EPF To Begin Disbursing RM10,000 Special Withdrawal From Today

(Image: Tengku Zafrul Abdul Aziz/Facebook)

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz has announced that the Employees Provident Fund (EPF) will begin disbursing payments for the RM10,000 special withdrawal starting from today (18 April 2022) – two days earlier than
initially scheduled
.

The minister stated that the decision came following many comments and messages that he received on his social media, requesting for an earlier disbursement of the special withdrawal.

“I have heard your voices. After discussing the matter with EPF, I am pleased to announce that the payments of the special withdrawal will be credited gradually starting from April 18 instead of April 20 as previously announced,” said Datuk Seri Tengku Zafrul, adding that he hopes the early disbursement will provide relief for those who are in need, especially in light of the upcoming Hari Raya celebrations.

To note, the EPF has received 5.3 million applications for the special withdrawal facility as of 14 April at 8 pm, amounting to a disbursement of RM40.1 billion. The number of applications accounts for 44% of the 11.95 million members who are eligible for the withdrawal facility, according to the provident fund.

“Breaking down by wage groups, this represented 55% of eligible B40 members, 59% of M40 members and 39% of T20 members,” said the EPF, adding that 29% of the applications also came from informal and inactive members.

The EPF further said that the top three reasons given by applicants of the withdrawal facility are to supplement their reduced income, aid affected family members, and increase their sources of income. Other reasons include covering essential expenditures, meeting outstanding financial obligations, and building emergency funds.

(Image: Bernama)

Announced by Prime Minister Datuk Seri Ismail Sabri Yaakob in March, the
special RM10,000 withdrawal facility
 is meant to assist EPF members who are still struggling financially as a result of the Covid-19 pandemic. It is the fourth of such facilities provided by the EPF, with the first three being
i-Lestari
,
i-Sinar
, and
i-Citra
.

Eligible EPF members under the age of 55 may still apply for the special withdrawal facility via the
Pengeluaran Khas portal
, up until 30 April 2022.

(Sources:
Tengku Zafrul Abdul Aziz (Facebook)
, The Star [
1
,
2
])

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Nur Adilah Ramli

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Quality Living Within Reach: The Affordable Homes of KITA Bestari

Choosing an affordable house shouldn’t entail compromising on quality, lifestyle, or the vibrant community living experience. This is why, today, more than ever, we’re looking for homes that not only provide a roof above our heads but also enhance our quality of life, foster community engagement, and other strategic accessibilities that come with it. This is where KITA Bestari steps in.
Situated in the heart of the bustling southern corridor of Dengkil, KITA Bestari is an inclusive and accessible property development. The core of KITA Bestari lies in doing this together with the very name of the development, ‘KITA’, which means ‘Us’. Hence, the whole development of KITA Bestari is to introduce house buyers to a blend of affordability, community-centric design, and strategic location.
Sprawling across an impressive 633 acres of Malay reserved land, the development offers two exciting terrace options to fit different lifestyle needs. Let’s take a closer look at what your future home at KITA Bestari would look like.

In essence, KITA Bestari offers affordable housing to prospective homeowners without the need to compromise on comfort, convenience, and community, starting from just RM509,000. Remember, a new home is more than just four walls and a roof; it’s a stepping stone towards a fulfilling life.

Interested in exploring more? Visit
here
 today.

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Air Selangor Urges Eligible Households To Apply For Targeted Free Water Supply Scheme, SADE

(Image: The Malaysian Reserve/Muhd Amin Naharul)

Air Selangor has encouraged eligible individuals to apply for its targeted free water supply scheme, Skim Air Darul Ehsan (SADE), which allows households to enjoy 20m
3
 of free water. It hopes to benefit more individuals who qualify for the assistance, especially following a recent update to the income requirement of the programme, which was raised from RM4,000 to RM5,000.

On its website, Air Selangor explained that all applicants must be Malaysian citizens who reside in Selangor, and have a monthly household income of RM5,000 and below (inclusive of income of foreign national spouses for those who are married). Additionally, it is only valid for residential premises with individual meters, and each applicant can only apply for one account or premise only.

Air Selangor also clarified that tenants who are renting houses are eligible to apply as well if they meet the set requirements, whereas those who are already subscribed and are planning move to a new house can reapply for their new premises. However, they must make sure to first terminate the assistance for their first premise before reapplying.

Meanwhile, residents of low-cost apartments who are billed through a bulk meter account will continue to receive a free supply of 20m
3
 under SADE until 31 December 2024. This is awarded based on the existing free water rebate methods agreed upon by the Selangor Housing and Property Board (LPHS) with the joint management body (JMB) or management corporation (MC) of the apartments.

Interested individuals can apply for SADE online through the
Sistem Smart Inisiatif Peduli Rakyat (SSIPR) website
 or
Air Selangor’s official website
. An application can also be submitted at Air Selangor’s customer service counter.

For context, the Selangor government initially introduced its free water scheme in 2008 as a blanket subsidy for all households. However, this was eventually restructured into a targeted subsidy in 2019/2020, benefitting those with a household income of RM4,000 and below. Following that, the household income requirement was increased to a threshold of RM5,000 and below since December last year. SADE is slated to run until 31 December 2024 for now.

(Sources:
Air Selangor
,
The Vibes
)

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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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Apply For Emicro i-Financing: Fast Disbursement & Shariah-Compliant

Having a cash injection may be helpful when there are certain goals you’d like to achieve that require an initial investment. While there are many financial institutions that offer personal financing in large amounts, perhaps what you’re looking for is a smaller fund, or in other words, microfinancing.

While there are a number of financing choices available in the market, Emicro is an option that those interested can consider applying for.

What is Emicro?

Emicro i-Financing is certified by a Shariah advisory registered and licensed by the Securities Commission of Malaysia, to provide services in Shariah advisory and consultancy works.

The financing solution provided by Emicro is designed to be quick, accessible, and simple. It is Shariah-compliant and based on the concept of Tawarruq. Let’s dive deeper into what Emicro personal financing really looks like.

Shariah Compliant Micro-Financing Facility To Help You Get Started

Whether you decide to pursue your education or kickstart your business, Emicro offers a financing amount of up to RM10,000. Depending on how much you apply, the payment tenure could last anywhere from 3 months to a maximum of 24 months.

If all you need is an initial RM5,000 to start that online business you’ve been thinking about, you can apply for just that. Plus, the fast disbursement means you can get the ball rolling in a shorter amount of time. This is especially helpful if the amount you’re looking for is lower than the minimum financing amount of other products in the market.

On top of that, the financing has a fixed profit rate of as low as 1.5% a month. Since the profit rate is predetermined, applicants will not have to worry about any unexpected or potential increases throughout their tenure.

Simple Online Application Process

One of the big advantages of applying for Emicro’s Shariah-compliant micro-financing facility is its easy application process. As the product is web and mobile-based, there is absolutely no need for face-to-face interaction. That means you won’t have to drive around the block multiple times to search for parking, navigate your way through an unfamiliar neighbourhood, or worry about making an appointment.

With a few documents and a digital signature, applicants can apply for and receive Emicro i-Financing from the comfort of their homes.

Conveniently Quick

While the fully-online application process certainly makes it convenient, Emicro i-Financing is also speedy. If an applicant submits their application during business hours, they may even receive their financing within the same day. This is because Emicro has a fast approval process where disbursements may be ready in as quick as 6 hours.

***

For those who may be wary, as mentioned above, Emicro is licensed by the ministry. Regardless of the amount of financing you apply for, rest assured that this product is legal and the provider is registered via SSM.

If you’re interested in applying for a Shariah compliant micro-financing facility, consider Emicro. The application process is fully online and promises fast approval in as quick as 6 hours. The documents required are standard, such as MyKad, the latest utility bill, and salary slip. All you need to do is download the user-friendly app or visit the website, and apply online with your details.

Download the
Emicro Loan
 app today or
visit the website
 to learn more.

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

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PLUS Highway Set To Transition To RFID From 15 January 2022 Onwards

The Ministry of Works (KKR) announced that it will be implementing radio frequency identification (RFID) technology for light private vehicles (Class 1) on the North-South Expressway (PLUS) – from Juru, Penang to Skudai, Johor. This is expected to take effect starting from 15 January 2022, heralding the eventual phasing out of Touch ‘n Go and SmartTAG in the near future.

According to KKR, this latest development will involve the whole highway infrastructure on the west coast of Peninsular Malaysia. “There will be a lane for RFID along the tolled highway on the west coast to help ease traffic congestion, that is in line with rapid technology developments,” it said.

KKR further clarified that motorists are currently still allowed to use Touch ‘n Go and SmartTAG to pay for their passage. However, both methods will eventually be phased out in stages as more RFID lanes are added to enable multi-lane free-flow (MLFF) highways. RFID, alongside MLFF, is expected to offer road users a more seamless contactless experience when paying toll fees.

(Image: Bernama)

The ministry also said that the RFID experience is enhanced by the convenience offered by the Touch ‘n Go (TNG) eWallet, as users will no longer need to visit physical counters to perform any reload transactions. The RFID tag can be easily purchased online via the TNG eWallet, and road users can either install it themselves or request for assistance at any of the 39 authorised fitment centres in Peninsular Malaysia.

Currently, the RFID technology is already installed at
62 open-system toll plazas
, including highways such as PLUS, Shah Alam Expressway (KESAS), and Damansara-Puchong Expressway (LDP). The next step was to expand the technology to
all toll plazas nationwide starting from April 2020
, including 83 closed toll systems from the North to the South. However, the implementation was subsequently
deferred due to Covid-19 and the ensuing movement control order (MCO) period
.

(Source:
Kementerian Kerja Raya
)

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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 Rolls Out i-Lindung For Members To Purchase Life, Critical Illness Insurance

The Employees Provident Fund (EPF) has launched i-Lindung, a new feature that allows members to purchase life and critical illness protection at an affordable premium using funds from their Akaun 2. It is rolled out under the EPF’s Members Protection Plan.

In a statement, the EPF shared that members can tap into this feature at any time of the day via the EPF i-Akaun portal, and they will be able to obtain information on available products and prices conveniently. They can also get a quick quotation before purchasing the preferred product.

For added value, insurance companies and takaful operators that are involved in the i-Lindung programme may also provide additional coverage and customise the price of their products according to the member’s financial capability. Participating insurance companies and takaful operators currently include:

FWD Takaful Berhad
Prudential Assurance Malaysia Berhad
Prudential BSN Takaful Berhad
Etiqa Life Insurance Berhad
Etiqa Family Takaful Berhad

If you’d like to tap into i-Lindung, you must make sure that you are a citizen with an active i-Akaun. You must also have sufficient balance in your EPF account (at minimum of RM100). Members who are 55 years old and above can also purchase products under i-Lindung as long as they are within the eligible entry age of the products offered, and maintain a minimum of RM100 in their EPF accounts (Akaun 55 and/or Akaun Emas).

Also, no check-ups are required to purchase the insurance products under i-Lindung. You will, however, be required to answer a simple questionnaire by the insurers regarding basic health information. Note as well that i-Lindung currently offers only pure protection products (no savings element) with one-year coverage. Additionally, you can only purchase protection for yourself for now, and not for your family members.

To make a purchase through i-Lindung, simply log in to your i-Akaun and click on the i-Lindung tab. You’ll be able to browse through the products offered by various insurers. Once you’ve decided, click on your preferred option and you’ll be led to the insurer’s portal, where you are required to fill in an online form. Authorise a deduction from your EPF account after that (payment may take a few days to go through), and you’ll receive an acknowledgement slip. Following that, your policy or certificate document will be sent to you via email, although you may also view it in the “My Protection Plan” section under i-Lindung.

(Image: The Star)

The chairman of the EPF, Tan Sri Ahmad Badri Mohd Zahir said that i-Lindung is another milestone for the provident fund as it provides an avenue of social protection and financial security if members were met with unfortunate circumstances.

“Protection through insurance and takaful is one of the key components of financial wellbeing which we highly encourage our members to obtain in order to be protected against financial uncertainties. The i-Lindung facility is especially beneficial for EPF members, where the EPF has worked together with the insurance companies and takaful operators to offer the most affordable rate to our members,” Tan Sri Ahmad Badri further stated.

The EPF had
first mentioned i-Lindung back in November 2021
, alongside another facility dubbed i-Sayang. The provident fund said that these facilities are part of its continuous efforts to improve and provide better retirement outcomes for its members.

(Source: EPF [
1
,
2
])

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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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Ready To Rebuild Your Business? 3 Areas SME Owners Should Focus On

The nation is slowly but surely transitioning into a Covid-19 endemic phase with almost
95% of the adult population currently vaccinated
. This shift will give the economy a much-needed boost as people return to their daily routines.

With each passing day, we are seeing this more clearly. Shopping malls are packed on weekends, while rush hour traffic is now increasingly more common. Not to forget, since the recent uplifting of the interstate travel ban, Malaysia Airlines’ flights to Langkawi have already been
fully booked until the end of the year
.

For SME owners, the upcoming months will be crucial for rebuilding your business. If you’re ready to focus on recovery, you will need solutions that can improve your cash flow and better your business. Here are three areas SME owners should look into as we finally prepare to move beyond this challenging period.

Extra Financing

For starters, SME owners can explore financing aids provided by the government that will help them inject some capital where needed. Under Budget 2021, the PEMERKASA programme has mobilised a total of RM500 million in additional funds for providing small capital financing facilities for businesses (micro-credit) which are being disbursed through various agencies including TEKUN Nasional, SME Corp, and Bank Simpanan Nasional.

SMEs have always been essential to the Malaysian economy and banking institutions are the main source of financing for SMEs,
providing more than 90% of total financing
. As the economy reopens, many business owners are taking this opportunity to drive business growth and might need higher financing. With this, SME owners who are seeking to purchase a property for their business or refinance their property could consider the
Maybank SME Property and Business Financing-i
, which provides up to RM5 Million financing and up to 120% Margin of Advance (MOA).

For example, if an SME owner intends to purchase a property priced at RM1,000,000, Maybank SME Property and Business Financing-i may disburse up to RM1,200,000 in total financing. The Bank will pay RM900,000 to the property developer or vendor and disburse an additional RM300,000 in the form of clean financing with no collateral required. This way, the SME owner will be able to finance the property and at the same time, obtain additional funds in the form of working capital for the business.

Adopting New Technologies

The government has been supportive of helping businesses shift into the technology sphere through programmes like the SME Digitalisation Grant, which provides a 50% matching grant of up to RM5,000 to SMEs for the subscription of digital services that will enhance business competitiveness.

Adopting new technologies has a number of tangible benefits. For instance, QR-based payments and online payment gateway services make the payment process more efficient and secure. These days, QR-based payment services are commonplace – according to the RinggitPlus Malaysian Financial Literacy Survey 2021, almost 90% of Malaysians own at least one e-wallet. Customers need only to scan the QR code and the funds will immediately be transferred to your business account. For business-related payments, these new technologies can eliminate delayed receivables or collections that can impact your cash flow.

Maybank Scan & Pay
 allows you to receive QR payments directly from your customers into your bank account without delay. QR payments can be easily set up for any business including pop-up and market stalls. To get started, just download the
Maybank QRPayBiz app
 and sign up for free. In addition, you can also subscribe to services like
Maybank Tap2Phone
 that allows you to accept debit or credit card payments on your Android smartphone with no external card reader device needed, offering another payment acceptance option.

In recent years, Malaysia has grown to become one of the biggest e-commerce markets in Southeast Asia. If you’re looking to hop onto the online bandwagon, opening a business account is crucial in helping you to record your business transactions and build a strong credit profile. To facilitate SME owners, business owners can
conveniently open a Maybank business account online
 and activate the account at any preferred Maybank branch, no introducer is needed. The account is equipped with online banking solutions to ease business operations on the go with
Maybank2u Biz
 available on web and
app
. The app is built with an invoicing tool, which allows you to issue professional-looking invoices in no time. This is just one of the features to keep business productivity more efficient.

Localised Services

A consistent theme throughout the pandemic for SME owners includes the need to tap into technology and move their businesses online. To encourage local merchants, the Shop Malaysia Online campaign was introduced by the government in Budget 2021. Through this campaign, discount vouchers co-funded by the government, e-commerce platforms, and e-payment partners will be given to shoppers to encourage targeted online spending on local businesses.

In keeping with the government’s efforts to help local SMEs adopt digitalisation, Maybank created
Sama-Sama Lokal
, a platform for you to keep 100% of your earnings with zero fees and commission. With more of us increasingly relying on the Internet to maintain our daily lives from purchasing groceries to ordering meals, it’s natural that many SMEs are eager to tap into this growing pool of potential consumers. With Sama-Sama Lokal, you get to move your F&B business to the digital space, instantly increase visibility to millions of Maybank customers across Malaysia, and expand your customer base without having to pay any fees or commissions.

***

Over the past month, we’ve witnessed the gradual resumption of many social and economic sectors as we return to our daily routine albeit in a new normal. Hence, in the coming months, SME owners should tap into every resource available to them as they regain the reins of their businesses and on top of that, adapt it to suit the needs of a post-pandemic community.

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What Does it Mean to be Bankrupt?

Many people have different ideas about bankruptcy. For some, it’s the bogey-man of the financial world for those in the very pit of debt despair. For others, they think it is a way to stop people they owe money to from hounding them. But what does it really mean?

In a three part series; RinggitPlus gets advice from bankruptcy lawyer Shamalah Selvarajah, a partner at Messrs Bodipalar Ponnudurai De Silva about bankruptcy: what it is; how it can happen to you (even without your knowledge!) and what your options are if it does.

This week, we tackle the question: what is bankruptcy?

A Bad Debt by Any Other Name

“A bankruptcy proceeding is a mode of enforcing a court judgment obtained against an individual. This proceeding is usually commenced to recover monies owed by one individual to a corporation or another individual. However, the judgment sum has to be more than RM30,000 to enable a creditor to elect this mode of enforcement.”

“Once the court declares a person a bankrupt, all the assets and properties of the bankrupt shall vest in the Director General of Insolvency (DGI). The bankrupt no longer has the capacity nor the power to manage his finances. He must provide to the DGI an account of all monies and properties which are credited to and ownned by him. He will have to report to the DGI any receipt of moneies or properties exceeding RM500 which does not form part of his usual income. Further, if required by the DGI, he will need to hand over the proceeds of any sale to the DGI. The bankrupt will not be able to leave Malaysia; carry on a business or a partnership; nor manage a business, without the DGI’s permission.” Shamalah explains.

What this simply means is: Bankruptcy is a way for a company or a person to recover money you owe them through the courts and the DGI. Let’s say A borrowed RM50,000 from Bank B but never repays. Bank B can then go to the courts file a claim against A.

What the courts will then do is to hear Bank B’s claim to determine if Bank B has a case and a right to the money that Bank B says A owes them. If the court finds that Bank B has a right to the money, then Judgment would be granted against A. If A doesn’t pay the sum stipulated in the Judgment, then Bank B can begin bankruptcy proceedings against A.

A will be able to challenge the bankruptcy proceedings. The Court will hear A’s case and if the Court finds in favour of Bank B, then A will be declared a bankrupt; his assets will be frozen and the DGI takes over control and management of his finances. Until A repays all the money owed to Bank B and all his other creditors and is discharged as a bankrupt, he will have no access to his assets.

The Insolvency Department will take over any savings and monies under A’s name and will continue to monitor his income. Any money earned (minus his expenses) will have to be surrendered to repay the debt. It is also important to know that once declared a bankrupt, all A’s other creditors have a right to lodge claims with the Insolvency Department against A. They will have to show Proof of Debt (POD). The Insolvency Department will then investigate the PODs to decide which are genuine and payable.

All monies collected from A will form a pool. If there is enough to pay all A’s creditors in full, that will be done and A would be discharged as a bankrupt. However, if there isn’t enough funds to pay off all A’s debts, A’s creditors would receive a percentage of the original debt. This is where the Insolvency Department will decide how many cents to a ringgit each creditor would receive but secured creditors will be paid before unsecured creditors.

Until the A’s debts are repaid; A will be marked a bankrupt and will not be able to leave the country nor manage a business, amongst many other restrictions.

Some Terms in Bankruptcy

Here is a short glossary (that is by no means exhaustive!) of common terms you may come across in the bankruptcy process.

Debtor:
 the person owing money

Creditor:
 the person to whom money is owed

Secured creditor:
 a person to whom money is owed by way of a secured loan. If there are many creditors waiting to be repaid; a secured creditor will be repaid first before an unsecured creditor. Secured loans are loans with collateral attached.

Unsecured credit:
 a person to whom money is owed by way of an unsecured loan. An unsecured creditor will have to wait until all secured creditors are repaid. Should the assets of the bankrupt not be enough to cover all loans; the unsecured creditor will most likely go unpaid.

Special manager:
 the DGI can sometimes appoint a ‘special manager’ to oversee the bankrupt’s affairs. The special manager will then take the place of the DGI in keeping track of the bankrupt’s accounts.

Shamalah Selvarajah is a partner at Messrs Bodipalar Ponnudurai De Silva. She has been in practice for almost 13 years, primarily in civil litigation and has also built a reputation in the specialised filed of bankruptcy having handled matters in the High Courts and the Court of Appeal.

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Diana Chai

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3 Reasons To Consider Investing in Exchange-Traded Funds (ETFs) With Bursa Malaysia

Malaysia, together with the rest of the world, are facing harsh economic challenges as we battle the Covid-19 pandemic. Despite this, there has been a noticeable
increase of retail investors
participating in the capital markets around the world, so much so that it was reported that the inflow of investments eventually helped
global stock markets recoup its March 2020 lows.

According to Bursa Malaysia, this increase of retail participation has also triggered a spill over effect to the ETF space with a 58% increase in total traded value of ETFs listed on Bursa Malaysia from January to December 2020, as compared with the same period in 2019.

With the positive increase of retail participation in the stock market and the ETFs’ increased trading value – perhaps this could be the time for you to consider investing in ETFs. For more information about ETFs and some of the top-performing ETFs on Bursa Malaysia,
 you can read more here.
 Besides that, in this infographic, you will also learn 3 reasons why you should consider trading ETFs with Bursa Malaysia.

If these 3 reasons resonate with you too, start exploring ETFs with Bursa Malaysia today. Not only will you receive reliable professional insights via
ETF Research Scheme
, you will also get to learn ways to improve your ETFs trades and returns by signing up for
Bursa Academy
’s course on “Empower Your Leveraged & Invest ETF Investment Journey.”

To invest in ETFs with Bursa Malaysia, you can refer to the
complete list of ETFs here
.

*Terms and conditions apply.

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Sharon Bentley

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    Loo Jia Wei

    2 years ago

What’s the difference between invest this compared to Stashaway?

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The 3 Things Your Mobile Plan Isn't Doing For You

No matter how fancy your shiny new phone is, it’s not worth much without a good, solid mobile plan that gives you enough SMS, talktime, and mobile data to put that phone to great use. Despite all the fun stuff mobile plans let you do with your phone, there are still plenty of things that they
don’t
 do.

Allow Your Data, SMS, and Talktime to Always be Available

Sure, your mobile plan gives you talktime, SMS, and data. But often only for a limited time. If you don’t use it before it expires, you’re forced to pay for a new bundle of data, talktime, and texts. It’s an annoying way that telcos use to force you to pay just a little bit more than you should.

But mobile plans like the ONEXOX BLACK lets you use all the data, text messages, and talktime you have, with no expiration date. This means you get to use all of the services you paid for without wasting any of them at all. You never have to pay extra to reactivate your data or any of that ever again.

Let You Use Their Services, Contract-Free

But with this new plan you don’t have to worry about that since it’s not a contract. Don’t like it? Just cut off and you never need to gaf about any penalty fees or anything else like that it’s so great.

It’s a good thing that ONEXOX BLACK doesn’t tie you down like this. There are no penalties for switching out, and you’re free to cancel anytime you want, without incurring any extra fees at all.

Give You High-Speed Internet All Day, Every Day

Even as mobile phone plans give you high-speed internet access, they also often throttle your speeds at certain hours of the day or make more of their data available only on some days of the week. This can be attributed to technological limitations, but really, more often than not it’s the telcos looking to get you to pay a teeny bit more just because.

Fortunately, the ONEXOX BLACK plan offers you high-speed internet at any time of the day, and any day of the week. You’re free to use as much high-speed data as you like whenever you want to. Combine this with the freedom of not being bound by contract, and never having to worry about your data being burned off, means this is the one plan that gives you absolute freedom to enjoy your fancy shiny new smartphone however you see fit.

Right now, the ONEXOX BLACK plan comes in three flavours. The one that gives you the most data (12GB), talktime (100 minutes), and SMS (100) per month is the B59 plan which only costs you RM59 every month. A steal when you factor in all the other advantages we just mentioned.

If you’re interested in the ONEXOX BLACK plan, you can visit
their official website
 to know more. You can also contact XOX’s customer service by calling 1300-888-010 or by emailing –
[email protected]
. Visiting an authorised ONEXOX BLACK dealer is a good option as well, if you prefer. Or just walk in to their co-working space by XOX, Space@XOX in Sunway Pyramid to learn more and sign up.

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    Anonymous

    1 year ago

Xox black can you clarify if no top up is required then why the monthly subscription of RM 59

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Hong Leong Visa credit cards’ RM100 & RM1,000 cash rebate angpows

No better way to kick off the Chinese New Year with an angpow or two, right? Well guess what, Hong Leong is
generously them giving away in their latest promotion
!

Just be among the first 100 credit card holders every week to charge RM1,000 and you’ll enjoy a RM100 cash rebate angpow. Moreover, a RM1,000 cash rebate angpow will also be given to the weekly top spender.

Promotion will go on over six weeks from now till 1 March. Card holders are eligible to win each type of rebate once throughout this period, among other
terms and conditions
.

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Tune Protect Launches Two Affordable Home Insurance Products, Home Easy & Home Shield

Tune Protect Malaysia has launched two home insurance products, Home Easy & Home Shield. Home Easy can be purchased directly online through the Tune Protect website and app, whereas Home Shield can be bought through Tune Protect agents.

The plans offer houseowner insurance, which covers the actual building of your residence, and householder insurance, which protects your household content and personal effects. The Home Shield plan includes both of these aspects of cover, whereas for Home Easy, you can choose between either houseowner or householder coverage, or both.

The plans provide coverage against fire, lightning, storms, landslides, explosions, bursting pipes, flood, and robbery-related damages. Besides that, you can also add on top up packs for more coverage, such as landlord insurance, mortgage loan protection, home care, smart home devices, and personal liability.

According to Tune Protect, Home Easy is currently the cheapest online home insurance policy on the market and offers more than 40% in premium savings. To demonstrate its foremost affordability in the market, Tune Protect has launched a Lowest Price Guarantee campaign, where it offers to make good the difference if a customer finds a cheaper quote in the market from now until 31 August 2021.

Moreover, by purchasing Home Easy from Tune Protect’s online channels, customers get to enjoy an additional 15% direct rebate on premiums, and earn 5 BIG Rewards Points for every RM1 of premium. On top of that, Tune Protect has pledged to contribute RM6 to Yayasan Chow Kit’s Madhya’s Gift fund for every Home Easy policy sold from now until 31 December 2021.

Meanwhile, if you purchase Home Shield through a Tune Protect agent, you get to enjoy a 10% financial buffer (Safety Net benefit) in addition to the total sum insured of your residential building under houseowner protection.

For homeowners who have existing protection and would like to purchase this new home insurance plan, do refer to Tune Protect’s handy
Switchover Guide
 to assist you in the process. You can visit the Tune Protect website to find out more about
Home Easy
 and
Home Shield
.

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Several Million EPF Members May Have Nearly Emptied Their Akaun 1 And 2 Savings

(Image: The Star)

The Employees Provident Fund (EPF) has revealed that about 30% of its members – equivalent to almost 1.6 million people – may have nearly emptied their Akaun 1 savings. Meanwhile, another 60% – or 3 million members – are noted to have or will use up all savings in their Akaun 2. This is following the introduction of several initiatives aimed at alleviating the public’s financial needs during the ongoing Covid-19 pandemic.

“Don’t forget that Akaun 2 is to be utilised for other forms of withdrawals like housing, medical, and education. Without Akaun 2, our members will not be able to use some of their savings to invest in a roof over their head, upgrading skills and health,” said Tunku Alizakri Alias during the EPF 2020 performance briefing last Saturday.

During the briefing, Tunku Alizakri also shared several other worrying statistics. He noted that the savings adequacy levels are expected to decline, with the number of members meeting their basic savings dropping from 22% (3.3 million) to less than 20% (3 million) due to various Covid-19 financial aid programmes had been rolled out. The number of active members meeting basic savings also saw a dip, from 36% (2.7 million) to 28% (2.1 million) post-Covid-19.

Meanwhile, the contribution collection for 2020 is seen to have increased by 3.3% from RM75.9 billion in 2019 to RM78.4 billion – but it was also accompanied by a soar in withdrawals. In 2020, withdrawals had increased by 30.1% to RM58.3 billion, compared to RM44.8 billion in 2019. As such, net contributions for 2020 was found to have gone down by 35.4% to RM20.1 billion, compared to RM31.1 billion in the previous year.

For context, 2020 saw the EPF introducing several initiatives in a bid to help Malaysians weather through the financial storm brought on by Covid-19. Of note is the
temporary reduction in contribution rates from 11% to 7%
 (for members below age 60), the
i-Lestari withdrawal scheme
, as well as the
i-Sinar initiative
.

According to Tunku Alizakri, as much as RM130 billion in funds have been allocated for these Covid-19 initiatives. To break it down, an estimated RM13.6 billion was allocated for the reduction in contribution rates. Meanwhile, RM20 billion and RM90 billion were earmarked for the i-Lestari withdrawal scheme and i-Sinar initiative, respectively. An additional RM85 million was also set aside for employers who deferred their contributions due to cashflow issues.

(Image: Bernama)

That said, Tunku Alizakri – whose term as the chief executive officer of EPF had ended over the weekend – also stated that the EPF will carry out more effort to educate its members. Additionally, it will come up with products and services to ensure that members continue to trust the EPF as the place to keep their retirement savings.

During the weekend briefing, the EPF had also declared a
dividend of 5.2% for its Simpanan Konvensional, and 4.9% for its Simpanan Shariah
. While the 5.2% rate was noted to be the lowest return offered in more than a decade, it is touted to have been better than expected, given the turbulent global economic climate due to the pandemic.

(Source:
The Malaysian Reserve
,
The Edge Markets
)

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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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Grab To Make Difficult Decisions To Counter The Impact Of Covid-19

Southeast Asian tech giant, Grab, has commented that the Covid-19 pandemic is creating significant challenges for the company, requiring it to make difficult decisions to cut costs and manage capital. The company, which started out as a taxi-booking startup before evolving into a “super app”, has seen the demand for its core business collapse as countries go into lockdown to fight the coronavirus.

“Covid-19 is the single biggest crisis to affect Grab in the eight years of our existence. It has had an unprecedented impact on our operations, our business, and the livelihoods of our partners,” said the chief executive officer of Grab, Anthony Tan.

Tan further elaborated that the company will be forced to take tough decisions and trade-offs as it evaluates the pandemic’s impact on its business. “We will right-size our costs, manage our capital efficiently, and make the necessary operational adjustments in order to weather the storm and carve out a path to profitability,” he said.

(Image: The Edge Markets)

Following its early days, Grab has since expanded into other services, such as food and parcel deliveries,  insurance, and finance. As of now, it depends primarily on its food delivery services to counter some of the shortfalls during this challenging time.

Grab is considered to be the most valuable startups in Southeast Asia, at a last-known valuation of over $14 billion in March 2019. It has also raised more than US$850 million (RM3.71 billion) in February 2020 to drive its venture into fintech services in the region.

(Source:
The Star
)

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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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    Henry

    3 years ago

Bad times started for Grab. Softbank no longer raining money on them

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Several Banks Announce RM0.50 Fee For MyDebit Cash Out Withdrawals, Starting From 1 July

(Image: Rnggt)

Several banks have announced that they will begin charging a RM0.50 fee for each withdrawal transaction that is made through the MyDebit Cash Out feature, starting from 1 July 2022. This means that the service, which is currently offered at no charge to debit cardholders, will no longer be free.

Among some of the banks that have made the announcement include
Alliance Bank
,
Bank Islam
,
CIMB
,
HSBC
,
OCBC
 and
Standard Chartered
. Meanwhile, PayNet – as the provider of the MyDebit Cash Out service – has yet to issue any word on the imposition of this fee. Other major banks that also offer this feature – such as Maybank, Public Bank, and Hong Leong Bank – too, have not made such announcements as of the time of writing, although it is highly likely that they may do so in the near future.

(Image: Rnggt)

For context, MyDebit Cash Out is a debit card feature that allows you to withdraw cash from your bank account through a participating merchant or retailer, via their point-of-sale terminals (capped at RM500). This means you do not need to head to a bank ATM on purpose just to withdraw money, thereby offering more convenience, especially if your nearest ATM is still quite out of the way. It is also one of the many efforts that were rolled out by banks to to
address urgent cash needs of communities in several underserved areas
.

(Sources:
Lowyat.NET
,
Rnggt
)

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Nur Adilah Ramli

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Maybank Ranked As Malaysia’s Safest Bank And One Of The Safest In Asia

(Image: The Star)

According to this year’s survey by Global Finance Magazine, Maybank is once again named the safest bank in Malaysia and one of the safest in Asia.

In a statement, the monthly financial magazine revealed that the criteria used to select banks from a total of 1,000 worldwide are twofold, based on an assessment of long-term foreign currency ratings (from Moody’s, Standard & Poor’s and Fitch), as well as total assets held. The survey will be published in its November 2019 issue.

“Our list of safest banks by country provides insight into financial institutions that rarely make global headlines but can offer deep local knowledge and networks,” said Global Finance publisher and editorial director Joseph D. Giarraputo.

In addition to listing the Safest Banks by Country, the survey also includes the World’s 50 Safest Commercial Banks, 50 Safest Banks in Emerging Markets, and Safest Islamic Financial Institutions in the Gulf Cooperation Council countries.

This isn’t the first time that Malaysia’s largest bank has earned this title. Global Finance Magazine has named Maybank as the safest bank in the country several times since 2014.

(Source:
The Edge Markets
,
Global Finance Magazine
)

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    Peter

    1 year ago

The scammers still can transfer money from account without OTP or any safety tag. Is there any solution?

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Why Was Your Loan Or Credit Card Application Rejected?

Like any other forms of rejection, getting your credit card or loan applications turned down can be a disheartening experience, especially when you feel that you have been responsible about your finances. Recent data has shown that
one out of four housing loan applications
 are rejected by banks on average, so rejections are not an uncommon experience.

Before rushing to re-apply, what you can do is take the time to find out
why
your application was rejected so that you can address any financial health issues you may have. Here, we’ll highlight some of the factors that influence a bank’s decision to decline a credit card or loan application.

Not meeting the bank’s eligibility criteria

First and foremost, the main reason banks may decline your application is because your profile does not meet their eligibility criteria – a list used to help them better gauge your financial stability and repayment ability. It includes factors such as your age, marital status, and education level. It could also be influenced by the field that you work in or your position, as well as the length of your current employment period.

Some banks are be more stringent or upfront than others in terms of its eligibility criteria, which is why you sometimes see requirements such as “at least one year in your current employment”. This may pose a setback for individuals who work in the growing gig economy, but it is also possible to convince banks of your repayment ability by supplementing your application with relevant financial documents.

Mistakes made during the application process

You’d be surprised by how common this is. Applicants may accidentally fill in the wrong details or place them in the wrong sections, provide incomplete forms, or uploading the wrong documents. Sometimes it’s also in the little details, such as sending in a blurry scan or an unclear photocopy of your documents. All these may be enough for a bank to reject an application.

Therefore, it’s important that you double-check your application forms and attach them with clear supporting documents. Most applications call for a similar set of documents, such a copy of your NRIC and various income documents (e.g. payslips, bank statements, EA forms, and employment letter). As such, it may be a good idea for you to prepare clean scans or copies of these basic supporting documents in advance.

Low annual income

Banks may choose to reject your application if they feel that your annual income is insufficient to take on the loan or credit card that you are applying for. Credit cards usually state upfront what minimum annual income is required for a successful application, but with housing loans it depends on the price of the property that you wish to purchase. If you are trying to buy a property that is priced way out of your annual income range, then it is unlikely that the bank will be willing to approve your loan.

Do bear in mind as well that while most banks stick to a general lending guideline set by Bank Negara Malaysia (BNM), they also have varying approval requirements for their credit facilities, including differing annual income bands. This is why you have different chances of approval with different banks.

Too many financial commitments

Banks usually see having some form of credit commitment (such as a loan or credit card) as a positive indicator of your status as a borrower, but it goes without saying that having too many of these may lead them to be more cautious about extending additional credit facilities to you.

One way to identify if you have a high credit commitment is by calculating your
debt service ratio (DSR)
 – which is basically your monthly credit obligations divided by your nett monthly income. This ratio, often referred to in its percentage form, tells banks how much of your income is being used to repay debts – this then helps them decide if you can take another credit line and reliably pay for it. As such, a high DSR means a larger debt commitment – if this ratio is too high, banks will be less willing to deal with you.

Along a similar line of discussion, note that banks are also cautious of applicants who take up too many financial commitments
too quickly
. The rapid accumulation of debt is a clear red flag of something amiss, unless you can justify it with concrete proof, such as banking statements.

Limited credit history

While having too many financial commitments is bad, having none at all can be equally detrimental when it comes to getting your applications approved. Without prior credit history, banks are unable to check your past repayment records and determine if you are a good paymaster.

This concern can crop up when you are applying for loans or credit cards for the first time – by approving your application, banks are only relying on your profile meeting their eligibility criteria and take a chance on you, so to speak. For this reason, it is a good idea to kickstart your credit history as early as possible, such as with entry-level credit cards. Another possible way to counter this is to apply for credit facilities at banks where you already have a relationship with (such as a savings account or fixed deposit account).

Unfavourable credit score

Lastly, another common reason for banks to reject credit card or loan applications is the applicant’s credit score. Simply put, credit score is a “measurement” of your creditworthiness. It lets the banks know of your financial health and background, such as the number of credit facilities and amount owed to banks, the types of loans that you are currently servicing, as well as financial delinquencies (if any).

Individuals with higher credit score are considered to possess
good financial health
, thus increasing their likelihood of their applications being approved. That said, this doesn’t mean that all hope is lost if your credit score is low. While banks do rely on credit scores during the approval process, they take into consideration various other factors as well (such as your employment profile, etc.). At the same time, you can help yourself by working to improve your credit score, which can be as easy as making payments on time.

***

Given the several reasons discussed as to why banks may reject credit card or loan applications, it’s clear that keeping yourself informed of your financial health is a must. This is even more crucial during challenging times such as the current Covid-19 economy. Also, it is never too late to start applying good money management practices, such as doing a credit check at least once a year.

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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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Fave Enables TNG eWallet As Payment Method On Its App

Fave has enabled Touch ‘n Go (TNG) eWallet as a payment method on its app following the signing of a new partnership between the two entities.

According to Fave, this collaboration will incentivise users as they can stack rewards by receiving cashback via Fave while simultaneously tapping into TNG eWallet’s Goal Hunter loyalty programme. Specifically, users who connect and use their TNG eWallet on Fave will be able to earn up to 20% partner cashback, as well as one Goal Hunter stamp for every RM10 that they spend. On top of that, new Fave users using TNG eWallet on the app can also get an extra RM8 cashback.

Fave further noted that this partnership will also provide its users with a seamless payment experience, as well as more e-wallet payment options when spending on one platform. Additionally, it is in line with Fave’s vision to create an integrated payment ecosystem that rewards all shopping experience, while spurring the adoption of cashless payments within the country.

The chief executive officer of Fave, Joel Neoh also pointed out that the new generation of smart consumers now have an abundance of digital payment options to choose from as these methods have quickly gained traction within the country. “By partnering with Touch ‘n Go, we continue to offer innovative ways to pay while giving consumers every reason to choose contactless payments for a smarter and more rewarding shopping experience,” he said.

(Joel Neoh, co-Founder and CEO of Fave)

Meanwhile, the chief executive officer of TNG Digital Sdn Bhd, Ignatius Ong chimed in to say that the company hopes to offer a better and more robust user experience for cashless transactions via this partnership. “Despite the current pandemic, we have seen the trend of increased adoption of e-wallets, as well as more customers opting for online shopping to enjoy in the comfort of their homes. This connectivity was a long time coming,” he commented.

(Source:
Fave
,
Digital News Asia
)

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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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PM: EPF Members May Use Akaun 2 Savings As Collateral For Emergency Loans

(Image: The Edge Markets)

Prime Minister Datuk Seri Anwar Ibrahim has said that Employees Provident Fund (EPF) contributors will be allowed to use the savings in their Akaun 2 as collateral for emergency loans from banks. This is specifically for those who are truly struggling with their financial circumstances, and are in desperate need of cash.

The prime minister announced this measure during his winding-up speech for the policy stage of Budget 2023, at the heels of repeated calls from various parties to allow further EPF withdrawals. He also said that while leeway was provided during Covid-19 – referring to
i-Lestari
,
i-Sinar
,
i-Citra
, and the
RM10,000 special withdrawal facilities
 – such relaxations should now end as the EPF is ultimately meant to be preserved as retirement savings. Other countries that allowed similar assistances – such as Australia, Peru, and Chile – too, have halted such aids.

“Instead, I suggest another method to assist those who desperately need cash. I will make sure that EPF will provide space to allow contributors with enough savings who are in dire straits to borrow from the bank, with their savings used as collateral,” Datuk Seri Anwar further said, adding that the provident fund will need to examine the best method to implement this measure.

(Image: Channel NewsAsia)

Datuk Seri Anwar also explained that employing a collateral agreement is better than allowing another withdrawal as it provides flexibility for contributors from the informal sectors, as well as those who are self-employed with inconsistent income. “This is a better option for those who are tied with their business debts, which can reach up to RM200,000 in certain circumstances. In some cases, contributors are also tied as they have the money (in their account) but cannot withdraw it,” he said.

Prior to this, several parties have urged the government to consider giving yet another one-off targeted withdrawal from the EPF for individuals who are affected financially to alleviate their burden. These included former prime ministers,
Tan Sri Muhyiddin Yassin
 and
Datuk Seri Ismail Sabri Yaakob
.

Meanwhile, the
revised Budget 2023
 has been
passed at the policy stage with a majority voice vote
, and will now enter a round of debate at the committee stage. If approved, it will then go on to Dewan Negara for a final reading.

(Source:
New Straits Times
,
Malay Mail
)

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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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All You Need To Know About The Malaysian Employment Insurance System (EIS)

First introduced in 2018, the Employment Insurance System (EIS) is a scheme that offers you unemployment benefits and job search assistance should you lose your job for reasons like retrenchment, redundancy, and so on. It is a compulsory government scheme that covers all private sector employees automatically, with employers and employees each contributing 0.2% of the employee’s salary every month.

Who is eligible for EIS?

As mentioned above, the EIS is targeted at employees in the private sector, and you must also be a Malaysian citizen or permanent resident aged between 18 to 60 years old to be eligible.

The EIS does not cover domestic workers, self-employed workers, civil servants, and workers in local authorities and statutory bodies as they are not covered by the Employment Insurance System Act 2017. Moreover, workers who are aged 57 and above who have never paid contributions before that age are also not covered by the EIS Act, and are not required to contribute to the scheme.

Those are the eligibility criteria that you need to fulfil in order to be enrolled into the EIS scheme. However, in order to apply for the specific benefits under EIS should you find yourself unemployed, you also need to fulfil the following conditions:

Apply within 60 days after your loss of employment

Meet the contributions qualifying conditions (CQC) by paying the required minimum number of SOCSO and EIS monthly contributions

Your loss of employment must fall under the pre-set definitions.

For the purposes of claiming EIS benefits, your loss of employment must be due to one of the following reasons:

Normal retrenchment and redundancy

VSS/MSS (voluntary or mutual separation schemes)

Closure of the company due to natural disasters

Bankruptcy or closure of the company

Constructive dismissal

Resignation due to sexual harassment or threats made in the workplace

Resignation after being ordered to perform dangerous duties outside the job scope

You cannot claim for EIS benefits if your loss of employment is caused by dismissal due to your own conduct, voluntary resignation, retirement, or the expiry of a fixed-term contract.

What are the benefits offered under EIS?

Job Search Allowance (JSA)

The main benefit offered under the EIS is the Job Search Allowance (JSA), a financial allowance for those who have lost their one and only job. If you are successful in your application for the JSA, you will be paid a monthly allowance for a minimum of 3 months and a maximum of 6 months, depending on how you have fulfilled the CQC requirements through your monthly EIS contributions. How much allowance you get each month will also depend on pre-determined rates and your assumed monthly wages.

For months 1-3 under the JSA, you will get paid 80%, 50%, and 40% of your monthly assumed wage respectively, and for months 4-6 you will get paid 40%, 30%, and 30%. If you’re wondering how to find out your monthly assumed wage, you can refer to the
table on the SOCSO website
 – but generally, your assumed monthly wage is your actual monthly wage give or take RM50 or so – and capped at an assumed RM3,950 a month.

Month

Payment rate (% of monthly assumed wage)

Maximum possible JSA to be earned each month

1

80%

RM3,160

2

50%

RM1,975

3

40%

RM1,580

4

40%

RM1,580

5

30%

RM1,185

6

30%

RM1,185

So, if you earned a monthly wage of RM2,400, your assumed monthly wage would be RM2,350 and you would get 80% of that as your JSA during the first month, 50% of that amount in the second month, and so on. Due to the cap on the monthly assumed wage, even if you were earning way above RM4,000 a month, your monthly assumed wage would not be higher than RM3,950.

After receiving your first instalment of JSA, applications are required to prove that you are actively seeking jobs in order to receive the rest. If you manage to return to work while still returning your JSA allowance, you are eligible for the Early Re-Employment Allowance (ERA).

Early Re-Employment Allowance (ERA)

If you manage to return to work while still receiving your JSA, you will be given the ERA as a financial incentive. The ERA is worth 25% of the money that you are entitled to under the JSA but have not yet received, and this will be paid to you in a lump-sum.

Let’s say you earned RM3,800 a month before you lost your job and started receiving JSA benefits. For the first month of JSA payments, you receive RM3,000 (80% of your assumed RM3,750 wage) and in the second month you receive RM1,875. However, you then manage to start a new job in the third month – so what happens to the rest of your JSA payments? Under the ERA benefit, you are entitled to 25% of the balance of your JSA – so in this case, you would get 25% of the RM5,250 balance, which amounts to RM1,312.50.

Reduced Income Allowance (RIA)

The JSA is meant for those who have lost their only source of income, so if you have multiple jobs and have lost at least one but not all of them, the RIA is the financial allowance that you should be applying for. The payment rates and duration of payment are the same as those of the JSA.

For example, Mr Chang works as a clerk on Mondays to Fridays and a barista on the weekends and certain weeknights. If he were to lose his job as a clerk, he would have to apply for the RIA as opposed to the JSA as he has lost of one of his multiple sources of income.

Training Fee, Training Allowance, And Job Search Assistance

Under the EIS, you are also entitled to financial assistance for vocational training programmes. This could be in the form of training fees paid directly to training service providers (training fee) and financial incentives paid to encourage attendance at training sessions (training allowance). EIS also runs programmes like the Re-Employment Placement Programme and Career Counselling, which offer support and advice to those who are looking for jobs.

How to apply for EIS benefits

As long as you fulfil the eligibility criteria for the Employment Insurance System, you should be automatically enrolled into the scheme; it is your employer’s responsibility to ensure that it is so. However, to receive the specific benefits offered under the EIS once you are out of a job, you will have to make the required applications yourself. You may
apply online
 or in person at any office.

You will need a copy of your NRIC, proof of loss of employment such as a termination letter, a copy of your bank account information, and pay slips for the last 6 months. Depending on the type of benefit you are applying for, you will also need to prepare additional documents; you may refer to them on the
SOCSO website
 here.

If any of your applications are rejected, you may file an appeal at the Social Security Appellate Board by filling up a form at the SOCSO office.

Unemployment initiatives and Covid-19

Besides the existing EIS scheme we’ve outlined above, SOCSO has also
introduced additional forms of assistance
 specific to the Covid-19 pandemic, such as the Employment Retention Programme (ERP). The ERP provides RM600 per month up to a maximum of 6 months for employees who have been issued with no-pay leave due to Covid-19. The application can be made by employers on behalf of their employees.

SOCSO also introduced a temporary financial incentive called SIP Plus 60. It offers RM600 a month for a maximum of 3 months for those who have suffered loss of employment and are registered with EIS, but do not meet the CQC requirements of having made 12 months of EIS and SOCSO payments.

According to economists
, the risk of more job losses and salary cuts have increased with the prolonged movement control order (MCO) in Malaysia, and recovery could take up to 12 months. A Sunway Business School economics professor has forecasted a 5-6% unemployment rate ahead of the 3.3% rate currently, with the number of unemployed individuals projected to rise to more than 800,000. Therefore, do keep yourself aware and informed of
any forms of assistance
 that you could be eligible for should you suffer from a loss of employment at this current time.

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    Urang Akih

    3 years ago

Covid 19 , any payment to employees who quarantined themselves at home, eventhough not retrenched ?

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    Anonymous

    3 months ago

Hi, can I check what if the monthly salary is MYR14K, will the EIS calculation is based on this amount?

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Discover Futures as An Investment Option

In general, the importance of investing cannot be overemphasised, especially in preparation for long-term financial goals. Some popular reasons to start investing are to ward off inflation especially with the rising cost of living, to prepare for retirement, and, no doubt, to enjoy potentially higher investment returns.

However, when it comes to investing, there are many types of investments to consider. From low-risk, moderate, to high-risk investments, one should carefully consider their investment choices according to their risk appetite. Fixed Deposits (FD), ASNB, and properties are examples of low-risk investments, while moderate to higher-risk investments may include stocks, bonds, ETFs, and equities. Nonetheless, these high-risk investments may yield potentially higher returns for investors, depending on their risk tolerance.

Futures trading

serves as an investment tool that links the potential value of certain assets (such as stocks, bonds, metals, etc.) to a
contract mutually agreed by both the seller and the buyer
. Futures provide investors with leverage in trading these assets at a lower capital outlay and also act as a “risk management tool” for investors.

So, what do futures look like for you as an investor? Let’s take an in-depth look at what futures is and why you should consider trading in them.

What is Futures?

A futures contract is a standardised contract between two parties where both parties agree to buy and sell a particular asset in a specific quantity, at a predetermined price, and at a specified date in the future. An investor can be either a buyer (expect the market to be bullish) or a seller (expect the market to be bearish) without owning the underlying asset. Futures contracts can be traded purely for profit, as long as the trade is closed before expiration.

What assets can you trade with futures? They can be diversified from stocks, bonds, and currencies, but the most common assets are raw materials such as wheat or palm oil, or products that are essential for mass consumption.

Now, How Do These Contracts Work?

The typical type of futures investor is a speculator who tries to make a profit by either buying a futures contract if he/she expects a rise in price or selling a futures contract if he/she expects a fall in price without owning the underlying asset. The person will then potentially gain profit if the market price is in favourable direction of his/her price expectation.

Besides, futures contracts can be used as a risk management tool. Producers of a commodity or financial institutions will trade futures to protect themselves from future price fluctuation in relevant products. For example, a palm oil producer can sell a futures contract to hedge against the declining price of palm oil in the future. In the circumstances of the palm oil price drop, the palm oil producer will make a loss in the palm oil cash market but a gain in the futures market.

Why Should You Consider Futures as An Investment Option?

Futures trading takes place on regulated exchanges such as Bursa Malaysia Derivatives and Bursa Malaysia Derivatives Clearing, supported by the exchange’s high level of
liquidity
.

Futures trading is a
leveraged
 trading tool that enables investors to trade higher values products with a comparatively smaller amount of capital outlay. Therefore, a small movement in the market can translate into a bigger movement in the trading portfolio.

Besides, as mentioned above, investors can initiate a buy position if the investor expects the price to rise, or initiate a sell position if the investor expects the price to drop. The
bi-directional trading
 enables the investors to capitalise on opportunities during an uptrend or a downtrend market. Moreover, it can be used as a hedging tool to minimise losses in the underlying products.

Lastly, futures trading requires a
lower transaction cost
 compared to others trading tools as it is calculated based on a fixed fee per lot, per side (buyer and seller) instead of a certain percentage taken out of the total investment.

Interested In Futures? You Might Want To Check Out Phillip Futures!

If you would like to diversify your investment portfolio with other trading tools, futures may be the one to consider. Phillip Futures Sdn Bhd has over 30 years of market experience and is the first futures broker in Malaysia to allow investors to register their accounts online.

Phillip Futures Sdn Bhd is under the supervision of Securities Commission, a Trading Participant of Bursa Malaysia Derivatives Berhad, and a Clearing Participants of Bursa Malaysia Derivatives Clearing Berhad.

With Phillip Futures, investors can get access to up to 90 varieties of products, with regular to micro-sized contracts on metal, agricultural, index, commodity, and energy futures. And for a limited time only, Phillip Futures Sdn Bhd is offering all investors commission as low as USD2* when they trade US products. You can sign up for
an account online here.

Besides that, investors will also get to enjoy exclusive client-only benefits with Phillip Futures such as free access to seminars, webinars, and events, subscription to the latest market updates from their team of expert strategies and analysts, and most importantly, exclusive client-only promotions.

Free one-to-one coaching sessions and 24 hours dealing support are also available to assist investors who would like to learn more about futures trading. For more information, visit
 www.phillipfutures.com.my
.

*Terms and conditions apply.

This advertisement does not constitute any buying or selling recommendation, offer or solicitation to buy or sell any investment product.  It does not have any regard to your specific investment objectives, financial situation, or particular needs. Investments are subject to investment risks. The risk in futures trading can be substantial and you could lose your Initial funds. You may wish to seek advice from a registered representative, pursuant to a separate engagement, and to read the governing Terms and Conditions and the risk disclosure statement carefully before making any decision whether or not to invest in such products. The Securities Commission Malaysia has not reviewed this marketing or promotional material and takes no responsibilities for the content of this promotional or marketing material and expressly disclaims all liability, however rising from this marketing/ promotional material.

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Public Transport vs Private Transport: What's the Best Way to Get Around?

Although there are plenty of lucrative and effective ways to
make money from home
, most of us have jobs in places away from our houses that we need to commute to. And there are largely two ways to go about doing that: via public transport, or private transport.

This time on RinggitPlus we put trains, buses, taxis, and planes againsts cars, motorcycles, and bicycles to see which of these modes of transportation is truly the best way to get around!

Public Transportation

They’re everywhere, and paid for by our taxes. Which means it’s a bit of waste if we don’t use them at all, right? But is it really better than private transportation?

Advantages

By and large, it’s way cheaper to use public transportation to get around than it is to buy your own vehicle. You don’t have to pay for petrol, parking, maintenance, cleaning, or any of that stuff. Just pay your fare, and you’ll get there.

Using public transport is much less taxing on the environment compared to private vehicles. Since a lot of people can ride the same vehicle, the carbon emissions per head are largely reduced. Electrically powered transportation like the LRTs and KTMs are also friendlier to the environment than gas-guzzlers.

Another benefit to riding on public transport is that you don’t have to think too much. Pay your fare, get on, and get there. Navigation is taken care of, you can read a book,
watch Netflix
,
catch Pokémon
, or even take a nap.

Disadvantages

Yes, you can go places with public transportation, but only places public transport allows you to go. Bus routes don’t go everywhere and the same goes for LRT lines and some taxis. For the most part, you still need to walk a little bit to get where you really need to be.

Public transport is also time-sensitive. You have to catch them when they’re available. And many services in Malaysia slow down or close completely when it’s late enough in the night. Which means while you can go most places, you can’t go there whenever you want.

Not having to control anything about the travel also means you’re not in control if anything bad happens. While public transportation accidents are rare, when they happen, you’re stuck with no other option to get where you need to be.

Private Transportation

Cars, motorcycles, bicycles, vans, if it’s legal for you to drive around in yourself, then it’s your own private vehicle. But is using them better than public transportation?

Advantages

Having a private vehicle means you save time waiting for the next bus or train to come to the station. Go out anytime at night or as early in the day as you want. Plus, you don’t need to wait for other people to get off at their stops. It’s just you, your vehicle, and the destination.

Not only do you not have to wait for anybody, you can also go anywhere you need to. With no restrictions. Park right inside buildings, right outside your boyfriend’s house, and anywhere else you like.

Having your own vehicle also means you get to do whatever you want with it. If you put stickers on your seat in a bus, that’s vandalism. But if you put stickers on your own car seat that’s just creative expression. Also, you can eat durian in your car. Can’t do that in any public transport in Malaysia, sadly.

Disadvantages

As great as having your own vehicle is, it does cost quite a bit of money. You can compare the
best car loans available in Malaysia
 from our site but as affordable as they are, you still need to fork out way more than it would cost to ride the LRT.

Driving your own vehicle is also not that environmentally friendly. Unless you carpool 100% of the time, you’re burning fossil fuels at a higher rate per head than if you used public transporation. Assuming you’re not driving an electrive vehicle of course, but that’s
a different article
.

Having full control over your transportation also means you
need
 to be in control of your transportation. You have to navigate, find parking, pay for parking, sit through traffic jams with your feet on the pedals, deal with other drivers, roadblocks, and all the annoying stuff that comes with it.

So there you have it, the tale of the tape. From the lowdown it looks like public transportation may be the way to go if you’re in a densely populated urban area with plenty of stops and services, but private transportation is better if you can afford the hassle and costs.

Which one is really, truly, completely better than the other? We won’t decide for you. But you can leave your thoughts and opinions in the comments section down below!

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Ahmad Mudhakkir

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    Sriharish

    3 years ago

In the first point in the disadvantage which is ‘Yes, you can go places with public transportation, but only places public transport allows you to go. Bus routes don’t go everywhere and the same goes for LRT lines and some taxis. For the most part, you still need to walk a little bit to get where you really need to be’ is wrong. Car should also be parked in a car park so you have to drive to the car park, park the car there then need to walk back out of the car park and u should walk to
…
Read more »

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    Anonymous

    1 year ago

    Reply to

        Sriharish

Can you write advantages??? Plz

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Selangkah App To Offer New Cashless Payment Solutions

Selangor’s Covid-19 initiative app, Selangkah, will now offer some new cashless payment solutions. This will be in the form of the new Selangkah Biz feature for businesses and traders, and the upcoming Selangkah Pay wallet.

Under the Selangkah Biz feature, the Selangkah app will provide a cashless transaction facility for small and medium enterprise (SME) and micro traders. It will allow traders to receive payments from any e-wallet provider just by registering as a merchant at with Selangkah Biz. In a video shared by Selangkah, e-wallets like kiplePay, Boost, GrabPay, Touch ’n Go eWallet, Alipay, and Maybank QRPay were listed under this function.

In the near future, Selangkah will further expand on its cashless solutions with the introduction of Selangkah Pay, which allows you to pay for bills and summonses within the app, and Selangkah Wallet, which will enable cashless payments and serve as a platform for users to receive government aid.

In addition to the payment features, the latest update to the Selangkah app has introduced some improved Covid-19 related functions as well. With the Dual System scanning, you can now use the Selangkah app to scan both MySejahtera and Selangkah QR codes – or you can now check in to a location via GPS instead. Besides that, there is also the new Selangkah ID, an integrated single sign on system for Selangor residents to access government-related services and Selangkah’s products and offerings – such as the state’s upcoming Covid-19 vaccine pack.

You can find out more about the
Selangkah app
 here or download it on
Google Play
 or the
App Store
.

(Source:
SoyaCincau
)

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Truly UNLIMITED Internet For Everyone In The Family, From Only RM40/Line

Movie streaming, web browsing, and social media binging – call it a distraction to pass the time, entertainment to keep you occupied, or simply a well-deserved “me-time”, they are all powered by an Internet connection that has become essential not just for some, but everyone in the family.

But for family-sized users each with individual digital needs, sharing a single Internet network with limited bandwidth could quickly turn into a stressful affair. Think bandwidth throttling when everyone’s online at the same time or limited personal mobile data that you always have to keep track of its usage.

What if everyone in the family can enjoy their personal unlimited Internet, anytime and anywhere without worrying about hogging the network or using up their monthly quota? That is what a family can now enjoy with
 Celcom MEGA™ Family Line.

Truly UNLIMITED Internet, With No Cap

True to its name,  Celcom MEGA™ Family Line now offers bottomless Internet for families with its UNLIMITED Plan. There is no monthly data quota, so everyone gets their own unlimited Internet for their personal digital indulgence.

Enjoy The Best Family Rate For Unlimited Internet

As an unlimited Internet package plan for families,  Celcom MEGA™ Family Line with UNLIMITED Internet has probably the best rate in the current market. Besides offering unlimited Internet connections, users also get to enjoy unlimited calls to all networks.

With its primary UNLIMITED Plan at RM98, subscribers can add up to 3 family lines at only RM40/line. For illustration purposes, take Ali’s family of 4; comprising Ali and his wife, and 2 children for example.

With Celcom MEGA™ Family Line UNLIMITED Plan, Ali’s monthly commitment can be illustrated as such:

Family Members
Celcom MEGA™ Family Line
 UNLIMITED Plan
Price
Ali
Primary
RM98
Siti
Family Line
RM40
Nadia
Family Line
RM40
Adam
Family Line
RM40
Monthly Commitment
                                   RM218 or RM54.50/person

Besides enjoying an affordable monthly fee per person for unlimited Internet, Ali’s family also gets to enjoy
 free 5GB of Hotspot data
 suitable for the long-awaited family trip when traveling is finally allowed once more.

With Celcom’s widest network in Malaysia, Ali’s family and yours can never run out of the Internet, even for travel essentials such as getting in touch with your friends and relatives or navigating your journey safely with online maps.

Craving For Lightning-Speed Internet? Try
The
LIGHTING Plan Instead

On the other hand, if you or your family members are looking for high-speed Internet,  Celcom MEGA™ Family Line also comes with its LIGHTNING Plan option, catering to your family members who have the need for speed. This means that at the same price of RM40/line, you and your family members can mix both UNLIMITED Plan or LIGHTNING Plan into the same family plan.

Do note that while LIGHTNING Plan provides you with high-speed Internet, it is not unlimited and is capped at 30GB per family line. But what’s special for the LIGHTNING Plan is that for only
 RM5/month
, you can share your LIGHTNING primary line’s Internet with your family members should their 30GB quota is all used up via
INTERNETshare™
.

***

So, bottomless Internet or a lightning-speed Internet connection? Celcom understands that every individual in a family has different digital needs. For truly unlimited Internet for all-month consistent use, you may want to consider the UNLIMITED Plan, while those seeking a virtual thrill may want to consider the LIGHTNING Plan.

Visit the
Celcom MEGA™ Family Line
 website to find out more.

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Digi Launches HR Super App, altHR, To Help SMEs On Digitalisation Journey

Digi has introduced altHR, a new digital workforce management solution meant to help Malaysian companies digitise their human resource (HR) processes, empower their employees, as well as improve the employee engagement experience.

The new app also carries various features to help companies cope with “new normal” practices amidst the Covid-19 pandemic, such as a preference for contactless processes. The HR department, for instance, can use it for the virtual hiring/onboarding of new employees, contactless time tracking, paperless leave and expense management, as well as other administrative processes.

Meanwhile, employees can easily submit leave applications, claims, and travel requests, as well as access important documents including digital sales kits, payslips, and handbooks through the app. They’re also able to get updates on the company’s latest updates and announcements. Moreover, the app is equipped to let employees carry out essential services, such as paying their utility bills and purchasing vouchers.

Another advantage is that altHR is an app-based platform, which means all its functions can be accessed through the phone (or through the browser, if you prefer). Companies will not need to commit to further IT investments. There are also plans to integrate other components within altHR – like business development and retail management – for a more developed app.

According to the chief digital officer of Digi, Praveen Rajan, altHR was conceptualised from the telco’s own HR needs. “As part of our own digital transformation, we needed a solution to enhance our employee experience and improve our HR operations, but after an endless search for the ‘perfect’ HR solution, we decided to build our own, and it has totally transformed the way we manage our HR processes,” he said.

Praveen also said that Digi had subsequently continued to improve the app with the aim of creating more than just a digital HR solution, but an app that empowers all other aspects of a business. They then went on to use altHR internally for three years. “Through countless iterations and improvements, we feel it is now the right time to share our experience with Malaysian SMEs to help their businesses to recover and grow as quickly as possible,” he added.

(Image: The Star)

This decision is further supported by a survey that Digi had commissioned prior, which showed that 8 out of 10 HR personnel in SMEs agree that digital tools can help ease workload. However, it also indicated that most Malaysian SMEs are not fully ready for the digitalisation process due to the high costs, complex systems, as well as lack of understanding and skilled manpower. Digi said that altHR is built exactly to address these pain points.

The altHR app is currently available for free until 31 December 2020, valid for the first 50 employees. Outside of this deal, employers are charged an introductory price of RM15 per month for every employee, applicable to all advertised modules.

You can download the app from
Google Play Store
 and
App Store
, or head on over to
altHR’s website
 for more information.

(Source:
The Edge Markets
,
Digi
)

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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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TM Appeals For Delay In Lowering Broadband Prices

(Image: Telekom Malaysia)

Telekom Malaysia (TM) has appealed to the government to delay and revise the implementation of the Mandatory Standard on Access Pricing (MSAP), as it will further hurt the company’s earnings.

According to
a report by The Malaysian Reserve
, TM’s earnings potential have been under pressure for the past few quarters thanks to increased competition, and the introduction of MSAP will make it even harder to maintain TM’s earnings potential.

On 20 June, Multimedia and Communications Minister
Gobind Singh Deo announced
 that the prices of broadband services are expected to drop by 25% by the end of the year. This announcement was made after the Malaysian Communications and Multimedia Commission (MCMC) enforced the MSAP from 8 June. According to Gobind, commercial discussions to finalise the wholesale prices were expected to be concluded by the relevant parties in July or August.

(Image: The Star)

TM’s appeal was made to the Prime Minister’s Office and the Ministry of Finance to revoke the implementation of the MSAP. The MSAP sets a compulsory guideline for the ceiling wholesale prices charged by service providers for the facilities and services used by retail and telco players.

TM has already introduced
 an affordable 30Mbps Unifi broadband plan at RM79 per month for the bottom 40% (B40) households that fall under the lower income bracket. It also has
announced big upgrades
 for existing customers to increase their Internet speed by up to ten times the current speed. However, sources have said that the government’s intention to reduce prices under the MSAP will negatively affect TM, and that is what the broadband company is appealing against.

(Source:
The Malaysian Reserve
)

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