SST In Malaysia 2018: Have Your Favourite Brands And Outlets Changed Prices?

(Image: Slices of Light/Foter/CC BY-NC-ND)

September is here and Malaysia has entered into the new period of the Sales and Services Tax (SST). This comes after the tax holiday when the previous Goods and Services Tax (GST) was zero-rated for the last three months. Now that the implementation of SST has begun, Malaysians are curious to see how prices have changed since 1 September. Have the prices gone up overnight now that the tax holiday is over? How do they compare to the previous pricing under GST?

We checked some of the popular retail and service providers to see what their official statements are on any price changes after SST. Some companies appear to have seamlessly added SST to their operations, a few say they are extending the tax holiday period, and several companies are absorbing the impact of SST instead of passing it on to consumers – although they do not specify how long they will be doing so.

Automotive

(Image: Reuters)

Car dealers saw
a massive spike in sales
 during the tax holiday, with stocks running low and some distributors being unable to deliver the booked cars before the 31 August cut-off date. Some car dealers have decided to honour the zero-rated GST price made during the booking even if the car can only be delivered to the customer post-SST. Although
Proton had previously said
 that its car prices are expected to rise after SST, several major car brands have announced lower prices since 1 September compared to the previous GST pricing structure.

Honda

Honda Malaysia has announced that its prices will be cheaper under SST in comparison with GST previously. The on-the-road (OTR) prices of the Jazz, BR-V, City, Civic, CR-V, and Accord have decreased by 0.5–3.1%.

Hyundai

Hyundai-Sime Darby Motors (HSDM) said that customers who have booked the Hyundai Ioniq Hybrid and the Tucson (Turbo and Elegance variants) will not be charged SST even if their vehicle is delivered after 1 September – as long as the booking was made on or before 31 August.

Mazda

Official Mazda distributor Bermaz Auto said that it will absorb SST for cars booked before the implementation but delivered after 1 September.

Perodua

According to Perodua, its car models will see a price reduction of 1–3% after SST compared to the previous GST price structure.

Proton

Proton Holdings Bhd will absorb SST for all car models booked in September to give buyers additional time to make their purchases. It is also celebrating Merdeka Day and Malaysia Day this month by offering discounts of up to RM2,000 off selected models.

Volkswagen

Volkswagen Passenger Cars Malaysia (VPCM) is offering a Price Protection Scheme which will absorb the cost of SST for all models until 15 November. It has also announced that the prices for all models except completely built-up (CBU) models will be lower after SST in comparison with the previous GST.

Department and grocery stores

Basic groceries such as sardines, dairy products, coffee, tea, chilli and tomato sauce, cereals, wheat, margarine, rice, fish, chicken, fruits, and vegetables are exempted from SST. Hypermarkets and supermarkets have not shown much price fluctuation as of yet, although that may be likely to change once the suppliers further up the chain have made their price adjustments according to SST.

AEON

AEON will be locking their prices for the month of September (except prices in the Bakery & Deli section, which is subject to 6% service tax under SST).

Giant

Giant has warned its suppliers that it will reject products from manufacturers and importers who have raised prices unreasonably after SST, aiming to minimise price increases for consumers.

Fashion and beauty

Clothing and fashion retailers will be expected to adjust their price tags to reflect the SST accordingly. Some retailers made it easier for themselves by not changing the price tags for all products during the tax holiday period, and only zero-rating the GST at the cashier. For this reason, many brands have announced no changes in price after SST. However, some major brands have decided to keep the buyer’s momentum going by absorbing the impact of SST until further notice, keeping their prices to that of the zero-rated GST amount.

Adidas

Adidas will not be making any changes in price – what you see on the price tags will be inclusive of SST upon checkout.

Guardian

The prices at Guardian will remain unchanged storewide.

H&M

H&M is absorbing the SST impact for its customers and prices will remain unchanged.

Uniqlo

Uniqlo is absorbing SST for now and prices will remain unchanged both in-store and online.

Food and entertainment

Most food and dining outlets have already begun adding an additional 6% to customers’ bills upon payment. Meanwhile, the prices of beer and tobacco are expected to increase significantly due to the 10% SST in comparison to the 6% under GST previously.

Astro

Customers will find the 6% SST implementation reflected in their upcoming monthly bills.

Netflix

For now, Netflix has not changed its subscription prices.

British American Tobacco, JTI Malaysia, Philip Morris

Tobacco companies will be increasing their prices under the 10% SST. The price raises are currently pending regulatory approval.

Carlsberg

There will be a 5.5% increase in Carlsberg’s product prices to distributors effective 1 September.

Heineken

Prices will increase for Heineken products effective 17 September.

Domino’s

6% tax will be added to your bill upon checkout in line with the implementation of SST.

GSC

All food and beverages sold at Golden Screen Cinemas will be charged 6% SST.

Home appliances

Besides a couple of retailers who have announced that they will be absorbing the impact of SST for the time being, most outlets will be adjusting their prices to accurately reflect the implementation of SST.

MR.DIY

MR.DIY’s retail and online stores will absorb SST and prices will remain unchanged.

Senheng

Senheng is absorbing SST and prices will remain unchanged until further notice.

Tech and telco

Telco providers have announced that they will be implementing the 6% SST in their pricing and billing from 1 September. As for technology retailers, there are not any major price changes taking place – some brands have released statements saying that the prices of smartphones will remain unchanged after SST.

Machines

There will be no increase in prices as of yet for all items sold at the Apple premium reseller.

Maxis, TM, Digi, U Mobile

These telco providers will be implementing the additional 6% SST cost in their postpaid services. Prepaid reloads for all Malaysians will be
tax-exempt
.

OPPO Malaysia

Smartphone prices will remain the same after SST.

Samsung Malaysia

The prices of mobile phones, tablets, and wearables will remain unchanged whereas SST will be charged for accessories.

Vivo Malaysia

Prices of smartphones have been maintained after SST.

Why was there no overnight price increase?

(Image: The Malay Mail)

On 31 August, virtually every shopping mall in the Klang Valley was full of Malaysians eager to make the most of the tax holiday, as many feared that the prices will increase overnight. That hasn’t been the case – for now. In fact, prices for some products have actually gone down. Why did that happen?

For starters, the full effect of SST will only be felt in the coming weeks. Some, like the Ministry of Domestic Trade and Consumer Affairs, expect that prices will increase after a week, while others think it may be a little longer than that. That’s because retailers would still be selling stock purchased during the tax holiday period, and under the Price Control and Anti Profiteering Act, they cannot increase prices of goods using the new tax as an excuse. If convicted, there’s a penalty of RM100,000 and a jail term of 3 years waiting for offenders.

Therefore, retailers who are maintaining their prices for the time being, such as Aeon and Proton, have determined that they have enough tax-free stock on hand to meet demand through the month.

On the other hand, things are be more complicated with tech and automotive brands. Since SST is taxed at the manufacturing or import level, not every component in a smartphone, laptop, or car will be taxed under the SST. This is different compared to the GST, which is a multi-stage tax that affected all layers of the supply chain. That may be a reason why some brands, such as Samsung and Honda for example, did not make a statement on SST pricing until after 1 September. These companies would have had to do an extensive amount of calculations and analyses to determine if the new tax system warrants a change in price, and if so, by what amount while also taking public sentiment into consideration. It’s an unenviable task and one that the companies would have very little time to do – the Sales and Service Tax 2018 Bill was only approved less than a week before it came into effect. That’s probably why there are many other brands and retailers who have not yet outright made a statement on SST. That might change in the coming weeks.

For some companies, it’s business as usual since the zero-rating of the prices happens at the Point of Sales (PoS) software systems. By maintaining the same price tags before, during, and after the tax holiday, retailers such as Uniqlo and Adidas made things easier for themselves and the consumers as there is less confusion.

Moving forward with SST

As the post-SST prices are being announced by brands, one thing is quite clear: prices of goods have either stayed the same or have actually gone down. This shouldn’t be a surprise, because
SST is a single-layer tax
 while GST is a multi-layer tax system. On top of that, Finance Minister Lim Guan Eng had already announced that the projection of SST revenue is significantly lower than GST.

In the meantime, the various teething issues with the implementation of SST will be resolved in the coming days and weeks. The
ongoing standoff between telcos and the government
 when it comes to prepaid services, for example, has now been resolved after the government officially announced that
prepaid reloads are tax-exempt
. Finance Minister Lim Guan Eng also confirmed that the government will review its exemption list for SST, and will continue to listen to feed back from Malaysians.

0

0

votes

Article Rating

SHARE

TAGS:

Adidas

AEON

Astro

Automotive

British American Tobacco

Carlsberg

Digi

Domino's

Fashion & Beauty

Food & Entertainment

Giant

Grocery Stores

GSC

Guardian

H&M

Heineken

Home Appliances

Honda

Hyundai

JTI Malaysia

Machines

Maxis

Mazda

MR.DIY

Netflix

OPPO Malaysia

Perodua

Philip Morris

Proton

Sales and Service Tax

Samsung Malaysia

Senheng

SST

Tech & Telco

TM

U Mobile

Uniqlo

Vivo Malaysia

Volkswagen

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


PDRM Offers Up To 50% Discount For Selected Traffic Summonses Paid Online

(Image: Lowyat.NET)

From today until 21 May 2020, the Royal Malaysia Police (PDRM) is offering a discount of up to 50% for selected outstanding traffic summonses when you pay them through online channels, MyEG and RILEK.

According to PDRM’s statement, all summonses paid via MyEG and RILEK are entitled to the discount, except for the following:

Accident summonses (year 2019 and 2020)

Summonses that are currently under trial

Summonses issued during Ops Selamat 2019 and 2020

Non-compoundable summonses

Summonses under court status or that are related to lorries

Summonses subject to arrest warrants

“The Department understands the financial burden of the public during the movement control order (MCO) plus the Hari Raya Aidilfitri celebration. Hence to alleviate the burden, police will offer the discount on selected summonses,” said the director of the Federal Police Traffic Investigation and Enforcement Department, Datuk Azisman Alias.

In the same
statement
, Datuk Azisman also mentioned that service counters at all state and district headquarters will now resume operation in stages. This is to enable the public to settle their summonses and to collect the documents for their road accident insurance claims. He further reminded visitors to observe the standard operating procedure for the ongoing conditional movement control order (CMCO).

PDRM had previously closed its service counters to comply with restrictions from the movement control order (MCO).

If you’d like to take this opportunity to settle any remaining outstanding traffic summonses, head on over to
MyEG
 or
RILEK
.

(Source:
New Straits Times
)

0

0

votes

Article Rating

SHARE

TAGS:

Datuk Azisman Alias

Discounts

MyEG

PDRM

Polis Diraja Malaysia

RILEK

Royal Malaysia Police

Traffic Summonses

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Central African Republic Becomes Second Country To Adopt Bitcoin As Legal Tender

(Image: Antoine Rolland/Reuters)

The Central African Republic (CAR) has announced that it is adopting Bitcoin as legal tender, becoming only the second country to do so after Central American nation, Republic of El Salvador.

According to a statement from the presidential office of CAR, the nation’s National Assembly had unanimously passed the bill governing the move, after which President Faustin Archange Touadera signed it into law. Aside from officially making Bitcoin a legal tender, the legislation also established a legal and regulatory framework for cryptocurrencies within the republic. Among other things, it clarified that cryptocurrencies can be used for online trade and electronic transactions, and exchanges will not be subject to taxes.

The statement further noted that this decision will put CAR “on the map of the world’s boldest and most visionary countries.” This sentiment is also reiterated in a comment from the nation’s Finance Minister, Herve Ndoba, who was quoted as
saying to Bloomberg
 that sub-Saharan African countries are often believed to be one step behind when it comes to adapting to new technology. “This time, we can actually say that our country is one step ahead,” he stated.

To note, CAR is also deemed one of the world’s poorest countries; despite being rich in diamonds, gold, and uranium, it faced significant setback due to years of civil conflict, which led to humanitarian and economic challenges. This move to adopt Bitcoin as legal tender is seen as one of the nation’s latest efforts to boost its financial infrastructure.

(Image: AFP/Miguel Medina)

Prior to this latest development, CAR had been using the French-backed CFA franc as its national currency – accepted by 14 countries in sub-Saharan Africa, which is dubbed the CFA franc zone by the International Monetary Fund (IMF). These include Cameroon, Chad, the Republic of Congo, Equatorial Guinea, and Gabon.

Before CAR,
El Salvador was the first country to adopt Bitcoin
 as legal tender back in June 2021, although the historic move was marred by obstacles such as technological glitches and protests by its citizens. Since then, the president of El Salvador, Nayib Bukele had also announced plans for the country to
build the world’s first “Bitcoin City”
.

(Sources:
Central African Republic Presidential Office (Facebook)
,
BBC
)

0

0

votes

Article Rating

SHARE

TAGS:

Bitcoin

Central African Republic (CAR)

Faustin Archange Touadera

Herve Ndoba

Legal Tender

Nayib Bukele

Republic of El Salvador

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Always On The Go? Manage Your Money Smartly With HSBC Everyday Global Account

Remember the times when we had to queue up for an hour at the money exchange to convert our Ringgit before travelling? What about having to pay for expensive transfer charges due to the exchange rate when purchasing from Amazon or eBay? Or the hassle of managing your money in various currencies in different bank accounts?

Before you know it, you’re paying for an accumulation of extra or hidden charges that exceeds your budget for the month. What if you could do it all with just one account? The HSBC Everyday Global Account could be the one for you.

Convenience With HSBC Everyday Global Account

The HSBC Everyday Global Account is designed to give you convenience and flexibility with an all-in-one innovative everyday bank account that doubles as a multi-currency travel debit card where you can make payment and receive funds in 11 different currencies within one account.

Access To Multiple Currencies With No Hidden Fees

HSBC Everyday Global Account supports these 11 currencies:

Australian Dollar (AUD)

Canadian Dollar (CAD)

Euro (EUR)

Great Britain Pound Sterling (GBP)

Hong Kong Dollar (HKD)

Japanese Yen (JPY)

Ringgit Malaysia (RM)

New Zealand Dollar (NZD)

Saudi Riyal (SAR)

Singapore Dollar (SGD)

United States Dollar (USD)

With the ability to hold multiple currencies in your account, you’ll get access to competitive real-time rates which means you can lock in the best possible exchange rate the minute you load your funds from Ringgit to foreign currencies.

HSBC Everyday Global Account also allows you to transfer currencies within your account instantly, from MYR to USD or from AUD to SGD – it’s all up to you. This means, you can also save and keep your balances for foreign currencies for as long as you want.

Swipe and Shop Like A Local, Globally

By holding multiple currencies in your account, you’ll also be able to simplify your online shopping experience at home from sites such as Amazon or eBay by making your purchases in foreign currencies with no hidden charges. Let’s say you’re buying a book from Amazon which costs USD30, the bank will deduct the amount in USD from your HSBC Everyday Global Account instead of in MYR. Which means, you pay exactly for what you’re buying – subject to the latest currency exchange rate by HSBC.

When travelling, you’ll also be able to enjoy ATM cash withdrawals overseas without being charged by HSBC as well as being able to shop like a local without worrying about transaction fees with the The Everyday Global multi currency debit card.

Manage, Save & Get Rewarded With Zero Account Fees

With zero account fees and no minimum balance needed, HSBC Everyday Global Account also acts as an everyday transaction account for your everyday banking needs. With HSBC’s secure mobile app, you can check your account balances for all the currencies you hold, transfer funds into and from your account, deposit your salary and easily pay your bills online with JomPay to over 5,000 billers at any time of the day. Additionally, you can also grow your savings with up to 2.25% p.a interest on Ringgit Malaysia balances from 30 March to 31 December 2020.

On top of that, the Everyday Global multi currency debit card that comes with your HSBC Everyday Global Account comes with RM0 debit card issuance and annual fees.

The HSBC Everyday Global Account is ideal if you are looking for the convenience, flexibility and control of one secure account whether you’re at home or overseas. With no account fees, no hidden charges and no minimum initial deposit, the HSBC Everyday Global Account is eligible for those who are 18 years and above. For more information, head to
HSBC’s website
 to open an account.

5

1

vote

Article Rating

SHARE

TAGS:

HSBC

HSBC Everyday Global Account

Online Banking

About THE AUTHOR

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


You Can Soon Pay For Fuel At Shell With TNG RFID, Free RFID Tags From 15 February

Touch ’n Go (TNG) and Shell Malaysia are collaborating to enable fuel payments at Shell using the TNG RFID tag. Touch ’n Go also announced that it would be giving out 10,000 free RFID tags at 10 participating Shell stations when customers spend a minimum of RM50 using their TNG eWallet.

“Soon, Malaysians will be able to experience RFID fuelling that allows payments to be completed at the bay, without any interaction with their mobile phone or point-of-sale system,” said Syahrunizam Samsudin, CEO of Touch ’n Go Sdn Bhd. “Furthermore, transaction details are available immediately at the palm of their hands, through the TNG eWallet.”

The new payment feature is expected to be launched some time at the end of this year.

Touch ’n Go revealed its plans to expand the use of RFID technology beyond its current scope just last week. This came alongside
Touch ’n Go’s big announcement
 that RFID tags will no longer be issued for free from 15 February onwards, which spurred a flurry of long queues that conveniently
wiped out stock for RFID tags
 at all fitment centres nationwide by 12 February.

Seeing as Touch ’n Go will start charging RM35 for RFID fitments on 15 February, those who missed out on the free RFID fitments might still be able to avoid the fee thanks to the TNG-Shell collaboration. The participating Shell stations for the free RFID tags are:

Shell Wangsa Maju 2

Shell Taman Connaught

Shell STN Minyak Kota Warisan 1

Shell PLUS Highway Jalan Duta Klang Bound

Shell Desa Aman Puri

Shell Jalan Kuchai Lama 2

Shell Kota Damansara Seksyen 6

Shell Sri Hartamas

Shell Jalan Kepong 2

Shell Jalan Cheras KM 5.5

The free tags will be given out to customers who spend a minimum of RM50 using their TNG eWallet between 15 February and 31 March – but there are only 10,000 complimentary tags available, so you shouldn’t wait until the end of March to try your luck for one.

Those who have claimed their
e-Tunai Rakyat digital incentive
 through the TNG eWallet can also take advantage of another TNG campaign at Shell stations. From 17 February to 14 March, TNG e-Tunai recipients are entitled to TNG eWallet cashback of RM5 + RM2 with a minimum spend of RM20 at Shell stations nationwide.

(Source:
SoyaCincau
,
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

e-Tunai

E-Tunai Rakyat

Petrol Cashback

Petrol Payments

RFID

RFID Payments

Shell

TNG

TNG RFID

Touch 'n Go

Touch 'n Go eWallet

Touch 'n Go RFID

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


EPF: 73% Members At Risk Of Having Insufficient Funds To Retire Above Poverty Line

(Image: Focus Malaysia)

The Employees Provident Fund (EPF) has expressed concern that 73% – equivalent to nearly three quarters of its members – are at serious risk of not having enough funds to retire above the poverty line. This is following their use of special withdrawal facilities, namely i-Lestari, i-Sinar, and i-Citra.

Briefly, the
i-Lestari
,
i-Sinar
, and
i-Citra
 were rolled out separately over 2020 to 2021, with the aim of helping the public to cope with their financial struggles during the Covid-19 pandemic. The special facilities allowed EPF members to make pre-retirement withdrawals from their Akaun 1 or Akaun 2, provided they meet certain eligibility criteria. Meanwhile, Malaysia’s
poverty line income (PLI) is currently set at RM2,208
, raised from RM980 after the publication of the Household Income And Basic Amenities Survey Report 2019.

“While they (the exceptional withdrawals) provided some financial relief to members during the pandemic and various MCOs, the withdrawals have inevitably led to 6.1 million members now having less than RM10,000 in their EPF accounts, of which 3.6 million have less than RM1,000, leaving them vulnerable and unprotected for their retirement,” shared the EPF in a statement, adding that members will need to work an extra four to six years to rebuild the savings that were withdrawn during the pandemic.

(Image: The Star/Raja Faisal Hishan)

Moreover, the EPF said that the drop in savings is especially worrying for bumiputera members as they make up 78% of the withdrawal applicants (equivalent to more than three quarters). “As a result, 4.4 million – or 54% bumiputera members – now have less than RM10,000, and 2 million – or 25% – have less than RM1,000,” it stated.

The EPF also reiterated that there has been a significant drop in the percentage of members who are able to meet the basic savings threshold, from
36% in 2020 to an estimated 27% by the end of 2021
. Worse, the EPF also noted that the distribution of savings has become fairly distorted.

“The bottom 40% of EPF members (about 5 million members) saw their savings drop by 38% to just RM8 billion, translating into a median savings balance of RM1,005. The middle 40% also suffered a decline of 18% to RM155 billion, or a median balance of RM24,995. Only the top 20% of members aged below 55 saw an increase in savings, but this translates to a median of RM152,043, or equivalent to just RM633 per month for 20 years,” the provident fund explained in the statement.

(Image: Bernama)

Separately, the chief strategy officer of the EPF Nurhisham Hussein – who was speaking at a forum session hosted by the Perdana Fellow Alumni Association – noted that only 3% of EPF contributors can now afford retirement. He also shared that by the end of this year, 54% of EPF members at the age of 54 will have less than RM50,000 in their savings account, and a majority of them who withdrew their entire EPF savings upon hitting 55 years old will exhaust it within two to three years.

In light of these data, the EPF stressed that future exceptional withdrawals will have to be very carefully considered, adding that a total of RM101 billion has been disbursed to more than 7.4 million members to date. This translates to about half of its total members.

That said, the provident fund highlighted that the government is already planning to take crucial steps to improve the country’s social protection system under the recently announced Budget 2022. These include the improvement of
i-Saraan
, an incentivised voluntary contribution initiative for members who are self-employed or do not earn regular income. Under Budget 2022, the government will expand the beneficiaries for the i-Saraan initiative to encompass those between the ages of 55 and 60; at present, i-Saraan is only open to members below the age of 55 years old.

(Sources:
EPF
,
Free Malaysia Today
)

2

1

vote

Article Rating

SHARE

TAGS:

B40

B40 Households

Budget 2022

Employees Provident Fund (EPF)

EPF

EPF Basic Savings Threshold

EPF i-Citra

EPF i-Saraan

EPF i-Sinar

i-Citra

i-Lestari

i-Lestari Withdrawal Scheme

i-Sinar

i-Sinar Withdrawal Scheme

M40

M40 Households

Retirement Funds

Retirement Planning

Retirement Savings

T20

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.

See all articles

Comments

 (2)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

2
 Comments

 Inline Feedbacks

View all comments

    WHooi

    1 year ago

EPF should think out of the box to reward those who did not make any withdrawals (I-lestari,I-Citra or I-Sinar). Definitely there were some members who just follow the flow to make withdrawals. So it’s time to give extra dividends for those who stay on with EPF.

2

Reply

    Anonymous

    1 year ago

Should check against whether investments in ASNB has increased – EPF funds may have flowed into these investments with better returns.

0

Reply


Finance Ministry: Definition Of Luxury Goods Will Be Fine-Tuned Before Tax Implementation

(Image: Yahoo! News)

Deputy Finance Minister II Steven Sim said that the government will provide clear clarification of what constitutes as luxury goods before imposing the luxury goods tax that was proposed during the re-tabling of Budget 2023.

According to the deputy finance minister, some aspects that still needs to be fine-tuned include the definition of luxury goods, the tax rate that will be applied, and the coverage of the tax upon application. “Luxury handbags and luxury watches are some examples. Wait for the announcement. We are working on the timeline,” he said, adding that the tax is set to be implemented this year.

When asked whether the new tax may affect Malaysia as a shopping destination for luxury goods, Sim reassured that the government will hold discussion sessions with industry players and obtain their feedback before deciding on anything. He also acknowledged that the government needs to find a good balance as it seeks to help Malaysia recover economically and remain competitive.

(Image: Malay Mail/Mukhriz Hazim)

Last Friday, Prime Minister Datuk Seri Anwar Ibrahim – who is also the Finance Minister – had proposed the introduction of the
luxury goods tax for branded items
 as part of the revised Budget 2023. This was done as part of various measures to broaden Malaysia’s tax base.

Several associations subsequently voiced their concerns
 regarding the negative impact that the new tax may have on Malaysia’s status as a shopping haven, including the Malaysian Association of Tour and Travel Agents (MATTA), Malaysian Shopping Malls Association, and Malaysian Inbound Tourist Association (Mita). They also urged the government to continue providing tax rebates to tourists at the country’s exit points, but with conditions.

Prior to the closing of international borders due to Covid-19, tourism shopping was one of the major revenue contributors to Malaysia’s economy. In 2019, for instance, this segment made up about 33% of the RM86.1 billion gained in tourism receipts.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Budget 2023

Budget 2023 Re-Tabling

Deputy Finance Minister II

Luxury Goods Tax

Malaysian Association of Tour and Travel Agents (MATTA)

Malaysian Inbound Tourist Association (Mita)

Malaysian Shopping Malls Association

Steven Sim Chee Keong

Tourism Shopping

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


MEF: Employees Who Work From Home Should Take A Pay Cut

(Image: Focus Malaysia)

The Malaysian Employer Federation (MEF) has commented that employees who elect to work from home (WFH) should have their wages reduced. In addition, their travel allowances – if provided – should also be deducted.

“There are plenty of opinions as to whether those who work from home should be paid less, but many companies say that if there is a reduction, it should not be much – between 10% to 12%,” said the executive director of MEF, Shamsuddin Bardan, adding that this is because some companies offer allowances for their employees to commute to work.

In the same vein, Shamsuddin said that travel allowances, too, should be discontinued if an employee opts to work from home. “Some workers would prefer a position with lower salary where they can work from home, as compared to one where they have to commute to work despite being able to have the cost reduced. That is one of the factors that should be taken into consideration if companies were to consider reducing the salaries of employees who are working from home,” he remarked.

(Image: The Malaysian Reserve)

Shamsuddin further claimed that some employees agree with this rationale, although he also admitted that there may be other parties who argue that those who work from home are also working as usual, as if they were in the office. As such, their salaries should not be reduced.

“Ultimately, the matter depends on the employee’s choice – if they are willing to accept certain allowance deductions and work from home, or decide to travel to work and deduct the costs,” said Shamsuddin.

Aside from that, Shamsuddin also highlighted a finding from a recent MEF survey, which revealed that few employers are keen to continue the WFH or hybrid work model, especially as Malaysia transitions into the endemic phase of the Covid-19 pandemic. “Most employers will choose to return to the office. If an employee works from home, his or her level of productivity should not reduce, but in fact, increase,” he said.

(Source:
Free Malaysia Today
)

1.4

12

votes

Article Rating

SHARE

TAGS:

Hybrid Work Model

Malaysian Employers Federation (MEF)

Paycut

Shamsuddin Bardan

Travel Allowances

Work From Home

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


8 Ways You Can Get More Savings With Boost This New Year

With New Year and Chinese New Year just around the corner, it’s a great time to make the most of the seasonal sales that crop up both online and in-store. It’s also the season for updating your wardrobe and getting ready for the new year ahead.

One way of getting savings while you’re kick-starting the new year with some shopping is by making the most of your Boost app. Using this local e-wallet to make payments and carry out your online shopping has a lot of benefits and rewards. Here are some of the ways how you can get more savings with Boost this end-of-year season.

As you can see, there are multiple advantages to using Boost to carry out your start-of-year and Chinese New Year shopping. So, if you want to earn coins and cashback in addition to other benefits like credit card rewards points from topping up your Boost Wallet, consider opting for Boost when you shop.

You can find out more about
BoostUP
 here.

3

1

vote

Article Rating

SHARE

TAGS:

Boost

Boost Coins

Cashback

Fave Cashback

Shake Rewards

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Analyst: BNM Should Explore Different Financial Solutions Instead Of Hiking OPR

(Image: Malay Mail)

Economic analyst Aimi Zulhazmi Abdul Rashid has commented that Bank Negara Malaysia (BNM) needs to explore other financial solutions instead of merely raising the overnight policy rate (OPR) to normalise monetary policies once more. This is due to concerns that Malaysians may face worse struggles, on top of inflation and the rising cost of living.

“BNM needs to come up with a more effective solution instead of raising the OPR rate suddenly, especially when it is about to reach 3% like in 2019. The interest adjustment will definitely burden the people, not to mention the cost of living that has increased cumulatively from 2019 until now,” said Aimi, who is also an associate professor at the UniKL Business School.

Aimi further noted that OPR hikes may potentially result in cases of non-performing loans, on top of a rising inflation rate. “In theory, raising the OPR is meant to reduce inflation, but it must be handled carefully because we don’t want it to burden individual borrowers and businesses,” he added, saying that a slight increase in inflation is enough to disrupt efforts in reviving Malaysia’s economy.

(Image: The Malaysian Reserve)

Aimi also highlighted that the depreciation of Malaysia’s currency has resulted in an spike in the price of imported food; if the total of imported food originally stood at RM55 billion, then it would have risen to RM63 billion in the past year. This does not bode well for Malaysia as it is a net food importer (a country whose value of imported food is higher than its exported food).

For context, BNM has already raised the OPR by a total of 50 basis points (bps) in 2022 thus far – at a rate of 25 bps in
May
 and
July
, respectively. The likelihood of
further OPR hikes is high
, although the central bank has also promised that it
will not take an aggressive stance in adjusting the rate
.

(Source:
Malay Mail
)

4.4

5

votes

Article Rating

SHARE

TAGS:

Aimi Zulhazmi Abdul Rashid

Bank Negara Malaysia

BNM

Currency Depreciation

OPR

Overnight Policy Rate

Ringgit Depreciation

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.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Yogeswaran

    11 months ago

Do you they will be bothered?? I don’t think so. This trend been happening in the past but no option or lack or diversify options.

0

Reply


StashAway Enables Investors To Directly Convert General Investing Portfolio To Responsible Investing Portfolio

Robo advisor StashAway has updated its app to allow investors to convert their existing General Investing portfolios to environmental, social, and governance (ESG)-optimised Responsible Investing portfolios. This can be conveniently done without requiring investors to manually withdraw from existing investments and start a new portfolio.

With this, StashAway is clearly putting the spotlight on its
Responsible Investing portfolio
, which was rolled out just about four months ago, back in January 2022. Similar to StashAway’s classic General Investing portfolio, the Responsible Investing portfolio is also a globally diversified portfolio that invests in exchange-traded funds (ETFs). However, it is selective in the businesses that it has exposure to, choosing businesses with high ESG scores or are keen to drive positive social impact.

If you already have a General Investing portfolio with StashAway and would like to convert it, just tap on the portfolio from the main page of the app. From there, you’ll see the option to “Convert this to an ESG-optimised Responsible Investing portfolio” under the Overview tab. Tap on it and choose your risk category after that (Core for balanced portfolios with lower risk, or Higher-risk if you have a higher tolerance for risk).

The app will continue to prompt you with step-by-step instructions as you go along. As you confirm the conversion, note that the StashAway Risk Index (SRI) of your portfolio may also alter – make sure that you are comfortable with the change! Upon confirmation, StashAway will place the orders to adjust your portfolio’s asset allocation accordingly – which may take up to two business days.

If you’ve had the General Investing portfolio for a while before converting it to a Responsible Investing portfolio, you’ll also be happy to know that this conversion will allow you to keep your past performance history as well. This means that you can conveniently keep track of and compare the performance of your previous and new portfolio.

This enhancement is being rolled out in stages to StashAway users, so make sure to update your app to the latest version.

5

2

votes

Article Rating

SHARE

TAGS:

ESG Investments

Robo-Advisors

StashAway

StashAway General Investing Portfolio

StashAway Responsible Investing Portfolio

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


EPF Members Can Apply For RM500 Monthly Withdrawals Starting From 1 April 2020

(Image: The Star)

Members of the Employees Provident Fund (EPF) who wish to make withdrawals from their EPF Akaun 2 may begin to apply through the i-Lestari Withdrawal Scheme, starting from 1 April 2020 to 31 March 2021.

The scheme, which is open to all EPF members below the age of 55 with savings in Akaun 2, essentially allows them to withdraw up to RM500 per month, for a total of 12 months.

According to an FAQ released by EPF, members can submit their applications for the withdrawals via three channels:

Online (through e-Pengeluaran via member’s i-Akaun)

Email (addressed to
[email protected]
)

Post (addressed to Kumpulan Wang Simpanan Pekerja, Karung Berkunci No 220, Jalan Sultan 46720, Petaling Jaya, with the note (Attention to: i-Lestari) written on the front of the envelope)

Note that members need only to submit their applications once to have the withdrawals automatically credited to their accounts throughout the 12-month period.

The EPF also states that naturally, online applications through e-Pengeluaran will have a faster approval process compared to manual submissions through email and post. However, non-Malaysians are only allowed to apply through emails and posts.

The EPF also clarified that the permitted amount allowed under the i-Lestari Withdrawal Scheme ranges from a minimum of RM50 to a maximum of RM500 each month. That said, the figure is also subjected to the amount of savings available in the member’s Akaun 2 at the time of withdrawal payment made. Members are also not allowed to vary the amount of monthly withdrawal payment; the amount applied for is fixed once an application has been approved.

The FAQ further noted that for applications received in April 2020, monthly payments will only be made to the member’s bank account starting from May 2020 onwards. Applications received after April 2020, on the other hand, will see the monthly withdrawal payments being made from the date the withdrawal application is received. EPF members will be able to apply until 31 March 2021.

The
i-Lestari Withdrawal Scheme
 was first announced by Prime Minister Tan Sri Muhyiddin Yassin early last week, and is intended to help more than 12 million EPF members ease their cash flow problems during the Covid-19 pandemic. The chief executive officer of EPF, Tunku Alizakri Alias, has also pledged that the organisation is placing i-Lestari as its top priority for urgent rollout.

For more information, you can head on over to the full
FAQ
 published by EPF, or check out its Facebook page for the
latest information
.

(Source:
The Star
)

3

2

votes

Article Rating

SHARE

TAGS:

Covid-19

Employees’ Provident Fund

EPF

i-Lestari Withdrawal Scheme

Kumpulan Wang Simpanan Pekerja

KWSP

Tan Sri Muhyiddin Yassin

Tunku Alizakri Alias

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.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    sakthi

    3 years ago

what we need to emel and how to get i akaun id and password

0

Reply


CIMB Offers Rewards For E-Wallet Transactions In Latest Campaign

CIMB has launched a new campaign that offers cashback and Boost e-wallet funds for using its credit cards for auto-billing, card-on-file payments, and e-wallet transactions.

The
Pay With CIMB Cards campaign
, which starts today and ends on 14 October 2019, looks a lot like a subtle dig at
recent news
 of other banks
limiting rewards for e-wallet reloads.
 That said, the campaign doesn’t offer outright rewards for e-wallet transactions, but instead they count as entries to be in the running to win prizes.

There will be a total of 400 monthly prizes as well as 15 Grand Prize rewards to be given away, and winners are randomly selected based on the amount of eligible transactions made during the campaign. For example, every e-wallet transaction (such as adding wallet funds) on Boost and TNG eWallet counts as 10 entries, while existing auto-bill transactions count as 1 entry. Naturally, the more entries posted, the higher the chances of winning for that month.

According to the campaign’s terms and conditions, a card-on-file transaction is one where the user has previously stored their card details and authorised a merchant to charge it. E-wallets such as Grab and BigPay, e-commerce platforms such as Shopee and Lazada, and virtually any merchant that lets you save card details for future transactions are considered card-on-file transactions – for this campaign, the merchants are tied to a list of MCC codes that is detailed in the T&C.

Meanwhile, for auto-bill transactions, eligible merchants go beyond utility bodies to include services such as Astro and Netflix, gyms, and insurance companies – eligible transactions are based on the merchant’s MCC code as well.

Monthly prize winners will receive 100% cashback for the amount spent on eligible transactions for each campaign month, capped at a maximum of RM500 per winner. Meanwhile, each Grand Prize winner will receive 100% cashback on all eligible transactions from 15 October 2019 until 14 April 2020 (capped at RM5,000) plus an additional RM1,500 in Boost e-wallet funds.

Each winner can only win one monthly prize and one grand prize, which means an individual can win up to RM7,000 in prizes – RM500 monthly and RM6,500 (RM5,00 cashback + RM1,500 Boost wallet funds).

Interestingly, CIMB is also including its debit card in the campaign with specific prize allocations for debit card entries. Almost all CIMB credit cards are eligible for the campaign, from its high-end
World Elite Mastercard
 and
Preferred Visa Infinite
, mid-range offerings such as the
Visa Signature
 and
Petronas Platinum Credit Card
, to the popular entry-level
Cash Rebate Platinum Credit Card
. The only cards that are not eligible for this campaign is the CIMB Platinum Business Card and the CIMB Fuel Tanker Card.

Find out more about the
campaign on the CIMB website
.

0

0

votes

Article Rating

SHARE

TAGS:

CIMB

Pay With CIMB Cards

Promotional Campaigns

About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Maybank, National Bank Of Cambodia Launch Real-Time Funds Transfer Service

Maybank has announced the launch of a real-time funds transfer service between Malaysia and Cambodia, in collaboration with Cambodia’s central bank, the National Bank of Cambodia (NBC). Dubbed the Maybank-Bakong Cross Border Funds Transfer, the new service will enable a more convenient money transfer process between Maybank customers in Malaysia and Cambodia.

According to a joint statement from Maybank, the new service will involve NBC’s Bakong e-wallet and Maybank’s MAE by Maybank2u (MAE) mobile banking app. Additionally, it will be rolled out in two phases.

In the first phase, customers will be able to transfer funds from Malaysia to Cambodia, whereas the second phase – involving transfers from Cambodia to Malaysia – will be launched at a later date. At present, Maybank customers will be allowed to transfer funds of up to US$2,500 (RM10,000) daily via their mobile banking app at a minimal service fee.

“The ultra-convenient service allows Maybank customers in Malaysia to transfer funds directly to their friends, family or business partners in Cambodia via the MAE app, using just the mobile phone numbers of the recipients registered with Bakong e-wallet,” said Maybank.

(Image: New Straits Times)

The group chief executive officer and president of Maybank, Datuk Abdul Farid Alias also commented that the launch of the Maybank-Bakong Cross Border Funds Transfer service marks a new milestone for the bank’s digital journey. This is because it is the first overseas funds transfer feature on its MAE app.

“Leveraging our ASEAN connectivity and digital capability, we have transformed the inter-country fund transfer experience between Malaysia and Cambodia, making it the most convenient yet cost-effective in the market,” said Datuk Farid, adding that he looks forward to future collaborations with NBC via other possibilities.

The chief executive officer of Maybank Cambodia, Datuk Mohd Hanif Suadi also chimed in to say that the new service will resolve issues such as high transfer fees and lengthy transaction time.

(Image: Phnom Penh Post)

“It will certainly help lessen the burden of Cambodians working in Malaysia and their families, as they are able to receive the funds instantly and hassle-free. This is very much in line with Maybank Cambodia’s focus to create a digital network to provide a seamless, secure and stress-free banking experience for our customers. We are also proud to support the move towards a cashless society in Cambodia and to accelerate financial inclusion, particularly among underserved communities,” said Datuk Hanif.

Meanwhile, the governor of NBC, Chea Chanto said that he is confident that the service will enable both countries involved to leverage on technology to benefit their people. In particular, he is referring to migrant workers who need to remit funds to support their families in a secure and cost-efficient manner.

(Source:
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

Bakong E-Wallet

Chea Chanto

Cross-Border Payments

Datuk Abdul Farid Alias

Datuk Mohd Hanif Suadi

International remittance

MAE

MAE App

MAE by Maybank2u

Maybank

Maybank Cambodia

Maybank-Bakong Cross Border Funds Transfer

National Bank of Cambodia (NBC)

Remittance Services

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Standard Chartered Reduces Privilege$aver Campaign Total Interest To 5.6% p.a.

Standard Chartered is revising the base interest rate of its Privilege Savings Account from 0.5% p.a. to 0.1% p.a.. Effective 1 May 2020, the Standard Chartered Privilege$aver campaign will be offering a total interest of up to 5.6% p.a. – instead of its previous 6.0% per annum.

The bonus rates for the Save, Spend, and Invest/Insure requirements remain unchanged, as can be seen below. However, the decrease in base interest rate means that all account holders will see a drop in their total interest rates.

Category

Requirement

Previous Interest Rate

New Interest Rate

Base interest

None

0.5% p.a.

0.1% p.a.

Save

Single deposit of min RM3,000 in fresh funds

2.0% p.a.

2.0% p.a.

Spend

Min spend of RM1,000 on Standard Chartered credit cards

1.5%p.a.

1.5%p.a.

Invest/Insure

Purchase of regular monthly investment or insurance (min RM1,000)

2.0% p.a.

2.0% p.a.

That said, even with the revision to its base interest rate, the Standard Chartered Privilege$aver still retains a spot on our list of
best high-interest savings accounts
 thanks to it having the highest conditional interest rates. However, do note that since 1 February 2020, there are also
caps on the amount of bonus interest
 you can earn for the Spend and Invest/Insure categories.

In fact, StanChart isn’t the only bank revising its high-interest account; OCBC also recently revised
its popular OCBC 360 and OCBC Booster accounts
. The revision was in line with the two consecutive OPR cuts by Bank Negara Malaysia in
January
 and
March
 this year. These OPR cuts are also likely the reason why StanChart is revising the rates of not only the Privilege Savings Account, but
the interest rates and profit sharing ratio
 for its
savings products
 across the board, including the Super Salary Account, Saadiq$aver-i, and others from 1 May 2020.

(Source:
Standard Chartered
)

0

0

votes

Article Rating

SHARE

TAGS:

High-Interest Savings Accounts

Standard Chartered

Standard Chartered Privilege$aver

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


CTOS Receives BNM Approval To Have CCRIS Access Restored

CTOS Data Systems Sdn Bhd (CTOS) has obtained permission from Bank Negara Malaysia (BNM) to restore its access to the Central Credit Reference Information System (CCRIS), effective as of yesterday.

According to CTOS – which is a subsidiary of CTOS Data Systems Bhd (CDS) – the company had conducted a comprehensive review of CCRIS-related data assets and infrastructure as per BNM’s request. This assessment was carried out with the help of independent global cyber security experts, which found no breach of its data infrastructure and assets. The results were then submitted to BNM on 20 October 2021 before the central bank eventually agreed to restore CCRIS access for CTOS.

“As Malaysia’s leading credit reporting agency, CTOS has and will continue to make significant investments to ensure all data and information in possession is protected with world-class certified data security technology. Notably, CTOS’ IT and data security framework, policies, procedures, and systems shall continue to be benchmarked against ISO27001, as well as other global standards,” the company noted in a bourse filing.

For context, BNM had
suspended CCRIS access for all credit reporting agencies
 in October 2021 after being made aware of a potential cyberattack involving these agencies. It then required the agencies to conduct and submit a review of their data infrastructure and assets before permission is given to have their CCRIS access restored.

Following the suspension, the
first credit reporting agency to have its CCRIS access reinstated
 was Experian Information Services. Experian’s access was restored at the end of October 2021, after providing BNM with a security assessment that proved the integrity of its systems, servers, and facilities.

(Source:
The Edge Markets
)

0

0

votes

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

BNM

CCRIS

Central Credit Reference Information System (CCRIS)

Credit Reporting Agencies

Credit Reports

Credit Score

CTOS

CTOS Data Systems Sdn Bhd

CTOS Digital

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


RM600 e-Vouchers & More Lucky Gifts Are Coming Your Way!

(Updated: 26 January 2022)

Already in the lunar new year mood? So are we and the
huat
 gifts for this week’s unboxing!

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (24 January – 31 January 2022), our featured bank partners include
Citibank, HSBC, and Standard Chartered Bank
 – if you have considered applying for any of these banks, check out our latest deal below!

Guaranteed RM600 Lazada e-Voucher

From 26 to 31 January, get a guaranteed RM600 Lazada e-Voucher when you apply, get approved, and spend with a brand new Citibank credit card. Grab your CNY essentials, shop for new clothes, and more on Lazada with an RM600 e-Voucher on us!

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

Win An 11-inch Apple iPad Pro M1
(Ended 26 January 2022)

Perfected in more ways than one, the Apple iPad Pro M1 is an all-day, all-productive, work and play partner. Multitask, game, and create to your heart’s content with the powerful M1 chip. Immerse yourself in the True-Tone XDR Display. And stay in touch with friends and family, with the 12-MP Ultra Wide Camera.

Only 10 units of this beauty are up for grabs from 24 to 26 January. To be eligible for the 11-inch Apple iPad Pro M1, applicants are required to apply for a Citibank credit card, activate and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval. Other successful applicants will receive an RM600 Lazada e-Voucher.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

Your Choice Of A Guaranteed RM600 e-Voucher

Are you Team Lazada or Team Shopee? Choose which platform your heart desires and enjoy a shopping spree when you apply for an HSBC credit card this week!

Applicants are required to activate their new card upon approval and spend a minimum of RM1,000 within 60 days to be eligible.

Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to take part in this campaign. Otherwise, you can
apply for your HSBC credit card here.

Guaranteed Giordano Luggage Bag

The Giordano Luggage Bag makes packing a breeze with its expandable feature. This guaranteed gift is for every successful applicant who applies, gets approved, and activates their Standard Chartered credit card.

Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

***

Finally, just as a reminder, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and so that we can always be at hand to help you if you need us.

While this week’s flash deal ends on 31 January 2022 (11am), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

5

1

vote

Article Rating

SHARE

TAGS:

Apple iPad Pro

Citibank

Giordano Luggage Bag

HSBC

Lazada

RinggitPlus Unbox This Week Campaign

Shopee

Standard Chartered

About THE AUTHOR

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Local Telcos To Block SMSes With URL Links Starting From 2 May

(Image: TNB)

Several local telcos have said that they will begin blocking SMSes that contain URL links starting from today (2 May 2023), namely Maxis, CelcomDigi, and U Mobile. This comes following a directive from the Malaysian Communication and Multimedia Commissions (MCMC) early last month, requesting all telcos to do so in a bid to counter online fraud via telco networks.

In addition to blocking SMSes with URL links, the telcos will also block SMS requests for personal particulars. These include names, as well as identity card, bank account, and contact numbers.

Maxis, in particular, has released an FAQ regarding the implementation of this initiative, stating that “the objective of this block is to prevent users from becoming victims of online scams. This block is applicable for SMS sent to or received from local and international mobile number.”

The telco also clarified that it will carry out this effort in phases, starting with SMSes sent between individuals. Meanwhile, SMSes with URL links sent by businesses via short codes (such as 6xxxx, 2xxxx, and 1xxxx) will be blocked at a later date. Maxis further noted that individuals will not be charged for SMSes that are blocked, and advised that if you need to send or receive messages with URL links, you can do so via social apps or instant messaging platforms instead.

(Image: Reuters)

Meanwhile, CelcomDigi and U Mobile have yet to release detailed information regarding their implementation of this initiative as of the time of writing.

In early April, the Ministry of Communications and Digital (K-KOMM) said that the
MCMC has issued a directive to all telcos to block links sent via SMS
. This is to prevent individuals from getting deceived into clicking links sent by scammers, including those related to online banking and e-wallet transactions or deals. In addition to this latest initiative to combat fraud and scams, Bank Negara Malaysia (BNM) had also previously called on banks to
phase out SMS one-time passwords (SMS OTPs)
 and use more secure forms of authentication for banking transactions and activities.

(Sources:
The Star
,
Maxis
)

0

0

votes

Article Rating

SHARE

TAGS:

CelcomDigi

Financial Scams

Maxis

MCMC

Ministry of Communications and Digital (K-KOMM)

Online Scams

Scams

SMS

SMS TAC

SMS Verification

SMSes With URL Links

U Mobile

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Malaysian Insolvency Department Announces Six-Month Deferment On Bankruptcy Repayments

Bankrupt individuals will see some reprieve as the Malaysian Insolvency Department (MdI) has announced several initiatives to help them amidst the current financial climate. This includes a six-month deferment of their monthly repayments, starting from 1 April to 30 September 2020.

The deferment is applicable to
all bankrupt individuals
 as well as those who have signed hire purchase agreements with the Insolvency director-general (KPI) or any receiving and settlement officers (PPp).

“For bankrupts who do not wish to take up this initiative, they can apply to continue with their payment at MdI branches which handled their bankruptcy cases,” said the department in a statement. According to MdI, this deferment aid is offered in line with the
six-month automatic moratorium
 that was announced by Bank Negara Malaysia (BNM) on 25 March 2020.

The department further added that bankrupt individuals below the age of 55 who are facing cashflow problems can also withdraw up to RM500 from their Employees Provident Fund (EPF) Akaun 2 for 12 months. This also follows an earlier decision from the government to allow
withdrawals from the retirement fund
 to tide Malaysians through this difficult time. Those who wish to tap into this initiative will have to make their own applications to
EPF
.

To find out more about the
deferment programme
, you can contact MdI at 03-88851065, 03-88851928, or 03-88851313. Alternatively, visit the department’s
website
 or
Facebook page
, or send your enquiries to
[email protected]
.

(Source:
Bernama
)

0

0

votes

Article Rating

SHARE

TAGS:

Bank Negara Malaysia

Bankrupt Individuals

Bankruptcy

BNM

Employees’ Provident Fund

EPF

Malaysian Insolvency Department

MdI

Moratorium

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


PNB Announces Total Income Distribution Of RM882.49 Million For ASM 2 Wawasan

Permodalan Nasional Berhad (PNB) has announced a total income distribution payout of RM882.49 million for its fixed price fund, Amanah Saham Malaysia 2 – Wawasan (ASM 2 Wawasan) fund, for the financial year ending 31 August 2022. It is set to benefit 906,645 unitholders altogether.

PNB also clarified in its statement that ASM 2 Wawasan earned a total gross income of RM1.05 billion and recorded a net realised income of RM725.10 million as of 25 August 2022. Its income is derived from realised gains, dividends, and other income from domestic and international investments. Additionally, income from equities remained a major contributor, with international and domestic investment each contributing 37.3% and 36% to the fund’s gross income, respectively.

Of note, the fund’s allocation of international investment was upped from 14.9% in 2020 to 17.8% to yield this positive result.

“The income distribution of ASM 2 Wawasan is equivalent to total return of 3.75%, above its benchmark Maybank 12-month fixed deposit, which stood at 1.98% by 177 basis points for the financial year to date, up to 30 August 2022,” PNB further shared, adding that the FTSE Bursa Malaysia KLCI also declined by 5.46% during this same period (31 August 2021 to 26 August 2022).

Finally, PNB stated that the income distribution for ASM 2 Wawasan will be calculated based on the average minimum monthly balance held throughout the financial year of the fund. On top of that, the distribution declared will be automatically re-invested as additional units into unitholders’ accounts on 1 September 2022.

(Source: PNB [
1
,
2
])

0

0

votes

Article Rating

SHARE

TAGS:

Amanah Saham Malaysia 2 - Wawasan (ASM 2 Wawasan)

Amanah Saham Nasional Berhad

ASNB

Permodalan Nasional Berhad

PNB

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Menu Rahmah: Everything You Need To Know

(Image: Berita Harian)

The government has recently launched the Menu Rahmah meal programme, which is aimed specifically at helping the hardcore poor by providing lunch or dinner meals at an affordable price. To date, the initiative has been relatively well-received, with the public generally lauding it as a
timely effort
, especially with the rising cost of living.

Here, we’ve compiled some key information about the Menu Rahmah initiative that may be of interest to all Malaysians; if this is your first time hearing of the meal programme, we’ve got you covered!

What is the Menu Rahmah initiative?

The Menu Rahmah initiative was officially launched by the Domestic Trade and Cost of Living Ministry (KPDN)
on 31 January 2023
, where participating restaurants will serve lunch or dinner sets at a fixed affordable price of RM5. It is especially targeted at those from the B40 income group and the hardcore poor, with the aim of providing a sufficient meal.

The Menu Rahmah initiative is actually also part of the
Payung Rahmah short-term programme
, which includes other initiatives such as Bakul Rahmah, Kafe Rahmah, Jualan Murah Rahmah, and Barangan Rahmah.

How much does a Menu Rahmah meal cost, and what does it offer?

The Menu Rahmah initiative focuses on serving lunch or dinner sets at a recommended price of RM5, although some F&B operators may price it lower at their discretion. Each meal typically includes rice, a choice of protein (chicken or fish, for now), and a portion of vegetables – although some may opt to provide other options or dishes. The food will also come with a drink, usually in the form of a bottle of mineral water.

Where can you buy Menu Rahmah meals?

When Menu Ramah was launched, about 12,000 premises have already begun offering Menu Rahmah meals as part of their menus, including restaurants and outlets affiliated with the following organisations:

Malaysian Indian Restaurant Owners Association (PRIMAS)

Malaysian Muslim Restaurant Owners Association (PRESMA)

Malaysia Singapore Coffee Shop Proprietors General Association (MCSPGA)

Malaysian Tomyam Restaurant Owners Association

Bumiputra Retailers Organisation (BRO)

Malaysia Retail Chain Association (MRCA)

Malaysia Retailers Association (MRA)

Mydin Mohamed Holdings Berhad (MYDIN)

Mydin, for instance, was one of the earliest to take part in the initiative before it eventually caught on with many of the other industry players, quickly coming up with a rotating menu that offers different dishes for each day of the week.

Since then, Mydin has said that it is committed to
extending these dishes to all its branches nationwide
, including Sabah and Sarawak – even though the cost of raw materials in Sabah and Sarawak is higher than in the Peninsula.

Today, the number of participating restaurants has grown to include some 12,000 mamak restaurants, 800 Indian restaurants, 500 tomyam stalls, and all Mydin outlets. Most of these F&B operators will indicate their participation through a dedicated Menu Rahmah sticker, but feel free to also ask any of the employees at the stores if you need clarification!

Malaysians can expect to see even more stores joining the initiative soon, especially since talks are being held with the
Kentucky Fried Chicken (KFC) and McDonald’s fastfood chains
 to also participate. The Chinese Food Shops Association, too, has expressed an interest to join, and the government is planning to expand the programme to
include non-halal restaurants
 as well. Similarly, selected
cafés at public higher education institutions (IPTAs)
 are also set to offer Menu Rahmah meals after Hari Raya Aidilfitri.

How long is the Menu Rahmah initiative set to run?

(Image: Bernama)

Datuk Seri Salahuddin did not share a specific timeline for the short-term initiative, but has said that the plan can be expected to continue for
as long as the food outlets are willing to cooperate in providing the services
. Some operators – such as Mydin – have also chimed in to say that the
programme is manageable from the producers’ point of view
; while they may not make much profit, they do not make losses either.

Is Menu Rahmah only available to B40 and hardcore poor individuals?

While the  Menu Rahmah initiative is aimed at the B40 income group and hardcore poor, there are no explicit directives from KPDN to restrict these meals only to them. The managing director of Mydin, Datuk Ameer Ali Mydin, too, has clarified that
all Mydin customers are welcome to enjoy its Menu Rahmah meals
 if they wish. “It is also difficult for us to determine who belongs to the hardcore poor, B40, M40, and T20 group, so to avoid arguments in the food court and to ensure smooth business operation, we make the menu open to all,” he explained. There is also no limit on how many sets of Menu Rahmah meals each individual can buy.

Separately, Datuk Seri Salahuddin has called on those who can afford their meals to avoid abusing the perks of the initiative.

Is the Menu Rahmah initiative a government-subsidised programme?

Datuk Seri Salahuddin has clarified that the Menu Rahmah initiative is currently a zero-budget initiative. This essentially means that all costs for the programme are borne by participating associations from the F&B and retail sectors, with no subsidy from the government.

However, the minister is planning to propose certain incentives for participating restaurant and food operators in the next Cabinet meeting. These may include reduced rental rates and easier applications for migrant labour. He may also seek for a special budget for the initiative, if the government’s assistance is required in the future.

Is the Menu Rahmah initiative new?

(Image: Bernama)

Menu Rahmah is not necessarily a new initiative; it is similar in spirit to the
previous Menu Rakyat 1Malaysia (MR1M) programme
 – which was introduced back in 2011 – that also sought to offer affordable meals to the people.

For context, the MR1M programme allowed Malaysians to purchase meals for as cheap as RM2, but it eventually fell out of favour with many participating F&B operators as it was financially unsustainable. This was especially due to the rising price of raw materials and fluctuating fuel prices. F&B operators who participated in the MR1M programme, too, received no additional incentives from the government.

Datuk Seri Salahuddin emphasised that Menu Rahmah differed from the MR1M programme as the previous effort collapsed due to the unsustainably low prices that were set. “Owners who struggle financially can reach out to us, we have a designated association. I have talked to the owners; they say there is still some profit margin but they need to compromise a bit. We will pay attention to this and always listen to the association and discuss if there’s any problem, but so far, they say the RM5 recommended price is doable,” he added.

What does the public think of the Menu Rahmah initiative?

As we’ve mentioned earlier, the initiative has been
generally well-received
, with many glad for the effort. However, some parties have also commented that while Menu Rahmah is a
noble effort, it is not a long-term solution
; one even went as far as to compare the initiative to
“a band-aid on a broken bone”
. This is as many restaurants, too, need help with rising cost problems themselves. As such, the government is urged to address the root problem (rising cost of living) instead.

Meanwhile, Prime Minister Datuk Seri Anwar Ibrahim has indicated that the upcoming Budget 2023 – which is
set to be re-tabled on 24 February 2023
 – will contain a
comprehensive plan to address cost of living issues
.

***

With this, we hope that you now have a clearer idea regarding the Menu Rahmah initiative, including its aims and execution. With more restaurants and F&B operator nationwide gradually being onboarded to participate in the programme, those who are in need will also hopefully have more options to choose from to enjoy a good meal.

4

3

votes

Article Rating

SHARE

TAGS:

B40

B40 Households

Bumiputra Retailers Organisation (BRO)

Datuk Ameer Ali Mydin

Datuk Seri Salahuddin Ayub

Hardcore Poor

Longform

Malaysia Retail Chain Association (MRCA)

Malaysia Retailers Association (MRA)

Malaysia Singapore Coffee Shop Proprietors General Association (MCSPGA)

Malaysian Indian Restaurant Owners Association (PRIMAS)

Malaysian Muslim Restaurant Owners Association (PRESMA)

Malaysian Tomyam Restaurant Owners Association

Menu Rahmah

Menu Rakyat 1Malaysia (MR1M)

Ministry of Domestic Trade and Cost of Living (KPDN)

Mydin Mohamed Holdings Berhad (MYDIN)

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.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Anonymous

    6 months ago

Good explanation. Thank you

1

Reply


CIMB Makes SecureTAC Approval Mandatory For All CIMB Clicks Transactions Starting 20 May

CIMB Bank has announced that customers will need to approve all their CIMB Clicks transactions using SecureTAC via the CIMB Clicks or CIMB OCTO app starting from 20 May 2023. This includes FPX transactions, regardless of amount.

In its notice, CIMB said that this update is part of its continuous efforts to provide customers with better online banking security. To note, SecureTAC is the bank’s preferred method to verify transactions, replacing the six-digit SMS one-time passwords (OTPs) that were previously used. It lets you authorise your transactions conveniently with an in-app one-tap approval method, and is said to be more secure as it uses enhanced encryption to protect your transactions.

The security feature has also recently been enabled for the
CIMB OCTO app
, a separate mobile banking app that complements the CIMB Clicks app. Prior to this, CIMB said that SecureTAC was only enabled on the CIMB Clicks app but not the CIMB OCTO app as the latter is still in its early development stage.

For added context, CIMB previously only required customers to use SecureTAC for the approval of transactions of certain amounts, namely
CIMB Clicks web transactions of RM100 and above
 and
FPX transactions above RM100
. This latest development is yet another step taken in CIMB’s migration from SMS OTPs to its preferred SecureTAC verification method – following the
directive from Bank Negara Malaysia (BNM) for banks to enhance their online banking security
.

If you’ve yet to activate SecureTAC on your CIMB Clicks or CIMB OCTO app, here’s
an FAQ from the bank
 that you can refer to for guidance. The page will also show you how to verify your transactions using SecureTAC on both apps.

(Source:
CIMB
)

4

1

vote

Article Rating

SHARE

TAGS:

CIMB Bank

CIMB Clicks

CIMB Clicks Mobile App

CIMB OCTO

CIMB SecureTAC

FPX Transactions

SMS TAC

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.

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Fatb

    1 month ago

Plz don’t forget the account aaa

0

Reply


How Are Malaysians Doing Financially Right Now?

As part of the
RinggitPlus Malaysian Financial Literacy Survey
 last year, we asked 8,100 Malaysians how good they were at managing their money. The results of the survey, which was held in partnership with Visa International, showed that while many Malaysians claimed to be in control of their finances, more than half admitted that they could not survive more than 3 months with their savings.

These findings are reminiscent of the
survey results in 2018
, when the Malaysian Financial Literacy Survey was first officially launched. In that year, it was found that as many as 2 out of 3 Malaysians did not have enough savings to last them for 3 months. In fact, 34% of Malaysians admitting to spending
more
 than what they earn each month. As for the question of retirement savings, a worrying 47% of Malaysians aged
35
and above said that they had
not
 started saving for retirement.

In 2020, the Covid-19 pandemic has brought about a whole new set of circumstances that make managing one’s finances more challenging than ever. With many individuals being saddled with reduced or even a complete loss of income this year, it is a crucial time for Malaysians to take stock of their financial situation and see how it can be improved.

That is why this year, the RinggitPlus Malaysian Financial Literacy Survey is back and bigger than ever. In collaboration with our main partner, the Employees Provident Fund (EPF), and in support of the Financial Education Network (FEN), Experian, and Nanyang Siang Pau, we want to know how you are doing financially. Your participation can help us better equip
you
 with the right financial literacy initiatives during these unprecedented times.

Take part in our Malaysian Financial Literacy Survey 2020 and we will provide you with a copy of your credit report to thank you for your time. Getting a credit report can help you understand and improve your credit score, leading to more successful credit card and loan applications. So, take no more than three minutes to
complete our survey
 and get a free personal credit report today.

5

2

votes

Article Rating

SHARE

TAGS:

Employees Provident Fund (EPF)

EPF

Experian

FEN

Financial Education Network

Financial Literacy

Financial Literacy Survey

Malaysian Financial Literacy Survey

RinggitPlus Financial Literacy Survey

RinggitPlus Malaysian Financial Literacy Survey

Statistics

Survey

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Should We Still Buy Each Other Christmas Gifts in This Economy?

A lot of the tradition of Christmas is in the exchanging of gifts with our loved ones. Getting and receiving gifts is fun and it fosters a healthy sense of community. Not to mention a handy way of communicating how much we care for each other without having to think of fancy words that get in the way sometimes.

However, there’s been some criticism over how this tradition has made the holiday more commerically oriented and a drain on economic resources. It sure seems like buying gifts for Christmas is a bad thing. Should we really stop doing it, though? To be sure once and for all, let’s examine whether or not the buying of Christmas gifts is really something to reconsider.

Why Buying Gifts is A Drag

For one, gifts are expensive. Think about the last time everybody celebrated that promotion you got. The one you’ve been eyeing for at your workplace. When Christmas time came about, did you feel obligated to buy something extra special? Of course you did. Everybody else knows you make more money now. This isn’t the time for get all miserly on your loved ones, right? Sure there’s always a reason to save money, but somehow when it comes to gifts, there’s a pressure to live up to what other people see as your worth. Which can get pricey real fast.

Another thing about buying gifts is that it’s not exactly the most effective way to spread the wealth around the family. While you may think that sharing the love by giving gifts to your loved ones is all hunky dory, recall the last time an elder did the same for you. Maybe an aunt bought you a fancy fishing rod with a huge price tag that she didn’t know you already had, or an uncle bought you a custom-engraved video game console that you don’t have the controllers or games for. Buying unnecessary things already contributes to clutter, what more receiving them for free and not having the heart to throw them away. Yikes.

Why Buying Gifts is Great

The tradition of buying gifts doesn’t just mean giving, it also means getting free stuff. Who
doesn’t
 like free stuff, honestly. Especially if the person giving you the gifts knows you very well and they manage to get exactly the thing you’ve always wanted. Or maybe the thing you didn’t even know you needed and have been waiting all year for. Getting gifts like that strengthens bonds between people like nothing else and to get rid of those moments seems like such a horrible reason to eschew a time-honored tradition.

Sometimes it’s not even the gifts that make the tradition important. We’re sure some of you have received unremarkable gifts that hold heavy sentimental value. Maybe it’s an oversized beanie from your sister you’re never going to wear, but you keep it because she mailed it to you from when she was studying overseas. Perhaps it’s an old music box with your name misspelled on it your late grandma gave you right before she passed. Giving is one of the most honest ways to say we care, and for most, buying something is the best they can do and that’s not wrong at all.

So Should We Still Buy Stuff?

Just because gifts are sometimes wasteful doesn’t mean we shouldn’t give any, but just because it’s good to give gifts, doesn’t mean it’s good to buy them. If reading both sides of the argument made you dizzy and undecided, we have some ways you can compromise on this. These are ideas you can use to still keep the spirit of gift-giving without the guilt of wasteful shopping.

Make something for your loved ones. It’s much cheaper and if you’re smart about it, it won’t even take much effort. It also gives your gifts a personal touch and nothing quite says Merry Christmas like a custom-made cake.

Give the gift of your time and effort. Pass out handwritten vouchers for a free house-cleaning, babysitting, or any other chore you don’t mind doing for people. Everybody can use an extra pair of hands around.

Trade for your gifts. You can search online for groups like the
Buy Nothing Project
 or create your own group so you can trade gifts with other people and re-gift them. Easy.

Give cash. This one is super simple and obvious. Nobody turns this down. No wonder

Chinese New Year and Hari Raya adopted this so long ago.

Christmas gift-giving isn’t just about the buying of products. It’s also about the time and effort we put into each other to show how much we care. Even if you’re against the whole commercialisation of it all, it shouldn’t exclude you from this wonderful tradition that brings us all a little bit closer to each other. How are you doing your gift-giving this Christmas? Share the love and let us know in the comments section down below!

Images via
Estate Vacation Rentals
,
Steve Jurvetson from flickr
, and
Adam from flick
.

0

0

votes

Article Rating

SHARE

TAGS:

Christmas

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Are You Getting the Best Rewards Cards for Your Salary Range?

Everyone shops, so we might as well be rewarded for it, right? That’s why having a rewards credit card (or two) is a good way to get more for your money. But what if we told you that you’re missing out on the best rewards (or worse, spending more than you’re rewarded for) because you’re using the wrong rewards credit card?

As a general rule, you should choose the rewards credit card that suits your habits. But not everyone pays close attention to their spending patterns enough to know which kinds of reward cards are best for them. If you’re one of those people, it can be more useful for you to choose a one based on your salary range.

Just Starting Out in the World (RM24,000 – RM36,000 a year)

Let’s say you’re a fresh graduate making your first foray into the working world with a modest starting salary. A good card for this level of income is a
general rewards credit card
 where you can get points that are redeemable for a large assortment of items like gift cards, electronics, travel, jewellery, and other things.

This means you can earn points each time you spend on whatever you want, and use the points however you see fit.

Building A Career (RM36,000 – RM50,000 a year)

For those who already have a firm footing in their chosen industry and are steadily moving up the corporate ladder, you’re freer to choose a card that rewards you for your common recurring expenses and occasional splurges.

A
good petrol rewards credit card
 can be helpful for your daily commute, just make sure they match your favourite petrol station. Or better yet, get a petrol credit card that rewards you no matter which petrol station you choose.

High Flyer (RM72,000 – RM120,000 per year and above)

For this level of income, you would do well to go for credit cards that reward you with special access, perks, and privileges that you can fully take advantage of now that you’re more financially flexible. A good
hotel or travel points credit card
 is especially worthwhile since the points are often also given out for purchases made overseas. Which means, you get discounts and benefits when you travel, and as you travel, you get rewarded even more.

Another good credit card for you to have here would be an
online rewards credit card
. Once you’ve reached a certain lifestyle where you can afford to buy the best stuff, you’ll find that going online would be the best way to get them.

It’s also great for the times you can’t travel. You can just buy international products over the web. It’s convenient, less hassle, and getting rewards as you use your card makes it all the better.

It also goes without saying that if your salary is within this range, getting
any rewards credit card
 is way better for you than not having a rewards credit card at all. This is because the benefits and goodies you get for swiping your rewards credit card increases in value the higher the minimum income requirements are.

It would be even more rewarding if you can just get one credit card that gives you rewards for travel, online shopping, and local purchases all at once. But is there such a card?

A Reward Card That Does It All

No rewards card can be everything to everyone, but one card looks to give you the most irresistible reward points deal yet. The new
HSBC Visa Signature credit card
 rewards you for several categories of spending where you get:

• 8x Reward Points* on spending overseas

• Up to 8x Reward Points* on online spending

• 5x Reward Points* when spending at local malls

• 30% off redemption* on travel & online vouchers

• 1x Reward Point* on any other type of spending

Which means you get rewarded for spending online, overseas, locally, and even just for everyday expenses. If you’re looking for a credit card that rewards you for virtually every purchase you make, you can’t go wrong with the
HSBC Visa Signature
. Click the button below to learn more and apply for
HSBC Visa Signature
 credit card!

0

0

votes

Article Rating

SHARE

TAGS:

HSBC Credit Cards

HSBC Visa Signature

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


More Secret Places to Hide Emergency Money

Everybody needs a stash of emergency money hidden somewhere in their house. You never know when you need to quickly pay somebody in cash, lend money to people who urgently need it, or use it as backup pocket money when you run out.

Most people keep their emergency cash in an envelope somewhere. Which is fine. But if you want to make sure your stash is really hidden from view of potential thieves, it may be worth thinking of clever spots to hide your banknotes. In fact, we even made a video for this:

If you can’t watch the video right now, or want some other ideas for hiding your money, here are some more places around the house where you can secretly hide your cash!

Inside a Pen or Pencil

Pens or mechanical pencils can be unscrewed and you can then roll up your banknotes tightly to fit into the plastic tube casing.

Everybody else will just think it’s a regular pen or pencil. Just remember to use stationery with opaque casings. You don’t want your cash peeking through

Inside a Flashlight

Similar to the stationery method, you can fold some bills and insert into the insides of a flashlight.

If you’re really in an emergency situation where there’s a fire in the night for example, you’re inclined to bring your flashlight with you anyway. Which makes this tip doubly effective.

Under the Drawer

This requires a set of vertical drawers. What you do is pull out a drawer that’s not the bottom one, and stick your banknotes or envelope under it.

Slide it back in and it’s practically impossible to find by chance. To retrieve the cash, simply pull the drawer below it and reach up.

Behind Clocks or Wall TVs

This works best with wall clocks that are placed higher up (the higher, the better). You can tape the cash behind it and no one’s the wiser. Same goes for wall-mounted television monitors too.

It’ll be too much hassle for somebody to look behind there, and especially effective if your mount makes the monitor cumbersome to move.

Ironing Board

Another area where people are unlikely to look for hidden cash, is the laundry. Slip in some cash inside and under the ironing board cover for a simple yet handy hiding place.

Remember not to place it under the topside of the board, since it will make the top surface uneven. That can mess up your ironing, and is a dead giveaway that something’s under there.

Above Ceiling Fan

The next time you climb the collapsible ladder to clean your ceiling fan, use some strong tape to tape up some emergency cash on there. Make sure to tape it behind the center part of the fan, and not the blades.

No matter how secure you tape it to the blades, the spinning can loosen the grip and send the cash flying. It may also be way more visible on the blades.

The point of keeping your emergency cash hidden is that you’re only meant to have it in the event of an emergency. So it’s good to slip the bills either in a small envelope or airtight plastic baggie before hiding them away, to protect the cash from the elements. And of course, write down where you hid the cash, otherwise you may forget completely how or where to retrieve them.

Do you have any other ideas on where to hide some cash around the house? Do share your thoughts with us in the comment section down below!

0

0

votes

Article Rating

SHARE

TAGS:

Emergency Funds

About THE AUTHOR

Ahmad Mudhakkir

Ahmad Mudhakkir

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


TIME Unveils Country's First 1Gbps Broadband Plan; Offers Up To 5x Speed Upgrades For Existing Customers

After
TM
 and
Maxis
, TIME has finally released updated broadband plans at affordable price tags. It’s also taken the opportunity not only to upgrade the internet speeds of its entire existing customer base, but also introduce the country’s first 1Gbps broadband package.

The revamped home fibre broadband plans come with faster speeds at a lower price, following
the implementation of the Mandatory Standard on Accessing Pricing (MSAP)
. TIME’s entry-level 100Mbps plan is priced at only RM99 per month, down from its old price of RM149 per month, making it the most affordable 100Mbps plan in the country. Its 500Mbps plan is now priced RM139 per month, which is 53.5% cheaper than its previous price of RM299 per month. Finally, the latest broadband plan in TIME’s home fibre broadband plans, the 1Gbps plan, is priced at RM199 per month.

Here is a table of the broadband plans and their respective packages.

All plans come with the option of either a 12-month contract or a 24-month contract. However, customers who opt for the 12-month contract will be charged with a one-time RM300 charge and they are not eligible for any promotion or discount. All plans do not have any internet quota.

There is good news for existing TIME subscribers too. All existing customers’ broadband plans will be upgraded, at up to 5x their subscribed speeds.
TIME’s FAQ page
 stated that existing customers will have the opportunity to upgrade or downgrade their plans to enjoy the new subscription prices without having to reset their contract durations (though some options may require the reset). Note that this upgrade is automatic, so all existing customers should already be enjoying the faster speeds.

Here is the table of the previous plans and the upgrades.

Plans

Current Speed and Price

Upgrade and Price

100Mbps Fibre Home Plan

100Mbps (RM149)

500Mbps (RM139)

300Mbps Fibre Home Plan

300Mbps (RM189)

1Gbps (RM199)

500Mbps Fibre Home Plan

500Mbps (RM299)

1Gbps (RM199)

The new plans are available for subscription via
TIME’s website
.

(Source:
SoyaCincau
 and
TIME
)

0

0

votes

Article Rating

SHARE

TAGS:

Fibre Broadband Plans

TIME

TIME Fibre Home Broadband Plans

About THE AUTHOR

Brian Chung

Brian Chung

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments