MCO Survey: Malaysians With Pay Cuts Struggle More With Bills Than The Unemployed

A survey by Think City, a citymaking agency, has revealed that Malaysians with pay cuts or are self-employed struggle more than the unemployed to pay their rents and bills.

According to the findings of the survey, 53% of the respondents who received a pay cut said that they faced difficulty in paying rent, whereas 45% had trouble settling their bills. Those who are self-employed, too, shared very similar figures: 52% and 45% said that they had difficulty paying their rent and bills, respectively.

Meanwhile, only a surprising 29% of those who were unemployed said that they found it difficult to pay their rent, and another 29% voted that they struggled with their bills. Malaysians who retain their full pay, on the other hand, polled that 12% and 11% had trouble settling their rent and bills, respectively.

While the survey did not share an analysis to explain the finding, it is possible to speculate that this disparity could be caused by a change in lifestyle. Malaysians who received pay cuts may feel like they struggle with their rent and bills because they now have less disposable income to sustain their existing lifestyle. This, in turn, caused them to draw from budget meant for such priorities. Unemployed individuals, in contrast, are used to limiting themselves to minimal expenses and have fewer financial obligations.

The survey also revealed that those working in the sales, arts and entertainment, as well as architecture and engineering industry struggled more than those in other fields of employment to pay their rent and bills. In comparison, those in highly specialised fields – such as healthcare, computers, and mathematics – have less trouble doing so.

The community survey, titled
“You ok or not during MCO?”
, ran between 15 to 23 May 2020 and saw a total of 2,240 respondents. Matt Benson, who created the survey and is also the programme director for Think City, said that it was meant to gather baseline data on how Malaysians fared during the lockdown period. Aside from researching the financial concerns of the respondents, the survey also sought to gauge other aspects of their wellbeing, such as their stress level and emotional condition.

“It is important that we understand how Malaysians are coping, whether they are in need of help, and if so, what kind of help. The results will be useful to us in innovating solutions that could potentially help reduce stress or deliver aid to Malaysians in need,” Benson added.

(Source:
Malay Mail
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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LHDN Premises And Revenue Service Centres Resume Normal Operating Hours From Today

(Image: The Star)

The Inland Revenue Board (LHDN) has announced that it will resume normal operating hours for its premises and revenue service centres (RSC) starting from today.

According to a statement from the LHDN, its tax service counters at premises nationwide – except for those in Kedah, Kelantan, Terengganu, and Johor – will once again operate from Monday to Friday, 8am to 5pm. The same operating hours also apply for stamp duty and general advisory taxation services at the RSCs in these states.

LHDN premises in Kedah, Kelantan, Terengganu, and Johor, on the other hand, will be open from 8am to 5pm between Sunday to Wednesday, and from 8am to 3.30pm on Thursday. The general advisory taxation service at RSCs for these few states is also available during these hours. Meanwhile, the stamp duty service at RSCs is accessible from 8am to 5pm between Sunday to Thursday.

Prior to this, LHDN premises and counters nationwide had been operating with limited services and hours during the
movement control order (MCO) period and its following extensions
. You can also find out more about
LHDN’s operating hours at its website
.

(Source:
Malay Mail
)

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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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Get a Treat on Citibank When You Refer Your Friends to a Citi Home Loan

If you know a friend or family member who is looking to purchase a house, now is the best time to get them to do it through Citibank. You’ll score a treat on Citibank in the form of an RM100 voucher (your pick from a list of selected merchants) if their loan is successfully processed.

Choose from any of the following merchants:

 Crabtree and Evelyn

 Pathlab

The Body Shop

All IT

SenHeng

Giant

Hush Puppies

Parkson

Metrojaya

Jusco

Tangs

Poh Kong

MPH

Italiannies

The Apartment

Tai Thong Group of Restaurants

TGI Fridays

The Coffee Bean and Tea Leaf

And more…

Vouchers are limited to one per successful referral of a home loan amounting to RM300,000 and above. Property must be located in the Klang Valley, Penang, Johor, Kuantan or Melaka. The programme runs from 1 March 2013 to 30 June 2013, so submission of the loan application needs to be done in that time and approved no later than 15 July 2013. For a full list of terms and conditions, please go to
Citibank’s TOC page
.

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Diana Chai

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Income Tax Malaysia: What’s New For YA2020?

For the year of assessment (YA) 2020, quite a number of new income tax reliefs and changes have come into force. Some of these were introduced as permanent additions via the national Budget, while some were announced later as part of Covid-19 pandemic relief packages.

When you file your taxes each year, it is always important that you do not miss out on any changes that are introduced for the new assessment year. Therefore, take a look at what’s new when it comes to filing your income tax for YA2020 compared to the year before.

Additional RM2,500 relief for personal computer, smartphone, or tablet

You can claim up to RM2,500 in lifestyle relief for the purchase of a personal computer, smartphone, or tablet made between 1 June 2020 and 31 December 2020. This is on top of the existing RM2,500 relief offered on the purchase of a personal computer, smartphone, or tablet under the lifestyle category – which also includes purchases of books, sports equipment, and monthly Internet bills.

In an example given by LHDN, if you bought a smartphone worth RM2,000 in March and a laptop worth RM4,000 in July, you can claim up to the maximum amount offered under these two tax reliefs. Under the additional tax relief, you can claim up to RM2,500 for the purchase of the laptop. And under the general lifestyle tax relief, you can claim RM2,000 for the smartphone and another RM500 from the purchase of the laptop.

Do note that for both categories of relief, the device must be either for your own use or the use of your spouse or child. This relief cannot be claimed if you buy the device for business purposes, and the relief does not include any additional charges for warranty.

In June last year, the additional special tax relief was introduced for YA2020 as part of the government’s efforts to boost
work from home arrangements
 due to the Covid-19 pandemic. It was then announced this year that the special tax relief would be
extended to 31 December 2021
. However, it is not entirely certain yet whether those who claimed the relief for YA2020 would also be able to claim it for YA2021; it is likely that LHDN will provide further clarification on this next year.

Special RM1,000 relief for hotel accommodation and tourist attractions

You can claim up to RM1,000 in tax relief for your stay at hotels or accommodation premises and entrance fees to tourist attractions for individuals. This relief is for payments made between 1 March 2020 and 31 December 2021.

To qualify for this relief, the accommodation premises must be registered with the Commissioner of Tourism; you can find the
list of the registered premises
 here.. This new tax relief was announced in February 2020 to help stimulate the tourism sector under the
Economic Stimulus Package 2020
.

Childcare tax relief increased to RM3,000

For YA2020 and YA2021, the limit for income tax relief for childcare services expenses will be increased from RM1,000 to RM3,000. This was introduced under the
PENJANA Economic Recovery Plan
 as an initiative to help boost work from home arrangements during the pandemic.

Fertility treatment included under medical expenses tax relief

You can now claim expenses for fertility treatment under the tax relief for medical expenses of up to RM6,000. This includes Intrauterine Insemination (IUI) treatment, In vitro fertilization (IVF), or any other fertility treatments including consultation fees and medicines.

In order to qualify for this relief, you need to be a married individual and you can claim for fertility treatment for yourself or your spouse. You can deduct up to the amount expended up to RM6,000; this RM6,000 restriction is shared across claims for medical expenses on serious diseases as well as complete medical examination for yourself, spouse, or child.

Increase of tax deduction for donations from 7% to 10%

The restriction on the tax deduction allowed on certain donations and contributions has been increased from 7% to 10% of the individual’s aggregate income, starting from YA2020. This restriction is applied to:

Gifts of money to approved funds, institutions, or organisations;

Gifts of money or cost of contribution in kind for any approved sports activity or sports body; and

Gift of money or cost of contribution in kind for any project of national interest approved by Ministry of Finance.

Tax deductions for Covid-19 donations and contributions

(Image: The Star)

Starting from February 2020, donations and contributions in kind given to fight the Covid-19 pandemic are officially classified as tax deductible – until the pandemic is classified over by the government. The Ministry of Finance has announced that cash and contributions in kind to the Ministry of Health’s Covid-19 Fund as well as cash donations to the Ministry of Disaster’s Covid-19 Fund are eligible for tax deductions.

For personal income tax filing, you can claim up to 10% of your aggregate income for Covid-19 Fund contributions and other eligible donations.

RPGT exemption for sale of residential properties

Malaysians who wish to sell their residential properties during the period between 1 June 2020 and 31 December 2021 will be entitled to a real property gains tax (RPGT) exemption. This exemption is limited to three residential properties per individual for the whole exemption period.

This RPGT exemption was announced as part of the
PENJANA Economic Recovery Plan
 in June 2020 to stimulate consumer sentiment in the housing market.

Tax exemption for employee receiving smartphone, tablet, or personal computer

Ordinarily, if you are given a smartphone, tablet, or personal computer by your employer as a gift, this could be considered as part of your income and thus open to taxation. For example, gifts of personal computers are ordinarily taxable for the amount of its market value, but there is a tax exemption for a gift of a mobile phone.

From YA2020, employees are exempted from having to pay personal income tax on the value of the benefit of a smartphone, personal computer, or tablet received from their employers, up to RM5,000. This was announced as part of the
PENJANA Economic Recovery Plan
. However, you cannot be a sole proprietor, partner, or employee who has control of the company to qualify.

New band of income tax for those earning above RM2 million

There is a new band of income tax introduced for those who earn more than RM2 million per year. This group will be taxed at a rate of 30%, two percentage points higher than the band below them. Previously, all those who earned more than RM1 million a year were taxed at 28%. The change was introduced during the tabling of
Budget 2020
.

***

Now that you know what the new tax reliefs, exemptions, and deductions are, make sure to claim for them in your income tax form if you are eligible. Stay tuned for our comprehensive YA2020 guide on filing income tax and find out everything that you should be claiming for to maximise your income tax returns!

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    Meylissa

    2 years ago

Hi, if I booked hotel room via Agoda apps, is it eligible to claim the tax relief?

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    Pang Tun Yau

    2 years ago

    Reply to

        Meylissa

You might need to confirm with IRB/LHDN on this, but it should be eligible as long as the hotel you stay in is listed in the registered tourist accommodation premises.

https://ringgitplus.com/en/blog/income-tax/how-to-check-if-your-hotel-stay-is-eligible-for-the-tourism-tax-relief.html

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    KC

    2 years ago

Hi, I bought 2 tablets in 2020 for my children educations. Can i claim both tablets purchase or only one?

I also bought extra monitor and harddisk to enable work from home.

please advice if those can as well?

thanks.

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    Anonymous

    2 years ago

Hi, I’m wondering if buying a smart watch fall into the RM2,500 lifestyle relief category

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    Pang Tun Yau

    1 year ago

    Reply to

        Anonymous

I don’t think smartwatches are covered under the normal nor special lifestyle relief.

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    Kent

    1 year ago

If I bought a MacBook from Apple online store Malaysia, also can claim?

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    Pang Tun Yau

    1 year ago

    Reply to

        Kent

Yeap, as long as it is the purchase of a laptop, smartphone, or tablet.

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How to Get More For Your Money When Doing Christmas Shopping

Hohoho! ‘Tis the season to be giving (…and let’s not forget,saving)! It’s that time of year again where we celebrate a snow-free but nonetheless gift-laden Christmas!

As it is with most celebrations in our multicultural and diverse country, gifts are a very big deal and where there’s demand, the prices tend to rise. With less than two weeks to go, follow these tips to save more cash while getting presents your family and friends will love.

Plan Your Budget and Stick to It!

In case you haven’t noticed, when it comes to money, planning is imperative. Knowing how much you can and should spend is key especially when shopping is concerned.

Planning for Christmas gifts would be a heavy strain on the budget if it is just limited to money set aside a month before Christmas. As Christmas shopping is quite a big undertaking for the wallet, you can lighten the load by saving a small amounts every month. If you’ve missed the boat this year, you can always try to save up for next Christmas!

Now that you have your budget, don’t get caught up with the celebrations and go overboard. Stick within your budget and you’ll be cheerful and debt-free this festive season!

Decide Who’s on Your “Nice” List

Some people only shop for their family and closest friends while some find it appropriate to give presents to colleagues and acquaintances as well.

Decide who you are most comfortable giving presents to and just how much you are willing to spend on each person. Make a list of names, starting with immediate family members, close friends, relatives, colleagues and acquaintances. Also don’t forget to include specific budget for each one of them.

Resist the urge to spend more than you’ve allocated on your list!

Be a Savvy Internet Shopper

Online shopping sites like
Lazada
,
Zalora
 and
Fashion Valet
 provide big discounts on a variety of items ranging from household items and gadgets to fashion and accessories almost all year round so it shouldn’t be difficult to find a deal now.

Also, familiarise yourself with deal-based websites such as Groupon (
http://www.groupon.my/
), StreetDeal (
http://www.streetdeal.my/
), and MyiMart (
http://www.myimart.com/
) that offer lots of attractive items, activities and even hotel stays at fantastic values. These websites make it easier for you to make comparison on the prices so you can get the best deals around!

If you’re not into shopping online; you can still use the internet to make sure you are not overpaying for anything at the store. Check the item’s recommended retail price online and see how online auction sites like
eBay
,
Lelong
 or even international sites like
Amazon
 are pricing these items.

Getting an idea of how much the item costs internationally could also tell you if you’re better off shipping it in instead of paying the Malaysian RRP.

Get Creative

Bring out your inner creative genius this Christmas season. Get the creative juices flowing by making a one-of-a-kind, money-can’t-buy present.

Whether it’s photography, baking, painting or sketching, make something that revolves around your special talent. If you find that it’s too short a time to complete a masterpiece, create a coupon offering your services to be used in the weeks to come. These coupons will come in handy and is the perfect time to show off your talent!

Maximise Your Credit Card Benefits

Buying presents can wreak havoc to the pockets. But if you make good use of your credit card; you can earn while you shop through reward point accumulation, and cashback or through direct merchant discounts for selected credit card holders.

To know if you are truly making use of every benefit your credit card offers; take a look
at a previous article we published on the subject
. You don’t want to be losing out on freebies that’s just there for the taking!

If you don’t have a credit card (or maybe just not a very good one) yet; maybe it’s time to consider signing up. We’ve got the
full list of credit cards in Malaysia for the picking
, so choose one that will give you the most benefits as you shop!

Give Gift Cards or Vouchers

Give the gift of shopping spree this holiday season! You don’t always know what to buy for someone and you don’t know what they desperately want but you do know what they are inclined to love. So, buy gift cards or vouchers from their favourite stores so they could buy want they want for themselves.

You could dress up the gifts card a little and add a personalised touch too. Give a gift card to a bookstore tucked into a classic novel or a personalised mug with a gift card to a favourite coffee shop.

It’s easy to get swept away with the holiday spirit. Don’t be fooled into buying things you don’t need! Stick to your list, budget and use these tips to #GetMore for your money!

Did you like learning how to #GetMore when shopping for Christmas in this article? Follow our #GetMore hashtag on your favourite social media channels as we bring you more tips on how you can get more for your money in everything from travel to shopping and dining until the close of 2015. Who wouldn’t like to #GetMore for their money?

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Ilyah Jamalludin

Ilyah Jamalludin

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Mastercard Is Phasing Out Magnetic Stripe From Cards From 2024

Payment service provider Mastercard has announced that it will be phasing out the use of magnetic stripes on its credit and debit cards over the next decade, making it the first payments network to do so.

According to Mastercard, the transition is set to begin in 2024 for most markets. Regions such as Europe, where the more secure chip cards are already widely used, will be among the first to see these cards with magnetic stripes go. From there, Mastercard will gradually carry out the change according to schedule; for instance, the transition in the United States is slated to take place only in 2027 as the country’s adoption of chip payments is seen to be slower. Mastercard expects that none of its cards will have magnetic stripes by 2033.

Mastercard explained that although the magnetic stripe had been a great innovation when it was introduced back in the 1960s – allowing banks to encode card information onto the stripe – better payment options have risen to take its place today. Specifically, Mastercard’s shift away from the magnetic stripe is motivated by two things: the development of newer technologies and consumers’ changing habits for payments.

(Image: Getty Images)

“Today’s chip cards are powered by microprocessors that are much more capable and secure, and many are also embedded with tiny antennae that enable contactless transactions. Biometric cards, which combine fingerprints with chips to verify a cardholder’s identity, offer another layer of security,” Mastercard in its blog post.

The chip cards mentioned refer to the global EMV chip standard that caught on in the 1990s, which made it possible for cardholder data to be kept in integrated circuit chips embedded into cards. This technology offered increased security and became the preferred way to pay, and is also complemented by verification methods such as PIN authentication and biometric fingerprint authentication. At present,
EMV chips are used for 86%
 of face-to-face card transactions globally, according to Mastercard.

The payment service provider also acknowledged the rising popularity of contactless payments (via cards and smartphones) that was spurred by the onset of the Covid-19 pandemic. It said that it saw an increase of one billion contactless transactions in the first quarter of 2021, as compared to the same period in 2020. Meanwhile, 45% of all in-person checkout transactions globally were contactless in the second quarter of 2021.

(Sources:
Mastercard
,
The Verge
)

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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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Samsung Refreshes Foldable Smartphone Range With Galaxy Z Fold 3 And Z Flip 3, Coming Soon To Malaysia

Samsung has announced new iterations of its futuristic foldable Z series of smartphones with the launch of the new Z Fold 3 and Z Flip 3. Featuring new technologies such as water resistance and an Under Display Camera, the new Z series devices are designed to bring foldables into the mainstream.

On paper, it does look like the new Z Fold 3 and Z Flip 3 are iterative updates without bringing anything new to the table. But what Samsung has done is to apply meaningful technologies to drive home its goal of making foldables a viable alternative for smartphone users today.

Here’s a quick rundown of what’s new on the two devices announced late last night.

Samsung Galaxy Z Fold3

There’s no new Galaxy Note this year, and if the whispers are to be believed, the Z Fold range is the spiritual successor as the power-user device of choice. The fact that this year’s Z Fold 3 supports the S Pen seems to validate that point. Samsung even created two new S Pens, a regular S Pen for the Z Fold 3 and an S Pen Pro with increased features and the ability to connect to two Samsung devices simultaneously.

The Z Fold 3 builds on the learnings from previous iterations, resulting in an iterative update that focuses on better use of the Main Screen and, more importantly, durability. For instance, the Z Fold 3 (and the Z Flip 3) both feature IPX8 rating for water resistance, making them the first water-resistant foldable smartphones in the world. It might not sound impressive, but it is quite an engineering feat considering the exposed moving parts of a foldable.

As for the phone itself, there are various upgrades as well. The device is made from a proprietary material made by Samsung, called Armor Aluminum – Samsung claims it is the most durable material used on smartphones today. Meanwhile, the 6.2-inch Cover Screen has been upgraded to a 120Hz Dynamic AMOLED 2X panel – the same as the Main Screen for a more fluid experience. Inside, the 7.6-inch Main Screen sports an updated Infinity Flex display that is 29% brighter, and sports Samsung’s first Under Display Camera which allows for a more immersive experience when using the Main Screen.

Inside, there’s a top-of-the-line Snapdragon 888 processor paired with 12GB of RAM and 256/512GB of internal storage. There’s a total of five cameras around the device: a 10MP Cover Camera on the Cover Screen, a 10MP Under Display Camera beneath the Main Screen, and a triple-camera array at the back, consisting of a main 12MP, a 12MP ultra-wide, and a 12MP sensor with 2x optical zoom.

Samsung Galaxy Z Flip3

Where the Z Fold 3 is designed for the uncompromising power user, the Galaxy Z Flip 3 is catered to the young and trendy crowd. This lifestyle piece is as compact as before, focusing on aesthetics while still featuring various improvements over its predecessor.

On the outside, the colour-contrast design pairs the black camera and Cover Screen portion with eye-catching matte colours to give a striking look. The 1.9-inch Cover Screen is now 4 times larger than the one on the Z Flip and Z Flip 5G, which offers enhanced usability and customisation options.

Like the Z Fold 3, the Galaxy Z Flip 3 is also IPX8 rated for water resistance, providing much-needed peace of mind that candy-bar smartphones have now taken for granted. Unfolded, the 6.7-inch Main Screen has been upgraded to a 120Hz Dynamic AMOLED 2X Infinity Flex panel, the same technology as Samsung’s flagship displays (though at a lower 2640 x 1080 resolution due to the phone’s size).

Inside, the Z Flip 3 is also powered by the flagship Qualcomm Snapdragon 888 chipset, but with 8GB of RAM and 128/256GB of internal storage. As for the phone’s imaging capabilities, there’s a 10MP selfie camera located on the Main Screen, while the main dual-camera setup at the phone’s rear consists of two 12MP sensors – a main wide angle one and a secondary ultrawide camera.

Pricing and Availability

Samsung has announced that the Galaxy Z Fold 3 and Z Flip 3 will be priced at US$1,799 and $999 respectively, and will go on sale later this month. However, while Samsung Malaysia has confirmed that both devices will be coming to Malaysia, it has not yet announced local pricing and availability.

But considering that we are usually in the first wave of countries that get the latest Samsung flagships, expect more details to come soon – including pre-order info and freebies, as is usually the case. Samsung Malaysia also confirmed that the Galaxy Watch 4 and Watch 4 Classic smartwatches as well as the Galaxy Buds2 that were also announced at the Samsung Unpacked event will be coming to Malaysia.

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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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Boost: Covid-19 Has Accelerated The Adoption Of E-Commerce And Digitalisation Among Businesses

(Image: The Star)

Chief executive officer of Boost Malaysia, Mohd Khairil Abdullah reiterated today that Covid-19 has significantly accelerated the adoption of e-commerce and digitalisation among small and medium enterprises (SMEs) and micro-SMEs (MSMEs) in Malaysia.

Speaking in the first session of a virtual roundtable series organised by Boost – titled “The Next Normal” – Khairil shared some data that pointed to the substantial growth. According to him, online-related payments for the SMEs and MSMEs on Boost has grown by 2.2x in the three months since the start of the movement control order (MCO). Meanwhile, the e-commerce platform’s merchant base has expanded by more than 60%, led by SMEs and micro-SMEs.

Khairil also pointed out that prior to the onslaught by the Covid-19 pandemic, many businesses did not see the benefits and necessity of e-commerce. “But once you come down to the core of not being able to do business because you don’t have a cashless solution, that’s actually forcing a lot of the rethink, especially during the MCO,” he said.

“We were creating solutions where you can continue to sell your
nasi lemak
from your kitchen and you don’t even have to open up your shop. You just need to adopt some form of cashless way of doing transactions. So, I think that the shift (towards digitalisation) has changed, and it is happening massively,” added Khairil.

Khairul further observed parallels between the growth of cashless payments and business digitalisation in Malaysia with the adoption of M-PESA in Kenya during the outbreak of Ebola in Africa in 2014 to 2016. For context, M-PESA is a mobile-based payment service that was first introduced in Africa all the way back in 2007.

“One of the reasons why M-PESA really exploded was Ebola, because the virus made it very necessary for people to move away from handing over cash to some form of cashless adoption,” said Khairil. In line with this comparison, Khairil thinks that business digitalisation and the adoption of cashless payments will also happen a lot faster in Malaysia in part because of Covid-19.

(Image: Harian Metro)

This first session of Boost’s “The Next Normal” roundtable series had sought to discuss issues concerning the digitalisation of traditional businesses, such as future opportunities and potential pitfalls that these SMEs and MSMEs might encounter. Aside from Khairil, the session’s panel was also joined by the chief operating officer of the Malaysia Digital Economy Corporation (MDEC), Datuk Ng Wan Peng, and the national vice president of the SME Association of Malaysia, Chin Chee Seong.

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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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Can You Afford to Have a Baby in Today's Malaysia?

While some of your friends may already be mothers of two; you’re still calling your beagle a furkid. The in-laws are nudging you to have a baby of your own and you start to think, “hey, maybe I am ready!”

Your heart says yes, but your mind cant help but wonder if you’re financially prepared to have an additional dependent. Well, it’s time to get down to the numbers. If you’re planning for pregnancy, here are the important things you and your spouse should consider prior to having a child.

Medical Insurance

As much as you and your spouse are excited about pregnancy, it’s important to prepare ahead and create a safety net for your pregnancy in case of complications during delivery. Having a medical insurance may not deter it from happening but it could definitely save you the headache and five figure medical bill. Many medical cards and regular health insurance coverage don’t extend to maternity cover, so you may need to apply for one especially for it.

Insurance companies issue child medical policies and riders such as
Prumychild
,
Zurich Flex Maternity Care
, and
AIA A-Plus Venus Extra
,
PruLady
 to provide coverage on pregnancy and childbirth complications. If you didn’t have one, apply to get protected during the 18 to 35 weeks of pregnancy.

Prices may differ according to age, state of health and the minimum sum assured. The annual premium rates could range from RM400 to RM1,500 depending a combination of these factors.

Pregnancy Check

Monthly check ups at the hospital are compulsory to monitor your foetus’ heart beat and progression. Your first check-up starts within the first 10 to 12 weeks of pregnancy but you can indeed go at any point in your pregnancy should you feel in any way uncomfortable.

Depending on your needs and purpose, each visit could cost around RM80 to RM180.

Supplements for Pregnancy

What you eat during pregnancy could give your baby the healthiest possible start in life. Therefore, supplements such as
Omege-3 Fish oil
,
Obimin
 and
Folic Acid
 are great supplements to have during pregnancy. Some hospitals provide some of these supplements, but if they don’t, you can purchase these easily at your nearest pharmacy.

The amount of health boosters required vary across pregnancy, the approximate cost could range from RM60 to RM150 each month.

Ward and Delivery Cost

In the case of a normal childbirth, the cost depends on which hospital you choose. Unless you’re a government servant, the cost of natural birth is RM300 (not including ward and other miscellaneous charges) whereas a C-section would cost RM 800 at a government hospital. However, cost of delivery at a private hospital is a whole lot more. So if you decided to give birth at a private hospital, be prepared to pay 5 to 6 times more on both natural birth and C-section.

After delivery, you will have to stay in ward for a few days to monitor the progress on both you and your infant . The ward fees for one bed will cost RM80 per day in at government hospital. There will of course be other medication and service fees to account for so be sure you have a minimum of RM2,000 if you plan to have your delivery in a government hospital.

Confinement

For post-partum care, the confinement period is a crucial time for mothers after delivery. At this time, a confinement lady is hired to cook, bath your baby and if you want; perform post delivery massages. They essentially ensure that you and your baby is well taken care of. All of that could cost between RM3,000 to RM4,000.

Medical Care for Your Child

Immunisation isn’t something you can opt out of. Vaccination protects your child against life-threatening diseases and normally, vaccines such as Hepatitis B, Diphtheria, Tetanus, Pertussis (whooping cough) / and Haemophilus influenzae type b. are mandatory during the first 6 months till 1 year of age.

The total costs of your child’s immunisation jabs could cost less than RM1,000 at your regular clinic. For those who prefer to follow up with a pediatrician, these mandatory jabs could cost you up to RM3,000.

Nursery/Babysitter

Your maternity leave is due and it’s time to get back to work. So, it’s time to hire someone who would take care of your little bundle of joy while you are away. If you prefer a baby sitter who would look after your child on a one on one basis, the fees are usually higher. However, if your child is taken care of among other babies, the fees are lower.

The cost of hiring a baby sitter could range from RM400 to RM850.

Neccessities

At 24 hours around the clock, having an infant requires your utmost attention and care which includes every 3 hours of feeding time; new clothes purchased every 2 to 3 months; diapers; and toys for teething.

While essential items like a breast milk pump, strollers and baby cot are one-off investments (or free if you’re lucky enough to take some hand-me-downs) which could range from RM100’s to RM1,000’s, daily needs of your baby could be what drains your pocket faster than a broken down Bentley.

With that said, let’s look at the monthly expenses needed for your child.

The table below shows the price of essentials and the total for each month.

Items

Price(RM)

Puree

240 (7.99 per can X 30 days)

Milk formula(Affordable)600gm

43.80 (21.90 per tin X twice a month)

Milk formula(Premium) 600 gm

196 (98.00 X twice a month

Diapers 58 pieces

67.78 (33.89 per pack X twice a month)

Total cost per month

547.58

During first 6 months, your baby will be breastfed and/or fed milk formula. Looking at the figures, a total of RM547.58 is the minimum required each month to feed your baby. When your baby is ready for more solid food options, you will have to pay more in addition to the list on top. Although the list above isn’t comprehensive, it gives you a peek at some of your baby’s most important monthly expenses. So, be prepared to prioritise these items in your budget list.

Ways to Save on Baby Cost

Make your own baby food
. There may be ready-to-eat baby food in the market. But, nothing beats having traditional porridge with added mashed carrot and potato. It’s a healthier option and trim food expenses.

Hand-me-downs
. Baby’s growth spurt can be a lot faster than you can imagined. So, why splurge on brand new clothes or cots and play-pens if you can receive some hand-me-downs from friends and family?

Utilise government hospital facilities
. Delivery services, consultation and medical care provided from the government hospital could save you heaps. Unless your baby required emergency medical attention, you could make time and brave the queue.

Buy used items
. Some baby items like baby court or play pen doesnt have to be brand new. You can find affordable options and pre-loved items at a pristine condition at online site like mudah.my.

A look at even some of the cheapest and most basic need items of your child brings us to pretty hefty amounts. It means that no matter who’s pushing you to have a baby – the most important thing is being able to care for your bundle of joy (and yourself!) well. A baby is a big responsibility but millions around the world are having them just fine. Some planning and prudence is all it takes. Good luck!

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Money Reasons to Love the Year End

*”People who say money can’t buy happiness obviously don’t know the right shops,”*

If you’ve done any kind of reading (even if it’s memes online!) you would have come across the quotation above. No matter how big your philanthropist heart; you can’t deny that money does have the power to make you smile. So if you like money; we’re guessing you also love the end of the year.

And these reasons are probably why.

Tis’ the Season for Big Fat Bonuses

The man in the red suit isn’t the only fat thing you look forward to at the year end. The other is a fat bonus paycheque! It’s pretty exciting to know how much your employer appreciates your hard work throughout the year keeping the business going but it’s even more exciting when he pairs this with a nice lumpy cash incentive. So if you’re bound for a bonus (whether the contractual 13th month or the performance percentage); look forward to a smashing fun time.

But before you run off with your hard earned gains; take a breather. Whilst you deserve to let your hair down, it is also advisable to have budget on how much you’re going to spend on self-indulgence so that in the end, you still have money left for good use such as paying down debt and or adding to savings.

Hope Shines for Salary Increments

Most companies will have some kind of appraisal exercise which then paves the way for a salary increment. Some of us will get huge amount and some may get just a little; but whichever you get it’s bound to make you smile (I mean, who doesn’t want more money every month?). Salary increments can help you ease monthly financial burdens and increase your standard of living. Even if it’s just by an extra
nasi lemak ayam
 a week.

Santa’s Delivering Investment Dividends

Savvy money savers will let their cash multiply by investing. Some investment products show results after five to seven years of investment (such as unit trusts) but for the most part, interest and dividends are given or announced at year end. Last year, it was quite a buzz when
ASNB announced a lower dividend pay out for the ASB unit of 8.7%
 but it’s still money and there’s always hope that this year it will be better.

There is also EPF dividends (although it is not for you to spend now) and fixed deposit interest payouts. Make sure you have your investment list checked so that you do not lose track of the money that you should gain towards year end.

Bursting the Bubbly Over BR1M 4.0

Okay, you probably won’t be able to buy actual champagne with your BR1M payout (but it’s not
halal
 so not everyone can have it anyway); but sparkling juice should work just the same. And you’ll be able to buy it at the grocers where you spend your BR1M on your
produce and other household necessities (and not a new gadget) as the government intended
.

The government’s aid to the Malaysians who sit within the low income category, BR1M 4.0 will be the fourth time that the government gives out money which is targetted at single youth with monthly income of less than RM2,000, families with total monthly income of less than RM4,000 and senior citizen that lives alone with income of less than RM4,000 every month. The money will be paid out in batches with the first coming in in the month of January, 2015.

We realise the new year isn’t looking all that great with GST coming up and the
removal of fuel subsidies
 but hopefully you can still find little pleasures in some of the good things the year end brings. We know it’s looking bleak but we can’t change what has happened; only what will. Maybe, just maybe, 2015 won’t turn out so bad after all.

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This Week’s Tesco Malaysia Catalogue

Every fortnight, Tesco has a limited time sale on a wide variety of items. From Malaysia’s favourite groceries to best-selling home appliances, there is always a smart deal for everyone.

Check out this week’s Tesco Malaysia catalogue!

*Current catalogue content valid from 16 – 29 May 2019.

Remember,

Tesco’s online store
 means you don’t have to leave your home to enjoy all these special prices!

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Conventional Banking vs Islamic Banking

Conventional banking uses interest charged to lenders along with other investments to turn over an income. Islamic banking on the other hand uses Islamic teachings and Syariah laws in their banking products, which levy profit rates instead of interest rates.

Many have come in contact with all types of banking products, conventional and Islamic, on a daily basis but may not be aware of how they operate and more importantly, advantages or disadvantages posed towards their finances. The following are pointers that could help you decide.

Advantages of Islamic Banking Products

When BBA (Sale And Buy Back Agreement) House Financing was first introduced, total cost of the property purchased was determined at the point of the contract ,also known as
aqad
. If an individual wished to purchase a house for RM500,000, the bank would buy a property at RM500,000 and sell it back to the customer at at RM850,000, which gives the bank a profit of RM350,000.

The total of RM850,000 would be paid over the duration of an agreed number of years stated in the contract. There were no fluctuations experienced on monthly commitments as how conventional mortgages endure (vary according to interest rate shift in Base Rates).

Over time, financial institutions realised that it worked as a disadvantage to customers who were locked in with a very high profit rate or vice versa, where the bank could be facing very low profit rates. To counter that effect, they introduced a
variable rate financing
 as how conventional interest rates fluctuate, except this has a maximum cap. This works well in safeguarding investment and to ensure commitments do not exceed a certain monthly amount.

Another advantage appears clearly in Islamic hire purchase products and concerns late penalties. According to the
Bank Negara website
, Islamic hire purchase imposes a late payment fee of 1.00% per annum of the due instalment whilst most conventional hire purchase charge a fee of 8.00% per annum – but there is a down side.

Disadvantage of Islamic Banking Products

The link in the previous paragraph goes on to mention that some, if not all financial institutions, impose administrative fees and other types of fees to regulate the account. These add-on charges would vary across banks but are likely equal the conventional product charges to maintain competitiveness of conventional banking.

Another disadvantage (from a non-Muslim stand point) to Islamic finance products is that they require transactions to be ‘halal’ in nature. This means that you are not allowed to purchase alcohol, gambling, or any type of ‘non-halal’ products and services using an Islamic credit card. Not all will see this as a disadvantage, as it could help curb perpetual bad habits.

Likewise, if you apply for an Islamic housing loan, hire purchase, credit card or any other product, banks would reject the application if your income is not deemed ‘
halal
‘ by Syariah concepts and laws. This does not necessary apply to only perceived illicit businesses but those that profit from non-Halal goods like alcoholic beverages.

Advantages of Conventional Banking Products

As mentioned earlier, there are restrictions to Islamic financing when it comes to the ‘halal’ source of income. As an advantage, it does not apply to conventional banking products. If you happen to own a string of legal gambling lottery ticket businesses, you would be allowed to apply for conventional banking products as long as you are able to provide the necessary income documents.

Also with conventional mortgages, if an individual wishes to increase the loan amount on a property, there would only be an additional stamping fee levied, without having to draw up a new agreement. On the other hand, if you used Islamic based mortgage to finance your property, increasing the loan amount would require you to make a new buy-and-sell agreement. In a conventional mortgage, this could lead to more savings if such a situation were to arise.

Disadvantage of Conventional Banking Products

If you were to opt for a conventional banking product such as mortgage, the interest rates being adjusted on the loan does not have a maximum cap. Of course interest rates have to be justified when the bank adjusts its base rates but in all technicality, it could potentially increase to an alarming rate without having a cap.

This would in turn cost the home owner to have very high monthly commitments and make it difficult to draw up a long term budget. However, Bank Negara Malaysia has regulations in place to manage the fluctuations of market rates to safeguard consumer interests.

Which Product Suits you Best?

There are advantages and disadvantages to using both types of banking products but both run on pretty similar concepts, just based on different ideologies. It is important to be informed that there are no restrictions to whom can apply for Islamic banking products provided your source of income is ‘halal’.

That said, a combination of the two sides to banking products could very well play into your financial favour. A little research when choosing your banking product should help bolster your decision.

Have you had the experience of dabbling into both these separate entities? Tell us all about it at the comments section down below – we’d love to hear from you.

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Gavin Pereira

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BNM Says Ringgit Pegging Is Not In Malaysia's Interest

(Image: Bernama)

Bank Negara Malaysia (BNM) governor Tan Sri Nor Shamsiah Mohd Yunus has commented that pegging the ringgit to the US dollar will not benefit Malaysia as it will only expose the country to great risks in the current challenging global landscape.

According to Tan Sri Nor Shamsiah, the global economy has been impacted by various factors thus far, including the ongoing Russia-Ukraine war, China’s strict Covid-19 movement restrictions, and prospective hikes in the US interest rates to fight inflation. This has also resulted in the weakening of the ringgit against the US dollar.

Given the situation, the governor believes that a flexible foreign exchange policy will be better suited to help Malaysia cushion economic shocks, and sustain its competitiveness amid the difficult global environment.

(Image: Bloomberg)

Tan Sri Nor Shamsiah further explained that the pegging of the ringgit to the US dollar will come with certain consequences, such as the loss of monetary policy independence. To illustrate, if the US decides to raise its interest rates during the period of the peg, Malaysia will have to raise its own rates as well – in order to maintain the peg.

“Malaysians, in this case, will have to bear the highest borrowing costs, even though the economy is weaker than the US [at this point]. We will also have to resort to capital controls. We have to acknowledge the key factor that contributed to [the] successful pegging [of] the ringgit in 1998 was the capital control that was introduced then, which came at a cost,” said the governor, referring to the currency peg that was put in place in 1998.

Back then, Malaysia had pegged the ringgit to the US dollar at a rate of RM3.80 in a bid to stabilise the fluctuation of the ringgit and to assist with the country’s recovery from the Asian financial crisis. The move was widely criticised by various international bodies at first, but was eventually acknowledged to be an effective one. The peg was subsequently lifted in 2005.

(Image: Reuters)

Aside from that, Tan Sri Nor Shamsiah also highlighted that pegging the ringgit will have a detrimental effect on investors’ sentiments. It will affect not only foreign direct investments (FDIs) coming into Malaysia, but also exaggerate capital outflows from the country, she said.

Tan Sri Nor Shamsiah’s comments were made in response to a recent proposal by former prime minister
Tun Dr Mahathir Mohammad, who suggested for the government to re-implement the currency peg
. He said that this will help in managing the fluctuating ringgit.

(Source:
The Edge Markets
)

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Nur Adilah Ramli

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PM: Toll Exemption For All Vehicles On 20, 21 January In Conjunction With CNY

(Image: Malay Mail/Hari Anggara)

Prime Minister Datuk Seri Anwar Ibrahim has announced that highway users nationwide will be able to enjoy an exemption on toll fees on 20 and 21 January 2023, in conjunction with the upcoming Chinese New Year celebration.

“Good news! The Works and the Transport ministries have already discussed with the highway concessionaires to allow toll exemption on 20 and 21 January. This is to enable all Malaysians, not only the Chinese, but also the Malays and Indians who may want to return to their hometown for the holidays,” said the prime minister in a press conference.

Datuk Seri Anwar also highlighted that the exemption – which will see an allocation of RM40 million to benefit the travellers – is applicable to all classes of vehicles.

(Image: Malay Mail/Farhan Najib)

The Chinese community is set to celebrate Chinese New Year on 22 and 23 January 2023 (coming Sunday and Monday), but many are expected to begin travelling back to their hometown from as early as 20 January (Friday) to prepare for the occasion. If you’re one of those who will be travelling back this weekend as well, do take heed of the traffic rules as you drive!

Specifically, Transport Minister Anthony Loke has alerted the public of
several traffic offences that will not be compoundable
 when they are on the road this Chinese New Year, and will land them straight in court. These include speeding, overtaking on double lines, and using phones while driving – among other things. Furthermore, the speed limit on federal and state roads will be
temporarily reduced by 10 kilometres per hour (kph)
 during the Chinese New Year period.

(Source:
The Edge Markets
)

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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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EPF Akaun 2 Support Facility: Key Things To Know Before Applying

The Employees Provident Fund (EPF) has begun accepting applications for the Akaun 2 Support Facility since last Friday (7 April 2023), meant to assist individuals who are still struggling with their finances due to Covid-19 and other
recent calamities
. Its implementation will be carried out in two phases, with Phase 1 starting first for eligible members aged 40 years and above (but not yet 55 years old). Phase 2, meanwhile, will be announced at a later date for members aged 40 years and below.

Here are several key things that you should know about the new Akaun 2 Support Facility, based on the
FAQ that has been released by the EPF
.

What is the Akaun 2 Support Facility?

Under this facility, members can apply for an advance notice for Age 50 or Age 55 Conditional Withdrawal, which then serves as a support for them to obtain a personal financing or loan of between RM3,000 to RM50,000 from participating banks. With this, the member’s Akaun 2 savings may be used to help repay the loan taken out when he or she reaches the age of between 50 to 55 (as chosen by the member).

The EPF further stated that it will only disburse the principal and accumulated dividend from the member’s Akaun 2 into their financing account with the bank at the stated aged. In the meantime, members are still required to make monthly repayments of a certain amount to the bank (as set in the financing agreement). If a member is able to fully settle their personal financing at an earlier date on their own, they can then contact the EPF to rescind their advance notice of Age 50 or Age 55 Withdrawal. This way, the amount applied for withdrawal can be utilised for other pre-retirement withdrawals instead.

The Finance Ministry has also clarified that the Akaun 2 Support Facility
is not a form of collateral
 offered by a borrower to a bank.

(Image: Utusan Malaysia)

Deputy Finance Minister I, Datuk Seri Ahmad Maslan explained: “A collateral means (a bank) has the right to enforce the collateral when a borrower fails (to repay the loan), meaning if the borrower takes a RM5,000 loan and fails to repay it, (the bank) takes the RM5,000 immediately. But this Akaun 2 Support Facility is not a collateral. The lender, that is the bank, cannot use the EPF savings if the member fails to pay his loan instalments. Members still have the right to make withdrawals when they reach the age of 50 or 55 (subject to the balance in their accounts) because they are still protected under Section 51 of the EPF Act 1991.”

Who is eligible to apply for the Akaun 2 Support Facility?

This facility is only open to EPF members who are aged 55 and below, with its implementation to be carried out in two phases:

Phase 1 (already ongoing)
: Members aged between 40 to 54 years old

Phase 2 (to be announced soon)
: Members aged 40 years old and below

You must also have a minimum balance of RM3,000 in your Akaun 2 if you wish to apply. Additionally, bankrupt individuals may apply for the personal financing provided under this facility, but approval is subject to the participating bank’s terms and conditions.

How much advance amount can I obtain for my personal financing via the Akaun 2 Support Facility?

The eligible amount for your personal financing (through the Age 50 or Age 55 Conditional Withdrawal) will be based on the existing balance that you have in your Akaun 2, minus any pre-retirement withdrawals that have not been approved (if any).

Here is a table from the EPF for better clarification:

Note, however, that ultimately, the
final and actual amount of personal financing
that you can borrow will be determined and approved by the participating banks.

What is the interest rate charged for the personal financing under the Akaun 2 Support Facility?

The loans offered under this facility will have an
interest rate of between 4% to 5%
 – considerably lower than the market rate of 8% to 15%. The actual rate will be determined by the banks, and is primarily dependent on the Standardised Base Rate (SBR) at the time.

What is the tenure/repayment period for the personal financing provided under the Akaun 2 Support Facility?

You can opt for a repayment period of up to 10 years.

How to apply for the Akaun 2 Support Facility?

Applications can be done fully online, via the participating bank’s online banking portals. Before you proceed with your application, though, you should first make an initial check of eligibility through the
EPF i-Akaun portal
 to see if your EPF Akaun 2 balance is sufficient. Make sure to also update your contact details via the self-service terminals (SST) at any EPF branches so that you can receive any transaction authorisation codes (TAC) required for verification when conducting transactions.

Once that’s done, visit your preferred bank’s online banking portal and apply for the personal financing provided under the Akaun 2 Support Facility. After your personal financing application is approved, submit another application for the advance notice for Age 50 or Age 55 Conditional Withdrawal to the EPF –
also through the bank’s portal
. This application must be based on the amount of personal financing that has been approved by the bank.

Members will then receive notification regarding their application status for the advance notice of their Age 50 or Age 55 Conditional Withdrawal via their i-Akaun inbox.

Which banks are involved in the Akaun 2 Support Facility?

At present, only two banks are involved in providing personal financing under the Akaun 2 Support Facility: MBSB Bank and Bank Simpanan Nasional (BSN).

MBSB Bank’s personal financing for this facility is called Ihsan-i, and is already open for application (you can find out more about it on
the bank’s website here
). It will continue accepting applications until 14 April 2024.

Meanwhile, BSN will only begin accepting applications for its personal financing under the Akaun 2 Support Facility starting from 15 April 2023. Terms and conditions will be announced later.

How long will the participating banks accept applications for the Akaun 2 Support Facility?

The Akaun 2 Support Facility will be made available for only one year. This is to avoid complete dependence on EPF savings to pay and settle debts.

Can I cancel my application for the Akaun 2 Support Facility?

Note that each member is only allowed to make one application for the Akaun 2 Support Facility, and once the application has been approved, it cannot be cancelled.

***

(Image: Bernama)

In announcing the
Akaun 2 Support Facility
, Prime Minister Datuk Seri Anwar Ibrahim explained that the facility is a compromise offered by the government as it is just not advisable to allow another round of special EPF withdrawals. This is as many contributors already have
insufficient EPF savings for their retirement
 as of today, with
certain segments of the society already seeing a significant dip in the median savings of their EPF accounts
.

Datuk Seri Anwar also stressed that only individuals who are truly in need of additional financial aid should tap into the Akaun 2 Support Facility. Additionally, members may seek advice from the EPF’s Retirement Advisory Service (RAS) personnel, officers from the Credit Counselling and Debt Management Agency (AKPK), or bank officers as they make their decision.

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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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    Santimathy AP R Maniam

    1 month ago

No job since year.need to pay monthly bank loan

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Ministry of Finance Unveils New Logo For Belanjawan 2021

The Ministry of Finance has announced the launch of a new official logo for the upcoming Budget 2021, together with a detailed description of the meaning behind the new design.

According to a
statement
 released by the ministry, the logo’s design combines three different elements: the colours of the logo, the design, and the font. An in-depth explanation of the colour, patterns, and the various aspects of the typeface can be found on the
Belanjawan 2021 website
.

The purple tone of the logo represents shared prosperity in the efforts of the government to improve the well-being of the people and the development of the nation’s economy. The Noto Sans font was chosen due to its modern, simple, and professional outlook. As for the patterns, the national flag has been positioned to symbolise a view of economic recovery that is optimistic and resilient. Meanwhile, the Malaysian batik motif is symbolic of unity and nationalism, while giving support to the industry, trade, and local talent.

“Belanjawan 2021 has three main objectives with the aim of protecting, recovering, and ensuring the well-being of the citizens, the continuity of business, and the endurance of the economy,” the ministry added in the statement. “The Budget will be presented by the Minister of Finance on 6 November 2020.”

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Golden Shopping Opportunities For Alliance Credit Card Members

Chinese New Year may have come and gone but you can still get a golden egg for your dining table centrepiece. Because symbols of prosperity never go out of fashion, at least not the 24k gold plated ones.

Also available from Alliance Bank’s special mail order are a wide range of trio electronic kitchenware, Longchamp and Coach handbags at special prices only available to Alliance credit cardholders.

Alternatively you could redeem these products with your rewards points. Please refer to the
catalogue
 for the full range of products and mail order form.

As a reminder please be mindful of the Terms & Conditions before making your purchase(s) and to take into account the interest rates should you choose to pay with instalments.

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Brendon Lee

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Saito University College & RinggitPlus To Launch Malaysia’s First Digital Financial Literacy Course For Students

Saito University College in collaboration with RinggitPlus is introducing a Digital Financial Literacy module to its students to be financially prepared when they enter the workforce. Said to be the first of its kind in Malaysia, both parties signed a Memorandum of Understanding (MoU) in a virtual signing ceremony today.

The Financial Literacy Module fits perfectly for Saito College University whose vision is to enable students to make a positive change to their lives and to the community around them. Meanwhile for RinggitPlus, the Financial Literacy Module is yet another step to help more Malaysians  make better financial decisions.

“We are excited to introduce the module to our students as we believe that financial literacy is one of the most important aspects that many young Malaysians could improve on. By learning about personal financial management from professional licensed financial planners, our students will be better equipped to enter the workforce,” said Saito University College Vice-Chancellor Prof. Dr. Vinitha Guptan.

RinggitPlus co-founder and director, Hann Liew said as a strong financial literacy advocate in Malaysia, RinggitPlus has been identifying various ways to educate more Malaysians and spread awareness on the importance of financial literacy. “The partnership with Saito University College allows us to reach out to young Malaysians at a crucial time in their lives and we hope the module can help them make smarter financial decisions in the next chapter of their lives,” Hann said.

The Financial Literacy Module consists of 10 topics with a total of 30 hours of guided learning, covering the key aspects of personal financial management including Effective Financial Planning, Smart Budgeting, Debt Management, Emergency Saving, Investment Strategy, Risk Management and Retirement Planning.

At the end of the course, students who pass the final examination will not only receive credits for their undergraduate or postgraduate programmes, but also the opportunity to apply for an internship with RinggitPlus/Jirnexu Sdn Bhd or its affiliated companies to further expand their knowledge and experience by working in a Fintech institution.

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Pang Tun Yau

Pang Tun Yau

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

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The Breakdown on Car Breakdown Insurance Cover

If there’s one thing all car drivers can agree on, it’s that a car breakdown is the most annoying thing that can happen when you’re driving – especially when you’re in a rush to get to work, or worse, in the middle of nowhere.

Even the new and most reliable cars have their bad days – and when they do give way and leave you stranded by the roadside, the last thing you’d want is having to wait for hours for help.

What’s worse, if your car insurance does not cover the cost of car breakdown assistance, you’ll have to shell out a huge sum of money for towing and repair costs. Imagine having to fork out RM500 (or more) in the middle of the month when you have other things to pay for.. NOT fun.

So, how can you avoid all these hassles and drive with confidence knowing that your car is covered even if it breaks down at 3 am on an empty highway? (hint: not
tok bomoh
)

Car Breakdown Insurance to The Rescue!

Okay, first of all, what is car breakdown insurance? It’s an additional cover that helps provide roadside assistance in case your car suffers a breakdown (such as a flat tire or mechanical failure)

How Does Car Breakdown Insurance Work?

Most car breakdown insurance policies offer 24-hour, 7 days-a-week car towing service which will assist to tow your car to the nearest panel workshop, as well as minor repairs (such as change of tires). Also, most of them often come with additional personal accident coverage, although the sum assured varies from one insurer to the other.

But, there are also premium car breakdown insurance policies that offer comprehensive coverage such as international emergency car towing services, better roadside repair services, taxi ride allowance, hotel and accommodations allowance, as well as a worldwide personal accident coverage – such as
RHB Insurance Road Rescue
 coverage!

Why Do I Need Car Breakdown Insurance?

Even if you’re a skilled mechanic who always keeps emergency spare parts (e.g. car battery) in your car, you’ll still need car towing assistance should your car decides to throw a tantrum and give out mid-drive.

If you call a private car towing service, the cost might be anywhere between RM250 to RM500, depending on the distance, time (some private car towing services charge extra for after midnight services) and the type of tow-truck they’re using (i.e. flatbed tow truck or the regular (hook and chain) tow truck). This is not even including the cost of the repairs you need to pay once your car arrives at your local mechanic, which, depending on the how bad the damage is, might go into the thousands.

Rather than forking out the money from your savings fund to pay for the tow and emergency repair services, opt for a car breakdown insurance cover instead. Most of them are affordable and are ready to offer you the emergency assistance you need 24-hours a day, all year-round.

For example,
RHB Insurance’s Road Rescue
 offers comprehensive car breakdown coverage from only RM108 a year, that’s as cheap as only RM0.30 a day!

What Do I Need to Watch Out for Before Buying Car Breakdown Insurance?

Of course, not all car breakdown insurance covers are the same. You need to make sure you’re getting the right coverage you need for your car; not too little, and certainly not too much as that spells a higher premium. Here are some of the things that you need to eyeball in the product brochure of product disclosure sheet before buying your preferred car breakdown insurance:

Distance covered for the emergency car towing and roadside assistance.

If the offered roadside assistance is covered for 24 hours, 7 days a week.

If there is a limit to the number of roadside assistance you can request in a year.

If there are additional benefits (e.g. taxi or accommodation allowance)

The list of panel workshops under the policy.

If there is a weight limit to your car.

If common incidents such as flat tires, out of fuel, lost keys, and dead battery are covered.

If there is a waiting period for the cover to start when you purchase your policy.

How Do I Buy a Car Breakdown Insurance Policy?

Of course, you should do your research and compare the car breakdown insurance policies offered in the market before buying. But, in general, car breakdown insurance policies can be purchased from insurers such as RHB Insurance either by calling them or contacting them on their website at
rhbgroup.com

Alternatively, you can also contact your local insurance agents to help you understand and compare the best car insurance breakdown policy for you! Hope this article helps, and stay safe out there!

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Syaza Abd Jani

Syaza Abd Jani

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How Will Malaysians Be Affected By The Upcoming 6% Digital Tax?

With the implementation of the new 6% digital tax starting on 1 January 2020, Malaysian consumers are set to see an increase in price for various digital services provided by foreign service providers. This will cover a broad base of everyday services most Malaysians use, as the Royal Malaysian Customs Department (RMCD) has confirmed that as of 20 December 2019, at least 126 foreign service providers have registered for the tax.

Major companies that have registered thus far include Google, Spotify, Netflix, and Airbnb. A few of these companies have released statements ahead of time to announce how the pricing of their digital services would change and how it would affect their users. Here’s a list at some of the most popular companies.

Google

Google was one of the earliest to announce a 6% digital tax for its paid
G Suites services for 2020
, and has also recently notified its users that app and in-app purchases from
Google Play will also incur a similar tax
. That said, it has yet to clarify on YouTube Premium and YouTube Music subscriptions.

Amazon Web Services (AWS)

Amazon has sent out email notices to its subscribers, informing them of the
implementation of the 6% digital tax
 from 1 January 2020 onwards. The digital tax will affect the AWS Cloud Services and purchases on the AWS Marketplace. That said, AWS has not added Malaysia to its
Tax Help
 page as of yet, but is expected to update its list of countries soon.

Facebook

Facebook has announced that it will be charging the
digital tax for advertisements on its platform
. The tax is added regardless of whether they are purchased for business or personal purposes.

Adobe

Adobe has also updated its Support page to
include the 6% digital tax in its plan prices
. Adobe users subscribed to monthly and annual paid monthly plans will be billed the tax starting in January 2020, while prepaid annual plans will see the tax included when the plan is renewed.

Netflix

Netflix will be
revising the price
 of its Basic plan from RM33 to RM35, Standard from RM42 to RM45, and Premium from RM51 to RM55. The price of its mobile-only subscription plan, however, will remain at RM17 per month. The new pricing will be in effect starting 9 January 2020, and Netflix subscribers will be notified a month before they begin paying the new prices.

Netflix made it a point to clarify that the price increase is not solely due the implementation of the digital tax, but instead as an investment to enable Netflix to continue investing in better content and user experience. Incidentally, Singapore is introducing a 7% GST on overseas service providers starting 1 January 2020, with Netflix also announcing a price increase for Singapore on the same day as Malaysia.

PlayStation Store

Starting from 1 January 2020,
Sony’s PlayStation Store will be implementing the digital tax
 on its purchasable items and subscription services, but not on wallet top-ups in the Store. The company further informed that the price updates will be implemented on items sold on the PlayStation Store between 4 to 6 January 2020. During this time, you may see different prices between product detail pages and checkout pages, but the amount that will be charged will be the one on the checkout page.

Steam

Valve’s popular digital distribution service for PC games will see
the new digital tax included directly in the game prices
, and it will be effective 1 January 2020.

Airbnb

Airbnb has mentioned in its
Help Centre
 that in some locations, it has agreements with government officials to collect and remit certain local taxes on behalf of hosts. It is also required to collect Value Added Tax (VAT) or a VAT equivalent on its service fees in countries that tax electronically supplied services. Although Airbnb has yet to include Malaysia in its current list of countries that collects such taxes, the RMCD has named it as one of the companies to have registered with the government for the tax.

Lazada and Shopee

Both
Lazada
 and
Shopee
 have stated its willingness to comply with the upcoming digital tax, and pledged to work closely with the government on the implementation. No further details have been revealed, though.

———————————–

Various other foreign service providers have yet to announce how they would treat the 6% digital tax that will be imposed on them – if they will absorb the tax or charge it to their users.

However, according on a
guideline
 published by the RMCD to iron out what falls under the digital tax scope, there is a non-exhaustive list of eight types of services that qualify for taxation:

Software, applications, and video games

Music, e-book, and film

Advertisement and online platform

Search engines and social networks

Database and hosting

Internet-based telecommunication

Online training

Others

Based on this, Malaysians can soon expect a bump in price for paid services offered by various other foreign service providers as well, such as Microsoft, Dropbox, and Apple App store.

The RMCD has mentioned that it will begin the implementation of the digital tax based on a
soft approach
 for now. This means that it will provide notices inviting eligible companies to register for the tax. The tax collected from the companies will then be remitted to the RMCD.

The 6% digital tax was first raised in the
Budget 2019 tabling
, and was subsequently
confirmed in April 2019 this year
. It was meant to create equal opportunities between foreign and local digital service companies as digital players based in Malaysia are already paying or collecting the 6% Sales and Service Tax (SST) from customers.

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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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BNM Cautions BNPL Customers To Avoid Overspending

(Image: The Edge Markets)

Bank Negara Malaysia (BNM) has urged consumers to exercise caution when using buy-now-pay-later (BNPL) schemes, ensuring that they do not overspend while making purchases. Additionally, the central bank will also work with relevant agencies to address this concern, including through public education.

“Although BNPL schemes typically allow customers to make payments for purchases in instalments at zero interest, consumers need to be aware that there may be other charges levied (e.g. processing fees and late payment fees),” BNM said. It also added that the total charges by some BNPL providers may even be higher than the charges imposed by traditional lenders for products such as credit cards.

As such, the central bank advised BNPL users to check the terms and conditions of the schemes, particularly the applicable fees and charges. Consumers should also always strive to pay their instalments in full and on time to avoid penalties. This is also to ensure that their debts are well-managed.

(Image: Bloomberg/Wei Leng Tay)

To note, the BNPL industry has seen an exponential growth during the outbreak of Covid-19 as Malaysians were forced to go online for their purchases and needs. In 2022 alone, it recorded an estimated transaction volume of over RM2 billion. Despite that, such schemes are not yet properly regulated; BNPL schemes offered by non-bank operators currently do not fall within the purview of BNM or any other regulatory body.

In light of this, BNM stated that the Ministry of Finance (MOF) and the Securities Commission (SC) are currently leading inter-agency efforts to enact the Consumer Credit Act (CCA) by this year. This will eventually lead to the establishment of the Consumer Credit Oversight Board (CCOB).

“The CCOB will eventually serve as the sole conduct authority for all consumer credit activities, starting with those offered by credit providers that are currently unregulated by any authority, such as BNPL schemes offered by non-bank operators,” BNM explained.

(Image: Fintech News Malaysia)

The central bank also remarked that the enactment of the CCA will also mean that BNPL providers – especially non-bank BNPL providers – will be subject to regulatory requirements. These include abiding by responsible lending practices that deter providers from extending an offer to customers who are unable to meet their debt obligations. “Such providers will also be subject to expectations on consumer protection, risk management, and
shariah
 compliance,” it said.

“For BNPL schemes offered by, or in partnership with banking institutions, the banking institutions are expected to observe practices that are consistent with the existing responsible lending requirements,” BNM also commented.

The CCA was originally set as part of the strategic outcomes under
BNM’s Business Plan 2018-2020
, and was eventually included under
Budget 2021
. Following that,
BNM said that it is looking to pass the CCA in 2022
. Meanwhile, MOF shared earlier in March this year that it is working with both BNM and SC to
formulate a credit regulation framework
 by this year. The framework is expected to be implemented with the enactment of the CCA.

(Source:
Malay Mail
)

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Nur Adilah Ramli

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Users Can Now Pay For Tolls Using Balance In Touch 'n Go eWallet At More Locations

This month, the use of the “TNG Card” feature in the Touch ‘n Go eWallet has been expanded to Lebuhraya Kemuning-Shah Alam (LKSA) and the SMART Tunnel. The feature was first introduced in a pilot phase at DUKE Highway last December, in response to a collective request by users for a way to top up their physical cards using the eWallet.

This feature allows the toll fare to be deducted from your eWallet balance instead of the balance in your physical card when you pay for toll charges. Users need to add their physical Touch ‘n Go card into the eWallet by entering the serial number, ensure that their eWallet has enough balance, and can start using the Touch ‘n Go card as normal at the toll booths.

You can link up to three Touch ‘n Go cards to your eWallet, with all associated cards sharing the same value as the eWallet. Do note that the balance in the eWallet is not interchangeable with the physical balance of the TNG card – if your eWallet has insufficient balance, the toll charges will be deducted from your physical card. To avoid this from happening, users can enable the auto-reload function in their eWallet with their credit or debit card.

Touch ‘n Go plans to roll out this feature to all toll booths across the Klang Valley so that users can come to rely on the eWallet as their primary source of funds to pay for toll fares in this area.

You can download the Touch ‘n Go eWallet on the
App Store
 or
Google Play
 or head over to
Touch ‘n Go
 to find out more.

(Source:
Soya Cincau
)

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Citibank home loans entice with up to RM10,000 cashback!

Most of the time, you only get cashbacks with your credit or debit cards. How about getting one from your housing loan for a change?

Citibank is offering you just that with
a 0.5% cashback on their FlexiHome Loan.
 The cashback is calculated based your total loan amount, and capped at RM10,000. The minimum sum you need to borrow to qualify for the promotion is RM400,000.

So if you’re looking to buy a piece of property either for living or investment, you might want to consider having Citibank as your financer. Promo ends 31 March. Do read through its
terms and conditions.

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Kids Fly For Free From Penang With Firefly

Now that air travel services have resumed to full capacity, many have taken the opportunity to travel again. After being in lockdown for around 2 years, this may be a good time to make those suspended travel plans or family visits you’ve been anticipating a reality.

If you’re ready to fly again, Firefly has recently launched the ‘Kids Fly For Free’ campaign that is available to children aged from two to 12 years old. The exciting offer is limited to one child per adult and is applicable for travels departing from Penang between 15 August to 31 October 2022.

Read on to learn more.

Kids Fly For Free

For those who are thinking of making up for lost opportunities, taking their children on their first plane ride, or creating cherished memories in a new environment, the ‘Kids Fly For Free’ offer could not come at a better time as travel services resume.

To enjoy this offer, you will need to book any flights with the Boeing 737-800 jets travelling from Penang to Langkawi, Johor Bharu, Kuching, Kota Kinabalu, and even Phuket in Thailand, before the campaign ends on 14 August 2022.

You’ll have to then upgrade your ticket to a Plus, Extra, or Flex package which comes with added benefits that include anything from unlimited date or time change for your flights up to two hours prior to your scheduled flight departure to the Firefly Travel Protection insurance.  And voila, your kids can now fly for free!

Not only that, just for this campaign, Firefly has planned a special junior meal for your children that comes with two options – egg fried with smiley potatoes or chicken nuggets with smiley potatoes, peas or corn.

More Perks, More Fun

The Plus, Extra, or Flex bundles give passengers access to additional services that will make their experience more enjoyable. With these packages, you get extra baggage allowance up to 40kg, flexibility to change your flight, priority baggage, seat selection, travel insurance, and in-flight hot meals.

In addition, you will also be able to freshen up before your flight at the SkyLounge located in Subang Skypark Terminal Mezzanine Floor. As Firefly is part of the Malaysia Aviation Group and subsidiary of national carrier Malaysia Airlines, you are entitled to Enrich Points, which you can claim for your future travels.

Last April, Firefly launched the Plus, Extra, or Flex packages for flights from Penang to Johor Bharu, Kuching, and Kota Kinabalu operated on the Boeing 737-800 jets.

* Preferred & Desired Seats are subject to availability

**Fare difference may apply

**Firefly Travel Protection is provided by AIG Malaysia Insurance Berhad (795492-W)

Terms & Conditions apply.

Taking Flight Again

With the launch of the new Plus, Extra, or Flex services, Firefly is looking forward to reinstating domestic and international flights in the near future. Firefly has recently recommenced flights to Singapore via Seletar, departing from Subang. Passengers can expect Firefly to recommence its services to Phuket in Thailand, adding more international routes and choices for the customers, this August.

To further ease your experience, ticket  booking can be made online via Firefly’s official website and mobile app. Otherwise, you can do so at booking offices and travel agents as well.

***

After the pandemic, air travel remains a suitable option for many especially when time and comfort come into play. With Firefly’s latest campaign, it would be opportune to take advantage of the offer and haul your family on a much-deserved holiday. Moreover, the Plus, Extra, or Flex packages would make for an even smoother experience with its various benefits such as travel insurance, seat selection, priority baggage, and more.

Visit
here
 for more information.

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    Adnan Shamsuddin

    1 year ago

Tq firefly

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Bursa Malaysia Halts Trading Activities Due To Technical Issue

Trading of securities at Bursa Malaysia ended abruptly today at 3.30pm as the local bourse encountered a “technical issue”.

While lag and unresponsive incidents do occur in market trading, it is usually due to heavy volumes within specific trading platforms by investment banks. Today’s incident appears to stem from Bursa itself, a rare occurrence that prompted the trading platforms issuing similar notices from Bursa Malaysia.

In a brief statement, the local bourse regulator said:

“Trading on Bursa Malaysia Securities was halted at 3.30pm today, caused by a technical issue. We are currently diagnosing the problem and will communicate with all our participants while we determine the cause and impact.”

The unexpected technical issue arose just as shares of Top Glove, the world’s largest makers of latex gloves, was due to resume trading at 3.30pm after a one-hour suspension of trade at 2.30pm.

Update:
Bursa Malaysia has announced that trading will resume as usual at 9am tomorrow. The issue that caused today’s unexpected halt to trading is still being investigated.

(Source:
Bursa Malaysia
)

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Pang Tun Yau

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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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Economic Stimulus Package To Proceed Despite Recent Political Turmoil

Malaysia will go ahead with its economic stimulus package to offset the negative impact brought about by the Covid-19 outbreak. This confirmation comes in the midst of widespread political uncertainty following the dissolution of the Malaysian Cabinet earlier this week.

Tun Dr Mahathir Mohamad, who is acting as interim prime minister following his resignation from the official position on Monday, will be announcing the economic stimulus package tomorrow 27 February at 4pm. In a post on
Twitter
, Dr Mahathir said that he had just finished a meeting with top officials in the Ministry of Finance regarding the economic stimulus package.

(Image: The Star)

Yesterday, former Finance Minister Lim Guan Eng said in a
statement
 that Dr Mahathir would be taking over the stimulus package and announcing it at a later date. According to Guan Eng, the final details of the package had already been submitted to the prime minister a day before Dr Mahathir’s resignation.

The economic stimulus package is intended to assist sectors of the Malaysian economy that have been hit by the Covid-19 epidemic. Make sure to check the RinggitPlus blog tomorrow from 4pm onwards as we break down all the ways this economic stimulus package will affect you and your money.

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Jacie Tan

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