New Year New You:  Rejuvenate Your Mind in 2016

Business and self-help guru, Stephen Covey, wrote in his book,
The 7 Habits of Highly Effective People
, about the power of ‘sharpening the saw’. ‘The saw’, in this context represents the human mind and ‘the sharpening’; refers to all the activities we engage in to keep our minds, well, sharp.

He noted that when people become mentally sluggish, they assume that a little break from the norm is all that is needed to rejuvenate the mind.

However, if a blunt saw is left unsharpened, it will remain blunt. The same goes for human beings, a vacation alone won’t necessarily be the save-all solution when feeling psychologically lethargic. Plus, many of you may not be able to afford a vacation after the expensive year end festivities or back-to-school shopping.

So if this is you, back from the year-end break and still feeling mentally jaded, here are a few money-mindful ways to get your head back in the game.

1. Read the Right Books

“A mind needs books as a sword needs a whetstone, if it is to keep its edge”, writes George R. R. Martin, author of the wildly popular Game of Thrones series and we couldn’t agree more. Give your television remote a break and pick up an actual book (or e-book if you prefer) for a brain workout.

According to the
Science Daily
, reading stimulates the brain and could even slow down the onset of memory loss.

Whilst you are at liberty to read just about anything; we recommend checking out books with subjects that will actually recharge your thinking; give you a new perspective; teach you a new skill/lesson; or do all of the above!

Of course, you can also choose to increase your level of financial literacy so you can make smart money choices in the year ahead (check out
our article on easy-to-read finance books
).

Moreover, if you don’t want to spend a lot on books, you really don’t have to; Malaysians are made up of a wonderful community of readers who actively participate in book exchange programs via forums and social media.

However, if you haven’t a great collection to engage in a swap, buy them cheaply or at discount from second-hand bookstores or simply mark your calendar for book festivals like the
Big Bad Wolf Book Sale
. Remember to save your receipts for tax relief of up to RM1, 000 on your book purchases.

Don’t have a dime to spare? Don’t fret! Get your hands on classics for free from
Project Gutenberg
. Even audio books are available. Try them out; to some it’s just as good as actually reading.

2. Try New Activities

Human beings are ‘cognitive misers’ in that our powers of reasoning are very much tied to a frame of reference. While it is a clever function that helps your brain process information more efficiently, it is not necessarily an effective course.

This is because your level of understanding can become limited based on prior references. In other words, if you do not introduce yourself to new experiences, sights and sounds, your powers of cognition (understanding) may eventually become narrowed. They don’t call it ‘widening horizons’ for nothing.

You can give you mind a fresh update by engaging your brain with new experiences that coordinate body and mind. Picking up an instrument, beginning a new exercise programme or learning to dance are all great options. Of course, these activities cost money but you can usually get started for free with lessons available – or check out
YouTube
!

3. Start a Journal

This is one of the most therapeutic activities to balance your thoughts and emotions. It may significantly alleviate anxiety and stress by helping you identify the causes of your burnout so it may be rectified.

In addition, journaling also boosts mind power (no, you won’t be able to read people’s minds!), in that it is
said to boost memory and comprehension as well as strengthen communication skills
.

Did we mention that it does not have to cost a cent? You can get journaling tools online for free. Sites like
Penzu
 and
LiveJournal
 provides a cool interface with easy-to-use features that are password-protected to keep away unwanted prying eyes from stumbling upon your innermost secrets.

Should you decide you do want to have a physical journal; you can easily get one for the price of a fast food value meal.

4. Find Peace of Mind

Give your ‘thinking cap’ an equal amount of rejuvenation and rest to keep from getting mentally fatigued. Here are some tried-and-true methods to relax your thoughts:

1)
Meditation
 – calms your mind for greater focus and clarity. Check out YouTube channels for free video guides and meditation music.

2)
Sleep
 – don’t underestimate the power a solid forty winks. Simply getting enough will do wonders to improve focus and attention.

3)
Spa treatments
 – A relaxing, revitalising treat no doubt, but prepare to spend a little extra, because these services don’t usually come cheap. Try group buying sites to get in on attractive discounts, or if you have a credit card, be sure to look out for special promos that come with.

Don’t have a credit card (or just longing for a better one)? You’re in luck, we just happen to have the
best cards in Malaysia on our comparison page
 for you to choose from.

Mind over Matter

Aligning your goals to a positive and constructive mindset is a strong way to start the New Year. However, it may be all too easy to fall prey to pessimistic thoughts when money in the bank is not where you want it to be.

Often times, this is the main reason for a mental burnout, especially in the beginning of the year when it becomes clear that this year may be just as financially challenging as the last.

If your money goals aren’t being met, you are more likely to give in to negativity and mental barriers of success.

But in contrast, the right frame of mind places you in perfect position to identify and even create opportunities to save and make more money, which really is the name of the game in 2016.

So why not this year, instead of focusing on where you fall short, use your mind to direct all attention towards your strengths and goals. As the saying goes, “if you put your mind to it, you can accomplish anything”.

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Protect Your Loved Ones And Their Identity This Valentine’s

It’s the month of February. Love is in the air. You’re planning on a surprise for your other half. The flowers were ordered online, as was the rental car for the night’s dinner. You’ve forgotten to withdraw cash but figure you can just use your credit card at the restaurant.

With the majority of our transactions taking place via the Internet and our resulting dependency on it, has the possibility of things going haywire occurred to you? Identity theft – whereby one’s personal information is obtained through unlawful means and used to commit fraud – has gradually become a legitimate cause of concern, with a large number of the public not taking steps to combat it. In fact, the Malaysian Chinese Association’s (MCA) Public Services and Complaints Bureau approximated that between 2014 and 2016 a whopping RM2,825,000 was lost due to identity theft.

Given that, is a peace of a mind not the ideal gift for your loved ones? Whether it’s your partner or a member of your family, it’s always better to be safe than sorry and ensure their identity is protected.

This is where JagaMyID steps in. A web-based portal launched by
RAM Credit Information (RAMCI)
, JagaMyID is unique in its service, aiming to fight against credit fraud and identity theft – a first in Malaysia.

JagaMyID’s main purpose is to help Malaysians lock out identity fraud. The service accomplishes this through a yearly subscription service where subscribers receive email alerts if there’s been a change to their credit profile, or in the case of any further loan or card applications made using their name. Subscribers would then be able to take immediate action if they happen to be dealing with a case of identity theft.

Along with this, JagaMyID offers a variety of other benefits as well, such as monthly updates of CCRIS information and a subscriber’s i-Score, biannual Personal Credit Report Plus (PCRP) and monthly payment tracking. Combined, JagaMyID allows subscribers to maintain a healthy credit score, negotiate for better interest rates and credit terms, and have an incredibly convenient and clear picture of their total credit and loan portfolio – all in one package.

For those looking for a more enhanced version of the product, RAMCI provides subscribers with JagaMyID Plus, adding further value to maintaining a peace of mind on all fronts. JagaMyID Plus’s aim being to minimise financial loss and the consequent negative impact on your finances and credit, it secures insurance coverage for its subscribers on top of the existing benefits.

Under JagaMyID Plus, subscribers are protected against snatch thefts, ATM withdrawal malfunctions, medical expenses, accidental death and permanent disability. This ability for subscribers to not only be in control of their credit health, but also to be protected in any given scenario makes JagaMyID Plus unique in its features.

What’s more, for the duration of this month, you can
get 50% OFF when you or your loved ones sign up for JagaMyID Basic or JagaMyID Plus
 using this promo code:
VLTNEEXP

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Kick-start Your Money Goals

Discovering and planning your financial goals is the ticket to staying fiscally fit as you lay the foundation to maximise the value of your cash.

With a specific set of financial aspirations underlined, you have in your hands, a powerful and motivating tool to keep you making good money-management decisions all year round.

But just how do you get the wheels in motion for your all-important money goals?

Define and Set Your Goals

Financial goals are just like any other, in that before you do anything, you need to first have them defined.

So just what are your money goals? Use these helpful hints to identify and craft attainable goals:

Ask yourself what it is you want to achieve
, is it a deposit for a new car purchase, do you want to clear out mounting credit card debt or simply increase your level of savings? Big or small, write it all somewhere you can see, so that your targets are within sight and in mind.

Be specific
 and avoid vague objectives like, “I want to have more spending money”. Say instead, “I want to increase my disposable monthly income by 15% and decrease daily expenses by 5%”.

Be reasonable
 – Make RM1 million in six months? We’re not trying to rain on your parade but do ensure that your goals are achievable, will not put too much of a strain on day-to-day finances or demotivate you when it does not happen.

Deconstruct big goals
 by dissecting them into bite-sized portions. For example, buying your first home is a major financial uptake, so perhaps try to save for a down payment first and only then move on to cover other entry costs.

Put a time frame on it
 – Set a realistic time frame to accomplish your money goals and make a review of its progress and feasibility from time to time.

Money Goals to Keep You Fiscally Fit

Before you progress towards other targets that maximise the value of your money like investing or buying a second home, here are a few essential objectives to check off your list first:

Maintain a Healthy Level of Savings

In a
recent survey by Bank Negara Malaysia (Financial Capability and Inclusion Study 2015), only 6% of Malaysians possess savings of six months
 or more to support themselves in the event of sudden loss of income. It is clearly time to make changes to improve our reserves. Try these handy suggestions to develop your own savings:

Make deductions for your savings before you start spending. This way, your outgoing budget is reduced and your nest egg prioritised.

Join a savings programme that automatically deducts from your income account and funnels into a dedicated savings account.

Aim to first reach savings worth three times your monthly income and once achieved; increase deposits to fulfill a comfortable level of six months’ worth.

Keep an
emergency-only credit card
 on hand, so you do not blow through your savings in times of financial distress, especially if your emergency fund is presently insufficient.

Get Insured and Stay Protected

One trip to the hospital can severely dent or even wipe out your hard-earned nest egg – this is why medical insurance is an indispensible (and indirect) shield for your savings.

As a start to cover hospitalisation costs, do look into procuring a
basic medical insurance card
 and when financially able, you can move on to comprehensive policies for greater coverage.

Consider also, life insurance policies that come with a cash value or savings feature which could be used as a retirement bolster (read more about retirement savings below).

Alternatively, a cheaper, basic,
term life insurance policy
 can protect the financial wellbeing of your dependants and provide monetary support in the unfortunate event of permanent disability.

Secure Sufficient Retirement Funds

It’s no secret that your EPF savings alone is not enough to cover your retirement living costs, yet it’s one of the most neglected goals for young folk who view retirement as a long way away. But times flies and earning capabilities dwindle for most, thus, you’ll need to rev up contributions from now to see at least a decent sum.

Basic EPF contributions should see around 23% to 24% of your monthly income (total minimum contributions by employer and employee) go toward your retirement. Still, research by the
Private Pension Administrator Malaysia (PPA)
 suggests that to even cover two-thirds of your current income in your retirement years, you’ll need to put aside 33% of your monthly income.

In other words, you’ll need to apportion another 9% or 10% of your income for retirement savings to enjoy adequate income replacements in your golden years.

To help you make bank for your retirement, try saving through the Private Retirement Scheme which even comes with a tax rebate and if you qualify, a RM500 contribution from the government under the PRS Youth Incentive.

Taking Control of Debt

The most important financial goal that we have saved for last is related to how you can take charge of your debt. Now, while each of us may define being debt-free differently, the main aim of managing your debt is to minimise fees and interest costs associated with credit and borrowing.

Here’s how to shrewdly keep debt levels controlled:

Negotiate interest rates for financial products (home loans, balance transfer fees, etc.) especially during sales periods to enjoy the lowest promotional rates. It may not always come to fruition but it is worth a try.

Consolidate debt to reduce interest payments.

Be clever with credit card spending and make use of the interest-free period.

For larger purchases like appliances and furniture, pay cash or charge to credit cards that provide zero-interest, easy payment plans.

Stay updated on tax information to fully utilise applicable interest rebates and related incentives.

“A dream becomes a goal when action is taken toward its achievement.” – Bo Bennet

Achieving your money goals requires a whole lot of planning, persistence and motivation but most of all; you simply need to get started!

Now is the perfect time to take stock of your finances and put together a plan for where next year’s earnings (and beyond) can take you.

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See It All in London in One Day!

A leading capital city, London steads itself as a metropolis full of surprises just waiting to be discovered and is most certainly a place you would find in the bucket list of almost every non-Londoner around the globe.

However, most Malaysians dread the trip to the money changer before travel as this part of the world boasts the mighty British Pound where one of our red notes can barely be exchanged for a couple of quid.

What this writer managed to do when the exchange rates weren’t as painful as its prevailing value, was to traverse the amazing city and see most of what he remembers watching in timeless British reels like James Bond and even Mr. Bean as a minor – all on a shoestring budget. All aboard and we’ll show you how you can see the best parts of London in a day!

Getting About

One of the most commendable facilities available in this part of Europe is its transportation system. The London Underground rapid transit system serves a large part of the capital and has the option of coupling its passes with the London bus services as well as a host of others above ground like the London Overground and Tram, which by far are the cheapest and most efficient ways of getting about.

We would suggest getting an all-day pass for you to have no restrictions in the city, this would only cost you £7.30 (RM42.60) and can be used at anytime, anywhere within travel zones – most cost effective considering your day romp of the city.

First Stop, The Royal Palace

Don’t forget to mind the gap when dismounting the London Underground at the St. James’s Park stop serviced by the District and Circle lines.

This would be followed by a rather ordinary short distance walk along Petty France (name of the street upon exit) before bursting into another street called Buckingham Gate lined by government and similarly ordinary fashioned buildings.

But make no mistake about what you are about to see as soon as you finish tailing flocks of tourists to the grand opening of the world famous Buckingham Palace – the residence and principal workplace of the British monarch.

Be sure to arrive right at the palace gates before 11.30AM to witness quite a glorious and colorful display of British pageantry in the form its royal change of guard, which this writer unfortunately missed by a matter of minutes!

While one door shuts, another opens as you would be in complete amazement of what you are about to see next – the Victoria Memorial. Perched right in the centre of the space leading up from a stretch called The Mall, the memorial drenched at its base for a fountain, stands mighty with a gilded bronze-winged figure adorning its pinnacle.

You had dismounted at his underground stop and now, it only makes sense if you stroll through his park – St. James’s Park that is. Blanketing the landscape adjacent to the palace, its surrounding invites you for a walk of absolute wonders through nature’s attendants. Enjoy the calm breeze of the park welcome you with a caressing gush as its cordoned off lake overflows with little ducks and geese the size of a German Shepherd!

Plenty of photo opportunity await you as you make your way through nature’s wonderland – where you could even choose to have a cup of good ol’ English tea at haunts buoyed in the middle of the lake for the price of around £1.00 (RM5.80) or add about £3.50 (RM20.40) for a simple meal.

Trafalgar Square

As you exit the beautiful St. James’s Park, you would come to an humongous parade ground called Horse Guards Parade where Trooping the Colour is held to commemorate the monarch’s birthday. Hundreds if not thousands of troopers, with and without horses converge for this auspicious occasion.

On a normal day however, the path leading square in direction to the central archway would not throw you off course due to its barrenness, but its the primary Horse Guard structure is somewhat contrasting to its void appearance. Reminiscent of colonial Britain, the horsed troopers on guard simply take you on a time continuum like none other.

Once you’ve passed through the central archways, the road called Whitehall awaits – flanked by beautifully sculptured architecture of old, the walk en route to your next highlight destination is something your memory will cling on to for as long as it able to remember.

It will be a number of historic monuments which you will have walk by before finally being able to feast your eyes on one of greater aesthetics – Trafalgar Square. Should you have a straying imagination akin to this writer, you would be walking amongst horse carriages, pompous Englishmen in top hats and maidens clad in petticoat hugging evening gowns.

Fast forward a couple of centuries and you will find yourself in the middle of a much celebrated square, most popularly used to host the turn of a new year – London’s answer to the ball drop in Times Square if you will.

Expect tourists galore as you stroll through its ambient surrounding and just take in the air for a bit. Don’t forget to visit the big blue cockerel (you can’t miss it!) to endow your journey so far with a little touch of art!

Old Chap, Big Ben

While you soak in the calm atmosphere at the square, stand anywhere around Nelson’s Column – that would be the large totem pole with four bronze lions guarding its feet – and turn around to the road which took you here. There it is, Big Ben, poking right through the English skies and reminding you of the time even from such a distance.

Its going to be a 10 to 15 minute walk from here to get to the immaculate clock tower, but by all means, you are allowed to indulge in a little retail therapy along the way from the rows of various shops on either side of the street – or if you’d prefer a diversion, hop on the Charing Cross Underground right at Trafalgar and head on to Piccadilly Circus or Oxford Circus (both a stop and two away respectively) for your ticket to binge in shopping paradise.

As you inch closer toward the Elizabeth Tower, as it is officially labelled, you will come to realise that the bark of the clock tower is made from intricately detailed architecture and spreads across the parent building that it is attached to. All sense of time is lost at the very moment you find yourself standing before Big Ben and is a feeling worthy of all superlatives in the vocabulary put together.

The iconic structure, an unmistakable landmark to the nation’s capital and Britain alike is perched right beside River Thames – which you will be crossing via the Westminster Bridge shortly to be greeted by a bunch of street performers exhibiting their talents through coin tricks and the ever slights of hand to make a quick buck from bold passersby.

Just to your left however, would be yet another icon to the city which you probably would have had a glimpse of from your very first stop due to its aerial command, but why would this writer ruin all the surprise then. There she stands, so close to the waters of River Thames as if it too had some sort of magical buoyancy – The London Eye.

The Eye in the Sky

From a distance, you would think it was some sort of over elaborate shipping port from all the boats, but a closer look would show they are simply commercial boats to ferry curious travellers along the spectacular river for an experience truly out of this world. At the ticketing counter, you would have the option of combining your aerial and naval tickets for a discounted rate of about £28 (RM163.50).

Due to immense popularity and time block ticket issuance, you would probably have very little time to scour the area for more interesting attractions. Preceding The London Eye is the famous London’s Death Trap, a laboratory-themed horror show exhibition, tucked neatly between cafes and restaurants.

At a tourist-centric area, expect to pay anything between £10 to £30 (RM58.40 to RM175.20) for a decent meal – for those on a tummy strapped budget, a good ol’ hotdog from vendors parked around for about £3 (RM17.50) sounds like a palpable deal.

As soon as the tummy is satisfied, it should be time for you to board either one of the rides you’ve signed up for. In tandem with this writer’s experience, we will chronicle the view from above first. You might have had a similar experience with the Singapore Flyer, but this capsule takes the cake for this writer.

An exquisite view of the city of London awaits as you gradually rise in rotary motion – its compact city’s horizon is outlined by Victorian (Edwardian, Georgian, Norman, Tudor and post-modern) architecture as you approach its highest point, leaving you quite bamboozled at the spread of this magnificent city. If you’re lucky, you might get a local sharing the same capsule – dishing out information on the city’s icons in the manner of a tour guide, except he or she is just as ecstatic you are.

With such aerial advantage at this point of day, you would be privileged as to bear witness to the sun sinking into the British horizon. If you’d like to take advantage of the boat cruise you have coming up, visually track the River Thames to have an idea of the various bridges you would be arching under en route to yet another iconic structure in our modest list.

As you begin your descent into the docking area, make your way to the designated boat and head up into the open-air deck where nothing should even attempt to come in the way of your experience – in the case of this writer, not even a 10 degrees Celsius temperature. Once of the best ways to enjoy the ride is during sunset, where the lights from that big ball of gas dims away and the glow of the river-flanking buildings throw warm lights onto its surroundings.

Along your River Thames cruise, you would be able to see the world famous London Bridge, but be prepared to recalibrate your idea of the structure – because it looks pretty bland and would be the eighth bridge you encounter before hitting the very last bridge called the Tower Bridge. This last bridge would be the icon that your eyes and memory pockets vouch to being the better looking one – it is in fact the bridge most of us have been misinformed about since young, even this poor writer.

St. Paul’s Cathedral

Its amazing how ordinary camera phones are able to capture pretty stunning details and moments – that said, you would be more than glad to find out that your cruise vessel would be making a U-turn immediately after the Tower Bridge where you would be able to take enough shots of the bridge in its glorious stature from every angle.

The sun has completely disappeared from the sky and it seems as thought you’ve ferried through the twilight zone as you step onto the decks and into an alternate world. Your last stop is only moments away on the opposing side on River Thames and you could choose to cross at any of bridges before the London Bridge (now you know the right one!) during your 20 minute walk to get there.

Feel free to stop at anywhere for a quick fix where fast food joints populate the area like mushrooms on a patch of grass after a rainy day. London is pretty big on pedestrian sign boards as well, making it almost impossible to get lost. So do keep track of your routes at every peep of these tiny boards.

The journey there would be a completely different feel due to the change in light, however you will notice the variety in Victorian (and others mentioned above) architecture from government to even regular establishments. Either ways, they truly are a sight for sore eyes. Also, you would need to cross quite a number of streets to get there. You will come to experience how all road users are generous and concerned about pedestrian priority, it definitely isn’t a sense of comfort you find cheaply anywhere.

Built at the highest point in the city of London, this second largest church in all of Britain stands majestically in an open space that’s neatly weaved around its perimeter and occupies a significant place in the nation’s identity.

This heavenly sanctuary has played host to various historic national events like the Jubilee celebrations of Queen Victoria, the auspicious wedding ceremony of Prince Charles and the late Lady Diana as well as funerals of notable figures in the English time line. As you walk closer to the church gates, you will strain your neck a little by probing its magnificent facade. Enter the gates to its compound of gardens and benches for an experience that is deftly tranquil.

Cheerio, Mate!

As you exit the church compounds or after you decide to sneak a quick peek at its immaculate and profound dome interior, the St. Paul’s Underground awaits you just outside – and from hereon you can dictate whatever else you wish to see in the beautiful city of London.

For this writer, he had a footie game to catch at the Emirates Stadium not too many stops away on the Underground. A dream he’s always had as a child was to see his favourite football team, Arsenal throw the ball around the park and he managed to score tickets from scalpers for £50 (RM292.00), a bottom-dollar bargain to culminate a truly fulfilling experience!

To point, you would have only spent around a meager RM350 (without the footie game!) and that, my friends, is not bad at all for a day trot. Should you have spare change or an awesome
travel credit card
 in your pocket and decide to chug a pint in Soho, shop along Oxford Street, or even catch a footie game or your choice (there are about 20 stadiums spread out in London, including Wembley), hop on the Underground using your still-valid day-pass and let the winds of merry old London show you the way.

Speaking about travel credit card, why not participate in our
Travel Getaway Campaign
 and get a
free
 return flight ticket to
Hanoi
 or any of the 19 attractive destination when you apply for selected credit card?

Do you have an equally amazing travel experience as the one described above? Share with us your thoughts in the comments section down below!

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PLUS Offers 50% Discount to Motorists Using the PLUS and LPT2 Highway For Hari Raya

PLUS Malaysia Sdn Bhd is currently offering a 50% discount on toll charges to all motorists using the North-South Highway (PLUS) and the East Coast Highway (LPT2) today (13 June) and tomorrow (14) June in conjunction with Hari Raya.

In a press statement, the company said the discount will be available to all classes of vehicles with effect from 12:01 am on 13 June to 11:59 pm on 14 June, which means that anyone who exits any of the two highways within these two days will enjoy the discount. The discount is applicable at all tolls plazas on both highways except the Tanjung Kupang and Sultan Iskandar toll plazas.

Aside from the discount, PLUS Malaysia has also set special toll rates for motorists using the Penang Bridge during the same period: 70 sen for Class 1 (motorcycles), RM 3.50 for Class 2 (cars), RM 6 for Class 3 (vans), RM12.50 for Class 4 (lorries with two axles), RM22.50 for Class 5 (lorries with three axles), RM 30 for Class 6 (lorries with four axles), and RM 37.50 for Class 7 (lorries with five axles).

(Source:
PLUS
,
The Star
,
The Edge
)

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Mean Monthly Salaries In Malaysia 2020 Fell By 9% In First-Time Decline

Mean monthly salaries and wages have fallen by 9% in 2020 – the first-time decline since the Salaries & Wages Survey Report Malaysia was started in 2010, said the Department of Statistics Malaysia (DOSM).

“Median monthly salaries and wages recorded a double-digit decrease of 15.6% from RM2,442 to RM2,062,” said DOSM in its report. “Likewise, the mean monthly salaries and wages also declined from RM3,224 to RM2,933 (-9.0%) within the same period.”

The drop was attributed to the Covid-19 pandemic where some businesses opted for unpaid leave or wage cuts when their operations could not be conducted as usual. “As the largest segment of employed persons in Malaysia was in semi-skilled category, most may had faced difficulty in continuing their works in a remote or digital form,” the report revealed.

Mean monthly salaries & wages fell 9.0% in 2020, the first time decline since the series began in 2010.
#StatsMalaysia
#MyCensus2020
#MenghitungMalaysia
#DataAndaMasaDepanKita
#PastikanAndaDibanci
#ARC2021

pic.twitter.com/oqDq8SVcLl
— DOSM (@StatsMalaysia)
July 14, 2021

Looking at the salaries and wages of employees by gender, both male and female employees saw a decrease in median and monthly salaries and wages in 2020 due to the pandemic. The median and mean of monthly salaries and wages also decreased in both urban and rural areas last year.

While the number of recipients of salaries and wages did increase in 2020 to 9.4 million persons, this was at a slower rate of 2.1% compared to 5% in 2019.

(Source:
DOSM
)

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Maybank Islamic MasterCard Ikhwan Gold Card Review 2018: Great For The Masses

The
Maybank Islamic MasterCard Ikhwan Gold Card
 is a straightforward yet rewarding cashback credit card. It’s not a card that is bogged down with confusing categories to keep track of, or minimum spend requirements – it also has low entry requirements and is Syariah-compliant. We can tell you from the start that its valuable cashback privileges make the Maybank Islamic MasterCard Ikhwan Gold a very attractive card for fresh graduates and moderate spenders of all ages.

Guaranteed Cashback For Petrol And Groceries

There are many credit cards out there offering cashback benefits, so what makes the
Maybank Islamic MasterCard Ikhwan Gold Card
 so special? Well, the appeal in the Maybank Islamic MasterCard Ikhwan Gold’s cashback privileges lies in the fact that it doesn’t have a required minimum spend for you to be eligible for cashback.

Any spend on petrol and groceries on a Friday and Saturday (the traditional Muslim weekend) will automatically garner you a rate of 5% cashback. The total cashback is capped at RM50 per month, giving you a potential RM600 total cashback in a year – which is a decent cap given the zero minimum spend requirement. Any credit card which gives you a 5% cashback rate without a minimum spend requirement is definitely a rare find, because you get guaranteed cashback without having to worry about fulfilling any conditions or be pressured to hit a certain amount of spending. Like the Maybank 2 Gold and Platinum cards, you just need to tweak the days you do your grocery shopping and fill up petrol.

In addition,
Maybank Islamic MasterCard Ikhwan Gold
 cardholders are entitled to 1 TreatsPoint for every RM1 spent locally and overseas. However, you won’t be earning TreatsPoints for what you spend on petrol and groceries on Friday and Saturday (as you’re already earning cashback from that spend), nor for any expenditure on government bodies. The value of TreatsPoints isn’t that much, since its conversion rate is 0.2% (500 TP = RM1). Signing up for a Maybank Islamic MasterCard Ikhwan Gold will also get you a free Maybank Touch ’n Go Zing card, which is basically a Touch ’n Go card with an auto-reload feature – but you’ll be charged a fee of RM2 for every automatic reload on this card, so that’s not really a good thing.

An Islamic Credit Card With Islamic Values

The
Maybank Islamic MasterCard Ikhwan Gold Card
 shows its religious significance not only in its name but also in its offerings. With every spend on your Maybank Islamic MasterCard Ikhwan Gold, Maybank will contribute 0.1% of your expenditure to charity. The selected charity organisations for this fund are Islamic Relief Malaysia, MERCY Malaysia, and Islamic Aid Malaysia.

Furthermore, the Maybank Islamic MasterCard Ikhwan Gold also has an ongoing Umrah Trip campaign where lucky winners will receive a two-person Umrah trip package as a prize. All expenditure of RM200 and above in a single receipt qualifies as one entry to be in the running for selection. Retail purchases from approved merchants, new Maybank EzyPay Plans, and online purchases count as successful transactions for this campaign. For selected winners who are non-Muslims, the prize will be substituted with a holiday package determined by Maybank instead.

Entry-Level Requirements Make It Ideal For Fresh Graduates

The RM30,000 minimum annual income requirement means that you can own the
Maybank Islamic MasterCard Ikhwan Gold Card
 with an entry-level salary of RM2,500 a month. And of course, the crowning glory of this credit card is that it is free for life, with no conditions whatsoever. This makes the Maybank Islamic MasterCard Ikhwan Gold Card a really good choice for fresh graduates who want a credit card that offers good cashback for the essentials, but doesn’t come with a bunch of conditions that can complicate.

Verdict: Fuss-Free Way To Guaranteed Cashback

The categories that qualify for cashback are petrol and groceries, which are generally considered to be the necessities of your weekly expenditure. Moreover, the fact you don’t need to hit a minimum spend to be eligible for cashback also means that you won’t be pressured to spend more to unlock the benefits of the card. Therefore, the Maybank Islamic MasterCard Ikhwan Gold Card is a wise option for prudent spenders in general, fresh graduate or not.

The Maybank Islamic MasterCard Ikhwan Gold is a great entry-level credit card. Low-maintenance and free for life, the Maybank Islamic MasterCard Ikhwan Gold Card is unlikely to cause you any headaches for owning it, and still give you a reliable 5% cashback every month. If you’d like to know more, check out the
Maybank Islamic MasterCard Ikhwan Gold Card
 on our website now.

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Indulge At Resort World Sentosa Restaurants With CIMB

CIMB cardholders can use their credit card or debit card to indulge their taste buds on a range of international cuisines at World Resort Sentosa, Singapore. Get 15% off your food bill when you utilise your CIMB credit card or debit card at Joël Robuchon Restaurant or 10% off when you dine at L’atelier de Joël Robuchon.

If French cuisine isn’t to your fancy there are a host of other restaurants to whet your appetite at a four-for-three deal. A party of four gets to enjoy a variety of food ranging from contemporary Chinese set meals to international buffet spreads at the price of 3 persons, at restaurants such as Feng Shui Inn, Forest, Osia, Palio and Starz.

Availability of promotion varies according to participating restaurants. Visit CIMB’s promotion page to see the full list of restaurants and
Terms & Conditions
.

Please note that to qualify for this promotion all purchases must be made with a CIMB credit card or debit card. This offer is not applicable with other on-going promotions or discounts.

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Economic Stimulus Package 2020: Incentives For Government Staff In Covid-19 Frontline

Interim Prime Minister Tun Dr Mahathir Muhamad has announced an incentive for the healthcare industry in its battle against Covid-19 in the Economic Stimulus Package 2020.

Government staff directly involved in the fight against Covid-19 will be given a special allowance as a gesture of appreciation for their hard work. Doctors and all individuals working in the public healthcare industry will be given a special allowance of RM400 per person each month. Those working in the immigration department, on the other hand, will get RM200 per person each month.

The disbursement of these special allowances will begin in February 2020, and continue until the end of the outbreak.

Tun Dr Mahathir also stated that the Ministry of Health will also receive sufficient funding to ensure that the Covid-19 outbreak will be controlled. As of today, the ministry has spent as much as RM150 million to purchase equipment, medication, and other healthcare consumables in its ongoing efforts to contain the outbreak.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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HSBC credit cards will satisfy your palate at Ben’s

Up for something seriously scrumptious? Then
head on down to your favourite Ben’s restaurant with your HSBC credit card.

Dine in or take away between

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Missed 3.3 Sale? 3 Reasons To Shop From Lenovo.com/my

In today’s digitally connected world, a laptop or PC can be among one of the most important devices in our lives. Whether you’re using it to host work meetings or to attend virtual classes online, our technology device of choice can feel like a close companion that helps us manage our day-to-day activities.

Hence, when selecting a device, it’s necessary to consider not just based on its ability to perform certain functions but also how it complements our overall lifestyle.

If you need an industry-standard device that fits seamlessly into your daily life, whether it’s for work or school – why not consider using a Lenovo device? Here are three reasons why you should shop from
 Lenovo.com/my
right now:

1.
Lenovo Shopping Fest

The Lenovo Shopping Fest is here! Enjoy great savings as you’ll be able to get selected items for up to 45% off, plus rack up extra savings of up to 12% off by upgrading to a
LenovoPro membership
 for free. With Lenovo laptops available from RM1,149, enjoy some of the best tech deals you can find online today.

Here are some of the deals available during the Lenovo Shopping Fest period:

RM300 Grab voucher available for those who purchase ThinkPad devices

Get 20% off RAM & SSD upgrade

10% Welcome Discount for new LenovoPRO members

30-day Activation Gift – Free Lenovo D24-20 Monitor or Lenovo Go Wired Speakerphone upon RM11,000 for new LenovoPRO members

Add-on RM1 for bag or mouse with purchase of PC

Mid-week mania deals with up to 47% off, limited to 8 units only

Flexible Payment with 0% installment plan

Looking for deals on gaming laptops? From now until 31st March, purchase a Legion laptop or PC tower and top up only RM4 to get RM1,796 worth of peripherals. This includes a gaming monitor, headset, bag and mouse. You can check out the Legion series
here
.

2.
Wide Range of Products Available

If you need a device that can do it all, Lenovo offers an extensive range of products to complement your lifestyle – from gaming and productivity, to education and creativity. Perhaps you’re searching for a reliable work or study partner that can handle everyday work tasks with a steady performance. Why not consider a ThinkPad laptop or PC from Lenovo’s Think series?

As for the folks who require a laptop that can handle both work and play, they can consider laptops or PCs from Lenovo Legion or IdeaPad Gaming lines – which boast powerful processors, high-performance graphics, and overclockable CPU options.

The best part is you’ll be able to find all these products at the Lenovo Shopping Fest, alongside other amazing products including tablets and accessories.

3.
Innovative Technology

Whether you’re getting a laptop or PC, what makes a Lenovo device special is its innovative technology embedded into every product. Lenovo laptops and PCs come with a range of features including built-in Google Assistant, flexible hinges, 2-in-1 laptops, and powerful 13th Gen Intel® Core™ i9 HX Processors processors, among others.

If you don’t find what you’re looking for, you could even
customise your laptop
 or PC to your specifications. You can select a laptop or PC tower from the line of your choice and customise its components – from hardware such as processors and RAM, to software such as the operating system of your choice.

***

Don’t wait until it’s too late. With its wide selection of products and innovative technology, the Lenovo.com Shopping Fest is the place to go for your tech needs, especially if you’re looking for a new device for work or study.

If you’re looking for even more savings, you could sign up as a
LenovoPro member
 for an extra 12% in savings, or as a
LenovoEdu member
 for an extra 5% in savings. You could also split your payments into installments with HSBC Credit Card or Grab PayLater upon checkout, if you’ve already decided on what you want to purchase.

Click
here
 to live chat or call us at 1800-22-1122 to check out everything that’s being offered at the Lenovo Shopping Fest today.

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Enjoy Contemporary Korean Cuisine from UOB Credit Cards

UOB credit cardmembers are up for a real Korean treat. From

2 May to 31 December 2013 UOB credit cardmembers who dine-in at
KimchiHaru
 will receive 15% off

the total bill when they spend a minimum of RM150 in a single receipt. This

offer is applicable to KimchiHaru outlets in Petaling Jaya, Puchong and Subang

Jaya.

Please note that this promotion is not valid with other

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

programmes. Please refer to the
Terms

& Conditions
 for further information.

At
RinggitPlus.com

there’s a perfect UOB credit card just for you! Click here to find it.

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Government To Compensate Those With Serious Side Effects From Covid-19 Vaccine

(Image: Reuters)

Individuals who experience serious side effects from the Covid-19 vaccination will be able to claim compensation via a special protection plan by the government.

“The cabinet has agreed, during a special meeting last week, to provide a special protection scheme, which will be announced at a later date. This scheme is for protection and to give an ex-gratia payment to anyone with serious side effects linked directly to the vaccination,” said the Science, Technology, and Innovation Minister, Khairy Jamaluddin after receiving the first batch of the Pfizer-BioNTech vaccine.

That said, specific details regarding the plan – such as the amount of compensation that will be paid out as well as the types of side effects that are covered – have not been revealed as of yet. Khairy stated that the government will provide these specifics soon.

(Image: Bernama)

This Covid-19 special protection plan by the Malaysian government resembles
Singapore’s vaccine injury financial assistance programme
, which was announced at the end of January 2021. Singapore’s programme offers a one-time payout of up to SGD$10,000 for those who experience significant side effects and require hospital care, as well as a lump-sum of SGD$225,000 for those who suffer permanent disability or die because of the vaccination.

Following the arrival of the Pfizer-BioNTech vaccine over the weekend, Malaysia is expected to
begin its vaccination programme on 24 February 2021 (Wednesday)
 – two days ahead of the original schedule. This decision was made after considering several factors with regard to the safety and distribution of the vaccine. As many as 271,802 frontliners will be among the first to be vaccinated come Wednesday.

(Image: The Straits Times)

Briefly, Malaysia’s vaccination programme will be carried out in three phases, starting with frontliners from now until April. Following that, the second phase will take place between April to August for those in high-risk groups. Finally, the third phase – which is from May 2021 to February 2022 – is for adults aged 18 and above.

Meanwhile, vaccines from other sources and pharmaceutical companies are currently caught at various stages of approval by the National Pharmaceutical Regulatory Agency (NPRA). For context, the Malaysian government had liaised with several pharmaceutical companies and facilities to obtain enough vaccine to
cover more than 80% of its population
. Aside from Pfizer-BioNTech, it also negotiated deals with
AstraZeneca, Sinovac, and Sputnik V
.

(Sources:
New Straits Times
,
Free Malaysia Today
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Cheap Petrol! RON 97 Down 10 sen to RM2.75!

It’s the news you never thought you’d see. Even our editorial team kept feeling their eyes were betraying them as they read and subsequently typed this article. But if a
report from Paul Tan
 is anything to go by – the price of one type of fuel at least, has gone down.

Of course, in all fairness, it is commonly known that RON97 fuel is subject to a ‘managed float’ which means that prices will vary according to market forces. But even so, one rarely expects prices to fall. But fall it has! The price of RON 97 has dropped RM0.10 from RM2.85 to RM2.75. Stepping back in time to 2012, consumers paid RM2.80 for RON 97 and RM1.90 for RON 95 at retail price, so it’s not too shabby a price cut – all without the help of a time machine. A reduction of RM0.10 on RON 97 is definitely worth some champagne popping (figuratively of course. You would have to pump 2000 litres of petrol to save enough 10 sen to buy a semi-decent RM200 bottle of champagne. Yes, we counted)!

Although this price reduction will make no difference to those whose vehicles run on the more economical RON 95, this is definitely great news for those of you who need to fuel their metal baby with higher quality fuel at a cheaper price.

With RON 97 cost at least RM2.75, would you be more incline to change from RON 95 to RON 97 or opt for a car with higher performance?

If you’re a car noob and thinking, “what is the difference anyway?”; check out
LiveLifeDrive
’s explanation on the difference between the two fuels.

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Grab Now Delivers Fresh Produce With New Pasar Feature

Grab has launched a new feature, Pasar, where customers can buy fresh produce, poultry, meat, and seafood from local markets and have it delivered to their homes. This new service is part of Grab’s ongoing efforts to cater to the needs of customers during the Movement Control Order period.

According to Grab, Pasar is an extension of
GrabMart
, one of Grab’s existing services that delivers everyday items purchased from pharmacies and convenience stores. Pasar will start delivering from the TTDI Market, and Grab hopes to expand into more local markets in the future.

Grab will also be making GrabMart available in Penang, Johor Bahru, Melaka, Kota Kinabalu, Kuching, and Ipoh by 25 March. “We hope to serve more homes with daily essentials, health products and immunity-boosters, sanitisers, and even snacks and beverages,” said Sean Goh, country head of Grab Malaysia.

Interestingly, Grab also launched another new feature alongside Pasar and the GrabMart expansion – a self-pickup option for GrabFood called Tapau. GrabFood customers were meant to be able to order from participating restaurants, pay in advance on the Grab app, and pick up their food from the restaurant upon notification.

However, Grab has since suspended the self-pickup option. “Respecting the latest update from our Prime Minister announced this afternoon, Grab will be suspending the ‘self pick-up’ option which was launched today,” said a Grab spokesperson yesterday. “Grab is supportive of the government’s initiatives in flattening the curve of Covid-19 and will continue to work closely with relevant authorities during these trying times.”

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Maybank Grab Mastercard Product Page Goes Live Ahead Of Launch

With its virtual launch event set for tomorrow, Maybank appears to have jumped the gun by publishing the product page of the Maybank Grab Mastercard Platinum credit card ahead of time. All of the card’s features appear to have been disclosed, including a detailed FAQ on the product.

Maybank Grab Mastercard Platinum – Up To 5x GrabRewards Points Per RM1 Spent

Despite
earlier rumours and expectations
 that Grab will launch its GrabPay Card, the Malaysian market will instead see a full-fledged credit card introduced to the market. The Maybank Grab Mastercard is the latest co-branded card by the country’s largest bank, and just like the
Maybank Shopee Visa Platinum
 that was launched recently, this card is heavily linked with Grab’s GrabRewards points system instead of Maybank’s own TreatsPoints.

Depending on the type of transaction, every RM1 spent using the Grab Mastercard will yield rewards in the form of GrabRewards points. The most rewarding will be on using the card on any transaction in Grab – including topping up the GrabPay e-wallet – at a rate of 5 GrabRewards points for every RM1.

Meanwhile, cardholders also earn 2 GrabRewards points for every RM1 spent on overseas, cross-border, and e-commerce transactions. Finally, other transactions will yield 1 GrabRewards points for every RM3 spent on local transactions (based on Maybank’s list of eligible transactions).

How valuable are GrabRewards points? You can read up on latest redemption rates
here
, but if we’re using the RM5 for 800 points rate (they differ depending on value of redemption), 1 point is worth 0.625 sen; at max earnings potential of 5x points, you’ll earn an effective 3.125 sen for every RM1 spent on Grab using the Maybank Grab Mastercard – that’s a return of 3.125%, which is pretty solid. We’ll analyse the card’s potential returns even deeper in our review.

New cardholders will receive two welcome gifts: 1,000 GrabRewards points upon activation, as well as five RM5 GrabFood and GrabRide vouchers upon meeting a spend criteria of RM300 on Grab services within 45 days from card approval.

There are also a number of lifestyle voucher codes that offer instant discounts when using the Maybank Grab Mastercard at participating partners such as Zalora, Hermo, Harvey Norman, and others. The list of partners will refresh every month.

In addition, all Maybank Grab Mastercard holders will automatically be upgraded to Platinum on GrabRewards, allowing them to enjoy accelerated points earnings of 3 GrabRewards Points for every RM1 spent using GrabPay, as well as
other perks
. Cardholders will enjoy six months of Platinum, but will need to meet Grab’s requirements of earning more than 3,500 GrabRewards points to maintain Platinum status for the following six months.

Maybank Grab Mastercard Annual Fee & Income Requirements

One unique aspect of the Maybank Grab Mastercard is the option of choosing the physical card in either Black or White. Both colour variants have a green outline along the edges of the card, and the front face is clean with only the Grab logo present – the Maybank and Mastercard logos as well as the cardholder’s details will all be located at the back.

The Maybank Grab Mastercard is an entry-level credit card with an annual income requirement of RM36,000 (RM3,000 a month), and is free for life with zero annual fees. The card will officially be launched tomorrow at a virtual launch event.

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Pang Tun Yau

Pang Tun Yau

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

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Covid-19 And Your Life, Medical, And Travel Insurance Policies: All You Need To Know

As you keep yourself up to date on the developments of the global Covid-19 pandemic, have you thought about how Covid-19 affects your various insurance policies? While there has been much discussion in the media about infection, prevention, and possible cures, you may also have questions about the impact of the epidemic on your medical, life, or even travel insurance policies.

We’ve compiled a list of questions you might have when it comes to the Covid-19 and your insurance plans. As you will see as you go down the FAQs, the answer isn’t always black and white as it varies from policy to policy as well as from case to case. However, as opposed to wondering and speculating, it’s good to be equipped with some general information regarding Covid-19 and you – or in this case, about Covid-19, your
medical insurance
 and
life insurance
 policies.

Covid-19: How It Affects Your Medical and Life Insurance Policies

Let’s tackle all your frequently asked questions about Covid-19 from an insurance perspective – starting from what happens if you think you are showing symptoms.

What are the symptoms of Covid-19?

Covid-19 can cause runny nose, sore throat, cough, and fever, but can be more severe for some persons, leading to pneumonia or breathing difficulties. According to WHO, older people and those with pre-existing medical conditions like diabetes and heart disease may be more vulnerable to becoming severely ill with the virus.

In some cases, the disease can be fatal. Based on current global case statistics, the fatality rate of the virus is at about 2.0%.

What happens if I am suspected to have Covid-19?

Should you display the symptoms above, you must seek immediate medical attention from a general practitioner or at a hospital. At this stage, there are no restrictions as to where you can seek medical attention; if you find yourself at a private hospital, be sure to make use of your
Takaful medical card
 or medical insurance policy.

However, if you are suspected to have Covid-19, you will be considered a “patient under investigation” (PUI) and referred to one of the official referral hospitals for Covid-19 cases.

Which hospitals are on the Ministry of Health’s official Covid-19 referral list?

If you are suspected or confirmed to have Covid-19, you will be referred to one of these 26 designated hospitals:

(Image: KKM)

How does my medical insurance work in a public hospital?

As you may have noticed, the referral hospitals on this list are government hospitals. Don’t be fooled by the misconception that medical insurance policies are for private hospitals only; they aren’t. While government hospital fees are considerably lower than private hospitals, you would still be able to use your medical insurance policy to claim for the expenses as detailed below.

If I am diagnosed with coronavirus, can I claim medical insurance for hospitalisation?

(Image: Hong Kong News)

In a word, the answer is yes – you can.

Generally, medical insurance plans are there to cover your expenses for hospitalisation and treatment when you get admitted. Covid-19 technically falls under an exemption to this rule as it is considered a “communicable disease requiring quarantine by law” – which could render you unable to use your insurance policy to cover medical expenses arising from contraction of the virus.

However, on 31 January 2020 the
Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) released a joint statement
 saying that despite the exclusion clause, all life insurance and takaful operators in Malaysia will be providing hospitalisation and treatment coverage to policyholders for cases of the novel coronavirus. This came a week after
major insurance companies
 released statements of their own confirming the extension of medical coverage for coronavirus cases.

Is Covid-19 considered a critical illness?

No. Covid-19 is not considered a
critical illness
 as defined for insurance purposes. Therefore, you won’t be getting your payout benefit from your critical illness policy if you are diagnosed with the novel coronavirus.

Does Covid-19 qualify under payouts for “infectious diseases” in my insurance plan?

Some insurance plans offer lump-sum payouts if you contract an infectious disease during the duration of your policy – such as the Zurich ValueLife Premier and
Prudential PruWealth Plus
, which are both life insurance plans. In these policy wordings, the specific “infectious diseases” that qualify for the payout have already been pre-determined. Therefore, it’s unlikely that you will get a payout under this benefit until your insurer decides to add it to the list of infectious diseases covered in the relevant plan.

>> Compare the best
AIA medical card

>> Compare the best
Prudential medical cards

>> Compare the best
Zurich medical cards
 /
Zurich Takaful medical cards

Are there special types of insurance coverage for Covid-19?

Some insurance companies have gone one step further and are offering additional complimentary coverage specific to Covid-19 – on top of existing medical benefits under medical card policies and so on. From lump-sum payouts upon diagnosis and daily hospitalisation allowances to death benefits, you can check what e
xtra coverage your insurance provider is offering for cases of Covid-19 here
.

What happens if I die from Covid-19? How does this affect my life insurance policy?

If you are holding a life insurance policy, Covid-19 being the cause of your death will not affect your insurance payout. There are generally no exclusion clauses arising for deaths caused by illnesses for life insurance plans, so your beneficiaries wouldn’t be obstructed from obtaining your life benefit just because you die from Covid-19.

Covid-19: How It Affects Your Travel Insurance Plans

The coronavirus outbreak originated in Wuhan, China, but has now spread to over 160 countries around the world through human-to-human transmission. Since then, many countries have placed travel restrictions and even shut down their borders in an effort to stop the spread of the virus around the globe.

So, what does this mean for your travel plans?

What if I want to cancel my trip?

When cancelling any trip, you would obviously want to get back as much of the money you’ve spent on it as possible, such as flight ticket expenses and hotel bookings. Your
travel insurance
 policy may be able to help you out here with the
insurance claims
 – but this depends on a lot of various factors and considerations, which we’ll cover one by one below.

Will the airline give me a refund on my flight ticket?

Before you rely on any travel insurance policies to get your money back from any cancelled flights, check what your airline provider has to say about flight changes and flight cancellations. Airlines have been updating their cancellation policies alongside all the latest developments of the Covid-19 situation, so make sure to enquire or keep aware of what refund and compensation avenues are available to you.

How do travel insurance policies work when it comes to trip cancellations?

Taking a step back from the situation surrounding the Covid-19 virus, let us look at how your travel insurance can help with trip cancellations under general circumstances.

Some travel insurance plans (usually those in the mid-tier or higher-end range) offer a trip cancellation benefit. If your travel insurance includes this benefit, your insurer could reimburse you in the event of necessary cancellations, covering things like flight tickets, hotel bookings, deposits, and so on. Usually, you can only make use of this benefit if you had bought your travel insurance a pre-determined period of time ahead of the commencement of your trip.

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How can I successfully make a claim for the trip cancellation benefit?

There are set conditions for making a successful claim for trip cancellation under your insurance policy; you can’t just cancel your travel plans for any reason and expect your insurance policy to cover the costs.

You are more likely to succeed in your claim if:

The
reason
 for your cancellation is within your policy’s specified causes for cancellation

The circumstances around your trip cancellation do not fall within any
exclusion

You bought your policy further in advance and
before any “known event” declarations

You would have to check the wording of your travel insurance policy to know exactly what the specified causes, exclusions, and accepted window for cancellation are.

In the context of Covid-19, how does that work?

As you can see from the factors above, the success of your claim for trip cancellation due to the Covid-19 outbreak would depend on a myriad of factors concerning the details of your trip and insurance policy. Here’s an example to illustrate.

Let’s say your travel insurance policy allows for cancellation if the Malaysian government has advised against travel to the area. You can rely on this cause if it occurs within 30 days of your scheduled departure date. The insurer has declared the coronavirus a “known event” starting 23 January 2020.

If you have a trip to Wuhan, China, departing 12 February 2020, you can cancel your trip and get reimbursed for any non-recoverable travel and accommodation expenses as long as you purchased your insurance policy before 23 January 2020.

Apply for medical insurance online and for instant COVID-19 coverage

What is a “known event”?

When an insurer declares an event as a “known event”, it means that this occurrence would have been made known to you through media reports or government news. Once a known event has been declared, you will not be able to purchase an insurance policy and then expect it to cover you for the said event.

However, if have already a purchased your
health insurance
 policy beforehand and your case complies with the relevant conditions, you should be able to make a successful claim. This is why it’s always a good idea to buy travel insurance in advance instead of a few days before your departure.

Check your insurer to see if they have issued any known event notices regarding the coronavirus.

The country I’m planning to visit has some cases of coronavirus and I don’t wish to go there anymore. Will I be covered under the cancellation benefit?

(Image: AFP)

The first step is to make sure that the reason for your cancellation falls under one of the accepted causes of cancellation stated in your policy wording. You probably have a strong case for cancelling your trip to Wuhan or other parts of mainland China, where there are thousands of cases of the virus, but what if you wish to cancel your trip to Japan for example, which has about forty over reported cases?

At the end of the day, it all boils down to the wording of your insurance policy and how the insurer chooses to enforce it.  For example, if your policy allows cancellation due to the spread of an epidemic at the place of destination, this may leave some room for interpretation, and you can call your insurer to check.

Other policies may have more stringent requirements: it could state that the Malaysian government must issue a travel warning against your travel destination in order for your cancellation to be justified. Your insurer has the right to be very specific when it comes to the reading of your policy – for instance, Etiqa has said that since the official travel ban by the government only applies to Wuhan and the Hubai province, the cancellation benefit is not offered for travel to other parts of China.

If I do travel overseas and get the coronavirus, will my travel insurance cover my medical costs?

If your case doesn’t fall under one of the exemptions in your policy and isn’t restricted by the issuing of the “known event” statements, you should be able to make a successful claim. Refer to the question on exclusion clauses below for more details.

Some insurers, like Etiqa and AXA, have said in FAQs relating to the coronavirus issue that their travel insurance policies will cover treatment and hospitalisation for the novel coronavirus. Others, like AIG, have said that cover may be restricted or excluded due to the coronavirus’ classification as a known event – unless your travel insurance or travel plans were confirmed before the announcement of the outbreak as a known event.

Do all travel insurance policies exclude epidemics like Covid-19?

(Image: Getty Images)

Not all insurance policies have an express exclusion clause relating to epidemics or diseases; in fact, some policies even provide you with a quarantine benefit as part of your cover (see below). However, your claims in relation to the coronavirus might indeed be restricted if your insurance policy document contains this clause: exclusion for any losses arising under “any communicable diseases which require quarantine by law”.

Check to see whether your insurance policy has this exclusion clause, but you should also keep an eye on any additional statements your insurer has released. For example, Etiqa’s travel insurance policy applies this exclusion to its medical benefit in its policy document, but it said on its Facebook page that it will be providing coverage for those who are hospitalised abroad anywhere in the world due to the coronavirus for insurance policies bought
before 11 March 2020.

What happens if I am placed under quarantine overseas? What is a quarantine benefit?

Some insurance policies, such as AXA and Allianz, actually offer a quarantine benefit as part of its insurance cover. Under this benefit, you could receive an allowance if you are placed under compulsory quarantine by the government of the country you are visiting.

 ***

(Image: Getty Images)

Poring over terms and conditions can be overwhelming, which is why we’re giving you a better idea of what to look for when you try to find out how your insurance policies work when it comes to Covid-19. Nonetheless, as every insurer will tell you, getting a specific answer to your question will depend heavily on the situation at hand as well as every term and condition written in your insurance policy.

So, if you require a case-specific answer to your insurance question, it’s best to check your insurance policy and also contact your insurer directly with an enquiry.

We hope this FAQ has helped you tackle some of your general questions when it comes to Covid-19 and your medical, life, and travel insurance policies.

If you don’t have health insurance, apply for
Manulife
,
AXA Affin
 and
Etiqa
 medical card online and receive COVID-19 protection instantly.

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3 Reasons Why You Should Consider Purchasing A Home Insurance Policy

For many people, their house is one of the most significant investments and assets that they will obtain in their lifetime. Given its considerable value, it is therefore only sensible to protect it from potential damage – such as fires, break-ins, and other natural disasters – with a comprehensive householder or houseowner insurance.

Of course, some people may brush away the need for such insurance plans. A couple of excuses commonly used include a proper home protection plan being unnecessary (“Disasters don’t happen to everyone, it’s too much to get one just in case!”) and the substantial cost of purchasing one (“I have many other obligations, why should I pay a fortune on an insurance that I’ll probably never need?”). Some will also claim that the process is a hassle that is just not worth the trouble.

But are these excuses truly good reasons for you to opt out from purchasing a proper householder or houseowner insurance plan? Read on to find out why such policies are crucial to all homeowners.

Why should you invest in a householder or houseowner policy?

To begin, all homeowners should know that there are three types of home protection plans: basic fire policy, houseowner policy, and householder policy. But what makes houseowner and householder policies better options compared to basic fire policies – and why should you, as a homeowner, opt for them?

1) Comprehensive protection from various damages to the house

As you can expect, each of the three policies offers different levels of protection at corresponding costs. Basic fire policies – being the most rudimentary – cover only the value of the building due to damages caused by fire, lightning, or domestic explosions. This is the most common form of home insurance owned by most house owners as banks typically make it a requirement for the approval of home loan applications.

Houseowner and householder policies, on the other hand, provide more comprehensive coverage compared to basic fire policies, inclusive of household contents as well as personal effects inside your house. They cover damages to the physical structure and fixtures of your property (such as overflowing water tanks, bursting pipes, and impact from road vehicles or animals), theft and break-ins, as well as natural disasters – including floods. Some may even offer protection for damages to mirrors (other than hand mirrors) as well.

It should also be noted that since houseowner and householder policies require you to add an approximate value of the contents of your house, the payout will also include this amount in addition to the value of the property. That means your high-value home appliances such as your TV, oven, washing machine, and even furniture in your home is protected. Plus, this also includes valuables such as jewellery as well – so a good tip is to always enter the most accurate value of your house contents to ensure your home is sufficiently protected.

So as you can see, houseowner and householder policies both tick off a lot more boxes beyond just severe misfortunes, thus offering more comprehensive protection. Should anything unfortunate happen to your property, you can then be less worried about being financially burdened in (literally) rebuilding your home as well as having to furnish it again.

2) Protection beyond damages to the house

Aside from physical damages to the property, houseowner and householder policies also carry an advantage over basic fire policies by offering coverage for selected non-physical losses. For instance, you may be able to claim for loss of rent (up to a specified percentage of your total sum insured) in the event the property that you rent out to a tenant becomes uninhabitable, and you suffer a loss in rental income.

Houseowner and householder policies also typically cover liability to third parties for accidents in your house. This means that you will be protected from liability claims should a guest gets injured within your home compound and demands that you cover medical bills for him or her. You can also use the amount obtained from your claims to cover other relevant costs, such as legal fees if the situation ever escalates to the point of lawsuits.

Moreover, a householder policy may also come with compensation for death of the insured individual (due to specified reasons), as well as coverage for the properties of your domestic helpers. With this, you can be sure that you have insured your home as carefully as possible.

3) Peace of mind

If nothing else, getting yourself a houseowner and householder policy will offer you some peace of mind because now you know that you will be financially protected against various unfortunate incidences. Of course, it is everyone’s wish that no harm will ever befall their home, and that they will never need to tap into their home insurance policies – but if misfortunes do happen, then your houseowner and householder policy will be something you’ll be glad to have. The claims paid out will offer some form of financial support after such incidences, which means you can then focus on rebuilding your home.

***

With so many houseowner and householder policies out in the market, one such plan that you can consider looking at is Etiqa General Insurance Bhd’s Houseowner and Householder (HOHH) Insurance, which offers thousands of ringgit worth of coverage from just RM6.40 per month! It includes coverage to the various situations that we have mentioned above, on top of insuring your personal belongings and valuables – such as jewelleries, TV sets, and furniture – so that replacing them will be less demanding on your wallet. Additionally, there is also coverage for theft by actual forcible and violent entry, and reimbursement for loss of rent up to 10% of your total sum insured – among other things.

Of course, if you feel that you’re in need of additional protection, the Etiqa HOHH Insurance also offers several add-on packages that you can purchase by adding on to your premium. For instance, you can opt to increase the limit for loss of rent, and also obtain extra coverage for theft
without
 actual forcible and violent break-ins. You can also purchase an add-on to protect your home from riot, strike, and other malicious damages.

On top of that, Etiqa acknowledges its customers’ concerns about a tedious claims process, which is why it has rolled out E-Cleva, a video-assisted claims system that lets you get compensated for minor home damages in minutes instead of days. This value-added service uses video-assisted calls to quickly assess selected structural damages to your home so that you can skip the hassle of setting appointments for adjusters and going through red tapes, thereby accelerating the process.

If you would like to check out Etiqa’s HOHH Insurance policy, head on over to
its website here
. You can
easily generate a quote and purchase a policy within minutes
, and as an added bonus, Etiqa is offering an additional 15% discount if you buy the plan online.

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RHB: E-Statement Error Has Been Rectified, Less Than 0.5% Of Customers Affected

On 17 June last week, a number of RHB Bank customers discovered a mix-up where they had received – and could even access –
password-protected e-statements
 belonging to
other
RHB customers. The bank released a statement the following day stating that the error had been rectified immediately upon discovery, and also shared more details about the mistake.

According to RHB, the error in the issuance of current account e-statements sent via email to a number of customers had occurred due to a technical issue on the side of its external service provider. The error had affected less than 0.5% of its total retail customer base in Malaysia.

(Image: Berita Harian)

RHB group managing director and chief executive officer Dato’ Khairussaleh Ramli said that the error was rectified immediately upon discovery, with affected customers being notified on the same day via email and SMS messages.

“We sincerely apologise to all our affected customers on the inadvertent error in the issuance of their e-statements. Following this, new e-statements are currently being sent to them,” he said.

Khairussaleh concluded that the investigation is still ongoing to determine the root cause of the incident.

(Source:
Free Malaysia Today)

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PLUS Plans For All Rest Areas Nationwide To Go Cashless

By the end of next year, highway users will be able to pay for meals at any Rest and Service area (RSA) nationwide cash-free. PLUS Malaysia aims to implement this initiative by the end of 2020, and is currently collaborating with different companies including Visa, Boost, and other credit card issuers.

Chief Commercial Officer Christine Liew revealed more on the plan to go cashless by 2020. “We are targeting for 10 RSAs on the highways to go cashless this year. 15 more RSAs should go cashless in 2020,” she said. Currently, 3 RSAs are already cashless; two in Ayer Keroh, Melaka and one in Dengkil, Selangor. There are 29 RSAs, 50 lay-by stops, and two restaurants owned by PLUS nationwide.

According to Liew, technology enables PLUS to better serve its customers. “Our cameras at the RSAs and highways enable customers to see which RSA and which section of the highway is congested,” she explained. “The technology allows us to understand the food preference of our customers and find the right partners to deliver what they want.” She added that the customers themselves would be the ones making the choices, not companies.

With 1.7 million users on the highways daily, PLUS could utilise this pool of data to improve the highway experience for its customers.

(Source:
The Star
)

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PM: Govt Will Not Reinstate GST For Now

(Image: Bernama)

Prime Minister Datuk Seri Anwar Ibrahim has said that he will not be reinstating the goods and services tax (GST) for now, or raising taxes that could impact the B40 group. This is even as the government strive to gradually lower Malaysia’s massive national debt and narrow the budget gap.

“I have a huge issue of having to introduce taxation policies or new initiatives when it affects the plight of the low-income group,” said Datuk Seri Anwar in a Bloomberg Television interview, although he acknowledged that the GST – which was replaced with the current sales and services tax (SST) in 2018 – is a more robust and transparent system for indirect tax.

The prime minister also added that the government “isn’t in a hurry to reinstate the tax”, and will make it a top priority to protect the low- and middle-income group from rising prices. That said, the government’s ongoing efforts at protecting the poor by keeping essentials at below-market prices is putting a strain on the country’s budget.

(Image: The Star)

Notably, former Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz had revealed before that the total amount of subsidies provided in 2022 to ease inflationary pressures on the people was
forecasted to reach RM80 billion
. This was up from the original allocation of RM31 billion, and was said to be “the highest amount of subsidies in history ever borne by any government”. Concessions on fuels and cooking gas alone were also said to make up about half of the RM80 billion subsidies.

In a bid to provide such assistances more effectively to the poor, the current government has recently decided to implement a
targeted electricity subsidy between 1 January to 30 June 2023
, where multinational companies and heavy users will need to pay a higher price for electricity. Domestic users, small and medium-sized enterprises (SMEs), and traders involved in agriculture and food production, on the other hand, will continue to pay the same amount as before.

(Image: Malay Mail/Ahmad Zamzahuri)

Meanwhile,
federal government debt has hit 61% of Malaysia’s gross domestic product (GDP)
, and must be addressed as soon as possible, said Datuk Seri Anwar. For context, Malaysia’s debt limit was originally set at 55% of the country’s GDP back in 2020, but it was
temporarily raised to 60%, then 65%
 to allow additional borrowings to fund fiscal stimulus for the Covid-19 pandemic. This increased limit expired on 31 December 2022.

(Source:
Free Malaysia Today
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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AirAsia Food Promo Offers Signature Dishes From Selected Restaurants For 1 Sen

AirAsia is currently running a special meal promotion on its online food delivery platform, airasia food, allowing customers to purchase the signature dishes of selected restaurants at the price of one sen. Available until 23 June 2021, it is open to customers in the Klang Valley and Penang as airasia food is currently operating only in these areas.

Through this deal, AirAsia will promote the signature dish of one featured restaurant each day, with the F&B merchants set to change on a daily basis. According to AirAsia, it has arranged a line-up of “delectable signature offerings” over the coming days, with the list currently helmed by the following restaurants:

Customers in the Klang Valley who are interested in tapping into the promo can do so by using the promo code (
1SENKL
) when they make their purchases on the
airasia food platform
. Meanwhile, those based in Penang will need to use the promo code (
1SENPG
). Each customer is only allowed to make one redemption per day, and are provided on a first-come first-served basis.

On top of the one-sen-per-meal promotion, customers will also be able to enjoy unlimited free deliveries for deliveries made within 15km from the featured restaurant of the day.

(Image: Today Online)

The head of e-commerce for the airasia super app, Lim Ben-Jie said that this promotion is a special treat for AirAsia’s loyal customers who have been supportive of the airasia food platform. “We are confident that this limited time promotion will be a big hit so we strongly encourage customers to download the airasia super app now to be ready to order a 1 sen meal to your selected location,” he added.

Lim further said that AirAsia hopes to bring its signature Free Seats campaign to other parts of its business as it evolves from an airline into a super app with something for everyone’s daily lives. This is especiallly so for e-commerce offerings.

You can find out more about
AirAsia’s one-sen meal promotion
 on its website.

(Source:
AirAsia
)

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Apply for OCBC Titanium, win a Samsung Galaxy S4

OCBC is offering one of the hottest smartphones, the Samsung

Galaxy S4 when you apply for one of their hottest credit cards, the OCBC Titanium

Mastercard. This offer starts from 17 June and ends on 31 July 2013. As further

incentive OCBC is throwing in RM50 cash rebate to new Titanium credit card

members who sign up before 31 December 2013.

FYI this promotion is open to new credit card applicants

only. Existing OCBC credit card members or those who have previously held any

OCBC credit card within the last 12 months of the competition period do not

qualify.

To be eligible for one of the twelve (12) Samsung Galaxy S4

prizes you must submit your application as a principal cardholder. If you have

previously submitted an application before the promotion period but is still

pending for approval you still automatically qualify for the prize.

Each successful applicant will receive one (1) chance to win

the Samsung Galaxy S4. The selection process will be carried out by 31 August

2013 and selected applicants will be contacted by OCBC via phone and will be

required to answer one question correctly. OCBC will attempt to contact

shortlisted applicants 3 times before disqualifying them.

To get further details of this promotion please refer to the

Terms

& Conditions
.

Quick! This promotion is ending soon.
Apply for an OCBC Titanium Mastercard
 at RinggitPlus.com

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Economy Minister: Malaysia Can Become High-Income Nation By 2026 If Economic Growth Remains Above 4%

(Image: Malay Mail/Miera Zulyana)

Economy Minister Rafizi Ramli said that Malaysia will be able to become a high-income nation by 2026, provided its economic growth stays above 4% for the next three years. A stronger currency, too, will help to accelerate the country’s transition to high-income status.

“If the economic growth from 2023 to 2025 is around 4% to 5% and performing well, we can reach the status of a high-income nation as early as 2026. It would be better (if) our economic growth exceeds 5% within two to three years; the aspiration of reaching high-income country status will be sooner,” said Rafizi.

For context, Bank Negara Malaysia (BNM) recently reported that Malaysia saw an encouraging
annual gross domestic product (GDP) growth of 8.7% in 2022
, but quarterly growth for the fourth quarter of the year (4Q22) has continued to slow from 14.2% in the previous quarter to 7%. Going forward, a similar trend is expected to persist, and combined with the possibility of a slower global economic growth as well, it is highly likely that the government will need to contend with a challenging economic environment in 2023.

(Image: The Star)

Aside from that, Rafizi also noted that Malaysia’s transition to high-income status can also be hastened by a stronger value of the ringgit, which ultimately leads to a better foreign currency exchange. This will enable the nation to catch up quickly to existing high-income countries, which typically have a GDP of US$15,200 per capita.

“If the value of the ringgit is stronger than the current value of 4.3 against the US dollar in the next one to two years, it will also accelerate the country’s status to reach a high-income country,” Rafizi shared, adding that Malaysia is, unfortunately, still trapped in a middle-income economy today despite being so close to crossing the high-income threshold.

The minister further shared that Malaysia had missed its first target of becoming a high-income nation back in 2020 due to its heavy reliance on a low-waged and labour-intensive economy. As such, one of the government’s top priorities now is to roll out policies that could help to increase salaries, especially for the hardcore poor and B40 households. One possibility is to introduce a national wage growth policy, he said, but the process will take time as it involves the cooperation of multiple agencies and ministries.

(Image: Malay Mail/Shafwan Zaidon)

Similarly, Rafizi said that his ministry, too, will prioritise economic programmes that focus on two key factors during its planning, namely cost of living and income. “The Economy Ministry also places these two matters as the focus in improving the country’s economic policies and the people’s economic programmes that take an integrated implementation approach. Policies related to the employment of the people will be brought to the National Economic Action Council (NEAC), which is chaired by the prime minister, so that national policies are aligned towards a comprehensive salary growth target for all workers,” he said.

In the meantime, to kick things off, Rafizi said that the Economy Ministry is set to launch the Inisiatif Pendapatan Rakyat programme on 26 February 2023, which aims to increase the people’s income, starting with B40 households and the hardcore poor.

(Sources:
Malay Mail
,
The Edge Markets
)

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