New Government Measures to Counter Rising Costs of Living

Nearly six months after the imposition of GST, many consumers and businesses are still grappling to adjust. With added administrative costs and processes for business owners and increased prices for consumers; it was not hard to see that spending dwindled and dissatisfaction mounted.

Just two days ago; a month ahead of the official Budget 2016 announcement, the government promised that steps will be taken to help alleviate the struggle caused by increased living costs and the economic downturn.

We take a look at the initiatives announced.

More Fair Price Shops

Some time ago, the government launched a range of fair price shops and clinics under the 1Malaysia tag. The 1Malaysia People’s Shop, 1Malaysia Textile Shop, 1Malaysia Book Shop and eateries offering the 1Malaysia Menu were all initiatives to keep prices of important necessities accessible to the low income group.

Previously, the number of these outlets were small and they focused more on rural areas rather than the central towns. The
announcement earlier this week promises more shops like these will be built
 to serve the low income group.

“The Government will also set up 16 more 1Malaysia Clinics this year and >33 more in 2016. There are now 326 such clinics in the country,” he said >at a special press conference on the economy here yesterday.

How this benefits you
: Cheaper items, be it books, textiles or sundry goods are always welcome. The outlets are known to stock cheaper items than other sundry shops and will be subject to more regulated price controls.

The stores also sell items in smaller quantities for low income families who need the low price point instead of larger quantity tag.

The 1Malaysia Clinic is also able to deal with minor ailments at a flat cost of RM1, which will surely be useful to those who need it.

Why it may not be enough
: The stores have yet to encompass the mass number of items available at hypermarkets and grocery stores. The stores are niche and for the remainder of the items, low income families are still required to either go to a wet market or hypermarket.

RM80 Million to Be Channeled into Targeted Tourism

Tourist dollars/yen/rubles/pesos or whatever the currency may be is definitely a boon to the country’s economy. Tourism counts for a high percentage of many an Asian country’s income so it’s no wonder Malaysia is seeking a piece of this pie.

In the
report by the Star
, this fund will be spent on promotional activities to attract visitors from ASEAN, China and India.

How this benefits you
: You might wonder how it helps to have more tourists. Currency inflow and tourist spending can help improve the economy, increase demand for the ringgit and in turn reduce the price of items hit by the weak currency exchange.

Why it may not be enough
: Promotional activities, easier visa applications (or downright removals of the need for a visa) and the building of more tourist attractions are great and will surely help. But more can certainly be done to improve a visitor’s impression such as having
more efficient public transport
 and effectively dealing with
unhealthy weather conditions
.

Affordable Homes and Home Loans

Although, this scheme was announced last year for young couples to help them buy their first home, the
recent report reiterated the government’s commitment to speed up the building of these affordable homes
 as well as providing more details about the scheme.

The scheme is a team up with Bank Simpanan National and the Finance Ministry to provide affordable housing and approved home loans.

“Under it, an incentive of RM200 per month will be given to successful applicants to cover their monthly instalments for two years.

“It will be offered to couples with a monthly income of less than RM10,000 to purchase property worth between RM100,000 and RM500,000,” he said.

How this benefits you
: Many Malaysians do collectively earn below RM10,000 and this sum isn’t enough currently to buy many houses within larger cities. With property prices inflating beyond affordability every month; it’s a welcome initiative.

Not only will more affordable houses be built; the teaming up with a financial institution makes the home loan application much easier as well.

Why it may not be enough
: The scheme is only offered to your couples and not individuals – limiting the demographic who benefits. Of course, there will also equally be only a limited number of houses but a vast number of young people unable to afford homes.

If you’re keen to buy a home but haven’t put a ring on it (got married) to qualify for the scheme – we can help. Our
home loan calculator will do the math
 to see if your budget is ready for the commitment and the best home loan in the market for your purpose.

A Collective Glimpse

Overall, the announcements appear to be mere snippets; dealing with pockets of issues instead of the cost of living issue as a whole. That said, these are probably just interim announcements ahead of the more holistic Budget 2016.

At the end, any help is welcome in the wake of the economic downturn and changes in policy (GST, petrol price floats). As opinions flow into the government’s
Bajet 2016 page
; we await with much anticipation, the new budget to see what is to come.

What are your thoughts on the initiatives and those to come? Let us know in the comments.

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Diana Chai

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The 4-Step Personal Budgeting Guide for Beginners

Does Everyone Need A Budget?

Yes, we all do. A budget can help you save effectively, spend reasonably, meet your money goals, cut out redundancies and essentially make the most out of your money. It’s one of the most essential tools you can have to manage your finances in the best way.

People are apprehensive about budgeting because they might believe that the process is tedious or a waste of time. But that could not be further from the truth and to prove it, here’s our easy, four-step plan to building a budget that anyone can follow:

1. Tally Your Total Monthly Income and Expenses

Start by calculating how much you are actually earning each month after taxes and statutory contributions. Don’t forget to add your passive income, for example, from property lettings as well as other side earnings.

Once you have the income figure, list and calculate your monthly expenses as well. Write down your loan repayments, utilities, estimate credit card bills, childcare and rental payments. You’ll also want to estimate what your essentials like food, petrol, groceries and toll are costing you on a monthly basis.

If you can’t accurately gauge just how much you are spending every day, start tracking your budget daily for at least one week. It’s a bit of work but this way you’ll have a more accurate take on your day-to-day expenses.

The more precise your budget, the better chance you have of effectively managing your money!

2. Find Out How Much You Have Left Over Each Month

Weigh your income against your expenses and tabulate what’s left. Use this simple formula to calculate the balance:

*
Total Income – Total Expense = Balance. *

If you’re balance is zero, a negligible amount (less than RM50) or a negative figure, where you are earning less than you are spending, this could indicate that you are headed for debt.

At this rate, not only are you unable to save, you are possibly overspending. If you are using credit cards to supplement cash shortfalls or borrowing to cover monthly expenses, then you need to make changes to your budget to get out of this rut.

Take a look at your budget and cut any unnecessary spending, make it a priority to pay off your credit card bills and look for
ways to bring in more cash
.

If you do in fact have money left over, that is a good sign! You are likely making enough money to cover expenses. Check out the next step to see how a budget can help you make the most out of your excess.

3. Create a Plan

A big part of working out a plan is to manage spending, for this you can try the ‘Jar Method’ which is strict but effective especially when repaying debt or saving for a certain goal.

Take four jars and label them. One for ‘Essentials’ which should cover food, transport and daily necessities; ‘Groceries’ for home supplies and sundries, ‘Entertainment’ for movies and going out; and ‘Miscellaneous’ for others such as clothes or surprise expenses.

What you do is fill the each jar with enough money to cover these expenses for the month or week. Tallying your expenses in step 1 should tell you how much each expense should cost you. Fill it with just enough and no more.

Once the money runs out in the Entertainment jar for instance, it means you’ll just have to wait till the next month when the jar is refilled. You will have to be flexible with the Essentials jar though, because even if it runs out, you’ll still need to replenish it. Nevertheless, the presence of the jars should inspire you to make better, more cost-efficient choices with your daily spending.

4. Stick to the Plan

There’s no point in creating a budget if you can’t stick with it. This is why your plan needs to be rooted in practicality and convenient to follow.

It’s best if you can set aside a bit of time each week to go over your spending and to evaluate if you are able to stick to the plan. We recommend using a tracking method that you are most comfortable with i.e., a spreadsheet,
budget app
 or basic pen and paper.

Another way you can keep to your budget is by spending responsibly with a credit card that gives you cash back when swiping. Moreover, you can easily trace and track expenses from your bill.

Don’t have a card or simply looking for a better one? Then check out our
comparison page
 to discover a card with the best rates and terms.

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Desiree Nair

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A Guide to Sending Money Overseas

Sending money abroad can be a hassle. There are a multitude of options to select from and each has its own pros and cons. Here’s a list of six options for transferring money from Malaysia to an overseas destination to help you figure out the best method for you.

Telegraphic Transfer

The traditional method of sending money abroad, telegraphic transfer moves funds from your bank account to another bank account overseas. The bank will require you to fill in a form and a small fee is charged.

Pros

Most major banks allow you to initiate telegraphic transfers online.

Fixed, destination-based fees regardless of the amount transferred. Other services like Western Union, MoneyGram and PayPal scale their fees according to the amount sent, destination and currency.

Cons

Both sender and recipient pay a fee. The amount of fee charged is bank-dependent; some banks offer a flat rate regardless of destination, some scale it according to the destination.

Takes a few days for the money to arrive in the recipient’s bank account.

The transfer procedure is arduous: there are a lot of details to fill up just to initiate the transfer.

Western Union

Western Union
 allows you to send money as cash to an overseas recipient or directly to the recipient’s bank account. Western Union is one of the fastest methods to send money overseas.

Pros

Cash-to-cash transfer only takes a few minutes to reach your recipient (who have to collect the money at a Western Union branch at his or her location). Direct-to-bank transfer arrives in your recipient’s bank account within an hour.

Your recipient does not need to have a bank account.

There are around
2,300 Western Union
 locations in Malaysia, and most major banks offer Western Union services at their branches.

Online transfer available for RHB and Public Bank users.

Cons

While
Western Union’s fees
 vary depending on the destination country and the amount sent, it is generally higher than other services available. For example, it costs RM 172 to send RM3,000 to countries like United States, United Kingdom, Singapore and Australia, compared with Paypal’s RM118+ or Maybank’s
RM 10
 fixed rate for telegraphic transfer regardless of the location or amount.

Direct-to-bank service only available for certain countries. Recipients in countries without direct-to-bank service would have to collect the cash at their local Western Union branch.

Non RHB or Public Bank users would have to conduct the transfer in person at a Western Union branch.

MoneyGram

MoneyGram
 offers the same service as Western Union.

Pros

Money transferred within 10 minutes.

Your recipient does not need to have a bank account. He or she collects the cash at a local MoneyGram branch.

MoneyGram services are available at Maybank and CIMB bank branches and Bureau de Changes.

Cons

While
MoneyGram’s fees
 vary depending on the destination country and the amount sent, it is generally higher than other services available. For example, it costs RM 145 to send RM3,000 to countries like United States, United Kingdom, Singapore and Australia, compared with Paypal’s RM 118+ or Maybank’s
RM 10
 fixed rate for telegraphic transfer regardless of the location or amount.

You have to initiate the transaction in person.

PayPal

PayPal
 is the most popular method to make and receive payments online. Transactions are done using email addresses.

Pros

Instantaneous transfer. Your recipient receives the money in his or her PayPal account right after you conduct the transfer.

Hassle-free process. All you need is your recipient’s email address and the money is sent with a few clicks.

Instantly top-up your PayPal account using RHB. You have the option to top up your PayPal account in MYR or USD. Make sure you top-up your account with USD if you intend on sending the money overseas; MYR is a restricted currency.

Cons

As of 2013, PayPal removed the fee-less personal payment option for Malaysian PayPal users. Sending money overseas using a Malaysian PayPal account would incur a
charge
 of 3.9% of the amount sent plus a fixed fee based on the currency received, with 2.5% added borne by the recipient.

You can only top-up your PayPal account using RHB. While topping up in MYR is available 24/7, topping up in USD is only available during 9.30am – 8.00pm on working days. The limit on the amount of money you could top up is RM3,000 or its USD equivalent per day.

A PayPal account is required to receive the money. Withdrawing money from PayPal to a bank account takes a few working days depending on your recipient’s country and bank. However, your recipient would be able to use the money in his or her PayPal account once the money arrives, to pay for products or services from merchants accepting PayPal.

Maybank2U Visa Direct

The new kid in the block for sending money abroad,
Maybank2U Visa Direct
 allows you to send money from your Maybank account to the a recipient’s Visa debit, credit or prepaid card.

Pros

It’s an online service that is available 24/7.

RM10 flat fee for all transfers regardless of the destination country.

Recipients with a card from a Visa issuer that qualifies for Fast Fund receives the transferred money within 30 minutes. Transfer to Visa cards from non Fast Fund issuers takes up to 2 working days. You will be informed if your recipient’s Visa card qualifies for Fast Fund prior to confirming the transaction.

Cons

Your recipient have to be a Visa card holder.

Minimum transfer limit of RM300 and maximum of RM7,500 per day.

Bitcoins

Bitcoin is the world’s most popular digital currency. If you are interested to find out more about bitcoin, check out our simple guide to bitcoin coming up later this week.

Pros

Zero transaction fee.

Instant transfer. Although your recipient receives the bitcoins instantly, bitcoin recipient are recommended to wait at least 10 minutes for the transaction to be securely confirmed.

Hassle-free process. All you need is the recipient’s bitcoin wallet address, which is a string of alphanumeric characters that usually comes together with a QR code. Email-linked bitcoin wallets like Bitx.co even allow you to send bitcoins to a recipient’s email address.

Cons

It’s not easy to buy bitcoins in Malaysia. There has yet to be a reliable service for Malaysians to purchase bitcoins in a flash. As bitcoin are not purchasable via PayPal, most reputable bitcoin exchanges require you to link your bank account to purchase bitcoins.

Unfortunately, most bitcoin exchanges have yet to support Malaysian bank accounts. As of writing, the only bitcoin exchange operating in Malaysia is
Bitx.co
. It takes up to two working days to transfer ringgit into your Bitx.co account before you can purchase bitcoins on the exchange.

Bitcoin has yet to be widely adopted, which means your recipient would most likely have to find a way to convert the bitcoins you sent him or her into physical currency. Depending on where your recipient resides, it could take anything from hours to days for him or her to turn the bitcoins into cash.

Bitcoin is a bit like email in the early 90s: while it can deliver your mail instantly, the low adoption of email back then meant that it is unlikely your intended recipient would have an email account, let alone a personal computer. If you wanted a mail delivered urgently, it was probably worth it to just pay Fedex to do it for you.

Each method has their strengths and weaknesses and their suitability depends on what you are looking for. Western Union and MoneyGram get pretty close to teleporting cash overseas, but you pay more for their transfer speed.

Maybank2U Visa Direct is a cheap and convenient alternative if your recipient has a Visa card. PayPal is great if your recipient is not a Visa card holder and resides in a country where the Western Union or MoneyGram fees are significantly higher than PayPal’s. Telegraphic transfer is good for large sums of non-urgent money. Bitcoin is for, well, those interested in cryptocurrencies.

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Guo Heng

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AKPK Takes On SDRS Function From BNM, Expands Service To SMEs

(Image: The Star)

Bank Negara Malaysia (BNM) has announced that it will transfer the Small Debt Resolution Scheme (SDRS) function to the Credit Management Counselling Agency (AKPK), effective from 1 September 2020. This handover will see AKPK expanding its debt restructuring and advisory services to not just individuals who are in need, but also SMEs and micro SMEs.

“With this transfer, AKPK will serve as the one stop platform for both individuals and SMEs seeking debt restructuring services, as well as financial education and advisory,” said BNM in a joint statement.

(Image: Malay Mail)

The central bank added that AKPK is well-positioned to take on this function due to its vast experience and expertise in assisting financially distressed individuals manage their finances through its Debt Management Programme. Additionally, the agency played a key role in strengthening the financial capability of Malaysians through other financial and counselling programmes.

To clarify, the SDRS is a facility established by BNM in 2003 to help SMEs that have difficulties servicing their debts with multiple financial institutions, allowing them to negotiate and resolve problems with their banks without resorting to legal recourse. Primarily, the SDRS helps by facilitating the restructuring or rescheduling of existing financing facilities, although it could also suggest new financing where appropriate. To date, the SDRS has helped more than 1,200 SMEs in rescheduling and restructuring their business financing, amounting to a total of RM1.7 billion.

With the SDRS soon to be under the jurisdiction of the AKPK, SMEs in need of financial advice can easily access the facility through AKPK’s online channels and network of 12 branches nationwide. This is especially beneficial as the automatic moratorium draws closer to its deadline in September 2020; the SDRS under AKPK will be an additional avenue for SMEs to obtain help and advice on debt restructuring and rescheduling, complementing the ongoing efforts of the banking industry.

SME owners in need of financial advice can head on over to
AKPK’s website
 to find out more starting from 1 September 2020.

(Source:
Bank Negara Malaysia
,
The Sun Daily
)

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Alex Cheong Pui Yin

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

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Economists: EPF Dividend Likely Lower This Year, But Still Acceptable

(Image: Bernama)

Economists have commented that the Employees Provident Fund (EPF) is expected to distribute lower returns this year, although still at an acceptable rate.

According to Professor Geoffrey Williams from Malaysia University of Science and Technology (MUST), the EPF has been managed well thus far with the appropriate investment strategy. As such, it should be able to offer an adequate return rate.

“It looks like the returns for EPF may be lower due to the general financial environment, but the dividend will still be good. EPF members with high savings could expect the return to be good. EPF is still one of the best risk-adjusted long-term investors,” said Professor Williams, although he also noted that it will be tough to top the
6.1% dividend that was declared for 2021
 (conventional savings).

Professor Williams also commented that while some pension funds abroad have recently reported losses, the EPF should not suffer the same outcome as the investment strategies used were different. Specifically, the economist was referring to Norway’s Government Pension Fund Global – one of the world’s largest investors – which reported a
record loss of US$164 billion for 2022 (-14.1%)
, citing “very unusual” market conditions. Among some contributing reasons include the ongoing war in Europe, high inflation, and rising interest rates – all of which negatively impacted the equity and bond market simultaneously.

Professor Geoffrey Williams

Similarly, Professor Yeah Kim Leng from Sunway University also remarked that the EPF – along with most international funds – will likely report poorer performances in comparison to the previous year. Some may also record losses, as seen with Norway’s sovereign wealth fund. This is primarily attributed to rising interest rates that have battered capital markets throughout 2022.

Assistant professor Dr Liew Chee Yoong of the Centre for Market Education and UCSI, on the other hand, is more optimistic. He believes that the EPF will be able to maintain a payout of 5.5% to 6.5% for 2022. This is as the EPF had an investment income of RM39.3 billion for the first nine months of 2022, which is a decrease of only 18% as compared to the RM48 billion recorded during the same period in 2021.

Last year, the EPF declared a dividend rate of 6.1% for conventional savings, and 5.65% for
shariah
 savings. In turn, the total payout for both conventional and
shariah
 savings came up to RM56.71 billion. Meanwhile,
EPF’s historical dividend rates
 for the past decades have ranged between a low of 4.50% (2008) to a high of 6.90% (2017).

(Source:
Free Malaysia Today
)

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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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    Jayden Lee

    6 months ago

It should range between 5.5 to 5.8%

Has to be lower than 2022 rare of 6.1% but attractive enough to retain high investors

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BNM Issues Digital Banking Framework, Opens Applications For Digital Banking Licences

Malaysia may see its first five digital banks by the first quarter of 2022, following Bank Negara Malaysia’s (BNM) publication of the policy document on the licencing framework for digital banks. Along with the issuance of the framework, the central bank has also begun accepting applications for the five digital banking licences that it intends to issue.

With regard to the publication of the policy document for the new framework, BNM said that it was created to enable innovative application of technology in banking products. This includes increasing access and promoting responsible usage of suitable financial solutions for the unserved and underserved groups within Malaysia.

(Image: Mashable)

BNM also emphasised that the
new licencing framework adopts a balanced approach
 in establishing the country’s digital banks. This allows for the setting up of digital banks with strong value propositions without compromising on the integrity and stability of the financial system, as well as depositors’ interests. With these goals in mind, these new banks are required to abide by a simplified regulatory framework in their initial three to five years of operation, during which they must have an asset threshold of not more than RM3 billion.

“This functions as a foundational phase for the licensees to demonstrate their viability and sound operation, and for the Bank to observe the performance of the licensed digital banks and attendant risks that arises from their operations,” said BNM in its press release.

On top of that, digital banks must also comply with requirements under the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA), although they will be subjected to a less stringent set of regulatory requirements during the “foundational phase”.

Aside from issuing the new framework, BNM also announced that it is now ready to accept applications from entities that wish to make a bid for the digital banking licences that will be issued. The central bank is looking to issue up to five licences in total. These entities can begin to apply starting from now until 30 June 2021.

“Applicants should be guided by the application procedures described in this Policy Document as well as the Application Procedures for New Licences under the FSA and IFSA, and the Application Procedures for Acquisition of Interest in Shares and to be a Financial Holding Company,” said BNM, adding that notification on the grant of licence will be made by the first quarter of 2022.

(Image: The Sun Daily)

BNM’s plans for the digital banking framework had actually began way back in 2019, when it released an
exposure draft on the licencing framework for digital banks
 in December. The draft, which sought to seek feedback from the public, was originally open for negotiation until March 2020. However, the deadline was subsequently delayed to 30 June 2020 due to the onslaught of Covid-19 and the subsequent implementation of the movement control order (MCO). After that, the central bank took time to review the responses obtained before eventually finalising the policy document on 31 December 2020.

Following BNM’s announcement of the exposure draft for the digital banking framework, various entities have expressed an interest in making a bid for it. These include major companies – such as
AirAsia, Grab, Razer
,
Sunway
, and
BigPay
 – as well as state governments, like
Johor
 and
Sarawak
.

(Source:
Bank Negara Malaysia
)

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Alex Cheong Pui Yin

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Allianz Life Launches PreciousCover, BabyCover For Expectant Mothers And Newborns

Allianz Life has introduced two new specially designed plans, PreciousCover and BabyCover, which provide expectant mothers and newborns a range of pre- and post-natal coverage together with child coverage.

PreciousCover offers comprehensive coverage to mothers during and after pregnancy, while BabyCover protects against essential child critical illnesses and child development disorders. The two plans are optional riders for Allianz PowerLink, an investment-linked life protection plan.

The key features of PreciousCover include mental health coverage for mothers diagnosed with major depressive disorders (MDD) or generalised anxiety disorders (GAD), no hospitalisation needed on phototherapy treatment for neonatal jaundice, hospitalisation benefit for mother’s prenatal and postnatal conditions, and compassionate care when the child is hospitalised in the ICU/HDU/NICU.

As for BabyCover, the plan offers a child development disorder benefit upon diagnosis of autism spectrum disorder (ASD) or attention deficit hyperactivity disorder (ADHD), as well as a child illness benefit. Both plans cover pregnancies from assisted reproduction techniques and the value-added service of the Allianz Careline for immediate medical advice.

“The plans not only offer outstanding coverage but come with unique elements to take care of the mother and child end-to-end and to ensure a pregnancy with the least amount of worries,” said Allianz Life CEO Joseph Gross. “With PreciousCover and BabyCover, we put a lot of effort into understanding their challenges and tailored products that were very specific to their needs.”

It was noted that the rates of stillbirth and maternal deaths rose by around a third during the Covid-19 pandemic, with pregnancy outcomes getting worse overall for both babies and mothers worldwide. “The company needed to do this as pregnant women who contracted COVID-19 were found to have an increased risk of severe pregnancy complications such as preeclampsia,” said Gross.

You can find out more about
PreciousCover and BabyCover
 on the Allianz website.

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Setel Expands Beyond Petronas, Now Accepted At Selected Offline And Online Stores

Petronas-backed fuel e-payment app Setel has now expanded its services and availability, allowing users to also utilise it at selected physical shops and online stores other than Petronas.

With this, Setel users will be able to make payments with the app at physical stores such as PETRONAS AutoExpert workshops, DTOX Car Service, Tealive, and Subway. It is also accepted at 200 selected online stores via payment gateway service provider iPay88. These include supermarkets and grocery marts, F&B and health and beauty merchants, as well as insurance platforms.

On top of that, you’ll also be allowed to earn Mesra points for non-Petronas-related transactions, although at a reduced rate of 1 Mesra point for every RM5 spent. Traditionally, you can only earn Mesra points by refuelling at Petronas stations or by purchasing items at Kedai Mesra.

Prior to this update, the utility of Setel is fairly limited; you can only use it to pay for your fuel at Petronas stations, or make purchases from Mesra stores. It also lets you collect up to 3x Mesra points, depending on your membership level.

If you’d like to give this new feature a try at participating physical stores, just go ahead and launch the Setel app, then tap on Pay. From there, scan the merchant’s QR code and pay as normal. Meanwhile, for online purchases with iPay88 merchants, select Setel as your payment method under the e-Wallet category, and then proceed as prompted.

Do note that you cannot use this feature to pay for your fuel at Petronas petrol stations. If you’re paying for petrol, you’ll still have to go back to “Purchase Fuel” on the homepage of the Setel app.

(Source:
Setel
)

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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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MyPay Aims To Be A One-Stop E-Government Service Platform

Next year, Malaysians have another online platform to access government services and make payments online thanks to a new service called MyPay.

Developed by Dapat Vista Sdn Bhd, MyPay aims to offer a one-stop platform for all queries and payments related to government agencies. Five key areas of services that MyPay covers include information check-up (such as license expiry and election location), student loan checking and payment, local council and police summons, assessment and quit rent, and insolvency.

Using your IC number as an ID, MyPay pulls data from the various government agencies it is working with and displays it to you on your MyPay dashboard. From there, users can also make payment to these agencies.

Currently, MyPay is already working with the many agencies such as the Royal Malaysia Police (PDRM), National Higher Education Fund (PTPTN), Road Transport Department Malaysia (JPJ), Election Commission of Malaysia (SPR). Other agencies like Kumpulan Wang Simpanan (KWSP) and Permodalan Nasional Berhad (PNB) will be joining the platform soon, which means users will only need MyPay as a one-stop solution as a convenient and easy way to settle government payments.

Best of all, MyPay is a free platform, with zero charges for checking information using its service. However, there are transaction fees ranging between RM0.50 to RM1 when you use MyPay to make payment for the supported agencies.

MyPay will be officially released in late January 2019, but it is already offering an “early release” version for anyone who wishes to try out the platform. Those who wish to do so can use the
early access code MYPAYREVIEW
 upon signing up. Note that the service only works on mobile web browsers for now – a desktop version will be available soon.

(Sources:
Pokde
,
Digital News Asia
)

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Buying A Home Vs Renting: Which Offers Better Value?

Buying a home is often considered a rite of passage as one grows older. But today, more and more youths today are pushing back from buying a home, and are happy with renting instead. To this group of people, renting is more advantageous than buying, but is that really true? Is there another option between buying and renting a home?

Advantages of buying a home

The single biggest reason why many buy a house is because it is considered an asset that will only appreciate in value. They wouldn’t be wrong:
data collected from Savills Malaysia
 revealed that within a span of just 17 years, the value of a house in the Klang Valley can appreciate by a whopping 241%.

Owning a property also means you have the freedom and flexibility to truly turn it into your own home. You’re the landlord here, which means the choice is always yours. Choose your own furniture, do some renovation works, or even hire an interior designer and turn it into your dream home.

Advantages of renting a home

EcoSky, Kuala Lumpur

That said, there are those who prefer renting for its flexibility. Renting allows people to live anywhere they wish without having to worry about maintaining the property. Renting is also great for those who need short-term living arrangements, such as expats starting a job in a new city, or even those who are looking to save money to buy a house in the near future.

On top of that, renting also means low commitment. A property is arguably the most expensive investment one could make, which ties up plenty of funds. Some enterprising youths choose not to buy property simply because they wish to have some money stashed away for business opportunities.

Is there an alternative?

What if there was another option? One that combined the best of both renting and buying a property of your own. Stay2Own*, a new initiative by EcoWorld, is offering just that.

Stay2Own* is a campaign that allows Malaysians to rent a brand new home for up to five years, and then offers the option of buying the house at the original price.

“A good property is able to yield positive returns and substantial capital appreciation over time. As such, if we are able to assist the young to own a good home earlier, it will also enable them to accumulate wealth sooner,” said Dato’ Chang Khim Wah, President and CEO of EcoWorld Malaysia.

Eco Tropics, Johor

Here are the main features of EcoWorld’s Stay2Own*:

Low initial cost
: You only need to pay 3 months’ rental as deposit (refundable).

Low monthly payment
: Your monthly payment would be similar to the market rental rate, making it very affordable for aspiring new homebuyers.

Stay first, buy later
: You get to live in your dream home immediately and experience the environment for up to five years before making the big decision to buy.

Savings element from rental
: At least 30% of your rental paid can be converted into savings when you exercise your “Option to Purchase”. This will offset part of the home’s downpayment, making it more affordable to own.

Eliminate price fluctuation
: You get to lock in the purchase price for the home TODAY. You can choose to exercise your “Option to Purchase” between the end of Year 1 and end of Year 5, giving you the flexibility to decide when to buy.

Eco Grandeur, Puncak Alam

Because of its unique, innovative features, EcoWorld Stay2Own* can benefit a wide range of Malaysians. It’s perfect for those who need time to reorganise their finances or investment portfolio before committing to a new home mortgage, as well as first-timers who need time to build their income to afford the 10% downpayment.

Malaysians also get to enjoy a “best of both worlds” scenario, where they can experience living in their dream home before purchasing. First-time home buyers as well as those who have not committed to more than one housing loan are eligible to apply for Stay2Own*.

The EcoWorld Stay2Own* campaign applies to certain residential properties. For more information about Stay2Own*, visit
www.ecoworld.my/hope
.

*Terms and conditions apply.

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Affin Bank To Revamp Online Platforms With Improved Interface And New URLs

Affin Bank has announced a revamp of its various online platforms with new looks and improved user interface so that customers can access its solutions and services with more convenience. This update is slated to take place on 3 December 2021, and will also involve a change in the URLs of Affin Bank’s various online platforms.

This redesign is a follow-up to Affin Bank’s
updated brand identity
, which was introduced just last year to signify its progress in becoming a modern financial institution ready to embrace a new era. “Now, we are coming out stronger in the digital space to bring you unrivalled customer experience through our digital platforms – redesigned to exceed your expectations of banking with us,” the bank published in its announcement post.

The bank also highlighted that the platforms will be improved with “intuitive navigation and design to provide convenient online and mobile access”, making it easier for customers to find what they need. To that end, the corporate websites of Affin Bank and Affin Islamic Bank, as well as its retail internet banking platform will have a new look and feel. The existing URLs of its various websites, too, will be updated as per the following:

Existing URLs
New URLs
affinbank.com.my
affinislamic.com.my
AffinGroup.com
affinonline.com
AffinAlways.com
rib.affinonline.com
rib.affinalways.com
affinonline.com/a1addin
A1addin.com

(Image: The Star)

To note, Affin Bank had just rolled out its
A1addin digital bank
 – which is also involved in this revamp – early this week. The new digital bank is targeted at the digital-savvy generation, and aims to provide customers with access to Affin Bank’s products and services 24/7, as long as they have a smartphone and internet access.

Finally, Affin Bank reminded that customers are required to clear their web browser’s cookies and cache prior to accessing the new websites. If they feel that they have accessed the wrong website, however, they can contact Affin Bank’s customer service at 03-8230 2222 between 8am to 8pm for immediate assistance.

(Source:
Affin Bank
)

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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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Public Bank Extended Moratorium: Flexible Arrangements To Reduce Loan Instalments Until End-2021

Public Bank has released the details of its Covid-19 assistance for those who will still be in financial difficulties upon the expiry of the ongoing six-month loan moratorium on 30 September 2020, which is open for applications starting today.

Public Bank has released detailed FAQ documents on the different types of assistance for unemployed individuals, hire-purchase loans, and housing and personal loans respectively. We’ve gathered all the highlights here for you to take a look at below.

For Unemployed Individuals

Individuals who have lost their jobs in 2020 and are still currently unemployed qualify for a
3-month
moratorium extension
 from October to December 2020. This applies to those with
housing, fixed, term, overdraft, and hire-purchase loans
. However, customers who are undischarged bankrupts or have financing in arrears for 90 days and more are not eligible for this aid.

You must submit your request for the 3-month extension to your account holding branch (the branch where you first obtained your loan) using Public Bank’s standard application form. You need
schedule an in-person appointment
 for this as unfortunately you will not be able to apply online. Documents that you will need to have on hand include evidence of termination or retrenchment such as a letter detailing your retrenchment, voluntary separation, or mutual separation scheme.

Hire Purchase Rescheduling

Those with
hire purchase loans or financing
 who are facing financial difficulties, but are still employed, will be able to reschedule their repayment terms by
extending their tenure with a lower monthly instalment.
 The age of your vehicle must also be
less than 15 years
 and your
debt-service ratio (DSR) must not be more than 1
 (i.e. your monthly gross income cannot be less than your monthly loan repayment).

According to Public Bank, the interest rate or profit charged under the rescheduling exercise will be the
 same prevailing rate as stated in your existing hire purchase agreement
. The maximum extension of the tenure is subject to the age of the vehicle, and options are also available for customers to select a shorter one.

To apply, you can submit your
application online
 and you are advised to do so before 31 August 2020 in anticipation of a high volume of applications. You will be notified as to whether your application was successful through email within 7 days from applying, so do make sure you provide the correct email address. After that, you have 7 days to contact your account holding branch to complete other documentation and necessary steps.

For Housing/Personal Loans

Public Bank will be sending out SMS invitations to targeted individual and SME customers who qualify for further financial assistance once the six-month moratorium ends. The targeted customers who receive the SMS invitations will be able to digitally apply for the reschedule repayment arrangements for their housing or personal loans.

The eligibility requirements to qualify for this arrangement are as follows:

Individuals and SME customers with less than RM10 million per housing, term, and fixed loan or financing who are currently under the 6-month moratorium

The loan/financing must be less than 90 days overdue

The updated debt service ratio (DSR) must be less than 1 and may be self-declared by customers without a need for income documents

The details of the repayment packages for selected customers are as below.

Rescheduled repayment arrangement

If you have a 50% or more reduction in income or cash flow

For a period of 6 months from October 2020 to March 2021, you only need to pay 25% of your exiting loan instalment (75% reduction).

From April 2021 to December 2021, you either pay 50% of your existing instalment OR your interest only, whichever is higher.

In January 2022, you resume your existing instalments.

If you have a 25-49.9% reduction in income or cash flow

For a period of 6 months from October 2020 to March 2021, you only need to pay 50% of your exiting loan instalment (50% reduction).

From April 2021 to December 2021, you either pay 50% of your existing instalment OR your interest only, whichever is higher.

In January 2022, you resume your existing instalments.

If you have a less than 25% reduction in income or cash flow

For a period of 6 months from October 2020 to March 2021, you only need to pay 75% of your exiting loan instalment (25% reduction).

From April 2021 to December 2021, you either pay 75% of your existing instalment OR your interest only, whichever is higher.

In January 2022, you resume your existing instalments.

Interest rate for the R&R package

The existing interest or profit rate of your loan or financing will remain unchanged. However,
interest will accrue
 for all loans and for conventional loans, and
will be compounded
 as well. Your overall loan/financing tenure will also be extended; Public Bank states that for normal loan/financing, the re-amortisation of the loan tenure can come with an extension of 2-5 years.

How to apply

Once you have received the invitation SMS, you can apply digitally on
Public Bank’s website
. The SMS invitations will be sent out in batches between 7-20 August 2020. If you have not received your invitation by 20 August, you can make your request directly to your account holding branch or credit control centre; the same goes for those who previously opted out from the automatic six-month moratorium – this programme is not only for those who took the moratorium in April. You have until 30 September to make the relevant applications.

You can expect the
digital application to be approved within 2-7 days
. Once your approval comes in, Public Bank will send you a supplementary letter of offer within 7 days. You then have 7 days to digitally accept this offer; however, if you later opt to rescind this arrangement in 2021 when your cash flow significantly approves, you can do so by writing directly to your account holding branch to cancel it then.

For Converted Credit Card Term Loans

In addition to the financial assistance offered for its housing, personal, and hire purchase loans, Public Bank is also offering a reduction in the repayment amount for customers with
converted credit card term loans
. Customers who had earlier converted their outstanding credit card balance into term loans (thus qualifying for the six-month moratorium) can apply online for reduced repayment amounts for a further period of six months if they are experiencing a reduction in income.

Option

Reduction in Income

Reduced Repayment Amount (For a period of six (6) months upon approval)

1

50% or more reduction

25% of existing term loan instalment

2

25% to less than 50% reduction

50% of existing term loan instalment

3

Less than 25% reduction

75% of existing term loan instalment

Do note that the outstanding balances will still be subjected to the prevailing interest rate or management fees, and is also still subjected to a minimum 5% repayment.

***

For more information, you can check out
Public Bank’s main Covid-19 assistance page
 on its website here.

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    Wai Mei Ying

    2 years ago

Rescheduled repayment arrangement for my home loan

Just notice have the repayment of the home loan, would appreciative consider for my rquire extension for the home loan, as my sister and her kid still in hospital since last month and need more money for their expenses.

Thank you very much.

Ms Wai

0

Reply

    Ong Chuan Eng

    2 years ago

Unable to apply for this moratorium.Please help.Thanks

0

Reply

    Pang Tun Yau

    2 years ago

    Reply to

        Ong Chuan Eng

Hi, sorry we can’t help you on this. You should contact your bank for any repayment assistance queries.

0

Reply

    MUDZAFAR BIN KAMARUDIN

    2 years ago

need morotorium w 700 e,w 700 r till dis 21

0

Reply

    Pang Tun Yau

    2 years ago

    Reply to

        MUDZAFAR BIN KAMARUDIN

Hi, sorry we can’t help you on this. You should contact your bank for any repayment assistance queries.

0

Reply

    Shamsuddin Bin MK Abd Rahnan

    2 years ago

Tunjukkan cara-² nak isi Monotorium 3.0

0

Reply

    Pang Tun Yau

    2 years ago

    Reply to

        Shamsuddin Bin MK Abd Rahnan

Maaf, kita tak dapat bantu untuk hal ini. Cuba hubungi bank anda untuk mendapatkan bantuan pembayaran balik.

0

Reply

    lee boon kwong

    2 years ago

extend car insultmemt with moratorium 6 months..

0

Reply

    Anonymous

    1 year ago

how to extend moratorium after 6 month, ended at Feb 2022

0

Reply


Well whaddaya know, you’re a bank!

Ever wondered what it’s like to run a bank? Wonder no more with the
You’re a Bank
app out now on the Android and iOS platforms.

The app puts you in charge of your very own bank, where you’ll have to manage your loans, deposits, debts, stocks and cash to claim your place as the top dog in the banking industry. Or at least avoid getting bankrupt.

You’re a Bank
 is perfect for fans of tycoon games like Sim City. Best of all, at US$1.99 or equivalent, you won’t have to break the bank to own your copy of it.

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FSMOne’s PRS Campaign Offers RM40 Cash Account Credits For Investments With Selected Providers

Online trading platform FSMOne is once again running its Private Retirement Scheme (PRS) campaign, this time allowing customers to earn RM40 worth of FSMOne multi-currency cash account credits. Already ongoing, it is set to continue until 30 November 2022, and requires FSMOne customers to invest a minimum gross investment amount of RM3,000 in one participating PRS fund in a single transaction via the platform.

Open to both new and existing PRS customers, you can choose to invest in the funds from the following five participating PRS providers:

Affin Hwang Asset Management Berhad

Kenanga Investors Berhad

Manulife Investment Management Berhad

Principal Asset Management Berhad

RHB Asset Management Sdn Bhd

FSMOne clarified that the RM3,000 investment amount can include the account opening fee of RM10 that is paid to the Private Pension Administrator (PPA) for new investors. It can also cover the PPA annual fee of RM8 for existing investors. It does not, however, apply to transactions involving Intra Switch Buy, Inter Switch Buy, and Transfer-In.

If you wish to participate, your cash payments and any required completed forms must reach FSMOne by 30 November 2022 (11am). Any orders or requests received after the deadline will not be considered eligible for the offer.

On that note, do also make sure to also check on the investment procedure and requirements of the PRS providers as each will have their own preferred channel. New investors who wish to invest in funds from Manulife, for instance, will need to download and fill in some forms before sending them to FSMOne. Meanwhile, new investors for other participating PRS providers can go paperless by placing a PRS order online via FSMOne’s website or app.

Do also be aware that each person is only entitled to 1x reward of RM40 FSMOne cash account credits. Eligible clients who win will receive their reward in their cash account latest by the end of January 2023.

For context, FSMOne ran a similar campaign last year as well, although it offered
RM40 Touch ‘n Go eWallet credits
 back then. It also involved the same PRS providers who are participating in this latest round of the campaign.

If you have enquiries regarding FSMOne’s PRS 2022 campaign, you can contact FSMOne at 03-2149 0567 (Kuala Lumpur & Johor Bahru), 04-640 1567 (Penang), or 088-335 060 (Kota Kinabalu). Alternatively, you can also email them at
[email protected]
.

(Source:
FSMOne
)

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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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CIMB Credit Cards and ThirtyFour make you Handbag Happy

Thirtfour is known for their colourful and innovative handbag designs that will set your purse ahead of the rest. Get a 15% discount when you pay with your CIMB World Mastercard, Visa Infinite or Visa Signature and a 10% if you pay with any other CIMB credit or debit card.

Offer is not applicable with other discounts and only valid at Thirtyfour outlets at Bangsar and Publika until 31 December 2013.

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World's most expensive burgers

When one thinks of a burger it is unlikely the image is followed by that of a fine dining eatery, champagne, and wandering violinist. The burger is usually considered the ultimate American street food but some restaurants have decided to take this once humble fare and make it ‘classy’.

And what happens when you try to make something ‘classy’? You guessed right – it becomes ridiculously expensive.

These burgers are the crème de la crème of the burger world. With exquisite and rare ingredients added into the mix; the price you end up paying is enough to feed your family for a month or more.

Check out our list of the 5 most expensive burgers in the world.

Le Burger Extravagant

The name says it all.
Le Burger Extravagant
 can only be found in Serendipity 3 in New York City. It is the famous spot from the movie of the same name, Serendipity, that starred John Cusack and Kate Beckinsale.

It will cost you USD295 (RM944) each, and has a whole load of goodies in it. Le Burger Extravagant is made up of Wagyu beef infused with white truffle butter, smoked sea salt, cave aged cheddar, shaved black truffles, Chinese Kaluga caviar, fried quail egg and a blini. For those that do not know what a blini is: it’s a pancake made from buckwheat flour and is usually served with sour cream.

The Douche Burger

From 666 Burger in New York,
The Douche Burger
 is no douche at all when it comes to taste, but it is to your wallet. Costing a whopping USD666 (RM2132), The Douche Burger comes with a foie gras-stuffed Kobe patty that is slathered with champagne steam-melted Gruyere (a type of cheese) and doused with Kopi Luwak coffee bean BBQ sauce. To finish it off, it is topped with lobster, truffle and caviar.

What’s more is that it isn’t sold in a posh restaurant, or any other kind of restaurant for that matter. It is in fact, actually sold from a van/truck, making it the most expensive food-truck burger ever.

Additional fun fact: the guy who sells it ALWAYS wears a mink coat.

The 777 Burger

As the name suggests,
The 777 Burger
 is priced at USD777 (RM2487). The burger is only served at Le Burger Brasserie in Paris Las Vegas. It is made with Kobe beef, fresh Maine lobster, caramelized onions, imported Brie cheese, crispy prosciutto and 100 year old Balsamic vinegar. The burger also comes with a bottle of Rose Dom Perignon champagne.

There are reviews however; that the taste of the lobster overwhelms the taste of the beef, stating that it seems more like a lobster sandwich than a burger.

The Fleurburger 5000

The 777 burger isn’t the only one that comes with a fancy drink. Meet
The Fleurburger 5000
. Served with a bottle of 1995 Chateau Petrus, the Fleurburger 5000 is only served at the Fleur Restaurant in Las Vegas. The luxurious burger’s patty is made from Kobe beef, and is topped with foie gras, shaved black truffles and served on a brioche truffle bun.

The bill that comes with this burger is a cool USD5000 (RM16000). Sounds expensive? If it does, you might want to skip our next and final contender.

Cultured beef burger

This is definitely one burger that if you ever had the chance to try; you will be talking about it for the rest of your life. The
 cultured beef burger
is also known as the petri dish burger as it is assembled from tiny bits of beef muscle tissue grown in a laboratory.

This burger was created by Professor Mark Post of Maastricht University and was served and eaten in an event in London. To produce the patty alone will cost you a whopping USD380000 which makes this burger the most expensive one in the world. But it’s admittedly not something you can get from an eatery so you can hold off refinancing your penthouse!

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Matthias Sim

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SST On Prepaid Top Up: What Exactly Is Happening?

(Image: The Malaysian Times)

There has been a lot of confusion in the air since the implementation of the Sales and Services Tax (SST) on 1 September with regards to prepaid reloads. While all major telcos have come out with their respective statements to indicate the SST charges imposed for prepaid top ups, the government is singing a different tune. So, what exactly is going on?

Prepaid reload with SST: less for what you pay for

On 31 August, all major telcos in Malaysia announced that every prepaid top-up would be subjected to 6% SST that will be deducted from the top-up value. For example, a reload card purchased for the retail price of RM10 would only give the buyer RM9.43 of top-up credit. The other RM0.57 is taken from the value of the credit as a 6% deduction for SST. (RM0.57 is 6% of RM9.43, which is the amount of credit value you get in a RM10 pack and thus the taxable amount under SST.)

The telcos have been making the relevant deductions because it has been declared that telecommunication services,
including prepaid service
, is subject to the service tax under SST. To cushion the blow, telcos have been offering some small freebies that are similar in value of the amount deducted. For example, Hotlink gives you free minutes that are valid for two days when you top up, while Digi offers an amount of free data that’s valid for a day upon reload, while Celcom is giving free credit for voice calls that’s valid for 24 hours. In turn, this carried its own backlash as consumers questioned why there was a time limit on the freebies that are given.

Amount Paid

6% SST

Credit Value

RM5

RM0.28

RM4.72

RM10

RM0.57

RM9.43

RM30

RM1.70

RM28.30

RM50

RM2.83

RM47.17

RM100

RM5.66

RM94.34

However, the main issue is simple. With features like data passes being priced at RM5 or RM10, you can no longer reload RM5 or RM10 to subscribe to these features. It is no longer straightforward: consumers would need to top up more than that round figure to be able to buy the passes, and worse, are forced to buy more credit than what they actually need (since prepaid credit comes in fixed denominations like RM5, RM10, RM30, and RM50). Within hours, complaints began circulating on social media.

Mixed messages

This situation is not unlike what happened in 2014 when the then-government announced GST on prepaid services, resulting in a similar humdrum. The then-government eventually relented, resulting in prepaid services being exempted from GST.

This time around, it doesn’t help the current government doesn’t appear to have a hold on things. On 1 September, Communications and Multimedia Minister
Gobind Singh Deo merely tweeted
 that his ministry is looking into it and will release a statement “in the near future”. Clearly, that’s not enough – consumers are already currently paying for SST with each prepaid top-up. At the other end of the spectrum, Finance Minister Lim Guan Eng made a more powerful statement on 2 September. “Prepaid card buyers who purchase RM10 vouchers will get RM10 of mobile credit,”
he declared
. “There will not be any deductions. It is easier for telcos not to charge (SST) in the first place instead of giving rebates.”

(Image: The Star)

However, Guan Eng’s strong statement merely makes things more confusing, as he stopped short in explaining what exactly is going on. Does this mean that prepaid reloads would be exempted from SST? Or will the telcos be forced to absorb the charges, just as they have in the previous SST implementation? If so, why are the telcos taking things into their own hands by imposing the charges – and therefore directly going against what the Finance Minister has instructed?

At an SST briefing on 2 September, Guan Eng reiterated that the government will be meeting telcos to ensure that customers get the full value of each prepaid top-up. “We have issued the order that we want to ensure that a prepaid card for RM10 will be worth RM10. The 6% service tax will be credited back as it is set in the service tax system. There should not be technical problems but if it happened, we will give rebate to the buyer for the same value,” he said.

What’s next?

It remains to be seen whether the telcos will be tasked to absorb the 6% SST, or if the Customs Department will exempt prepaid services from SST altogether. Both options will be unpopular to different parties. Exempting prepaid services from SST will negatively impact the revenue of the government, while forcing telcos to absorb the tax after it had previously been exempted will not be taken well either. At the centre of this tug-of-war is us, the consumer.

The telcos’ move to impose SST looks like a result of poor communications between the government and the companies. Thankfully, Guan Eng himself admitted that the implementation of SST can be improved. He stated that
the government will review the tax-exempt list by the end of the year
 and make amendments where necessary. “The full list has already been uploaded but we need to make amendments… After getting the views and requests of the people…we will be making another round of amendments and I hope people will be patient,” he said at an SST briefing in Penang on 2 September.

In the meantime, at the time of writing, prepaid top ups are still being charged 6% SST.

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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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RM2,500 Fresh Grad Salary:  Why it's Not a Question of Enough

The government announced Budget 2015 on Friday and the press carefully dissected it over the weekend. But what stood out for this writer (and evidently
some consumer groups
 too) was the abject failure to substantially deal with the problem of cost of living. Like you can’t have a horse without a carriage; one can’t speak of cost of living without also talking about stagnating salaries (be it in private or public service) and minimum wage levels (which are not possible to survive on, by the way).

The continuous rise of inflation which will skyrocket the moment GST comes into effect and the effects will be even more devastating if nothing is done about the general wage levels. For many middle class folk (households earning between RM4,000 – RM10,000 and singles earning above RM2,000); the budget really offered them nothing much to ease the pain of petrol price hikes and soon to be implemented GST cause-and-effect inflation. Whilst middle class households are outside the purview of this article; let’s talk a little bit about fresh graduates earning RM2,500.

A few days before the budget; the internet combusted with discussions on the RM2,500 starting salary for fresh grads (at which rate, you don’t qualify for BR1M handouts already as the RM350 allocation for single people above 21 years is for those earning RM2,000 and below). Whilst AKPK official, Mohd Adnan Anan Abdullah unwittingly started the debate by saying the amount was ‘enough’ for fresh graduates if they managed their money well. Netizens appeared unconvinced as they responded with reasons why it may not be enough.

Now the question of ‘enough’ is highly subjective and is more a question of individual situation than one of industry pay scales. But since the question is on everyone’s mind – we decided to weigh in too.

Is RM2,500 ‘enough’ to live on?

As stated earlier, being all-encompassing and saying with absolute surety that RM2,500 is enough for fresh graduates is pretty much impossible. But we’re going to try to cover as varied scenarios as we can. We asked around and found 3 fresh graduates earning the same salary but with vastly different spending stories. Take a look at how they manage monthly.

Jonathan Gan, 23, IT Executive

“I earn about RM2,500 and I just graduated a few months back. It’s not the greatest pay but I am not complaining just yet. If I was earning this in 2 years then I definitely will be! For now I still live with my folks – no rent and free dinners. I help out by giving my little sister pocket money but otherwise my salary is mine to spend.”

Mardiah Bte Mazlan, 24, Journalist

“Can I survive on my salary? Sure. RM2,500 is not really that low but it isn’t high either. I have to pay rent as I am originally from Pahang and I send my parents just a small amount of money as a token so that is the extra I have to fork out monthly over my friends who still live with their parents. I can’t afford major shopping trips but I wouldn’t say I am in a bad situation.”

Priya Ravindran, 22, Accounts Executive

“At the moment, my salary is a little low considering the number of people who depend on me but I am hoping this won’t be the case for too long. I am the eldest in a family of four siblings with my brothers and sisters still studying. My father passed away early on and my mother is not well enough to work.

My salary pays the rent for our apartment, my mother’s medication and hospital visits and other utilities whilst my 17 year old sister’s part time job in retail helps with the groceries and for her own pocket money so she takes care of herself. We’ve got an old Proton Saga which belonged to my father so that helps us get about. I can’t afford bus fares so I send my siblings to school. We’re not comfortable and I have zero savings every month but at least we have a roof over our heads.”

Looking at the situation, it would be possible for anyone to say that no matter how tough your situation; the amount is enough. But is it really? Only Jonathan’s situation appeared comfortable but that is because he has the backing of his parents’ home.

For Priya, the amount is stretched to almost breaking point. Should any emergency come up the family would be in dire straits. It’s not enough!

Not a question of ‘enough’

No doubt, AKPK sees a lot of financial mismanagement in their line of work. It is definitely from the noblest of intentions that Mohd Adnan pointed out best practices for financial management and highlighted ways to cut back, but the suggestions seemed to tar all fresh graduates with the same situational brush. As is clearly depicted above, situations can vary so much and even more than can be holistically provided for in one article.

One can only guess that the AKPK official is more used to seeing financial mismanagement in his line of work that it resulted in his statement. AKPK is after all a debt management body that helps Malaysians restructure their loans once they’ve been stretched too thin.
AKPK’s clientele consists of people who in the first place qualified (with sufficient salaries) for so many loans or credit cards to get into trouble for it.
 Very rarely do fresh graduates with RM2,500 salaries qualify for so many legitimate bank loans in the first place.

For the people who bought one too many handbags or cars; the advice of AKPK may prove useful (“Saving is important, but calls for tough financial discipline and perseverance, and can be done through unit trusts or separate bank accounts.”); but for people like Priya; it’s missing the point altogether.

You see, for Malaysians, such advice no matter how kindly meant, ignores that reality that cost of living is increasing every day with inflation predicted to hit 4% next year while wages have remain stagnant.

In 2009, fresh graduate salaries were at RM2,000 – RM2,500 and they have remained the same to this day (although the percentage of grads earning the highest RM2,500 has increased across fields since then). Even if the AKPK’s calculations and research render RM2,500 ‘enough’ is that the amount they should be paid? In the wake of more subsidy cuts and looming GST – it appears almost comical to tell the rakyat that their own financial management was to blame.

A question of a fair wage

Perhaps fewer brickbats would have been received had officials (including Federation of Malaysian Employers executive director Shamsuddin Bardan who, in the same report asked graduates to not be picky or face unemployment) talked about how much was fair based on their deciding parameters.

For instance; a statement such as “RM2,500 is a fair starting wage for fresh graduates considering market forces and the training required for the graduate” would have elicited a different response because it is based on facts and figures not random opinion. I could very well come up with a statement myself: “Each car owner only needs to drive 15km per day. If you drive anymore, you’re not managing yourself better. Quit your job that’s 20km away from home and don’t ever go anywhere else. Ever.”

Sounds stupid doesn’t it? It does because it fails to account for the difference in situation for people with jobs further away from home; kids to send to school or errands to run. It fails to account for the variables of human existence assuming we all fall within the cookie cutter. We don’t. And neither do all the fresh graduates earning RM2,500 lead similar lives with the luxury of deciding whether to save; buy a car or put siblings through school.

Are you saying wages should be arbitrarily decided?

The above discussion would appear like we are recommending that wages be arbitrary but the truth is we cannot expect employers to take our personal situations into account when deciding what to pay us. Imagine if your boss decided to pay you less than your equal ranking colleague just because you didn’t have children and he did. You’d be upset and the move would be both discriminatory and unprofessional.
That isn’t the solution.

A more plausible and definitely a long-called for action plan would be for policy makers to increase minimum wages and salary scales all around to generally reflect the amount that is fair considering the type of work; expertise and qualifications required; current economic conditions and the global marketplace.
The exercise needs be thoroughly thought through and executed ensuring that private companies also comply. Increasing wage scales across the board will no doubt result in a knee-jerk reaction of higher prices but that is happening anyway without the cushion of a higher wage for the people.

Tying up the income debate

AKPK provides an invaluable service to the rakyat and it is no doubt that their advice comes from many years of working with financially strapped Malaysians. But simplifying the income debate to what is enough for frugal living doesn’t really help an already disgruntled people continuously hit by price hikes without pay hikes. It further fortifies the view that officials are out of touch with on-the-ground sentiment and experiences.

Instead of telling us what to do with our money or what should be enough or not enough, why not study and consider how much of a salary is fair considering the amount of inflation the country has seen; global wages for similar industries in developed countries (no sense aiming low instead of seeking to upgrade our situation); the possible variations in situations (within reason) of the people; available initiatives from the government (or the lack thereof) and the recommended standard of living we want to see our citizens experiencing?

The question of ‘enough’ is subjective and for the most part a matter of opinion. Perhaps it is more importantly a question of fairness. Graduates not only pay tens of thousands (to private institutions) to obtain a degree, they spend years in grueling study and training to be qualified in their chosen fields. Whilst they may not have experience they’re eager to work hard and bring with them technical knowledge that make them easier to train to those without. Considering the effort they put in and the current cost of living perhaps it’s high time a review of fresh graduate wages is necessary.

During the announcement of Budget 2015; Prime Minister Najib Razak said the following in justification of parliamentary salaries:

“Members of Parliament (MPs) play an increasingly important role, particularly in local communities from various aspects, including welfare, religion, social and education. In this regard, the services of MPs as people’s representatives or leaders in the respective parliamentary constituencies are needed at all hours. To reflect the responsibilities and the leadership, I propose that their allowances be raised…”

If a hike in parliamentarian wage can be justified as per above, why can’t we similarly pay salaried workers according to what is fair based on the effort and expertise they bring to the job? Graduates (fresh and seasoned) provide the backbone of expertise across industries for the country’s economy and overall development. Surely that is something worth investing in.

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RHB credit card and debit card’s RM1,000 Reebonz giveaway

Great news for fashionistas! Be among the top three spenders at
Reebonz
 with your RHB credit card or debit card and get RM1,000 of Reebonz shopping credits

On top of that, cardholders also enjoy RM138 cash rebates on their return purchases. Promotion ends 10 February. Have a read through their
FAQs
 for more details.

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Grab’s #10versary Sale Offers GrabFood Vouchers, Up To 50% Discount For Grab Services

Grab has kicked off the #10versary Sale in celebration of its 10
th
 anniversary this year, along with the achievement of having made 10 billion rides and deliveries since its inception. Set to run for the entire month of August, users will be treated to various deals, including discounts of up to 50% for selected Grab services and GrabFood vouchers of up to RM60.

Specifically, Grab users can enjoy the following deals on their Grab app:

Offers
Details
Up to 50% discount for purchases on GrabFood, GrabMart, and GrabPay*
* Unlock exclusive deals when you subscribe as GrabUnlimited member
– Up to 50% off on GrabFood
– Up to 30% off + free delivery on GrabMart
– Up to 20% Off on PayLater by Grab (PayLater)
Up to RM60 GrabFood vouchers
Users must participate in a #Grab10versary milestone challenge by making two or more orders via GrabGift
Limited edition merchandise
Users can purchase the limited edition Throwback Collection (t-shirts, hoodies, and tote bags)

To find these offers within your Grab app, just keep scrolling down the home screen of the app until you arrive at the “Ten-tastic 10versary offers” section. All the deals offered under the #10versary Sale will be listed here.

In commemorating Grab’s decade of service, the country marketing head of Grab Malaysia, Hassan Alsagoff said that the tech giant has endeavoured to serve both its users and partners as best as it can.

“For the past 10 years, Grab has strived for positive social impact within our communities; from our beloved users to our dedicated partners. #Grab10versary is no different, and it is our way of saying thank you for journeying with us these past 10 years. As we move forward for the next 10 years, we will continue to innovate and serve our users and partners the best we can, believing in our mission to be a force for good,” Alsagoff further said.

(Source:
Grab
)

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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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UOB Shares Timeline For Migration Of Citi’s Products, Services To Own Ecosystem

UOB Bank has released a timeline that charts the process of migrating Citi’s consumer banking products and services into its ecosystem, following the official
transfer of Citi’s ownership of its consumer banking business to UOB yesterday
. It highlights the key milestones and developments that affected customers can expect to see in the next 12 months, including the migration of banking accounts, as well as the issuance of new debit and credit cards.

Between today until September 2023, UOB will embark on the following schedule as it begins the transition period:

Dates
Expected stage of transition
November 2022
– Official transfer of Citi’s consumer banking assets and liabilities to UOB.
– Citigold, Citi Priority, and Citi customers with Citi investment holding(s) to have access to UOB’s latest market insights.
– Citigold customers to enjoy privileged access to UOB Privilege Banking Centres nationwide.
January – April 2023
Citi home financing accountholders to receive new Islamic banking account details from UOB, and a closing statement from Citi in batches.
May 2023
Citi deposit, loan, and investment accountholders to receive new UOB account information.
July 2023
– To complete migration of Citi investment, loan, and deposit accounts – ready for clients’ use.
– Citi deposit and loan accountholders to receive closing statements from Citi.
– Customers to download UOB Mighty app to register for online banking services. Citi debit and credit cardholders can register using their existing card number and PIN. Meanwhile, Citi deposit (without debit card), loan, and investment accountholders can register with their new UOB account information.
August 2023
– To complete migration of Citigold and Citi Priority portfolios to UOB Privilege Banking and Wealth Banking.
– Debit cardholders to receive their new UOB debit card(s).
September 2023
Credit cardholders to receive their new UOB credit card(s).

Aside from sharing the timeline, UOB also published an FAQ that addresses several key questions that customers may have, related to products and services such as credit cards, ATM withdrawals, and online banking. For instance, credit cardholders have once again been reassured that they can still continue to use both their UOB and Citi cards as usual; they will be given prior notice when their Citi card account is migrated to UOB.

The bank also highlighted that after the conversion of Citi credit cards to UOB credit cards, Citi customers who also hold UOB cards will have a combined credit limit of both cards. “For example, a customer who holds a Citi credit card with a RM10,000 limit and a UOB credit card with a RM10,000 limit will have a new credit card limit of RM20,000. This is only applicable to consumer credit cards,” the bank noted.

Additionally, Citi customers who use their ATM card to withdraw money at a UOB ATM (and vice versa) will still incur a MEPS charge of RM1. Existing fee waivers where applicable – such as the 4x MEPS fee waiver per month for Citigold/Citi Priority customers – will also continue to be provided as per current practice.

UOB further stressed that all changes will be carried out gradually in phases, with no immediate change to the way customers bank with Citi until the migration is complete. “At every point, we will provide clear communication to you about any changes to your products and services. It is our absolute ambition to complete this migration as seamless as possible,” the bank emphasised.

For context, Citi had announced
its exit from retail banking in a total of 13 markets in April 2021
, including Malaysia. After a period of bidding – which also saw interest from entities such as
Hong Leong Bank
 and
Standard Chartered Bank
 – Citi eventually decided to
sell its consumer banking business in Malaysia, Indonesia, Thailand, and Vietnam to UOB
 in January 2022. Amounting to S$4.9 billion, this acquisition is noted to be the largest deal to have been carried out between two foreign banks in Malaysia in the past decade.

(Source:
UOB
)

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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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EPF: Massive Withdrawal Following “Erosion Of Trust” Will Affect Country’s Capital Markets

(Image: The Edge Markets)

The Employees Provident Fund (EPF) has cautioned that Malaysia’s capital markets will be negatively impacted if a massive withdrawal of EPF savings were to take place following any “erosion of trust” towards the agency.

This remark came as the EPF noted that more than RM270 billion in savings can be withdrawn at any moment by members who are aged 55 or 60 years old and above, or those who have more than RM1 million in their accounts. For context, EPF members who are aged 55 years old and above can make a full withdrawal from their Akaun 55, whereas those aged 60 years old and above can withdraw from both Akaun 55 and Akaun Emas. Meanwhile, those who have more than RM1 million in their accounts are entitled to make partial withdrawals.

According to the provident fund, this erosion of trust could happen if it were to allow further withdrawals of EPF savings, following
some calls to allow another round of the i-Citra scheme for individuals affected by the recent floods
. “It is feared that such erosion of trust towards the EPF may force these members to withdraw their money en masse, causing a negative impact on the country’s markets as EPF is a major pillar in the holding of capital market and financial investment assets in the country,” it said in a statement.

(Image: The Edge/Mohd Izwan Mohd Nazam)

The EPF also took the opportunity to emphasise its role as a provident fund and trustee to all members’ retirement future. As trustee, the EPF said that it has a fiduciary duty to uphold the equitable interest of all its members, particularly as there are still millions of other members who have steered away from withdrawing their EPF savings in hopes of better returns for their golden years.

Additionally, the provident fund stressed that the introduction of the
i-Lestari
,
i-Sinar
, and
i-Citra
 schemes was exceptional in nature, as they were only intended to assist members with their urgent cash flow needs during the extended movement control order (MCO) periods. Following the rollout of the schemes, a significant amount of
RM101 billion savings had been withdrawn
 as of October 2021 – equivalent to 22% of the total RM530 billion that was allocated by the government for its numerous stimulus programmes since 2020.

(Image: Malay Mail/Miera Zulyana)

“While the withdrawal initiatives provided some financial relief to members during the pandemic and various MCOs, the withdrawals have inevitably led to 6.1 million members now having less than RM10,000 in their EPF accounts, of which 3.6 million have less than RM1,000 – levels at which members are not able to guarantee their retirement,” said the EPF, adding that the majority of those who have made emergency withdrawals were bumiputera members (78%).

Given the gravity of this situation, the EPF reminded that the approach of using retirement savings as emergency funds will have severe consequences, especially for members who are already facing very low savings in their retirement years. This dire situation will also be compounded by other uncertainties, such as rising healthcare costs, and as such, members will need to strive to rebuild their retirement income adequacy.

(Sources:
Malay Mail
,
Free Malaysia Today
)

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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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    Rj Iek

    1 year ago

Not only lost of trust but the lost money value over time when we retire. So is better to spend now when ringgit has value.

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    Lano

    1 year ago

Erosion of trust only happens when govt guarantee of EPF is no longer trustworthy. Not EPF itself.

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CIMB Brings Back The Cooler Earth Sustainability Summit For 2023

CIMB Group Holdings will once again be hosting its annual flagship event, The Cooler Earth Sustainability Summit, set to take place next week from 11 to 21 September 2023. As the fifth instalment, this upcoming occasion carries the theme “Sustainability in Action: Opportunities for a Better Tomorrow” and will be made accessible for free to all individuals.

In its statement, the bank said that this year’s Summit will include a range of activities to connect businesses with key players and experts from various segments, allowing business owners to better grasp the opportunities that may arise from the current shift towards a green economy. Among other things, participants will be able to join a curated series of keynote presentations, panel discussions, masterclasses, and networking events with exclusive in-person client access across the ASEAN region (aside from Malaysia, other countries that are also participating in this event include Indonesia, Singapore, Thailand, and Cambodia).

In addition to these, there is also a series of on-ground experiential learning that will bring participants to locations such as the Setiu Wetlands (Terengganu), Kampung Kolosunan (Kota Kinabalu, Sabah), City Sprouts Urban Farm (Singapore), and SchneiTec Solar Power (Cambodia). Specifically, these visits will enable participants to explore relevant topics such as the latest agricultural technologies and renewable energy. In turn, it will offer practical guidance on how businesses can navigate specific circumstances, such as supply chain and regulatory developments.

Meanwhile, distinguished guests who will be speaking at the event include Minister of Investment, Trade & Industry (MITI), Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz; chief executive officer of Employees Provident Fund (EPF), Datuk Seri Amir Hamzah Azizan; and president of Permodalan Nasional Berhad (PNB), Ahmad Zulqarnain Onn. Pulitzer-Prize-winning author Jared Diamond and world-renowned explorer Sir Robert Swan, too, will be sharing some words.

“The Cooler Earth Summit this year will underscore how businesses of all scales can tap into opportunities within the rapidly evolving economic landscape, as part of the accelerating shift towards sustainable economies. The creation of a more resilient, low-carbon, and inclusive economies will require collaborative action and innovative solutions from all stakeholders, and we hope to highlight how businesses can stay ahead of the curve and position themselves at the forefront of this swift and inevitable transition,” said the group chief executive officer of CIMB Group, Dato’ Abdul Rahman Ahmad.

If you’re interested in checking out CIMB’s Cooler Earth Summit 2023, head on over to the
dedicated website here
, where you can also proceed to register your participation for the event. The Summit will also be broadcasted virtually so that it can include a wider audience from the ASEAN region.

(Source:
CIMB
)

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KiplePay and Bank Islam Launches E-Payment Programme For Universities

Green Packet Bhd subsidiary, KiplePay Sdn Bhd, and Bank Islam have recently launched the KipleUNI programme, which aims to introduce e-payment services at local universities.

As of now, the programme is ongoing at Universiti Utara Malaysia, with 70% of the students using the service. However, another three public universities will join in by the end of June, namely Universiti Teknologi Mara (UiTM), Universiti Teknikal Malaysia Melaka (UTeM), and Universiti Putra Malaysia.

The KipleUNI programme is intended to encourage university students and lecturers to adopt a cashless lifestyle through the use of the kiplePay e-wallet. They will be able to pay for a variety of services and bills with the e-wallet, including food and beverages, laundry services, university fee payments, and
zakat
.

According to the chief executive officer (CEO) of Bank Islam, Mohd Muazzam Mohamed, one key feature of kiplePay is the ability to link the users’ debit and credit cards to the e-wallet for reloads. Users can also use the e-wallet to pay directly from their Bank Islam bank accounts.

There are also plans to roll out other features that are relevant within a university environment, such as e-KYC to digitise the student IDs, e-fund distribution, e-bus service payments, and e-attendance.

Muazzam expects the programme to reach more than 175,000 university users by the end of 2020.

“From that, we projected more than 50% of them to be active users. Not limited to students and staff of the universities, Bank Islam merchants will also benefit from this partnership as the kiplePay app promotes business growth on both online and offline platform,” said Muazzam.

(Image: The Malaysian Reserve)

Muazzam further commented that they have also reached out to a few private universities to offer their services to them.

The
partnership between KiplePay and Bank Islam
 to provide e-wallet facilities for universities was first announced in July 2019. The
kiplePay app
 is available for download from
Google Play
 and the
App Store
.

(Source:
The Star
,
The Edge Markets
)

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