Medical Insurance And Critical Illnesses Protection: What Are The Differences, And Why They Matter

The cost of healthcare has been increasing yearly with Malaysia having the
third highest healthcare inflation rate out of 11 Asian countries at 12.7%.
 This is something we should take note of as we need to be financially prepared for the unexpected, especially when it comes to healthcare. That’s why we are encouraged to have adequate health insurance protection in the event that we fall sick – and this applies to both medical and critical illness (CI) insurance.

Most of us are familiar with medical insurance, which helps us with covering the high costs of medical treatment and hospitalisation. Critical illness plans work a bit differently – they offer you a lump-sum payout should you be diagnosed with a critical illness. However, how exactly does the difference between these two plans play out in practice?

To better understand the distinction, let’s take a look at the example of two different individuals:
Andy, who only has medical insurance, and Brian, who complemented his medical insurance plan with critical illness coverage.

Should You Get Critical Illness Coverage?

Given the scenarios of Andy and Brian, critical illness and medical emergencies can happen to anyone of any age at any time. From a financial standpoint, it’s better to be prepared for that eventuality – especially if you’re the breadwinner of your family.

Both medical and critical illness insurance are equally important but are not the same in terms of coverage and protection. Think of critical illness coverage as a second layer of protection. In the event of an illness, death or disability, it’ll serve as a safety net for you and your family.

The lump sum payout received from a critical illness plan can be used for anything you need, such as living expenses, lifestyle adjustments, or alternative treatments. Most importantly, it can help cover any loss of income if you are unable to work during your recovery – which can take a great burden off your finances and your loved ones. This allows you to focus on recovery without depleting your life savings and to continue providing for your family.

So yes, you should consider getting critical illness coverage! Choosing the right critical illness coverage is also crucial as it depends on your gender, age, health, the scope of coverage and how much premium you can afford to pay.

i-Protect & i-Protect Plus: Affordable CI Coverage for Every Malaysian With No Medical Check-Up Required

Get protected with Gibraltar BSN’s i-Protect and i-Protect Plus from RM7.60 a month! Affordable critical illness plans with coverage of up to RM500,000 (double the coverage than most CI insurance plans available through direct channels), i-Protect Plus covers you for cancer, stroke, heart Attack, coronary artery by-pass surgery, and kidney failure while i-Protect covers you for cancer, stroke and heart attack. Offering coverage up to the age of 70, these plans offer a 100% pay out upon diagnosis with yearly auto renewal term policies for those aged 18 to 60 years.

Focus on recovery while supporting yourself and your family. Get protected with Gibraltar i-Protect today and have peace of mind while you live your best life. For more information on the i-Protect plans, just visit
Gibraltar BSN’s website
 to find out more and apply online.

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Katrina Balan Quiroz

Katrina Balan Quiroz

Copywriter. Katrina is fueled by a need to turn a confusing wall of text into something comprehensible, and drip coffee.

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    Razman

    3 years ago

Important thing to mention in your article is that the payment for critical illness is given once person covered has been diagnosed to suffer at the late stage of the illness e.g cancer stage 3 and 4, or stroke that cause permanent  neurological deficit.

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Malaysia Income Tax Guide 2016

[UPDATE]
 We have a
newer
 version of this article, complete with all the new changes for 2017 *
right here
*!

Whenever the tax season rolls around (that’s 1st March to 30th April), there is inevitably a sense of worry amongst the public because there are many financial, technical and even legal considerations to be taken into account when filing in at Lembaga Hasil Dalam Negeri (LHDN or Hasil) or
online
.

This guide was written for the
January – December 2015 tax year
, but we will be sure to update this whenever the Government decides to make any changes throughout 2016. Remember that you file in March/April 2016 for the 2015 calendar year of income and expenses. And without further ado, we present the Income Tax Guide 2016 (for assessment year 2015)!

Malaysia Personal Income Tax Rates

Two key things to remember:

Tax rates are
Progressive
, so you only pay the higher rate
on the amount above the rate
 (i.e. you will never have less “net income after tax” by earning more!).

Tax rates are on
Chargeable Income
, not salary or total income. Chargeable income is calculated after tax exemptions and tax reliefs (more below).

First off, we start with the table for personal income tax rates in Malaysia for the Assessment Year 2015, so everyone would be able to cross-check the tax bracket and the amount of tax needed to pay.

How Much Do I Have To Earn Before Filing

For most residents of Malaysia, the key figure to take note of is about
“RM34,001 per year (after EPF deductions)”
 which is inclusive of all benefits, allowances, bonuses, overtime and commissions.

If you’re earning anywhere below that figure, then there’s no need for you to open up a file for tax to be deducted from your income (while the con is that you’re probably not earning as much as you’d like, the pro is that there’s less hassle from a tax perspective!).

However, if you do earn above that, you need to have a tax file opened with your income tax automatically deducted from your income (welcome to the world of big money!).

Some extra notes about income tax that you may find interesting:

1) For non-residents of Malaysia (people who have been living in the country for less than 182 days per year), the tax rate has been set at 25% on all the income that has been earned in Malaysia regardless of your citizenship or nationality. However, there are some exceptions to the matter. Certain professions such as public entertainers (15%) as well as those who receive payments for services in connection with the use of property or installation, payments for technical advice and rent (10%) are taxed differently.

2) You may still be overpaying or underpaying on your tax, even if you are a salaried worker or civil servant under a Potongan Cukai Bulanan (PCB), a Monthly/Schedular Tax Deduction (MTD) system or if you are self-employed/own your own business.

What is Chargeable Income in Malaysia?

As mentioned before, the tax rates above are effected on a person’s Chargeable Income (rather than salary or total income, in fact, the amount of the chargeable income is usually much lower). Now I’m sure many of you first-timers may be wondering what your “Chargeable Income” is.

You take the following equation and apply where necessary:

Chargeable Income
 =
Taxable income – Tax exemptions – Tax Reliefs

Check out the example below for a general idea:

You are earning a RM40,000 salary, you have a RM2,000 local bank interest income as well as RM13,000 from property rental income a year. That should bring your chargeable income to RM55,000 correct? Nope, that’s not the way to go about it. Even without taking into account the many tax reliefs available, every taxpayer gets the standard RM9,000 individual tax relief as well as a maximum relief of RM6,000 for EPF contributions. The government has also given an additional special relief of RM2,000 for tax payers earning an aggregate income of up to RM96,000 annually for the 2015 assessment year only.

That means your EPF contribution is calculated at 11% of RM40,000, i.e. RM4,400. Also, while “interest” is taxable income (more on this below), all local bank interest income is tax exempted (lucky us!).

Therefore, your Chargeable Income (by applying the aforementioned formula) will actually be:

RM55,000 – RM2,000 – (RM 9,000 + RM4,400) = RM39,600.

There you have it! A much lower figure than you initially thought it would be!

Taxable Income in Malaysia

Taxable income actually refers to the “base upon which an income tax system imposes tax”. In general, the Lembaga Hasil Dalam Negeri (LHDN) organisation includes all kinds of earnings which the Malaysian taxpayers have to pay for, but which is reduced by expenses and other deductions. Some of them include the following:

1. General Taxable Income

a) Business or Profession

b) Employment

c) Dividends

d) Interest (except bank deposit interest)

e) Discounts

f) Rent

g) Royalties

h) Premiums

i) Pensions

j) Annuities

k) Others

2. Perquisites

Perquisites are taxable benefits that can be converted to cash and are given to an employee from his/her employer.

Examples of which include:

1) Bill Claims

If your employer pays your utility, mobile phone, income tax, road tax or car insurance tax bills for you, then the amounts paid are considered to be perquisites and are taxable.

Example: John’s company pays his RM100 mobile phone bill. Then the amount of RM100 is a perquisite and is taxable

2) Company Credit Card

If your employer provides you with a credit card to make purchases on behalf of the company, but you use that card instead for personal use, then any retail purchases you make including the annual fee of the credit card are considered to be perquisites and are taxable.

Example: Tom uses the company credit card which has an annual fee of RM200, to purchase a flat screen TV worth RM5000 for his home. Then the amount of RM5200 is a perquisite and is taxable.

3) Loan from Company

If your employer provides you with a interest free loan and the source of funds for the loan is derived from extra company funds, then the loan is considered to be a perquisite and is taxable.

Example: Leonard’s boss grants him an interest free loan of RM6000 using extra company funds. Then the amount of RM6000 is a perquisite and is taxable.

Or if your employer provides you with a loan with funds taken from a third party source such as a bank etc. Then the difference in interest paid by the employee and the employer is considered to be a perquisite and is taxable.

Example: Keith’s boss gives him a loan with 4% interest using company funds taken from a local bank. The bank in turn, charged the company 8% interest for the initial loan. If the company paid a total of RM900 of interest payments to the bank while Keith paid a total of RM460 in interest payments to the company. Then the amount of RM900 – RM460 = RM440 is considered to be a perquisite and is taxable.

Or if your employer agrees to waive a loan in exchange for services performed, then the loan amount is a perquisite and is taxable.

Example: Eddie’s boss gives him a study loan of RM30,000 and agrees to waive the loan if he stays and works with the company for a minimum of 36 months. If Eddie successfully completes this agreement and the loan is waived, then the amount of RM30,000 is considered a perquisite and is taxable.

4) Sponsored Club Membership

If your employer provides you with an individual club membership (not corporate), then the cost of the membership is considered to be a perquisite and is taxable.

Example: Bruce is provided with an individual country club membership by his company. The annual fees of the membership are RM400. Then the amount of RM400 is a perquisite and is taxable.

5) Sponsored Child Tuition Fees

If your employer pays for your child’s tuition fees, then the amount paid is considered to be a perquisite and is taxable.

Example: Shawn’s company pays for the school fees of his son, Ross. The annual school fees amount to a total of RM10,000. Then the amount of RM10,000 is a perquisite and is taxable.

6) Company Insurance Premiums

If your employer pays for an insurance premium that covers yourself and your immediate family. Then the annual amount of premium paid is considered to be a perquisite and is taxable.

Example: Richard’s company pays for an insurance package that covers himself and his wife and five children. The annual amount of premium paid is RM900. Then the amount of RM900 is a perquisite and is taxable.

7) Personal Driver, Guard or Maid

If your employer allows reimbursements on the salary of personal drivers, guards or maids, then the amount that is reimbursed is considered to be a perquisite and is taxable.

Example: Colin’s company allows him to reimburse 40% of the cost to hire his personal driver, Carlo. Carlo’s annual salary is RM25,000. Then the amount of RM10,000 is a perquisite and is taxable.

8) Special Staff Discounts

If your employer grants special staff discounts for certain products with monetary value such as cars, furniture, electronics etc. Then the amount of discount given is considered to be a perquisite and is taxable.

Example: Nathan’s company, BMW, grants him a special employee discount of 15% if he chooses to buy a BMW. If Nathan buys a BMW worth RM250,000 but only pays RM212,500 due to the 15% discount. Then the discount amount of RM37,500 is considered to be a perquisite and is taxable.

9) Gift Vouchers

If your employer gives you gift vouchers with monetary value during festive seasons such as Chinese New Year or Hari Raya. Then the monetary value of such gift vouchers is considered to be a perquisite and is taxable.

Example: Donald’s company awarded him a RM100 Tesco voucher during Chinese New Year. He subsequently used that voucher to pick up groceries for his family. The amount of RM100 is considered to be a perquisite and is taxable.

3. Benefits in Kind (BIK)

Benefits in Kind (BIK) are taxable benefits that cannot be converted to cash and are given to an employee from his/her employer. Since Benefits in Kind do not have a direct monetary value, there are two ways to determine the value of a BIK, the formula method or the prescribed value method. Examples of Benefits in Kind include company provided automobiles, lodging and household furnishing & electronics.

Formula Method:

Value of asset/Life span of asset = Annual Value of Benefit

Prescribed Value Method:

Assigns a predetermined value from a list sorted by classification of asset.

Example: Company Automobile

If your employer provides you with an automobile to use on the job and privately, then the asset is considered to a benefit in kind and is taxable by the formula method. Any petrol costs and toll bridge costs which are subsidized by the employer are included in the total taxable amount as well.

Example: Christopher’s company provides him with a car worth RM81,000 to use to get to work and travel around in his spare time. He passes by 1 toll bridge on his way to work which charges RM1.50. Any toll payments he makes are subsidised by his employer. In addition, his petrol costs are subsidized by his employer as well. In 2015, he made a total of RM1,800 in toll payments and RM3,000 in petrol payments. For cars, the prescribed average lifespan is set at a fixed 8 years.

Formula Method:

81,000/8 X 80% (20% abatement represents the value of the car when returned to the employer)

= RM8,100 + RM1,800 (toll payments) +RM3,000 (petrol payments) = RM12,900

Prescribed Value Method:

Under the prescibed value method, since the value of the car falls between RM75,001 and RM100,000, then the amount taxable is RM3,600. In addition, his petrol costs are also set at a predetermined RM1,200.

Total Cost:

RM3,600 + RM1,200 + RM1,800 (toll payments) = RM6,600

Tax Exemptions on Income in Malaysia

Tax exemptions in Malaysia come in many forms, and can be defined as “a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income”.

Generally speaking, it means they are income items which can be from (we refrain from using the word deductions here, because tax reliefs are also ‘deducted’ from your taxable income) the individual’s paycheck. Below you will find a full list of those items for you to get a general idea:

1) Leave Passage

2) Medical and dental benefit

3) Retirement gratuity

4) Gratuity paid out of public funds

5) Gratuity paid to a contract officer

6) Compensation for loss of employment

7) Pensions

8) Death gratuities

9) Scholarships

10) Cultural performances

11) Interest

12) Dividend

13) Royalty

14) Income Remitted from Outside Malaysia

15) Fees or Honorarium for Expert Services

16) Income Derived from Research Findings

17) Company Special Service Awards

18) Travelling Allowances

19) Benefits in Kind Exemptions

What Are Tax Reliefs?

What about a tax relief? It is defined as “an amount that can be deducted from a person’s annual income to reduce the amount on which tax is paid”.

To describe it in a more clear and concise manner, it is actually a way for you to lessen your chargeable income.

Let’s say you took home a gross monthly paycheck of RM3,000 from your company in 2015 and if there were no tax exemptions or reliefs, your chargeable income will remain the same at RM36,000. Given the annual income of RM36,000 your tax for the year would have been up to the 10% bracket.

Now say the Government decides that all Residents of Malaysia should get a personal tax relief of up to RM9,000 per year and the additional RM2,000 for assesment year 2015 as previously mentioned. Your chargeable income will now be RM25,000 (RM36,000-RM9,000 – RM2,000) which means that your tax would be up to the 5% bracket.

These are the following reliefs available for Malaysian Residents:

Tax Deductions vs Tax Reliefs

Most of the time people get confused between Tax Deductions and Tax Reliefs, and its easy to see why. They are for the most part the same thing, as they both allow you to reduce your Chargeable Income (that is, before you even start looking at tax rate tables). In fact most people worldwide use both terms interchangeably, and LHDN goes one step further and classifies Tax Deductions as a reduction in your Chargeable Income as a result of Gifts or Donations.

As a rule of thumb, you can deduct up to 7% of your aggregate income for gifts to charities and institutions which are approved by the government (not all charities are approved, so be sure to find out before you donate away!), unless you are giving to a few selected government-related bodies, where there is less restrictions on the amount deductible from your income.

For example, if you earned RM60,000 this year, and donated RM5,000 to an approved charity, you may deduct RM4,200 (ie. max 7% of RM60,000) off your chargeable income, in addition to all those reliefs above.

What are the Tax Rebates in Malaysia for 2015?

Some people will be having the question of how is a tax rebate different from a tax relief? A tax relief is a reduction in your chargeable income (ie. before you calculate tax) whereas a tax rebate is a reduction in your tax expense after you have calculated your tax for the year.

Tax rebates (or also known as “tax refunds” but done automatically rather than actually refunded to you). Simply put, there are income tax rebates for Malaysian taxpaying citizens who are having a chargeable income of less than RM35,000 which is RM400. There is also an additional RM400 rebate for married couples who have a chargeable income of less than RM35,000 per year and are eligible for the RM3,000 wife / husband / alimony relief.

To give a quick calculation example for tax rebates:

Taxable Income: Salary of
RM45,000
 a year

Chargeable Income:
RM45,000 – (RM9,000 +RM2,000) – RM4,950
 EPF relief =** RM29,050**

Tax calculated using Income Tax Tables (without including any further rebates):
RM602.50

Tax Payable:
RM602.50 – RM400
 rebate =
RM202.50

In the above example, you were eligible for the RM400 tax rebate because your Chargeable Income was less than RM35,000 (it was RM29,050 in that example).

Another type of tax rebate, but which is only applicable for Muslim citizens, is the zakat / fitrah. Zakat is a compulsory payment for charity and considered to be compulsory as it is one of the five pillars in Islam. It can be calculated via the Muslim taxpayer’s acquired wealth or income.

Zakat Fitrah, on the other hand, can be considered to be a small, compulsory levy that is imposed upon Muslim taxpayers only. It used to be calculated in the olden days using a pack of rice grains (one pack is equivalent to approximately 2.7 kg) but in the modern days, it is calculated based on the equivalent price of this pack rice grains.

You can read all about Zakat and the various types that exists in our guide Zakat in Islam.

So… What is the Cut-off Point to Pay Tax in 2016 (for Year 2015)?

Although the minimum threshold for filing tax is as per above; just because you have to file; doesn’t mean you will have to pay any tax. The minimum threshold for which you will need to pay tax has increased in 2015 to RM40,449.44 . How did we get to that figure?

Chargeable Income

Your Chargeable Income = Your taxable income – (Standard RM9,000 individual tax relief – Additional RM2,000 tax relief for aggregate income below RM96,000+ 11% EPF Contribution of your salary)

which means

Your Chargeable Income = RM40,449.44 – (RM9,000+ RM2,000 + RM4,494.44) =
RM25,000

Based on the tax rate table above, RM25,000 would be taxed RM150 on the first RM20,000 and RM250 on the remaining RM5,000 which brings it up to about
RM400
 in tax.

RM400 Rebate

After taking into account the RM400 rebate for those with a chargeable income of RM35,000 or less, you’ll be paying

RM400 – RM400 =
RM0 (no tax, yay!)

PCB / MTD System: Has Your Employer Paid Too Much Tax for You?

First off, “PCB / MTD” are actually acronyms for “Potongan Cukai Bulanan / Monthly Tax Deductions”.

How this works is that your employer will automatically deduct a certain amount from your salary every month to pay for tax on your behalf, going towards paying your tax for the year. This type of deduction is different from the basic Employees Provident Fund (EPF) and Social Security Organisation (SOCSO) monthly deductions.

Therefore, one can sum up that the MTD is calculated from one’s gross salary minus the EPF deductions of up to RM6,000 per year. If you were to take a closer look at the sum of the total MTD for the year, you will realise that the figure will be very close to your actual tax expense for the year, but given that your company has no idea of your additional reliefs other than being married or having children (such as Books, Sporting equipment etc.), they are very likely to have been overpaying for you.

Unless you believe you have no additional reliefs such as those listed; you might want to calculate to see if you are overpaying.

Final Reminder

The 2015 tax assessment year follows the calendar year, so it is effective from 1st January 2015 to 31st December 2015.

Taxpayers can start submitting their income tax return forms for the year of assessment 2015 through e-filing as well. The due date for the submission of return forms are as follows:

1) Employers (Form E) is 31 March 16

2) Residents and non-residents with non-business income (Form BE and M) is 30 April 16

3) Residents and non-residents with business income (Form B and M) is 30 June 16

4) Partnerships (Form P) is 30 June 16

Finally, do take note that you must keep records for 7 years from the date of filing so don’t throw away any receipts or evidence of tax reliefs, keep them in a file sorted by tax year.

Questions?

Got a tax question? Ask us in the comments section below – we’d be more than happy to assist you where we can!

Image Source: Image 3 from
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Hann Liew

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Public Transport Services Will Be Limited To Specific Hours During The Movement Control Order

In line with the country’s ongoing enforcement of the movement control order, Prasarana Malaysia Berhad has tightened the operating hours for its transport services to 6am to 10am, and 5pm to 10pm – starting from today until 31 March 2020. In other words, there will be no public transport beyond taxis and e-hailing rides between 10am to 5pm.

Rapid KL train services – namely the LRT, MRT, and monorail – will revise the frequency of its trains along with the change in operation hours:

Monday to Friday

6am – 7am: 30-minute frequency

7am – 9am: 10-minute frequency

9am – 10am: 30-minute frequency

5pm – 7pm: 10-minute frequency

7pm – 10pm: 30-minute frequency

Saturday, Sunday, and Public Holidays

6am – 10am: 30-minute frequency

5pm – 10am: 30-minute frequency

All stage buses, such as Rapid KL, Rapid Penang, Rapid Kuantan, Rapid Kamunting, and Rapid Manjung will also only be operating from 6am to 10am, and 5pm to 10pm. You can head over to
https://myrapidbus.prasarana.com.my/kiosk
 for a live update on the current location of the buses. Those using Rapid Penang buses can also download the Rapid Penang Journey Planner app to help them navigate.

Feri Pulau Pinang, on the other hand, will only run a single ferry on an hourly basis during the new timing.

According to senior minister Datuk Seri Ismail Sabri Yaakob, public transport is only needed by workers travelling to and from work during this period. “That is why we have imposed new operating hours for public transportation. Also, it is difficult to maintain the one-metre social distancing order in public transportation,” he said.

Datuk Seri Ismail also added that the new operating hours will not affect taxis and e-hailing services, but cautioned that e-hailing drivers should follow safety measures and the social distancing order.

(Source:
New Straits Times
,
Malay Mail
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Man Spent RM1,080 Of His EPF i-Sinar Withdrawal Money To Build 11 Speed Bumps

(Image: Harian Metro)

Following the launch of the i-Sinar facility by the Employees Provident Fund (EPF) at the end of last year, many Malaysians have tapped into the withdrawal facility to help them cope with current financial difficulties. Most would have likely spent their withdrawn cash on bills and other necessities, but there is one man who decided to use a portion of it to install 11 speed bumps on the street next to his house.

Nor Muhamad Roslam Harun said that he used RM1,080 out of his RM5,000 EPF i-Sinar withdrawal to install the speed bumps because his rest was often disturbed by the noise from vehicles using the street.

“My bedroom is on the side of the house that is closest to the road, so all the noise from the cars and the motorcycles always disturbed my sleep. I was very stressed by this issue and, not to mention, I also have mental health problems that I haven’t received treatment for yet,” said the man from Jertih, Terengganu, adding that there were two existing bumps prior to his additions.

(Image: The Star)

Since then, Nor Muhamad Harun has apologised for his actions and removed all the speed bumps. “Police officers came to see me yesterday morning and asked me to remove all the speed bumps that I installed. So, I hired a bulldozer operator to remove all the speed bumps on the street including the two original ones,” he said.

Nor Muhamad Roslam also explained that he had originally planned to make speed humps instead of bumps, but the asphalt hardened too quickly before they could be flattened. Speed humps are typically wider in size, and are less severe compared to speed bumps. Whichever it is, all the speed bumps made the road – which is only 40 metres long – inaccessible to all cars except for a four-wheel drive.

Nor Muhamad Roslam’s act went viral on social media several days ago after a netizen uploaded a picture of the illegal “new speed bumps” on the street leading to his house. He also claimed that they were installed by his neighbour.

(Image: The Star/Azman Ghani)

For context, the EPF i-Sinar is a withdrawal facility that was introduced by the Malaysian government to help those who are struggling with financial complications brought on by the Covid-19 pandemic. Under this programme, eligible EPF members can withdraw up to RM10,000 or up to 10% of their Akaun 1 savings, depending on their balance in Akaun 1. Find out more about
the pros and cons of tapping into the EPF i-Sinar facility
 here, or read about our
coverage on the facility
.

(Source:
The Star
,
SAYS
)

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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: Government To Introduce Flexible Ceiling Price To Boost Food Security

(Image: The Edge Markets/Zahid Izzani Mohd Said)

Prime Minister Datuk Seri Ismail Sabri Yaakob has said that the government will soon introduce a flexible ceiling price for selected food items, as one of the various measures to boost the country’s food security.

Datuk Seri Ismail Sabri explained that the ceiling price of the food items will be adjusted according to changes in the costs of various inputs in the supply chain. He added that this move also aligns with the government’s plan to provide direct and targeted assistance to those in need.

In addition to introducing a flexible ceiling price, the prime minister stated that the government will also seek to enhance the nation’s food security by increasing the land size for agricultural use. “This is to reduce dependence on food imports. This matter will be further discussed in a meeting with the Menteri Besar and Chief Ministers soon,” he said, adding that the process will involve close collaboration between the federal and state governments.

(Image: Bernama)

Datuk Seri Ismail Sabri further stated that the government will also strive to expand the agro-food ecosystem. This will see government investment companies (GICs), government-linked investment companies (GLICs), and government agencies collaborating to lead the supply chain in the ecosystem. Ultimately, this coordination is aimed at keeping the quality, quantity, and production of food at the optimum level.

“For example, the supply and price of chicken can be controlled if the relevant agencies were involved in the chicken breeding industry ecosystem right from supplying chicks, chicken feed, transportation, marketing, and so on,” the prime minister elaborated.

(Image: Malay Mail/Miera Zulyana)

Another initiative to enhance Malaysia’s food security is the government’s move to focus on modernisation efforts and smart agriculture to increase agricultural production. “This initiative will be supported through efforts to consolidate farmland, idle land, and
waqf
 land,” said Datuk Seri Ismail Sabri, adding that the government will enhance public-private cooperation in implementing the measures.

The prime minister also noted that the government will continue to encourage contract farming programmes to ensure that agro-products remain marketable. Finally, he highlighted that the government is committed to carrying out research to identify other viable and potential approaches to ensure a sustainable food security ecosystem for the nation.

(Sources:
Malay Mail
,
Prime Minister’s Office of Malaysia
)

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You Can Now Make Instant Fund Transfer For Free To All Banks

Starting this month, Malaysians can use the instant fund transfer (ITF) service for free as all banks in Malaysia have removed the ITF fees in accordance with Bank Negara Malaysia’s (BNM) directive.

BNM announced last year the 50 sen instant fund transfer fees for transactions worth RM5,000 and below made by individuals and small medium enterprises will be waived beginning 1 July 2018. This move was an effort from BNM to encourage digital and online banking, where the ITF fee was seen as prohibitive. Some banks, like CIMB Bank and RHB Bank, have waived the fee earlier but all banks have since complied with the directive.

While all the banks have removed the charges for the instant fund transfer service, some banks have also extended the waiver to other related services.

Banks

Platform

Instant

Fund Transfer

Interbank Giro

–

–

RM5,000 –

RM5,000 +

–

Maybank

Maybank2u (Online and Mobile) and Maybank ATM

Nil

RM0.50

RM0.10

CIMB Bank

CIMB Clicks (Online and Mobile) and CIMB EVA

Nil

Nil

Nil

AffinBank

AffinOnline and ATM

Nil

RM0.50

RM0.10

AmBank

AmOnline (Online and Mobile)

Nil

Nil

Nil

RHB Bank

RHB Now

Nil

Nil

RM0.10

Public Bank

PBe (Online and Mobile) and PB Enterprise

Nil

Nil

Nil

Hong Leong Bank

Hong Leong Connect (Online and Mobile)

Nil

Nil

Nil

UOB Bank

UOB Mighty, UOB Internet Banking and ATM

Nil

Nil

Nil

Bank Muamalat Malaysia

i-Muamalat (Online and Mobile) and ATM

Nil

Nil

RM0.10

CitiBank Malaysia

Citi Online (Online and Mobile) and ATM

Nil

Nil

Nil

HSBC Bank Malaysia

MEPS Instant Transfer (Online, Mobile and MEPS ATM)

Nil

RM0.50

RM0.10

Alliance Bank

Alliance Online

Nil

Nil

Nil

Standard Chartered Bank

Standard Chartered Online and Mobile Banking and ATM

Nil

Nil

Nil

As shown in the table above, all the banks have complied with the BNM’s directive to remove the 50 sen instant fund transfer fee for transactions worth RM5,000 and below. However, Banks like Maybank, Bank Muamalat Malaysia, UOB Bank, Standard Chartered Bank, Affin Bank, and CitiBank also extend the waiver to transactions performed via their respective ATMs. In addition, all banks also provide free instant fund transfer services via their online banking platform regardless of the transaction amount except for Maybank, Affin Bank, and HSBC Bank.

Regardless of the differences, this waiver is definitely a great step for Malaysians, which makes it easy for anyone to utilise this convenient service without being charged.

(Sources:
The Star
,
Says
)

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Are Your Credit Card Details Safe Online?

As online shopping grows in popularity, so do the risks of credit card and banking fraud. It is a scary thought to think that many merchants around the world actually have access to your credit card or bank account information and should it fall into the wrong hands, you could be in for a lot of fraudulent debt. So how do you indulge in shopping safely online?

Merchants and banks have come up with a few ways to help you keep safe when shopping online.

The Online Payment Gateway

This ‘middle-man’ website acts as the ‘gatekeeper’ of your payment information. It works in tandem with the merchant and credit card issuer to ensure you are charged, the merchant is paid and yet your credit card information does not pass to the merchant (or anyone else beyond the ‘gatekeeper’) in the process.

PayPal
 – PayPal is accepted by most if not all sellers on ebay.com, most online stores and Etsy sellers. The gateway protects not only the buyer but also the seller; ensuring payment is made and received. Just register for an account (free to use if you are paying but fees are levied for sellers receiving money) with your credit or debit card information. This information only needs to be entered once and after which, you use your email and password to make payment with sellers and online stores that accept PayPal. Payment is processed instantaneously and both you and the seller should receive confirmation within minutes. If you don’t want to use your credit or debit card, you can top up your PayPal account through online banking but the service is only available to RHB account holders. Your credit card information is stored in PayPal’s database but even on your display, numbers are protected and transactions encrypted for safety.

WorldPay
 – WorldPay works in a similar way as Paypal but does not offer the convenience of an account where your card information is stored for repeat use or instant processing. Merchants who accept WorldPay (non-Malaysian as WorldPay does not support Malaysian merchants) will have a button which upon clicking will lead you to WorldPay’s secure payment form. You enter your credit card details and it is sent to your card issuer for processing. Unlike PayPal, this could take up to 5 days to process and appear on the merchant’s account.

IPay88
 – Merchants in South East Asia sign up to use IPay88 to process payment for them in much the same way and WorldPay. Upon choosing your purchases, you will be led to IPay88’s secure payment site to enter your payment information. IPay88 is a popular choice as it not only accepts all credit and debit cards, it also accepts payment through online banking portals like Maybank2u, CIMBClicks, RHB Connect, MEPS Cash and slew of others.

The Enhanced Security Feature

If the merchant refuses to accept any of the online payment gateways above (due to the fees levied or for whatever reason), stay safe by using your card issuer’s Enhanced Security Feature. Sign your card up for either Verified by Visa and SecureCode by MasterCard depending on card type and receive a secure PIN number or password which will be required for every transaction. This ensures that no one will be able to make a payment with your credit card without this PIN or password.

In fact, you can sign up for this feature even if you are using an online payment gateway as an added precaution. Just ensure you remember your password or PIN as entering 3 wrong answers will have you card barred.

SMS Notifications

Most banks now offer SMS notifications for online transactions using credit cards. If it is not automatically given to you, make sure you call your bank to sign up. This ensures that every time your card is used for an online purchase, you are notified. Should any suspicious activity crop up, you will be able to call your bank immediately to rectify.

Online shopping can be risky; but keeping your transactions safe online has actually become a business in itself so take advantage of the options and keep your confidential bank information, confidential. If you would like to start shopping online but don’t have a credit card? Check
RinggitPlus.com’s credit card comparison table
 to pick out a card for you.

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EPF Set To Increase Investment In Domestic Asset Classes In 2022

(Image: The Edge Markets)

The Employees Provident Fund (EPF) has said that it is looking to increase investment in various domestic asset classes in 2022, given the reopening of economies and businesses within the country.

According to the chief executive officer of the EPF, Datuk Seri Amir Hamzah Azizan, the EPF is a major investor in Malaysia’s financial markets, and this move will play a role in boosting economic activities. “We believe that the reopening of economies and businesses, as well as various initiatives under the National Economic Recovery Plan, would provide fertile ground for the EPF to increase its investment efficiencies and leverage the opportunities that a recovery brings,” he said during a media briefing.

Datuk Seri Amir further shared that this decision is made based on the EPF’s internal data, which indicated a recovery in Malaysia’s labour market back to pre-pandemic levels during the fourth quarter of 2021. “With international borders set to reopen and vaccination rates among the best in the world, Malaysia is poised for a rebound in 2022,” he said.

(Image: The Star)

As of December 2021, about 37% of the EPF’s investment assets were foreign investments, made across all assets, including equities. Datuk Seri Amir highlighted that these overseas assets were key contributors to the overall performance of the EPF’s portfolio last year, which ultimately allowed the provident fund to announce a
dividend of 6.10% and 5.65% for its conventional and shariah savings
 for 2021, respectively.

“Equities, particularly foreign-listed equities, which recorded a return on investment (ROI) of 10.44% continued to be the driver of returns. Total income contributed by the equity asset class was RM38.93 billion, or 58%, of the EPF’s total gross income,” said Datuk Seri Amir.

The EPF’s overall investment assets, meanwhile, grew 0.8% from RM1 trillion in 2020 to RM1.01 trillion in 2021. Membership base also grew by 2% to 15.2 million by December 2021.

(Source:
The Star
)

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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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MEDAC Will Waive Credit Check Processes For Entrepreneurs For Faster Loan Approvals

(Image: New Straits Times/Aizuddin Saad)

The Ministry of Entrepreneur Development and Cooperative (MEDAC) has said that it will waive credit check processes for entrepreneurs to help them gain faster approvals for government loans. It is one of the ministry’s efforts aimed at helping those affected by the Covid-19 pandemic.

According to the minister of MEDAC, Tan Sri Noh Omar, the government will usually conduct checks on loan applicants via the Central Credit Reference Information System (CCRIS) or the CTOS credit reporting agency.

“We will set aside the CTOS and CCRIS processes to expedite the loan approval, especially involving government funds. We hope that with the absence of CTOS and CCRIS reviews, the loan approval process for entrepreneurs will be expedited,” said the minister.

(Image: The Star)

Additionally, Tan Sri Noh Omar  said that his ministry will also set up a special committee to monitor loan approvals, adding that it is crucial for the agencies under his ministry to keep their promises if they’ve pledged to approve a loan within 10 days. Previously, MEDAC had said that it will
simplify the application process
 so that affected entrepreneurs can get funding assistance immediately, thereby shortening the approval process to between three to ten days.

“This is important because I have received complaints that some entrepreneurs have had to wait for up to three months to find out the status of their loan applications. This committee could investigate the real cause of delays in loan approvals and why they happen so that entrepreneurs facing challenges can be assisted by the government,” Tan Sri Noh Omar stated

(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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BigPay To Revise Earning Rate For Its Rewards Programme

BigPay has notified users that the earning rate for its rewards points programme will be revised come 2 May 2023, following the end of the Earn 6x airasia Rewards Points with BigPay campaign that began last year.

Under the ongoing 6x airasia Rewards Points campaign, users are allowed to earn up to 2 points for every RM10 spent on selected transactions. With this latest development, users will soon only earn 1 point when they spend a minimum of either RM10 or RM30 on eligible expenses – which is essentially a reversion to pre-campaign rates (but with some updates).

Here’s a table to summarise the upcoming update:

Eligible transactions
Current earning rate (during campaign)
Earning rate after end of campaign
Domestic card payments/Local expenses
1 point for every RM10 spent
1 point for every RM30 spent
International card payments/International expenses
2 points for every RM10 spent
1 point for every RM30 spent
airasia transactions
2 points for every RM10 spent
1 point for every RM30 spent
DuitNow QR payments
1 point for every RM30 spent
1 point for every RM30 spent
In-app bill payments
1 point for every RM10 spent
1 point for every RM10 spent
Prepaid reloads
1 point for every RM10 spent
1 point for every RM10 spent

As before, you are entitled to earn unlimited airasia points per transaction as long as the transactions are valid and qualify for the programme. To clarify, transactions that do not qualify to earn points include peer-to-peer (P2P) transfers, cash-outs or ATM withdrawals, and reloads for other e-wallets. You are also not allowed to combine multiple transactions that do not meet the minimum spend requirement to earn points.

BigPay further shared that the earned points will be credited to your airasia rewards account within 14 working days; you must link your BigPay account to your airasia rewards account in order to obtain your points.

For context, BigPay launched its
Earn 6x airasia Rewards Points with BigPay campaign back in March 2022
 as an open-ended promo, stating that it will run “for an indefinite period of time or any other period as deemed fit by the organisers”. Prior to that, users were earning points at a rate of 1 airasia point for every RM20 or RM30 spent on eligible transactions.

Meanwhile, there is another upcoming limited-time offer that lets you earn rewards points when you make international bank transfers via BigPay, at the rate of
1 point for every RM100 transferred
. This promo is set to begin on 2 May, and will run until 31 July.

(Source:
BigPay
)

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Win Prizes Worth From RM2 Million When You Buy a Mah Sing Property

For many Malaysians, owning a home is high up in the wishlist as they grow into adulthood. Sure, renting is a more affordable option, but let’s face it, there’s nothing like having a home that’s truly yours to design and live in. Sounds perfectly dreamy, but recent developments have made it difficult to buy one.

Home Ownership Woes

In recent years, there has been a large number of unsold properties in the country as Malaysians have slowed down on buying homes due to a number of reasons. Two of the main factors are high property prices and stricter home loan approvals set by financial institutions. Both these factors mean homeownership has become out of reach for many Malaysians.

This situation, which is definitely not ideal, can be quite demotivating if you want to own a home to live in. There is some good news, however: both the Malaysian government and property developers are addressing this issue with a number of initiatives to give more value for potential home owners.

Home Ownership Just Got More Rewarding

To celebrate its 25
th
 anniversary, Mah Sing has launched the “Lock and Win” Campaign which runs until 30 September. This campaign not only offers a minimum 10% discount off selected projects with stamp duty exemptions, new home owners also stand a chance to win from RM2 million worth of prizes, including cash rewards up to RM50,000 and hotel vouchers. Winners will be selected via a lucky draw from a pool of buyers who signed their sale and purchase agreements (SPA) with the booking fee required paid by the end of the campaign.

On top of that, this campaign also offers an opportunity to earn up to RM60,000 when you refer your friends and family to purchase Mah Sing properties. So not only will you be recommending some quality properties to your loved ones from a respected and established developer, you can get rewarded in the process too! You’d also be encouraging them to take advantage of the HOC incentives so it’s a win-win for everybody.

Participating Projects for the Lock and Win Campaign

The Lock and Win campaign covers a large variety of Mah Sing properties across Peninsular Malaysia. You can take part in the campaign when you purchase the following Mah Sing properties:

Central Region

M Aruna (Rawang, Selangor)

M Centura (Sentul, KL)

M Vertica (Cheras, KL)

Cerrado@Southville City (Bangi, Selangor)

Sensory@Southville City (Bangi, Selangor)

D’sara Sentral (Sungai Buloh, Selangor)

Lakeville Residence (Taman Wahyu, KL)

South Region

The Orchid@Meridin East (Pasir Gudang

JB

i-Parc (Tanjung Pelepas, JB)

Meridin Bayvue (Sierra Perdana, JB)

Meridin@Medini (Iskandar Puteri, JB)

North Region

M Vista (Bayan Lepas, Penang)

Ferringhi Residence 2 (Batu Ferringhi, Penang)

Legenda (Bayan Lepas, Penang)

On top of a wide variety of locations, Mah Sing projects also cater to a variety of budgets, ranging from the affordable (Meridin@ Medini from RM266,000) to the luxurious (Legenda from RM4.9 million).

The Home Ownership Campaign

In January this year, the Housing and Local Government Ministry launched a Home Ownership Campaign (HOC) that offers benefits such as:

Total stamp duty exemption for properties priced up to RM1 million

Discounted stamp duty for properties priced between RM1 million and RM2.5 million (3% stamp duty)

Total exemption on stamp duty for Instrument of Securing Loan for properties up to RM2.5 million

10% discount on property price for properties under the HOC scheme.

This campaign was designed to encourage the purchase of new unsold properties as well as make it easier for Malaysians to own homes for residential purposes. While initially intended to end at the end of June 2019, the HOC has recently been extended to the 31

st
 of December 2019 to give Malaysians more time to find the right home and enjoy the HOC’s benefits.

With this extension, potential home buyers can double dip in rewards by taking advantage of both the Mah Sing Lock and Win campaign with the HOC, as a number of Mah Sing properties are eligible to enjoy the HOC benefits.

For more information on the “Lock and Win” campaign, visit
mahsing.com.my/lockandwin
.

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Maybank Introduces New Maybank2u Biz App For SME Owners

Maybank has launched the new Maybank2u Biz app today, catering to the banking needs of small and medium-sized enterprises (SMEs). It seeks to simplify the banking process for this group of users who are always on the go and multitasking, as well as equip them with selected non-banking tools that can ease business operations.

The new Maybank2u Biz app boasts a simple and intuitive user interface, along with value-added processes and tools that makes it easy to use for various forms of business, including partnerships, private limited companies, and even clubs, societies, and associations. A key highlight is the “maker-checker” authorisation process for transactions, which has been simplified without compromising on transparency. Checkers, for instance, can now approve up to 10 transactions at a time, within an extended seven-day approval period.

Aside from that, the Maybank2u Biz app has also been designed to make key financial data easy to understand for SME owners. They can get a full view of their accounts in Maybank on the dashboard of the app, thereby making it easy for them assess the financial health of their businesses at a glance.

On top of that, business owners using the app can also tap into a feature that lets them download their cashflow data (up to one year) in spreadsheet format whenever they want. This means they no longer have to wait for the traditional month-end statements in order to scrutinise their transactions. “With the information, business owners can now plan ahead, make better decisions, or even spot potential red flags in their cashflow early,” said Maybank.

Furthermore, the Maybank2u Biz app also features an “invoicing” tool, which allows business owners to create, issue, and track invoices. This tool enables them to customise the invoices by choosing from several ready-made templates, and sending the document out to customers through preferred communication channels such as emails or messaging applications. Once issued, business owners will then be able to track these invoices on their app dashboard.

Maybank clarified that the Maybank2u Biz app will be protected via the Secure2u feature. Secure2u is a security feature that is unique to Maybank, and it pairs your accounts with registered devices. As such, transactions performed can only be authorised on these devices via app pop-up notifications; you will no longer need to rely on traditional transaction activation codes (TAC) that are sent through SMSes, which reduces your exposure to fraud.

The group president and chief executive officer of Maybank, Datuk Abdul Farid Alias said that Maybank is committed to supporting SMEs given that they are the backbone of the country. “Hence, we have designed Maybank2u Biz to be more than just a banking application, but a business companion that will help ease SMEs’ burden and empower them to drive their businesses forward. We have made it simple because entrepreneurs should be spending more time making strategic decisions instead of managing daily operations,” he said.

Moreover, Datuk Farid said that he believes the Maybank2u Biz app will be well received by SMEs as Maybank currently serves 58% of the SMEs in Malaysia. “This is just the first phase of the application; we will continue to enhance it and bring in more features that will help SMEs power up their business,” he further stated.

The Maybank2u Biz app can now be downloaded for free from the
Google Play Store
 and
App Store
. To celebrate this launch, Maybank is currently also running a campaign that lets business owners stand a chance to
win cash rewards of up to RM30,000
 when they download the new app. The campaign will run between today until 31 December 2021.

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Alex Cheong Pui Yin

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TNG GO+ Campaign Offers 4% Bonus Rate On Top Of Daily Return Rates

Touch ‘n Go (TNG) eWallet is currently running a campaign under its GO+ investment feature, which allows users to earn an additional 4% p.a. bonus rate on top of the daily return rate. Ongoing until 31 January 2022, the promo is open to any GO+ users, as long as they maintain a minimum balance of RM200 in their GO+ account during the campaign period. There is no specific requirement to deposit fresh funds in order to participate in the campaign either.

The FAQ clarified that the 4% p.a. bonus rate is provided as a
hibah
(gift) on top of the daily return rates earned (which varies from day to day depending on market conditions) via the now
shariah-compliant GO+
. So for instance, if the daily return rate for today is set at 1.47% p.a., and you have a minimum of RM200 balance in your GO+ account, you will be earning a total daily earning of 5.47% p.a. – which is quite a generous reward!

Note that the bonus return rate will only apply up to a balance of RM9,500 as that is the maximum holding amount for your GO+ account. Additionally, the opportunity for your GO+ balance to benefit from this 4% p.a. reward closes at 4pm each day (cut-off time) throughout the entire campaign period, and the daily earnings will only be received in your GO+ account on the following day. These earnings must also be accumulated until it reaches a minimum of RM0.01 before it is credited into your GO+ account.

Meanwhile, if you have reached the maximum holding limit of your GO+ account (RM9,500) during the campaign period, your reward for the day will not be reflected in your GO+ account at all. Instead, it will be automatically credited into your TNG eWallet balance within three business days.

TNG eWallet further clarified that it has allocated a total of RM4 million to be won throughout the entire promo period, and that the campaign is also valid with any other vouchers, promotions, and offers that are concurrently rolled out by the e-wallet service provider.

TNG GO+ was launched
earlier this year in March 2021
, and is essentially a
built-in investment feature housed within the TNG eWallet
. The balance kept in the GO+ account is invested in a low-risk money market fund, allowing you to earn extra cash from your balance even as it sits within your e-wallet. The underlying for GO+ is the Principal e-Cash Fund, managed by Principal Asset Management Berhad.

(Source: TNG eWallet [
1
,
2
])

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Should you rent or buy a home?

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Malaysia’s Unemployment Rate In December 2020 Remained At 4.8%

(Image: The Star)

The unemployment rate in Malaysia for December 2020 has remained unchanged at 4.8% since November 2020, according to the latest data from the Department of Statistics Malaysia (DOSM). Meanwhile, the number of unemployed persons increased by 1.1% since the previous month to settle at a total of 772,900 people in December.

According to DOSM’s report, the labour market in Malaysia is still influenced by the Covid-19 pandemic and economic consequences, thereby causing the recovery momentum in the labour market to be slower. In spite of that, it emphasised that the labour force continued to remain competitive as the number of employed persons also increased alongside that of unemployed persons.

“In December 2020, the number of employed persons edged up month-on-month by 0.1% or equivalent to 19.3 thousand persons to 15.22 million persons after registering a marginal decrease in the previous month. The employment-to-population ratio – which indicates the ability of an economy to create employment – was unchanged at 65.1%,” explained chief statistician Datuk Seri Dr Mohd Uzir Mahidin in a statement.

To further dissect the number of employed persons by category, those in the employee category have increased by 0.2% from the previous month to come up to 11.81 million persons in December. This made up 77.6% of overall employment in the country. Meanwhile, own-account workers (self-employed) fell by 0.6% to 2.4 million persons, decreasing for the third month in a row. This group accounted for another 15.8% of overall employment. The remaining 6.6% of the overall employment consisted of unpaid family worker (3.6%) and employers (3%).

Aside from that, DOSM also noted that the number of employed persons who are temporarily not working rose from 142,000 persons in November to 146,200 persons this month. This increase is attributed to the implementation of phases of the movement control order, as well as short school break and festive holidays.

On top of month-on-month comparisons, DOSM’s latest data also reported that the annual unemployment rate for 2020 is set at 4.5% – the highest rate recorded since 1993. The annual labour force participation rate has also slipped by 0.3% to record 68.4% in 2020 from 68.7% in 2019.

“The health crisis has given a huge impact on the labour force which led to the unemployment rate rising above 4% as against an average of 3% recorded in the pre-crisis period. Thus, the unemployment rate rose to 4.5% in 2020, the highest rate recorded since 1993 (4.1%),” DOSM noted in its report.

DOSM also foresees that Malaysia’s labour market will continue to remain in a challenging situation in early 2021, but initiatives introduced by the government will likely soften the impact dealt to it. For context, Malaysia’s unemployment rate soared to an unprecedented height in
March
,
April
, and
May
 2020 due to Covid-19 and the implementation of the first MCO. It eventually improved in
June
,
July
,
August
, and
September
, but began to increase slightly again in
October
 and
November
.

(Sources:
DOSM
)

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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 Brings Back Pointsback And Power Up Campaigns For September 2021

GrabRewards Pointsback and Power Up campaigns have returned for September 2021. For those who are new to the campaign, the GrabRewards Pointsback campaign lets you earn up to 40% pointsback when you redeem selected rewards from 29 to 30 September 2021.

Meanwhile, the Grab Power Up deal, allows users to earn up to 6,000 GrabRewards Points by spending a minimum of RM180 through GrabPay. The deal – which typically takes place only on one day (the last day of the month) – has been extended to three days this time round, from 28 to 30 September 2021.

GrabRewards Pointsback

Period: 29 September (10am) – 30 September (11.59pm)

Under the
GrabRewards Pointsback
campaign, Grab users can earn a percentage of pointsback when they redeem specific rewards during the campaign period. The percentage differs according to membership tiers, starting from 10% pointsback (for regular members) all the way up to 40% pointsback (for Platinum members).

You can check out the full list of rewards for September 2021 below:

Compared to the previous month, the selection of rewards this time round has increased slightly – specifically under the Partner Rewards category. Aside from the RM10 and RM5 discounts that you can usually claim from these partners, the category this time also features relatively steep discounts of RM50 at cosmetic outlets Clinique and Bobbi Brown. Other than that, there is not much difference in the selection of rewards provided in other categories.

Just like before, each user is limited to a maximum of 2 redemptions for each Pointsback reward. The Pointsback offer will be provided on a first-come first-served basis, and will cease once the total redemption cap has been reached.

Just to help you grasp how much savings you’re making with the Pointsback campaign, it usually takes 800 GrabRewards Points for a Platinum member to redeem a RM5 voucher – which means each GrabRewards Point is worth 0.625 sen (with an effective return rate of 1.875%). Through this campaign, however, the value of each GrabRewards Point could rise to a maximum of 1.04 sen, giving you a higher return rate at 3.125%. Here’s a detailed calculation in our analysis of the
GrabRewards points
.

Grab Power Up

Period: 28 September (12:01am) – 30 September (11:59pm)

The
Grab Power Up
 deal is also making a comeback in September, but with slightly diminished benefits compared to the previous month. This time round, you will earn a lesser 10x and 20x GrabRewards Points (both up to 6,000 Points) when you spend a minimum of RM180 via GrabPay and PayLater by Grab, respectively. This is in comparison to the
August offer
, where Grab users were able to earn 10x and 30x GrabRewards Points under the same spend requirements.

Additionally, the
prepaid top-up offer
 – which was just introduced in July – has also been removed. This deal allowed users to earn 30x GrabRewards when they spend a minimum of RM30 on mobile prepaid reloads via the Grab app.

To compensate for these scaled-down offerings, however, Grab has extended the usual one-day campaign to three days this time round – from 28 to 30 September. It has also upped the redemption cap to 10,000 and 18,000 redemptions for GrabPay and PayLater, respectively – with each user being allowed only one redemption for each payment method.

As always, the Grab Power Up offer is provided on a first-come first-served basis. The Points will be credited to you instantly upon completion of eligible transactions, but do be aware that they will not contribute to any GrabRewards tier upgrades.

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How to Make Saving Interesting

Since the time of adolescence, we have been told to save some money. It is always a great idea to keep some aside for a rainy day. However, many people do not cultivate the habit and end up turning towards living a life on credit. We all know living above our means and spending every dollar we make is essentially a dangerous way to live.

Instead of depending on a credit card for survival for rainy days lets consider making saving money a little more interesting. People keep saying that you should save but no one really tells you how.

Here are a few tips and tricks for you to consider.

Creating Saving Goals and Rewards

A couple who is an acquaintance to this writer started up a joint savings account together. They set themselves a target to achieve and put in a certain amount every month. Once they achieve the predetermined target, they take about 10% – 20% back out and head out on a vacation.

The combined goal helps to keep each other in check as well as encourage each other to throw in a few extra bucks whenever they have a little additional cash in hand. By doing so, they are able to hit the target quicker and go on to enjoy their reward for saving.

If you are thinking of starting something like that, start out with smaller goals and open up a
savings account
.

Having a No Spend Day

Here is a good way to challenge yourself. Try having a no spend day. This does not mean you have to starve yourself, switch off all the lights and avoid civilisation. What this day essentially means, is to not spend any additional money.

Spend some time reading a book, surfing the net, watching some movies in the comfort of your own home. If time alone seems too much to handle, invite a friend or two over. Use the facilities of your condominium, swim or just chill by the pool. You may be surprised how much money you were able to save by not heading out at all.

Fun Saving Games

Recycle some old jars and put some labels on them. Put goals that you’d like to achieve and build towards it. You can have multiple jars, decorate them and put it up in your room. Every time you have some excess cash, drop them into the jar you would like to prioritise. Or if you can’t decide on what to prioritise, spin the “wheel of fortune” and see which jar it should go in to.

You could also change it up by saving RM5 notes. Each time you have a RM5 note in your wallet, it automatically goes into one of the jars of your choice. By the time the year ends, you’ll be pleasantly surprised with the amount of money you have managed to set aside.

Using an App

If you were a tech type of person who doesn’t approve of the conventional idea of looking at cash in jars, you could always try out an app. Apps help you track and summarize the data you input so you can track your finances and help to improve your decision-making process on areas you could cut out to induce more savings.

If you would like to check out an app we reviewed for a daily finance tracker, head over to our article on how to
“Track Your Finances in a Calendar Format with Dollarbird”
.

Start Saving

It is always easy for people to tell others to start saving for a rainy day. The reality is, every other month, all sorts of unexpected expenses tend to burn up the entire paycheck. If you can relate to that, this is a challenge that you need to pick up.

When you start saving, try incorporating a bank account into your saving plans so you can rest easy that none of your siblings are dipping into your jars and skimming off the top or avoid losing the entire sum if you were an unfortunate victim of a robbery. You also get the added benefit of getting some
cashback
 or
reward points
 when you decide on how to spend your money and reward yourself by swiping the debit card attached to the savings account.

If you have children or siblings, maybe encourage them to open up a children’s savings account as the interest rates are significantly higher than normal savings accounts. On top of that, banks do give out free gifts to encourage savings as well as reward those who perform well in school.

If you have any cool tips that is worth sharing, drop us some suggestions in the comments below.

Image Source: Image 3 from
thoughtful place
; Image 4 from
Dollarbird

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How Will You Fund Your Gap Year?

Malaysians are already feeling the financial pinch with college tuition fees; the last thing they want to consider is more money out for what is seemingly a non-necessity.

But go a little deeper and you might find the hidden benefits to taking a gap year.
Malaysian grads have been long accused of not having the right thinking skills when they graduate
 – perhaps a little exposure and new experiences with living on their wits may be just what the doctor ordered.

To take a
gap year is to spend some time (and money) on an experiential endeavour meant to enrich you in the time between high-school and college
. Experiencing different cultures, volunteering for humanity, and meeting inspiring individuals who will add to your worldview are just some of the ways a gap year can enrich you.
Forbes hailed it as the launching pad
 to your ideal future.

That said, however, gap years don’t come cheap, so how will you pay for yours?

Plan and Budget

If the gap year could give you the experiences you need to make you more marketable during jobhunts; it’s worth considering but not without weighing the cost factor.

When planning and budgeting, consider these following issues:

1) What exactly do you want to do during your gap year and will this activity bring you an added income as well?

2) How much will you need in total? Create a budget based on some research or talk to those who have gone before you. If your gap year plan involves a job – consider if you will need any extra funding such as transportation to a new place or an additional fund to even out small salaries.

3) What are your funding options? You can consider applying for a grant with gap year funders such as the
Omprakash EdGE
. A quick search on the internet should give you more suggestions but do check if these are credible sources.

Ways to Manage the Cost of Your Gap Year

Admittedly, many gap year programme grants are limited to Americans. But that doesn’t mean you need to give up your dreams of volunteering abroad or making a difference.

Here are some ways you can manage the costs of your gap year (though they might not be as instantaneous as you like).

Take that Retail Job!

Or really any job offered to an SPM school leaver. You won’t get rich off it but you will start earning an income that you can put away for funding your gap year.

Set a goal for yourself to work a set number of months to meet a targeted savings amount. Having no bills or loans should help you to save just a wee bit faster.

Consider Your Own Backyard

Well, maybe not literally but there is a lot you can learn from even taking a gap year within the country.

Many students from abroad do make Malaysia their gap year destination of choice so why go far? Again, take that retail job and save up then backpack around Malaysia; volunteer in a settlement; or just any endeavour that tickles your fancy.

You will still get the experience of seeing life outside your usual experiences without having to bear an unfavourable exchange rate.

Make a Paying Job Part of Your Gap Year Plan

Although many believe a gap year is just about traveling; that isn’t the only thing you can do. Look for opportunities at paid jobs locally or abroad meant to open your mind and give you new experiences.

Work on a farm, teach in a rural area or even take basic jobs such as kitchen helper, bellboy or retail staff in distant countries. The point is to move out of your comfort zone and learn about life beyond your existence.

Organise Your Own Fundraising

How much do you want this experience? Enough to sell your old game consoles or anything else you’ve been hoarding?

Value is relative and you’re sure to find some way of making some money off the items you don’t use in your home. Open flea market stalls or sell online.

You can also raise funds by ‘selling’ any talents you may have. Can you bake good cookies, do outfit alterations or are you a whiz at manicures and pedicures? Sell your services or products.

Every little bit counts!

Prepare to Live Lean During Your Gap Year

When you prepared your gap year budget, were you sensible about what you needed or did you factor way too many extras?

The gap year is about learning and not experiencing a luxury vacation so where you can; trim the fat.

Do Your Homework

The best way to aid planning and managing is to be equipped with the right knowledge! Read resources online and talk to the relevant people.

If you’ve decided, let’s say on volunteering for a cause involving indigenous people, you can read resources from relevant NGOs and even get in contact with key people in these organisations for more information.

If you’re looking for recommended reading, an expert in gap year programmes would probably recommend
The Gap Year Advantage book
 for anyone planning to take on a Gap Year Programme themselves.

The book considers not only the benefits of a gap year but also the importance of calculating the monetary needs and risks involved in deciding to take a gap year.

You can also check out
a blog started for Malaysians taking gap years
. Although, the blog seems to have been abandoned since 2013, it is a great resource to get connected to those who have gone before you; get ideas; and be inspired by their stories.

Are you thinking of taking a gap year? Do share your tips to managing the costs with us in the comments.

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Proton Offers RM500 Fuel Card To E-Hailing Car Buyers

Proton is offering a Petronas fuel gift card worth RM500 to e-hailing car buyers in an effort to promote the use of its vehicles in the e-hailing industry. The promotion will run until 31 December 2020.

E-hailing car buyers who purchase a new Proton Persona, Iriz, Exora, Saga, or X70 from authorised Proton sales outlets will be rewarded with the gift card. However, customers can opt to swap their gift card for a price rebate of the same value if they prefer. On top of that, Proton is offering additional rebates on selected models, ranging from RM300 to RM1,500.

“The programme is also designed to ease the decision-making process for those new to the industry as well as current drivers who are looking to replace their current cars,” said Proton in a statement.

In order to qualify, customers need to submit a copy of a valid Public Service Vehicle (PSV) e-hailing licence as proof and register the vehicle under their own name. The promotion is also open to individuals purchasing a car to be used for e-hailing by a different driver. In this case, a letter of consent stating the purpose of the purchase will be required along with the e-hailing driver’s full name, identity card number, and copy of their PSV e-hailing licence.

For more information, interested parties can email
[email protected]
 or contact their nearest Proton Edar outlet.

(Source:
Malay Mail
)

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UOB Food Perks: 15% off at Ozeki Tokyo Cuisine

With 10 years of experience serving
oishii
 dishes to Malaysians,
Ozeki Tokyo Cuisine
 has carved

out a name for itself in the heart of Kuala Lumpur when it comes to quality

Japanese cuisine. Now with a UOB credit card or debit card you can enjoy a

delicious meal for 15% less.

This offer last till 31 December 2013 and is limited to ala

carte menu items only. Please note this promotion is not valid with other

offers, promotions, discounts, set menu, functions, special events and loyalty

programmes.

For further details on this offer please refer to the
Terms

& Conditions
 page.

So many credit cards to choose from, so little time. Don’t

get overwhelmed, find the right card for you on
RinggitPlus.com

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TNG eWallet Balance To Be Split Into Transferable, Non-Transferable Balance

Touch ‘n Go (TNG) eWallet is rolling out an update which will see your eWallet balance being split into two categories: transferable balance and non-transferable balance, depending on the source of your top-up funds. These categories, in turn, will determine the types of transactions that you can carry out.

According to the FAQ, transferable eWallet balance is described as any eWallet balance that does not come from a credit card cash in or reload. In other words, it covers eWallet balance that are reloaded via online banking or TNG reload PINs. Meanwhile, non-transferable eWallet balance refers to any top-up amount that comes from a credit card cash in or reload, or government initiatives.

This split of your eWallet balance will then determine the types of transactions that can be carried out using the funds in the two categories, as is detailed in the table below:

Transferable eWallet balance

(Reloads via FPX or TNG reload PINs)
Non-transferable eWallet balance

(Reloads via credit cards or government initiatives)
Transfers allowed
– Transfers to GO+ account
– Transfers to other TNG eWallet accounts
– Transfers to other e-wallet services
– Transfers to local bank accounts
N/A
Payments allowed
– Local QR payment
– DuitNow QR payment
– Transportation
– Parking
– Online payments
– Bill payments
– Prepaid top-up
– Partner platform
– Movie tickets
– Local QR payment
– DuitNow QR payment
– Transportation
– Parking
– Online payments
– Bill payments
– Prepaid top-up
– Partner platform
– Movie tickets

So as you can see, non-transferable eWallet balance can only be used to make payments for purchases or the use of services, and not for any forms of transfers (hence the term non-transferable balance). TNG eWallet also clarified that the non-transferable eWallet balance will be prioritised for all payment deductions. However, if your non-transferable balance is insufficient for a particular payment, then the system will draw the remaining required amount from your transferable eWallet balance to make the full payment.

That said, TNG eWallet does allow for a quota of credit card reloads to be treated as transferable eWallet balance so that users are not completely throttled by the limitations brought on by this new update. However, this is only provided for users who have completed their eKYC verifications. The quota allowed will differ according to
your eWallet tier
, and is renewed on a monthly basis:

Lite

(eWallet size: RM200)
Pro

(eWallet size: RM5,000)
Premium

(eWallet size: RM20,000)
Quota of credit card reloads provided each month
N/A
RM2,000
RM5,000
Monthly reset
1
st
 day of the month (12am)
1
st
 day of the month (12am)
1
st
 day of the month (12am)

If you’d like to check on your transferable and non-transferable eWallet balances, tap on your eWallet balance on the main page of your TNG eWallet app. From there, there will be an indicator “You can transfer up to RMxx,xxx.xx”, which you can click on to view your transferable and non-transferable eWallet balance.

(Source:
TNG eWallet
)

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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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    Nenneh

    1 year ago

so still can cash out via Go+ to local bank if top up from credit card ? by way of the quota imposed sdepending on the wallet tier? or am i wrong and its not at all possible to cash out from credit card reloads?

0

Reply

    Anonymous

    1 year ago

    Reply to

        Nenneh

For premium tier users, max monthly Rm5k limit imposed when reload from credit card. It shows the balance amount below the credit card selection page. I have tried reload Rm100 using credit card to e-wallet and it is treated as “transferrable”. I can transfer it into Go+ and subsequently withdraw from Go+ to my bank account. The part that I’m not sure is when my credit card reload quota reaches Rm5000, does TNG:- A) Still allow to reload using credit card except those beyond Rm5000 will be put into “non-transferable”? or B) Does not allow any further reload using credit
…
Read more »

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    RAMANATHAN A/L SUNDARESAN

    1 year ago

👍🏻

1

Reply

    Ismail Hashim

    1 year ago

If through payment method ‘eWallet Balance’ based on what is the balance in the ‘eWallet’,how the scammer can touch the personal credit card in the ‘eWallet’?………

0

Reply

    heje

    21 days ago

i need to transfer some money. its urgent but my transferable balace is only rm0.48?? i have already added rm20 but it didn’t change. what to do??

1

Reply

    Anonymous

    18 days ago

    Reply to

        heje

Same thing here, as a student who dosent have a credit nor debit card the source of reload is tng pin, but it seems the pin is counted as non transferable balance. So now I can use tng to transfer only can use to buy things which I HATE.

0

Reply

    Anonymous

    8 days ago

Now the E wallet balance cannot be used to pay bills

0

Reply


4 Best Accounting Software Programmes for your Growing SME Business

So your small business is slowly growing and you’ve been spending more time thinking about and managing your accounts. Your peers have been suggesting that you get yourself an accountant or try one of those newfangled accounting programmes you’ve been hearing about. You’ve heard they help, but in what way? And is it really necessary for your business? Let’s find out.

Does Your SME Need Accounting Software in the First Place?

If you’re a sole proprietor with no employees, zero or no inventory, and only a handful of customers, you
probably
 not even need accounting software. Probably. Even if you are just a one-person show and you don’t have much to keep track of yet, you may really need accounting software. Here are a few questions you can ask yourself to be sure:

Are You Bad at Maths?
 It’s okay to admit it. Just because we did well in our exams doesn’t mean we can always directly apply what we’ve learned. And when your business is still small is the best time to find out if your math isn’t quite up to par and you need help putting the numbers together, perhaps in the form of some affordable software.

Do You Spend Too Much Time Chasing Invoices?
 One of the major benefits of accounting software is its ability to help you track incoming cash, forecast future cash flows, track down late payments, and make the work of getting paid become much much easier.

Are Your More Experienced Peers Telling You to?
 Especially the ones who are experienced in accounting or taxes? Take their advice when it comes to this, since they would know at what point your business might really need streamlining when it comes to handling its finances. Not just for efficiency but for tax purposes also.

If you say yes to at least two of the questions above, then an accounting software might be just what you need. In which case, we recommend one of these 5:

QuickBooks

QuickBooks
 is a general accounting software used by full time accountants and bookkeepers and the features they have translate well for small business owners. They also offer QuickBooks Online where you can subscribe and use the software entirely from your web browser.

Biztory

This local product is quite inviting to use with its colourful minimalist interface. If you’re one who shies away from spreadsheets and columns, you’ll welcome the bright colours and graphics-forward design of
Bizstory
.

Sage One

Sage One
 offers bank integration where you can link your online bank account directly to Sage One and each day your accounting records will be updated automatically without you having to do any importing or processing. Handy.

Financio

The only one specifically built for small and micro businesses,
Financio
 claims their app loads in 3 seconds and that you can get your invoice sent to your customers in 1 minute or less. Financio can also help you share important documents, share and receive messages with customers or suppliers easily even if they don’t use Financio.

Different softwares work differently and you may want to try them out first before using them full time. Thankfully all of them offer a free trial period where you can test out their features free of charge. Regardless of which software you end up using, look out for these essential features:

Automation.
 The programme should be able to automate certain tasks that you have to do regularly. It should also be able to update automatically like how Sage One can link to your online bank account.

Customisation.
 You want to look for a product that allows easy customisation of statements, forms, reports, screens, or even interface elements.

Interoperability.
 Chances are good not everyone will be using the same software you have, so it’s super helpful if the reports and data the programme generates can be easily shared and generated with your suppliers, customers, or other members of your team when necessary.

Security.
 This goes without saying but if the software that handles your money is prone to being tampered with it’s going to spell big trouble for your company.

Using accounting software can be a great way to improve efficiency and help you focus on the things that matter most: making your business better. Starting a business can be a daunting task but if you are prepared with the right tools and information, there is little to worry about. In fact,
RHB’s SME Knowledge Centre
 has a great pool of resources and advice you can use to help you find ways to manage your business better. Happy reading!

This article was brought to you in collaboration with RHB SME Banking.

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