cardholders are entitled to up to RM20 worth of cashback per transaction.

Stay Grounded, Get Rewarded

These additional Citi PremierMiles Card benefits are valid until 31 December 2020. Of course, you are still entitled to the Citi PremierMiles Card’s main benefits: 1 PremierMile for every RM3 spent locally and 2 PremierMiles for every RM3 equivalent spent in foreign currencies and selected online travel merchants. You also get rewarded with 10,000 PremierMiles every year just by paying your annual fee.

And don’t forget – Citi PremierMiles never expire, so you can use them whenever you are ready! Moreover, Citi PremierMiles holders get 8x complimentary access to airports in nine different countries as well as free airport limo rides, which you can look forward to when international travel opens up again.

You can find out more about the rewards and benefits of the
Citi PremierMiles Card
 here.

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Jirnexu Signs Strategic Partnerships With Digital Banking Contenders In Support Of Greater Financial Inclusion

Jirnexu, Southeast Asia’s first full-stack fintech company, today announced that the company has signed strategic partnership agreements with more than five consortia in their bids for a digital banking license. With Jirnexu’s broad customer base and in-depth understanding of their financial needs through RinggitPlus.com, the digital banking contenders can build a holistic portfolio for their license bid in this selection period.

“As a pioneer in fintech, we are excited to see that the country is getting closer to digital banking. We have always believed that fintech would play a more pivotal role as the country progresses. The response that we received from many digital banking consortia since the beginning of the application process has been very overwhelming and we are thrilled to be part of this ecosystem development. The partnerships that we have formed with these applicants are a testament to our scale and capabilities,” said Siew Yuen Tuck, Co-founder and CEO of Jirnexu.

Established in 2012, Jirnexu delivers end-to-end digital acquisition platform, digital acquisition technology, alternative credit scoring, lending-as-a-service (LAAS), and digital marketing solutions and services for Financial Services Institutions (FSIs) and service providers in Asia. In Malaysia, Jirnexu also works with all existing major local and international banks in the market.

With the aspiration to improve the nation’s financial literacy, Jirnexu launched RinggitPlus.com, Malaysia’s leading financial comparison website, in 2013. The website also empowers Malaysians with simple and easy-to-understand personal finance knowledge. Over the years, RinggitPlus.com has served Malaysians from all walks of life, growing its customer base to over 1 million people – of which more than 70% are underserved customers of the existing banking sector.

“What Jirnexu brings to the table is the digital know-how to help traditional banking players digitise and optimise their operations. Meanwhile, our strong customer base that we interact with daily through RinggitPlus.com puts us in a unique position in this emerging digital banking ecosystem, as we have insights to their behaviours, demands, and also creditworthiness. With our capabilities combined, we are confident that we can elevate the digital banking space and create a holistic model with our partners to cater to the needs of the people, especially the B40 and M40 groups,” Siew added.

Jirnexu is part of the Bank Negara Malaysia’s (BNM) Financial Technology Regulatory Sandbox. The company also has established strategic partnerships with multiple players in the fintech space to expand their end-to-end services, including Experian on the credit scoring front to ensure that applicants are aware of their financial health before applying for any products or services. RinggitPlus has developed a Good and Bad credit score system, called X-Score, by using its proprietary data from its digitally sourced credit card and personal loan applications. This scorecard will enable digital banks to source customers confidently to suit their risk appetite accordingly. To date, Jirnexu has successfully facilitated 1.28 million credit card and payment customers through its digital acquisition process.

Beyond the industrial recognition and long-standing expertise, the partners can also leverage Jirnexu’s massive customer database and digital marketing solutions for a more strategic and targeted marketing approach.

“The digital banking arena will require strategic partnerships in order to build a holistic ecosystem that offers the best for the greater community. We are confident that our long-standing expertise and industrial recognition make us a strong partner for both digital banking contenders and existing FSIs and service providers, as our end-to-end offerings would play a pivotal role in transforming the traditional financial landscape,” concluded Siew.

Applications to BNM for the digital banking license have closed as of 30 June 2021, and the licenses are expected to be granted in Q1 2022. Until then, Jirnexu and its partners will continue working towards improving the access to financial products and services for the underserved and unserved market segments.

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Almost 100,000 Workers Terminated This Year, And 59% Are Skilled Employees

(Image: Astro Awani)

Deputy minister of the Ministry of Human Resources, Awang Hashim has said that 99,696 workers were laid off between January until 27 November 2020 due to Covid-19, with more than half being highly skilled workers, management employees, and professionals.

According to the deputy minister, the figure includes highly skilled workers comprising managers (13,109 people), professionals (26,079 people), as well as technicians and associate professionals (19,095).

“All of them who earned RM4,000 and above (per month) are not listed in the Wage Subsidy Programme (PSU) system that we provide to help those who have lost their jobs,” said Awang during a parliament sitting. He was responding to questions as to why the Ministry of Human Resources had neglected to include management employees as part of the subsidy programme when statistics showed that 59% of the unemployment rate in the country consisted of highly skilled workers.

Awang explained that despite the various initiatives implemented by the government to reduce the impact of Covid-19, layoffs were inevitable in certain sectors. This is due to factors that are beyond employers’ control, including:

The closure of businesses

Downsizing

Voluntary separation scheme (VSS)

Mutual agreement separation scheme (MSS)

Critical financial problems

Partial closure

Takeover of companies

Relocation

(Image: The Edge Markets)

“Among the sectors involved are manufacturing, hospitality, food and beverage, wholesalers, and retailers, as well as construction and transportation,” said Awang. He also said that it was estimated that 75% of the total number of workers who lost their jobs belonged to the B40 group, earning RM4,000 and below. As such, the PSU was designed to assist these worst-affected workers.

That said, that those in the management category who were laid off are still covered under the
Employment Insurance System (EIS)
 Act (Act 800), subject to a maximum pay of RM4,000. “This means that workers including those at the managerial level who earned more than RM4,000 will get benefits such as the Job Search Allowance,” said Awang.

(Source:
The Sun Daily
)

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Awang Hashim

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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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