Transport Minister Announces Application Dates For Exemption Of EV And OKU Vehicle Licence Fees

(Image: Bernama)

Transport Minister Datuk Seri Wee Ka Siong has shared more details regarding the exemption of motor vehicle licence fees that is provided for electric vehicles (EV) and vehicles for persons with disabilities (OKU). These include the opening dates for the application of the exemptions.

In a statement, Wee said that the application for the fee exemption for EVs will begin on 15 February 2022 (today), with the exemption itself running from 1 January 2022 to 31 December 2025. “This motor vehicle licence exemption is only given to full EV vehicles, whether powered by batter or by fuel cells,” he elaborated, adding that it is not applicable to hybrid vehicles that are equipped with either a petrol or diesel-powered internal combustion engine.

(Image: Free Malaysia Today)

Meanwhile, motorists looking to apply for the licence fee exemption for OKU vehicles can do so starting from 15 March 2022. Wee further explained that the exemption will only be applicable to vehicles that have been specially modified for OKU use. “For motor vehicles that are not specially modified, the exemption is only given for completely knocked down (CKD) vehicles and national cars,” he said.

Wee also clarified that the eligible OKU motor vehicles must be registered and licensed under the name of OKU drivers, who themselves must also be registered with and are in possession of a valid OKU card issued by the Social Welfare Department (JKM). “The exemption is also extended to motor vehicles registered and owned by the parents, guardians, or spouses of the OKU, with the condition that the OKUs are also registered with JKM,” he said.

(Image: The Star)

With regard to both exemptions, Wee stated that eligible vehicle owners who had obtained a new or renewed motor vehicle licence between 1 January 2022 and the start of the application dates will be allowed to surrender their motor vehicle licence and be entitled to a rebate. “They or their representative may surrender the motor vehicle licence and be entitled to such a rebate of an amount as may be prescribed. Subsequently, the vehicle owner or representative can apply for the motor vehicle licence exemption,” he said.

These fee exemptions for EV and OKU vehicles were both introduced during the tabling of Budget 2022 back in October 2021. At that time, a number of
tax incentives had been announced to encourage the adoption of EV
 among the Malaysian public, and it was also proposed for the government to fully pay the
motor vehicle licences for all private vehicles owned by OKU
.

(Source:
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Credit Card: A Friend in Need or A Foe Indeed?

Credit card dos and don’ts

Let me tell you about this one friend I used to have. We used to go everywhere together; movies, shopping, dining and even holidays. I loved being around her; she made me feel complete.

When I was short on cash, she was quick to offer help. Sometimes I refused, but most of the time I gave in. Over the years, my debt accumulated. I couldn’t afford to pay a lot every month, so when I learnt about the minimum amount I could pay to her every month, I was overjoyed. What a true friend she was – my credit card!

But my happiness was short-lived. I started to notice that my debt kept increasing despite the monthly payment. I felt that she was not completely honest with me. So I asked friends who know her best. They confirmed my suspicion; she was hiding things from me. From that moment, I started to look deeper into my relationship with her.

If I were to describe the relationship I had when I first got my credit card, the above description would fit perfectly. I have to admit, I was naive. So take my advice and don’t make the same credit card mistakes as me.

DO:

Think carefully before you sign up for credit card facility. Do you really need one? What is your main purpose for having a credit card?

Browse around for the best credit card for YOU, not others, but you. Not all credit cards are the same.

Read the fine print thoroughly. If there is anything in there that you don’t understand; ask.

Check your credit card statement and notify the bank immediately of any unusual activity or
unauthorised charges
.

Pay your credit card balance in full every month. If you find this hard to do, at least pay more than the minimum amount.

Check the
security of an online store
 when you do your shopping online.

Take advantage of promotions or rewards such as cash rebates and discounts on dining, travel or shopping. However, always make sure that you can afford to pay back in full every time.

DON’T:

Be too dependent on your credit card. If you use your credit card to buy things you can’t afford without it then you need to think carefully.

Be late with payment. Typically the bank will charge you 1% when you make late payments. That is about RM20 if you have RM2000 balance on your credit card. It may not be a lot, but if you keep paying late, say for 6 months, it would reach RM120 (assuming the balance amount is the same). Late payments also will also reflect badly on your credit rating.

Give away your personal information such as pin numbers or security number (the 3 last digits at the back of your credit card). Be wary of people who ask you for these information; it is highly likely that they are illegitimate.

Take cash advances. The interest rate for a cash advance is much higher. If you’re already accumulating debts on your credit card account, this will only make it worse.

Think about how you use yours. The first word describes it best, it is a CREDIT card. Treat it as one.

Image:
CambridgeLifeSolutions

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How to Decide Whether to Buy a New or Used Car

Buying a car in Malaysia is a pretty pricey

affair. But no matter how expensive a car can be, with our current state of

public transport, many Malaysians have little choice in the matter.

To

some folks, owning a car is more than just to take you from point A to B – it’s a

matter of pride and they take very good care of their cars with constant

grooming and even modifications.

Whatever your reasons for purchasing a

vehicle, be it out of convenience and necessity or for the love of cars; the

most important factor to consider is getting the most value for your money.

The

common question many would ask themselves is whether they should buy new or buy

used. But which one is the most economical? And what are the cost involved in

buying either a new or used car?

New vs Used

Despite the price tag of a used car being

obviously lower than a new one, that doesn’t mean you’ll always be getting

value for money with a used car. In the same way, getting a new car might be

great, but unlike property prices, a new car loses its value much quicker.

Used cars are great value for money if you

are able to find one that is in good condition and has been well-maintained by

the previous owner. Discerning such condition from just a cursory visual

inspection is difficult but luckily for owners; PUSPAKOM requires mandatory

fitness inspections on car name changes. This forces the previous owner to

subject the car to a rigorous check

before transferring the car to someone else.

If a car loan is involved,

there will be a check required for

hire purchase purposes also. Once this is done, if the car is found to be a

lemon; you can decide to terminate the agreement to purchase.

The decision will be multi-pronged.

Consider these questions when deciding:

Do you have a particular car in mind or

do you not mind anything that is reliable and relatively aesthetically

pleasing?

What is your budget and which cars will

it accommodate, new or used?

What is the most important aspects in

car ownership to you (Look and feel; hassle free; taking price in revamping a

fixer-upper)?

How long do you intend to keep your car?

A simple example based on that would be:

Adrian likes modifying cars but doesn’t want to ruin a brand new vehicle. For

Adrian, buying a second-hand car cheap and then spending more of his budget on

fixing and modification makes the most money sense. Contrast this with his

girlfriend, who just wants a reliable car to get to work and fits her budget; a

new locally produced, inexpensive car may be the best bet.

Always choose the car for your taste and

budget as it isn’t necessarily a one-size fits all.

Once you’ve decided on the car you want,

the next step is getting a car loan.

Car Loan

The interest rate for a used car is typically

3.6 – 4% (unless you have an unusually attractive credit rating, some banks may

offer as low as 3% but this is difficult to get), which is significantly higher

compared to that of a new car with the lowest at 2.3%. The higher interest rate

actually inflates the price of your already heavily taxed vehicle (which, mind

you isn’t new).

But even with the higher interest rate,

used cars are still much cheaper than buying new when factoring average depreciation cost. It is generally preferred for more expensive models as such

luxury car prices are almost as much as a low cost apartment or house these

days.

Very few can afford the monthly repayments even with a lower interest

rate. To get the best deal on your used car loan, don’t settle on the first

bank you see. Do a bit of car loan homework.

When buying new cars, you may be able to

get a good car loan deal through the car manufacturer themselves. Most, if not

all car manufacturers will have tied-in deals with banks or hire purchase

companies to give their customers the best rate to encourage the sale of new

cars. Even so, it’s still better to compare the rates of other banks which may

give you a better deal.

Down payment and warranties

Depending on where and from whom you’re

purchasing the car from; you may have to pay a bit more or less in terms of

down payment. Downpayments for both new and used vehicles are usually 10% but

many car manufacturers are waiving this requirement.

Even companies dealing in

more luxury vehicles such as BMW are offering new buyers the option of putting

no money down. Used car dealers are rarely able to offer full loans mainly

because the banks don’t want to risk large sums on a used car. This is because

hire purchase contracts are often very risky (default is high and repossession

doesn’t always work out to give them their money back) for banks and many are

reluctant to lend.

Used cars also rarely have warranties, so you would have to

be prepared for some minor repair unless the car is given a clean bill of

health by PUSPAKOM.

New cars have the advantage of needing almost

no down payment, and the loan cover up to 90% of the cost of the car. This can

be an advantage but it does mean either taking even longer to pay off your

loan, or paying more monthly. New cars do come with warranties that could save

you in terms of maintenance costs.

However, as the owner of a new vehicle;

don’t seek to sell quickly as depreciation will prevent you from even repaying

your remaining hire purchase much less seeing any extra for another

downpayment. New cars depreciate as much as 30% in the first year alone, after

which it slows.

Depreciation costs

One of the major drawbacks of buying a new

car is that it depreciates a lot within the first few years of your purchase.

While depreciation costs are linked somewhat to how saleable the particular

model is and how much you’ve cared for it; general depreciation will happen

even if you’re a super-careful owner who services his car every 3 months and

keeps the cushion wrappers on!

Here’s an example of depreciation costs for

both local and continental cars. The chart below shows the cost of a local car,

both new and used and the amount of depreciation it has gone through in the

past 5-6 years.

Year of Registration

Item

Amount

NEW 2008 (RP in 2008)

Proton Saga BLM (Auto)

RM37,998

USED 2008 (selling in 2014)

Proton Saga BLM

RM19,500

Depreciation Percentage

48.2%

Here’s the same calculation for a new and

used continental car.

Year of Registration

Item

Amount

NEW 2008 (RP in 2008)

BMW 320i Sports

RM245,800

USED 2008 (selling in 2014)

BMW 320i Sports

RM118,800

Approximate depreciation Percentage

51.7%

*Prices

are found online and are accurate during time of research. Prices of used cars

differ based on dealer and condition of car.

Both cars experienced depreciation at

similar percentages but the price of the continental car fell further as is

usually the case. Because continental cars are some of the most expensive in

the market, buying used means you wouldn’t have to bear the brunt of the

depreciation costs that occur during the first few years and as they are known

to be sturdy and dependable cars, five years won’t necessarily equate you

buying a lemon unless you’ve found the one-off dud that was trashed by its

previous owner.

Also, although the percentage is similar; the amounts make a

huge difference. 50% off an RM200,000 car is RM100,000 but only a matter of

RM30,000 on an RM60,000 vehicle. This makes the continental car much more

affordable after a few years.

So which is the best?

It really depends on you. Both cars have

pros and cons and as shown earlier; some people are more suited to old cars

than new ones. Of course, the other thing which will help you decide is your

budget. No sense hankering over a new car if you can’t afford it! Budget on how

much you can afford to pay back throughout the years ahead. Then choose the car

most suited for your habits and lifestyle.

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    Mr M

    6 months ago

Eventually, all cars depreciate in value, the question is what is your monthly budget for a car? Working from total factors such as the “running cost + depreciation + owner delight ” you may surprise to find out the truth of certain car models are only cheaper in price tag but was not a good buy in the long run! So IMHO, work out some calculations and segmentized the monthly budget such as 500-800 / 900 – 1200 / 1500 – 2000 and so on… Take the new car you targeted and work out the running cost/reliability check/ petrol consumption/road
…
Read more »

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Fitch Solutions: Bank Negara May Reduce OPR To 1% By The End Of 2020

(Image: The Sun Daily)

Fitch Solutions Country Risk & Industry Research has predicted that Malaysia’s overnight policy rate (OPR) will be reduced to 1.0% by the end of 2020 to spur the country’s economic recovery. If realised, this would see the reduction of yet another 100 basis points (bps) from the current OPR, which stands at 2.0%.

Fitch Solutions had previously forecasted that Bank Negara Malaysia (BNM) would reduce the OPR to 1.5% this year. However, it has adjusted the prediction in the face of the country’s ailing economy, which has been critically affected by the movement control order (MCO) enforced to combat the Covid-19 pandemic.

The research house also added that in spite of the gradual easing of the MCO restrictions now, there is unlikely to be an immediate recovery among local businesses. Additionally, the government has very limited fiscal space to further support the economy, which is made worse by low oil prices. As such, monetary easing is a vital step in resisting the economic headwinds due to Covid-19.

“We do not expect inflation to be a large obstacle to further monetary easing. While there are risks of supply chain disruptions causing a spike in food prices which could see inflation rise, the dim prospect for non-food price pressures arising particularly from a poor oil price outlook, is likely to keep overall inflation manageable,” added Fitch Solutions.

The research house also expects BNM to look into other forms of monetary easing as the central bank cannot afford to further reduce the OPR. This is especially so as both Fitch Solutions and BNM foresee dire conditions for the local and global economy in the coming months.

Two days ago,
BNM had slashed the OPR by 50bps
 to bring the rate down from 2.5% to 2.0%. It was the third cut to be made this year, and was also the largest to be made in a decade. Prior to that, the central bank had already reduced the OPR by 25bps twice – once in January,
from 3.0% to 2.75%
, and again in March,
to 2.5%
.

Following the latest cut, banks across Malaysia are also
updating their base rates (BR) and base lending rates (BLR)
 to reflect the new rate.

(Sources:
Malay Mail
,
The Star
)

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Alex Cheong Pui Yin

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

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Luno To Revamp Website And App With Fresh Look, Starting Next Week

(Image: The Malaysian Reserve/Razak Ghazali)

Luno has shared that it will be revamping its website and app with a new look starting from 17 January 2022. The update will be rolled out in stages, and may take up to a week to appear for some users.

In an email sent out to its users, the cryptocurrency exchange specified that users will see two key changes, namely:

App tile with new symbol
: The Luno app on your device home screen will feature a new brand symbol. This symbol will also be used as Luno’s social media avatars.
New theme
: The old space-themed illustrations will be replaced with new ones, featuring a fresh colour palette as well.

Luno also reassured its users that all changes made this time round will only involve the aesthetics of the platform. “These changes will only impact the appearance of the platform. You can continue to use Luno just as before – your cryptocurrency will remain safely stored in your wallets,” it said.

To see these fresh updates, make sure to update your Luno app to the latest version between 17 to 24 January 2022.

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

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EPF: Applications For Akaun 2 Support Facility To Open On 7 April

(Image: Bernama)

The Employees Provident Fund (EPF) has announced that it will open applications for the Akaun 2 Support Facility starting from 7 April 2023. The provident fund also released key details regarding the implementation mechanism, as well as the terms and conditions to use the facility.

In a statement, the EPF said the Akaun 2 Support Facility will allow struggling EPF members below the age of 55 to use their Akaun 2 balances as support to apply for personal financing of up to RM50,000 from participating banking institutions (currently includes MBSB Bank and Bank Simpanan Nasional). Essentially, they are required to submit an advance notice of Age 50 or Age 55 Withdrawal, specifying that their Akaun 2 savings will be used to help repay the loan taken out when the member reaches the age of between 50 to 55.

Members must have a minimum amount of RM3,000 in their EPF Akaun 2 in order to tap into the facility, and they’re allowed to opt for a repayment tenure of up to 10 years. Meanwhile, the interest or profit rate charged for loans made under this facility will
range between 4% to 5%
 – considerably lower than the market rate of 8% to 15%.

(Image: The Star/Faihan Ghani)

The EPF also noted that the facility will be implemented in two phases, with Phase 1 set to begin first for eligible members aged 40 years and above. Applications will remain open for one year. Meanwhile, the starting date for Phase 2 – for members aged 40 years and below – will be announced at a later date.

The EPF also explained as to how the facility will assist members in repaying their loans taken out under the facility. Specifically, if a member decides to apply for an advance notice for Age 50 Withdrawal, the EPF will disburse the amount in his or her Akaun 2 (principal and accumulated dividend) into the financing account with the bank at any age between 50 and 54, as chosen by the member – thereby repaying the loan. This is subject to the maximum tenure of up to 10 years.

Meanwhile, if the member opt for Age 55 Withdrawal, the EPF will pay the principal and accumulated dividend from Akaun 2 into their financing account with the bank at the age of 55. The amount disbursed will be prioritised to repay any remaining personal financing balance; excess cash will then be returned to members.

However, if a member is able to fully settle their personal financing at an earlier date on their own (without needing to use their Akaun 2 savings to repay the loan taken out), they can then contact the EPF to rescind their advance notice of Age 50 or Age 55 Withdrawal. This way, the amount applied for withdrawal can be utilised for other pre-retirement withdrawals instead.

“This facility is targeted towards EPF members who have savings in Akaun 2 and are supported with a reasonable income to ensure they can afford the financing and repay it without compromising their retirement income adequacy and security. It offers a practical solution for EPF members who are facing temporary liquidity issues by providing cash flow through personal financing, but with minimal impact to their retirement savings,” said the EPF, adding that members will continue to receive annual EPF dividend, and as such, can take advantage of the power of compounding interest to grow their retirement funds.

If you’re eligible for Phase 1 of the Akaun 2 Support Facility and would like to apply for it, these are the few steps that you need to take:

Check your eligibility on
this dedicated website
 (set to go live on 5 April 2023)

Once your eligibility is confirmed, speak to participating banks to apply for the personal financing under the Akaun 2 Support Facility

Submit an advance notice of Age 50 or Age 55 Withdrawal to the EPF via the bank’s portal, based on the amount of personal financing that has been approved by the bank

(Image: BusinessToday)

Note that once your application is submitted and approved, you cannot cancel it. The EPF also encouraged members to register or update their mobile phone numbers via the self-service terminals (SST) at any EPF branch before proceeding with their applications. This is to ensure that they can receive the transaction authorisation codes (TACs) required for verification when conducting transactions.

Members who have enquiries regarding the Akaun 2 Support Facility can call the EPF contact management centre at 03-8922 6000. Alternatively, they can visit the EPF website for more information.

The Akaun 2 Support Facility was proposed by Prime Minister Datuk Seri Anwar Ibrahim in March 2023, as an
alternative to yet another EPF withdrawal
 in a bid to help individuals who are still struggling financially from the impact of Covid-19. Datuk Seri Anwar, who is also the Finance Minister, is adamant that the government should not allow another EPF withdrawal as the retirement savings of certain segments in the society are
already significantly depleted
 from previous pandemic-related withdrawals.

(Source:
EPF
)

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Alex Cheong Pui Yin

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

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Singles Day 2018 In Malaysia Crippled By Payment Gateway Issues On Lazada, Shopee, And 11street

The year’s biggest online shopping day became unceremoniously crippled in Malaysia, as Singles Day 2018 in Malaysia not only saw e-commerce sites struggling to keep up with the traffic, but also with payment gateway issues that left customers unable to pay for their orders.

At the stroke of midnight on 11/11, the three largest e-commerce websites in Malaysia, Lazada, Shopee, and 11street all struggled to cope with the surge in traffic. While that’s a norm on sales events like these, 11/11 2018 saw a different issue that will definitely hurt sales figures for this event. All three sites saw payment gateway issues that prevented customers from paying for their orders.

These issues hit hardest on the two most-visited e-commerce platforms, Shopee and Lazada. At Shopee, its payment problems on 11/11 saw successful charges on the bank side, but not reflected on Shopee’s end. According to Shopee, customers affected by this will see their charges reversed and refunded within 7-14 working days. Meanwhile at Lazada, payment issues saw customers unable to complete their orders, and even though customers who paid with the Lazada Wallet saw their orders going through, many couldn’t top up their wallets at all on 11/11.

Lazada payment issue on 11/11

Shopee payment isuse on 11/11

Both platforms have come up with statements addressing the issue.
Shopee’s statement
 reads, “We are aware of the payment status issue and currently working with the payment gateway to fix the issue as soon as possible. Rest assured that we will update the payment status once the system has been fully recovered. We advise you to not cancel your existing orders. We appreciate your kind patience and understanding. Thank you.”

Lazada’s statement was more forthcoming on the payment gateway issues, confirming that not only the spike in traffic affected the platforms, but “overloaded Malaysia’s payment infrastructure” itself. Here’s its statement in full:

“Dear Malaysia, we experienced massive volumes during the first two hours of Lazada 11.11 Shopping Festival that overloaded Malaysia’s payment infrastructure. We’ve worked with our payment partners to resolve these issues and we’re now taking proactive measures for your peace of mind. If you have tried to pay with your credit card and was not successful, your payment will be reversed and order cancelled. If you have paid with online payment, you will be refunded through the Lazada Wallet. If you are still experiencing issues, please do not hesitate to contact our Customer Care on
lazada.com.my/contact”

At the time of writing, it appears many customers are still unable to complete their orders, with payment gateway issues still causing plenty of frustration among customers. While it isn’t entirely the platform’s fault this year, the frustration among Malaysians is made worse because of the massive marketing campaign leading up to 11/11 by Lazada in particular, where it organised
a star-studded concert on 10 November
.

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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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All Telcos Have Until 31 August To Reduce Broadband Prices

(Image: Malay Mail)

Communications and Multimedia Minister Gobind Singh Deo said that all telcos have until the end of this month to reduce the prices of their broadband packages. The communication minister added any telco that failed to do so will face strict action from the government.

According to Gobind Singh Deo, the ministry has postponed the dateline to review broadband prices from 31 July to 31 August after it has received appeals to extend the dateline.

“The Mandatory Standard on Access Pricing (MSAP) came into force on 8 June and we initially gave a deadline of 31 July (for companies to announce their new packages), but there have been calls to extend it, so we agreed to postpone until 31 August,” said Gobind.

“I will look at all the packages that have been proposed by the companies at the end of the month. If there are any telcos that refuse to comply with the MSAP, the action will be taken,” the minister said. “I’m serious about this. We will not entertain any non-compliance. Otherwise, we will never move forward.”

The Mandatory Standard on Access Pricing (MSAP) serves as a guideline for ceiling prices that can be charged by all service providers. On 20 June,
Gobind Singh Deo announced the prices of broadband services are expected to drop by 25% by the end of the year.
 This announcement was made after the Malaysian Communications and Multimedia Commission (MCMC) enforced the MSAP from June 8. The communication minister added the commercial discussion to finalised the wholesale price were expected to be concluded with relevant parties in July or August.

So far, only
Telekom Malaysia Bhd (TM)
 and
Maxis
 have announced new, affordable fibre broadband packages that start at RM79 (TM) and RM89 (Maxis) with 30Mbps speeds.

(Source:
The Edge
,
The Sun
)

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How Much Can You Benefit from Tax Reliefs On Your Children’s Education?

With only one month left until we welcome the new year – it also means that you would have until the end of December to maximise your tax reliefs for this year of assessment (YA) before the routine tax filing comes in April 2021. Especially for parents, since it can help you plan your finances better and your children’s future education considering that the
cost of education is rising faster than inflation.

Even more so with Covid-19 still lingering around during these unprecedented times, maximising what you can claim for tax reliefs will help lift some of the financial challenges off your shoulders. If you would like to know overall what can you claim for tax relief,
you can read more here.
 But specifically for your children’s education and childcare-related tax reliefs, read on to know what you can claim to allow you to enjoy a lower tax rate and ultimately pay less in tax.

Books or Reading Materials for Your Children

Claim up to RM2,500 (collectively under Lifestyle Purchases)

While this does not specifically fall under the education category, parents can claim tax relief for reading materials that you have purchased for your children, together with your other lifestyle purchases such as gadgets and electronics, sports equipment, and internet subscriptions.

Education Insurance

Claim up to RM3,000 (collectively with Medical Insurance)

A little less heard type of insurance is the Education Insurance which usually comes in two forms – an endowment policy which resembles a savings account but with insurance benefits, and an investment-linked policy which lets you invest while providing you with specific coverage.
If you would like to know more about Education Insurance, you can read more here.

Childcare Fees for Children Aged 6 Years and Below

Claim up to RM1,000

With the
rising cost of childcare services in Malaysia
, parents can benefit from this tax relief, provided that the childcare centre or kindergarten you are sending your children to is legally registered. This relief is claimable for parents with more than one child of eligible age, but do note that the maximum claim for this relief is capped at RM1,000 per individual.

Ordinary Child Relief for Children Aged Below 18 Years

Claim up to RM2,000 per child

Full-Time Education for Children Aged 18 Years and Above

Claim RM2,000 for education levels similar to A-levels, RM8,000 for tertiary
education

If you have a child aged 18 years and above who is unmarried and receiving full-time education in a course equivalent to A-levels, you can claim RM2,000 in relief.

However, if your child is taking a tertiary education course, you can claim RM8,000. The tax relief is applicable to each child, so if you have more than one child in different levels of education you can make multiple claims.

Education levels similar to A-level here include matriculation, pre-degree, or foundation studies while tertiary education refers to the pursuit of a full-time degree including Masters or Doctorate in and outside Malaysia.

Net Deposit in SSPN

Claim up to RM8,000 per individual

Skim Simpanan Pendidikan Nasional (SSPN) or the National Education Savings Scheme is a savings plan introduced by PTPTN that offers annual competitive dividend payout of up to 4%, as of 2019.

Currently available in two types of accounts –
SSPN-i and SSPN-i Plus
, PTPTN makes it easier for parents to start saving for their children’s future education from as low as RM20 for SSPN-i, and RM30 for SSPN-i Plus Intan Package.

Besides enjoying the annual dividend, parents can also benefit from the tax relief of up to RM8,000 based on net deposit that you have in the SSPN-i or SSPN-i Plus account that you have opened for your children in the assessment year.

So, How Do SSPN-i And SSPN-i Plus Accounts Work?

SSPN-i

SSPN-i Plus

●      Minimum opening deposit of RM20, with no monthly commitment

●      Tax relief of up to RM8,000 per year based on net deposit of that year

●      Similar to regular SSPN-i account, but with Takaful coverage

●      Minimum two months opening deposit, according to selected package with monthly commitment of:

❖    Intan – RM30

❖    Delima – RM50

❖    Topas – RM100

❖    Nilam – RM200

❖    Zamrud – RM300

❖    Berlian – RM500

●      Tax relief of up to RM8,000 per year based on net deposit of that year

●      Additional tax relief up to RM3,000 for Takaful contributions for non-government servant

or

Additional tax relief up to RM7,000 for Takaful contributions for government servant who opted for pension scheme

So there you have it – childcare-related tax reliefs that you can claim for the remainder of this year. You can also keep them in mind for the next coming YA to help you maximise them. Hopefully this will help you plan your finances better, while keeping the savings for your children’s education in check.

Meanwhile, for parents who have yet to start saving for your children’s education with SSPN,
you may sign up for an SSPN-i or SSPN-i Plus here
 to start enjoying the many benefits of savings with SSPN. Hear it from these parents themselves who have been saving in SSPN for their children’s education on how SSPN and its tax relief has benefited them in their personal financial planning.

Lee Shaw Feng, 49, father of 2

“I have been saving in SSPN for both my children for more than 10 years. Saving money for my children’s education in SSPN benefits not just my children, but also myself as a parent when it comes to tax relief. Saving with SSPN also helps me to be disciplined in saving for my children’s future education.”

Muhammad Ridzuan, 31, father of 1

“The savings dividend with SSPN is quite competitive at an average of 4% every year. SSPN also offers attractive prizes for contest draws. Besides that, I get to enjoy tax relief benefits up to RM8,000 with our savings guaranteed by the government.
By saving with SSPN for my child’s education, I can reduce my loan dependency in the future, while allowing me to be able to deposit more money into the SSPN account and enjoy my tax relief benefit.”

Plus, if you open an SSPN-i Plus account now for your children, you would also get the chance to participate in
Cabutan WOW! SSPN-i Plus 2020!

Open to both new and existing SSPN-i Plus depositors, you can stand a chance to win prizes worth up to RM1 million, including a luxury Mercedes Benz C200 and cash prizes just by depositing a minimum amount of RM50. The campaign ends 31 December 2020, so hurry, don’t miss out!

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MEF: Upward Revision Of Minimum Wages May Derail Malaysia’s Economic Recovery

(Image: Malay Mail/Firdaus Latif)

The Malaysian Employers Federation (MEF) has commented that employers are currently incapable of absorbing any increase in wage costs, especially as the country begins to recover from the onslaught of the Covid-19 pandemic. Additionally, any upward revision of minimum wages would disrupt the nation’s progress, on top of the 12
th
 Malaysia Plan (12MP).

According to the president of MEF, Datuk Dr Syed Hussain Syed Husman, all economic sectors had suffered a massive dip in performance following the pandemic. This, in turn, caused Malaysia’s economy to contract by 5% in 2020. Consequently, Malaysia also saw a drop in its mean monthly salaries, as well as a worsening case of unemployment. Specifically, the median wages in Malaysia dropped from RM2,442 in 2019 to RM1,988 in 2020 as employers took steps to save cost. The average wages, meanwhile,
fell by 9%
 – from RM3,224 in 2019 to RM2,933 in 2020.

Datuk Syed Hussain further noted that more than 32,500 companies had ceased operations with more than 107,000 employees losing their jobs following the lockdowns that were imposed in 2020 and 2021. “This resulted in higher
unemployment rate which in August 2021 recorded 4%
,” he said, adding that Malaysia’s unemployment rate prior to the pandemic outbreak (at full employment) had stood at less than 4%.

(Image: Malay Mail/Choo Choy May)

In light of this situation, Datuk Syed Hussain opined that any upward reviews of the existing minimum wages should not be in the cards, especially when more than 98% of registered companies in Malaysia are small and medium enterprises (SMEs) and micro enterprises (MSMEs). “Instead of increasing minimum wage, we are of the view that efforts should be put in place to urgently control the rising cost of products and services. No amount of wage increases will be able to keep up with the ever increasing cost of living if no effective measures are implemented to solve the issue of rising cost of living,” he said.

Datuk Syed Hussain also stressed that these businesses require more government support to help them retain existing employees, which could then stabilise the labour market and create better employment opportunities in the long run. He said that although the government had provided wage subsidies amounting to RM18 billion throughout 2020 and 2021 – which benefitted more than 300,000 employers and 2.4 million employees – many businesses are still struggling to remain sustainable.

“More is needed and we must do all we can to support existing business at this very critical juncture. Our top priority should be to provide more funding for businesses that were forced to shut down so that we are able to create employment for all those who lost their jobs during the lockdowns,” said Datuk Syed Hussain, adding that Malaysia will need at least two years to return to normal.

On top of that, Datuk Syed Hussain shared that most SMEs are now only able to reap a margin of between 10% to 15%, which is insufficient to even cover overhead costs. “To add to the cost of business now is unwise,” he emphasised, saying that the nation needs to take a balanced approach and be realistic when dealing with wage issues at this juncture.

Earlier this month, senator Dr Yaakob Sapari had suggested for the government to
review the country’s minimum salary increase
 as it does not match the rising cost of living. Malaysia’s minimum wage currently stands at
RM1,200 after a raise of RM100
 in February 2020.

(Source:
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Standard Chartered Bank Joins Forces With Industry Efforts To Enhance Security Measures To Combat Fraud

(Image: Business Today)

With the rise of financial fraud in Malaysia, safeguarding their clients from scams has become a priority for the banking industry. Accordingly, Standard Chartered Bank has also responded by enhancing its digital banking security features, which will take effect on 25 June 2023. To prevent SMS scams, these include replacing SMS one-time passwords (OTPs) with the SC Mobile Key as the bank’s preferred transaction authorisation method and introducing a kill switch feature to enable clients to self-deactivate the digital banking account access if they suspect that they may have fallen prey to a scam.

To prevent SMS OTP scams, Standard Chartered highlighted that SMS OTPs would be phased out, and customers must
verify all their online banking transactions (including FPX) via the bank’s virtual security token, SC Mobile Key
. The SC Mobile Key – which is housed within the SC Mobile app – will be the only accepted method to authorise any digital banking transactions moving forward.

The SC Mobile Key can only be activated via the SC Mobile app on one mobile device for security. Once activated, there will be a 12-hour cooling-off period before you can access your digital banking account and services. Note as well that the SC Mobile app can only run on phones with a minimum operating system (OS) of Android 9.0 and iOS 13 (64 bit) as one of the main vulnerabilities in outdated operating systems is the lack of security updates and patches.

Additionally, Standard Chartered has discontinued online and mobile banking registration using debit or credit card-related information. Clients need to be verified by the bank’s Client Contact Centre to register or reset their password for SC Online or Mobile Banking in a bid to deter false registrations using information of genuine customers who were tricked into revealing their personal banking information.

Another security measure that the bank will also be rolling out is the kill switch feature, which allows clients to self-block access to their digital banking account immediately if they suspect that their account or banking details have been compromised. The kill switch can be activated via interactive voice response (IVR) by contacting Standard Chartered’s Client Care Centre.

Finally, Standard Chartered is introducing a 24-hour cooling-off period when clients update their primary mobile numbers with the bank via Standard Chartered’s online or mobile banking services (note that this is different from the 12-hour cooling period implemented when you activate your SC Mobile Key).

(Image: Hubbis)

Aimed at combating digital banking fraud, the bank said that while these enhancements may be perceived as challenging by some, customers can expect minimal to no disruptions to their banking experience. The enforcement of these safeguards – which is in line with the
 directives issued by Bank Negara Malaysia (BNM) in 2022
 – is also proof of Standard Chartered’s commitment to Malaysians in fighting scams and enhancing its customers’ banking experience. Through these efforts, the bank hopes to live up to its name as
 one of the top three banks in Malaysia
, as ranked by Forbes in its latest World’s Best Bank survey.

You can download Standard Chartered’s SC Mobile app from
Google Play
, the
App Store
 and
Huawei AppGallery
 for free.

(Source: Standard Chartered [
1
,
2
])

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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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GHL Enables Grab’s PayLater For Its Online Merchants

Payment solutions provider GHL Systems Berhad has teamed up with Grab to enable Grab’s PayLater payment feature for selected online merchants who are utilising the eGHL Payment Gateway.

Grab’s
PayLater
 is a buy-now-pay-later (BNPL) service that was first introduced by Grab in 2019, allowing users to use Grab services before paying for them at a later date in a single bill. Described as a convenient way for users to pay for their online purchases and manage their monthly cashflow, the service was
temporarily suspended in April 2020
, before being relaunched with enhanced 0% instalment options.

“Users can choose to make a single payment at the end of the month, or split their payments into four monthly instalments with zero interest charge. This also removes the burden of relying on other payment methods such as credit cards, which normally comes with additional charges of annual fees, and late repayment fees plus interest,” said GHL in a joint statement.

GHL further said that merchants, too, can benefit from the PayLater payment feature. “For merchants, with the inclination towards e-commerce and digital payments speculated to grow in the next few years, PayLater is envisaged to facilitate their sales conversion and contribute to keep their businesses thriving, regardless big or small,” it stated.

The chief executive officer of GHL, Sean S. Hesh also chimed in to emphasise the two-way benefits achieved by enabling PayLater for GHL’s online merchant base. Consumers will have access to a more flexible and higher purchasing power, whereas merchants will be able to gain higher sales revenue.

“Merchants with large ticket items do not have to worry about missing out on consumers. This flexible option is timely given employment and earnings capability of many has been adversely impacted by the Covid-19 pandemic,” said Sean.

Do note that PayLater is only available to eligible Grab users, with a personalised spending limit that is determined by Grab’s analysis of the user’s profile. To be eligible for PayLater, you will need to be 21 years old and above, and are a Silver, Gold, or Platinum tier Grab member. Additionally, you must have paid for three Grab transactions in recent months using either cash, credit card, or debit card.

You can find out more about
Grab’s PayLater service here
.

(Sources:
Fintech News Malaysia
,
The Edge Markets
)

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

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Citi’s Merdeka Campaign Offers Lucrative Rewards Worth Over RM1.7 Million, Including RM65,000 Grand Prize

Between today until 31 August 2022, Citi will be running its Unlock 65
th
 Merdeka Rewards campaign, in conjunction with Malaysia’s upcoming Independence Day. Open to eligible Citi credit and debit cardholders, there are over RM1.7 million worth of prizes to be won, provided in the form of a grand prize, monthly prizes, as well as special daily top spender and happy hour prizes.

The campaign is divided into two sub-campaigns: Merdeka Contest (grand and monthly prizes), as well as Merdeka Happy Day & Happy Hour. Both sub-campaigns offer varying gifts, and also have different participation criteria – as are detailed below:

Sub-Campaign 1: Merdeka Contest (Grand & Monthly Prizes)

To participate in this sub-campaign, you’ll need to earn contest entries by performing selected qualifying transactions, which then puts you in the running to win the grand prize of RM65,000 cashback, as well as other monthly prizes valued from RM6,500 each. Here’s the full list of prizes that you can win via this sub-campaign:

Prizes
Details
Number of winners
Grand prize
RM65,000 cashback
1
Monthly prize (Month 1)
Samsung Galaxy Z Fold3 5G
30
Monthly prize (Month 2)
13-inch MacBook Pro + Magic Mouse
30
Monthly prize (Month 2)
Samsung 65” Q60B QLED 4K Smart TV + Soundbar
30

Meanwhile, contest entries can be earned by performing any of the following transactions:

Transaction
Number of entries
Minimum spend of RM65 in a single transaction (local spend)
1
Minimum spend of RM65 in a single transaction (foreign spend)
2
New-to-bank or supplementary credit cards (approved application)
65
Citi 0% Easy Pay Plan (approved application)
65
Citi PayLite (approved application)
65
Citi Quick Cash (approved application)
65
Citi FlexiBill (approved application)
65
Login to Citi mobile app (once every campaign month)
65

Do be aware that qualifying spend here refers to any local or overseas retail purchases made on eligible Citi cards during the campaign period.

At the end of each campaign month (for monthly prizes), or the full campaign period (for the grand prize), Citi will shortlist potential winners using a randomiser programme. These potential winners will then be required to respond to a number of questions sent via SMS; the fastest individual to answer correctly will be crowned the winner.

Sub-Campaign 2: Merdeka Happy Day & Happy Hour

As for the second sub-campaign, the first 15 cardholders who record the highest accumulated qualifying spend in a day during the campaign period will win themselves RM650 cashback. This is in addition to the chance to win RM65 cashback daily if you are one of the first 30 customers to spend a minimum of RM150 in a single transaction between 3pm to 5pm.

Similar to the first sub-campaign, note that only local and overseas retail transactions are accepted; qualifying transactions exclude recurring or autobilling transactions.

***

Cardholders will be automatically enrolled in
Citi’s Unlock 65
th
 Merdeka Rewards campaign
, so no need to submit any forms or send any SMSes. Instead, all you need to do is to go ahead and meet the spend requirement to stand a chance at winning any of the above prizes!

(Source:
Citi
)

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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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    leng

    1 year ago

does the Merdeka Happy Day promo with RM650 cash back apply only to transactions made between 3 Pm to 5Pm also?

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PayNet: Percentage Of Malaysians Who Prefer Cash Payment Down By 11%

The percentage of Malaysians who prefer to pay by cash has fallen from 89% before the Covid-19 pandemic to 78% in 2021, said Payments Network Malaysia Sdn Bhd (PayNet) in its inaugural PayNet Digital Payments Insight Study 2022 report.

In its study, PayNet revealed that while cash still reigns as the preferred payment method among Malaysians, the overall reliance on cash has dropped – a trend that is also observed in other countries. The study also found that fewer Malaysians used cash when it came to daily payments (48.4%). Area-wise, those in rural areas appeared to have a higher preference for cash payment (63.5%) than those in urban areas (36.2%).

PayNet further explained that this declining preference for cash payment is likely driven by the rise in QR payments, established trust in debit cards, as well as concerns of Covid-19 infection via the handling of cash.

Moreover, the study shared that many businesses across the country have also noticed changes in customer payment behaviours since the start of the pandemic, with more preferring to pay via e-payment services or e-wallets. This is particularly apparent for those operating in the northern and central region of Peninsular Malaysia, as well as East Malaysia. Meanwhile, those in the east coast and southern region of Peninsular Malaysia still tend to opt for cash.

Other key findings that are highlighted in PayNet’s study include the priorities that small and medium enterprises (SMEs) focus on during their digital transformation journey, as well as barriers that they face in adopting digital payments. It also listed several key factors that will propel digital payment adoption.

“This is our inaugural study and we plan to undertake future studies to better understand the payment behaviours of the
rakyat
, their attitudes towards digital payment methods, and the factors driving changes in payment preferences – to ensure PayNet and its ecosystem maintain a secure, reliable, efficient, and inclusive central payment infrastructure for Malaysia,” said the group chief executive officer of PayNet, Peter Schiesser.

The PayNet Digital Payments Insight Study 2022 was carried out in the fourth quarter of 2021, conducted with the help of Nielsen IQ.

(Sources:
PayNet
,
The Edge Markets
)

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PM: Government To Review Bankruptcy Threshold

(Image: The Star)

Prime Minister Datuk Seri Ismail Sabri Yaakob has said that the government will review the country’s bankruptcy threshold, following the worrying spike in bankruptcy cases being reported as of this year. This is especially the case among Malaysian youths.

According to the prime minister, the government may reintroduce its previous approach of increasing the bankruptcy threshold to help alleviate this situation. For context, the Malaysian Department of Insolvency (MDI) had increased the bankruptcy threshold once back in 2020 –
from RM50,000 to RM100,000
 – to help the public cope with financial difficulties during the Covid-19 pandemic.

“The government previously increased the threshold during the pandemic, and legal actions (against defaulters) were delayed. Looking at how things are now, the threshold will be reviewed, and God willing, I will discuss this with the Minister in the Prime Minister’s Department (Parliament and Law) to look into the relevant Act. I will also meet the Bank Negara governor to see what can be done from the legal perspective,” said Datuk Seri Ismail Sabri.

(Image: The Malaysian Reserve)

Last month, the MDI revealed that there were as many as
287,411 bankrupt individuals
 in the country as of March 2022. Most were forced to declare bankruptcy due to their inability to clear loan debts. Additionally, most of the bankrupt cases involved private sector workers and businessmen, aged between 35 and 44 years old.

“I am worried when I look at the figure, and I am even more afraid of the possibility that it can increase, which is why this government will do its best to serve the youth. Believe me, the youth agenda is our priority,” said the prime minister, who also urged employers and companies to create more job opportunities for the younger generation to prevent early bankruptcy.

(Source:
New Straits Times
)

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Alex Cheong Pui Yin

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RHB Shell Visa Credit Card Review: The New General Cashback Challenger

When you first hear that RHB has a new co-branded credit card with Shell, you might automatically assume that it is a card that centres primarily on offering benefits related to Shell petrol expenditure.

Indeed, the RHB Shell Visa Credit Card does offer attractive cashback rates of up to 12% for Shell petrol expenditure. However, it also shapes up to be highly rewarding credit card for necessary expenses too, offering surprisingly generous cashback on groceries, online, e-wallet, and utilities spending each month.

Let’s take a look at how attractive cashback rates on a useful range of daily expenditure, coupled with cashback of up to RM100 a month, make the RHB Shell Visa Credit Card a strong contender for being your primary cashback card of choice for monthly essential expenditure.

At a glance: RHB Shell Visa Credit Card

Total Monthly Spend

Shell Petrol

Groceries, Online, E-Wallet, Utilities

Other Retail Spend

RM800 – RM1,499.99

5%

1%

0.2%

RM1,500 – RM2,499.99

8%

2%

0.2%

RM2,500 and above

12%

5%

0.2%

Monthly Cap:

RM50

RM50

Unlimited

Minimum income requirement:
RM24,000 per annum or RM2,000 per month

Annual fee:
RM196 for principal cardholders, waived for the first year and upon a minimum of 24 swipes per year for subsequent spend. Waived for supplementary cards.

High gains for high spenders

The RHB Shell Visa Credit Card offers 12% cashback on Shell petrol spend and up to 5% on groceries, online, e-wallet, and utilities expenditure. As a tiered credit card, the cashback rate offered depends on how much you spend in total each month. However, due to the higher cashback rates for Shell petrol and the 50-50 cashback allowance split, the card’s effectiveness is also specifically reliant on how much your petrol expenditure is, too.

To illustrate, at the highest spending tier for the RHB Shell Visa Credit Card, you will get RM50 in cashback once you spend about RM417 in petrol a month, and another RM50 in cashback once you spend RM1,000 on the other categories (although of course, you will still need to spend more on top of this to hit the tier’s RM2,500 spending requirement). This will ensure that you earn a whopping RM1,200 in cashback a year – and puts your maximum effective cashback from the card at a very rewarding 4%.

Of course, the 4% effective rate is just the maximum earnings that you
could
get from the RHB Shell Visa Credit Card. It is also largely dependent on you spending over RM400 on Shell petrol a month – which, while not impossible to reach, may be difficult to achieve for those who drive less regularly.

Not your usual petrol credit card

That said, even if you spend a moderate amount on petrol each month, you’ll be pleased to find that the returns of the RHB Shell Visa Credit Card are far from shabby. For example, say you spend RM200 on petrol and RM2,300 on the other categories – that would still earn you a good RM74 in cashback per month, with effective returns of 2.9%!

To take it one step further, let’s see how the RHB Shell Visa would hold up if you had
no
petrol expenditure and used it only to get cashback on the other categories. At RM50 returns for RM2,500 spend, your effective cashback rate would be 2% – not the highest, but still relatively decent considering it is only half of the full potential of the card.

In fact, we believe that the true strength of the RHB Shell Visa Credit Card is how well it holds up as a cashback credit card covering virtually
all
 the necessary household expenses. Groceries, petrol, and utilities make up a big chunk of our essential monthly expenditure, and a credit card offering up to 5% cashback on utility bill payments in particular is a rare and welcome find in the market. Moreover, thanks to the shift towards e-wallet payments and e-commerce over the last year, the online and e-wallet categories basically mean that you can get cashback on virtually anything using the RHB Shell Visa.

A worthy cashback contender

To give you a fuller picture of how the RHB Shell Visa measures up as a cashback credit card, we can look at some of the other tiered credit cards out there. The
Standard Chartered JustOne Platinum
’s highest cashback tier offers 15% capped at RM60 for a minimum spend of RM2,500, which amounts to an effective 2.4% rate of return. Meanwhile, the
HSBC Amanah MPower Platinum Credit Card
 yields effective returns of 2.25%, offering RM45 in cashback for RM2,000 minimum spend. Clearly, the RHB Shell Visa’s maximum effective cashback rate of 4% – and even some of the lower effective rates we worked out in the examples above – makes it a competitive choice in the market.

However, it is not just the effective cashback rates that make a RHB Shell Visa a worthy cashback contender. One thing that makes this card stand out is the flexibility offered by its cashback cap. Yes, half of the cap does go to petrol expenditure – but unlike the tiered cashback credit cards mentioned above, the RM50 cap for groceries, online/e-wallets, and utilities is not broken down to smaller caps per category. This means that should you want to use your RM50 cashback allowance fully on expenditure for any one category, such as e-wallet top-ups, you
have
 the flexibility and freedom to do so.

In this flexibility aspect, the RHB Shell Visa Credit Card is quite similar to the
Affin Duo Visa Cash Back
, which also doesn’t implement sub-caps on its three cashback categories of online, e-wallet, and auto-billing transactions. The RHB Shell Visa even beats the Affin Duo’s very rewarding RM80 maximum cashback allowance per month, although of course this is with the fuel cashback taken into consideration. These high cashback caps currently being offered by the RHB Shell Visa and Affin Duo are reminiscent of the old glory days of cashback credit cards, where it was less of a rarity to find a credit card offering close to or over RM1,000 of cashback in a year.

RHB Shell Visa Credit Card verdict: Expanding the horizons of cashback

While writing this RHB Shell Visa Credit Card review, we found ourselves venturing outside of the normal considerations for a credit card – simply because the RHB Shell Visa isn’t your typical cashback credit card. With its separate benefits for fuel and non-fuel categories, it’s almost as if the RHB Shell Visa Credit Card is an amalgamation of two cards in one – a petrol cashback credit card, and a credit card for the general essentials.

And while it’s clear to see that RHB Shell Visa Credit Card would be the best tool for the cardholder who maximises both sides of this almost dual-nature credit card, the flexibility of this card makes it an unlikely jewel of a cashback card for quite a range of the higher-spending cardholders – from family breadwinners with big expenses to anyone looking for a good credit card to pay utility bills with, or the avid e-wallet user looking to double dip.

Find out more about applying for the
RHB Shell Visa Credit Card
 here.

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    thinseng

    2 years ago

Just found out that by spending RM1500, which includes RM625 of Shell fuel and RM875 of online, e-wallet, utilities and grocery, will get effective cash back rate of 4.5%

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    Lau

    10 months ago

It really depends on individual spending habits, i.e. based on past expenses how much you will spend each month on petrol, groceries, online, utilities and ewallet. From there to simulate the expected return and see if this card giving you the best benefit compare to existing cards you have.

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3 Reasons Why UOB SmartBusiness Is The Comprehensive Solution For Your Business

With the introduction of
Budget 2023 Malaysia
, there are a few positive impacts on SMEs that could propel Malaysians into pursuing entrepreneurship. This includes digitalisation grants, reduced income tax, incentives for the rental of electric vehicles, and more.

While these initiatives can provide great assistance to businesses, there are still many things that business owners and entrepreneurs must first think through, especially first-time business owners. Among the questions that they should ask themselves include:

Where will I find the right people for my company, and how should I manage payrolls?

What system should I use to effectively manage business accounts?

How do I target the right audience for my products?

How do I keep up with technological advancements in the industry?

Which bank should I seek financing from?

With these considerations in mind, it may be overwhelming to tackle different parts of managing the business all at once. However, amidst these hurdles lies a promising solution – UOB SmartBusiness.
UOB SmartBusiness
 is a line of digital solutions catered to small and medium enterprises (SMEs) to utilise the right digital solutions for their business.

Here’s why you should consider signing up your business to UOB SmartBusiness.

1.
A One Stop Solution

Being in the industry for over 70 years and as a bearer of multiple awards and accolades, UOB has made a name for itself to deliver progressive banking solutions for its customers, including businesses – making it a fitting banking and digital partner.

Additionally, the UOB SME app offers business owners a secure and integrated experience with
UOB SmartBusiness
. Users can link their UOB current accounts, view their business cash flow, and connect with a range of digital services.

The UOB SME app also offers content and insights into relevant technology solutions and events such as the JomTransform Programme with The FinLab, UOB branch events, business webinars, and more.

Moreover, business owners who are looking to expand the network can leverage UOBM’s regional grid of investors, mentors, and business partners to enable knowledge-sharing and collaboration that could possibly lead to business and product partnerships. To trigger business growth, financial advisory services such as
UOB BizMoney

and
UOB BizCA+
1
 are also conveniently available in the UOB SME app.

2.
Prime Partners & Services

UOB SmartBusiness
 allows businesses to seamlessly integrate digital solutions to manage complicated operational tasks by offering a series of digital partners and services in many areas such as accounting, HR & Payroll, eCommerce, point of sales systems, and more.

Accounting partners such as
Financio
,
AutoCount
, and
QNE
 are cloud-based software that automate your accounting needs by providing real-time reports, easy navigation, and integrated local tax and statutory requirements.

To manage your employees,
MYwave
 can help your business simplify payrolls, leaves, claims, and more with minimal data entry and desktop and mobile access.

Xilnex
 provides businesses with retail management solutions with leading cloud-based point of sales software by streamlining the sales process, organizing inventory, and reducing human errors. For businesses looking to go online,
EasyStore
 allows you to effortlessly set up an online presence with its unique eCommerce platform and digital marketing tools.

As a registered UOB SmartBusiness partner, you can also enjoy preferential rates from the list of solutions and get complimentary value-added services with no additional charges.

Aside from that, your business can also partner with
GHL
 via UOB SmartBusiness for enhanced payment solutions. GHL is a one-stop payment solutions provider for all types of payment methods, including VISA, MasterCard, Paynet, China Unionpay, AMEX, Alipay, WeChat pay,Touch ‘n Go eWallet, Boost, Shopee Pay and more.

Among the offline-to-online payment options available include credit cards, debit cards, e-wallets. The credit card machines and credit card terminals are designed for businesses to accept and make payments in a fast, secure and convenient way.

With GHL, Malaysian SMEs can enjoy the acceptance of multiple payment methods, secure payment processing, easy reconciliation of payments, as well as excellent support for any inquiries.

3.
Elevate Business Efficiency & Effectivity

By utilising
UOB SmartBusiness
, both current and new business owners can propel their businesses further by automating and digitizing specific business processes, allowing priority on the core business model and business growth.

Together with the UOB SME app,
UOB SmartBusiness
 allows business owners to stay on top of managing their business financial operations and connect easily with their digital partners, providing effective management and efficiency.

Whether you’re looking to improve productivity, digitize business operations, or stay on top of the market,
UOB SmartBusiness
 could be the driving force to success. For more information on how
UOB SmartBusiness
, head to their
website
 or
get in touch
 with a representative today.

1
UOB deposits are protected by PIDM up to RM250,000 for each depositor.

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Air New Zealand Named Best Airline For 2020

New Zealand’s national airline has been named the top carrier for 2020, a surprise winner that edged out heavyweights such as Singapore Airlines, Qatar Airways, and plenty others for the award.

The annual Airline Excellence Awards, organised by Airline Ratings, is judged by a team of seven editors with a combined 200 years of industry experience. Airlines are judged by 12 key criteria, including fleet age, passenger reviews, profitability, investment rating, product offerings, and staff relations, among others.

Air New Zealand not only took home the Best Airline 2020 award, but also the Best Premium Economy title. “in our analysis, Air New Zealand came out number one in most of our audit criteria, which is an outstanding performance when it’s up against carriers with more resources and scale on this same list of best airlines for 2020,” said Airline Ratings Editor-in-Chief Geoffrey Thomas.

Other winners in the awards remain the who’s who of the best airlines in the world. Singapore Airlines, a mainstay in the upper echelons, bagged the Best First Class award thanks to its outstanding Suites product, which is designed to be the “equivalent of small hotel rooms”.

Meanwhile, Qatar Airways was awarded Best Business Class for its Qsuites, a favourite of frequent flyers. It also won the Best Catering award.

Another favourite, Emirates, once again emerged a winner of the Best Inflight Entertainment award for its unrivalled ICE system. Emirates was also named Best Long-Haul Middle East.

Virgin Australia was also a big winner at the awards, bagging Best Economy Class with its almost-unbelievably spacious Space X cabin (image below), as well as the Best Cabin Crew gong.

Other winners include Cebu Pacific (Most Improved Airline) and VietJetAir (Best Ultra Low-Cost Airline). According to Airline Ratings, the Top Ten airlines of 2020 are:

1. Air New Zealand

2. Singapore Airlines

3. All Nippon Airways (ANA)

4. Qantas

5. Cathay Pacific

6. Emirates

7. Virgin Atlantic

8. EVA Air

9. Qatar Airways

10. Virgin Australia

(Source:
Airline Ratings
)

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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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Budget 2021: Tax Relief For SSPN, PRS Savings Extended

Finance Minister Tengku Zafrul Aziz has announced that extension of two tax reliefs in particular: for Skim Simpanan Pendidikan Nasional (SSPN) savings and Private Retirement Scheme (PRS) contributions.

“To encourage saving for retirement, the RM3,000 tax relief on Private Retirement Scheme (PRS) contributions has been extended until YA 2025,” said Tengku Zafrul Aziz at the tabling of Budget 2021 today.

“To continue encouraging parents to save up for the high cost of education for their children, the tax relief of up to RM8,000 for nett savings of Skim Simpanan Pendidikan Nasional (SSPN) will be extended until YA 2022.”

Stay up to date with our other
Budget 2021 articles
 here.

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    Edward kok

    1 year ago

If no tax relief given for sspn this pyramid scheme will fall very quickly.

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Solo Living - How to Live Affordably Without Roommates

It’s been quite a few years since you flew the coop that was your parent’s home. After that it was nightmare after nightmare with roommates who steal your food and conveniently forget their share of the utility bill.

Even for those who have had good roommates: the need for privacy soon overtakes the need to save money (and your pay cheque may have risen too). It’s definitely a coveted luxury to go solo but will this completely kill your finances?

You’ll no doubt be paying more to live on your own but here are some tips to help you cut the cost where you can.

1. Go Small

Going small can ensure big savings in your pocket. But as
we discussed yesterday; downsizing doesn’t always mean cheap
. Do your homework on the best place to live and then work on finding the best for your budget.

Generally, smaller units within a condo or apartment tend to be cheaper and just right for a single person. However, landed property may be a little trickier.

If you’re starting out; choosing the smallest home may be better as there is less to clean and maintain too.

2. Check Utility Rates

If you are opting for a snazzy new studio unit, be sure to closely check whether the building stands within a commercial zone. Certain buildings have commercial utility charges, and you will be charged a more expensive rate.

Many condos also have fixed water charges so do be sure to check what these are to know if you can afford them.

Some apartments or condominiums allow the owners to change the rate of individual units from commercial to residential. Be sure to pester your new landlord to do it for you!

3. Embrace Secondhand

If you require more furniture, or would want to replace something broken, you can always go for second hand rather than pricey brand new ones. Join Facebook groups and forums where people often auction up second hand furniture for a dirt cheap price.

Scour sites like
mudah.my
 or head to your local flea market. Older furniture does tend to be more stable too compared to the cheap, mass produced bits of today!

Pinching pennies will allow you to spend your money on other necessary expenses that matter more, such as utility bills and maintenance costs.

However, buying secondhand comes with a host of other problems.
Carefully select your used furniture
 so that you do not get something that is already half a wreck.

4. Get Budget-y

Now that you are solely responsible for all the bills; it’s best to get organised about what you need to pay and when. Make a complete budget of all the ins and outs to help you get a hold of your finances.

You may notice times becoming a little tough but if you stick it out – you should be just fine with savings to boot.

5. Relocate wisely

Now that you have taken the decision to live alone, your first priority would be house shifting. The tedious process of moving can get extremely tiring and expensive at the same time.

There are many ways to save on moving costs.
 Your money saving efforts can at least alleviate some pressure on your wallet since you will need to make hefty security deposits and fix anything that may need fixing.

6. Practice Selective Bulk Buying

Many Malaysians don’t realise just how much food they waste daily. While non-perishable items have a long shelf life, perishable items are often dumped in the trash as they are not finished in time due to the big amounts purchased.

You may have heard the advice that bulk buying is the way to go – but it isn’t if you’re just one person and certainly do not need 5 cartons of produce per week.

Those bulk purchases that you practiced in the past with your roommates or parents should now be toned down to avoid food and money wastage.

Instead, buy what you need for perishable items and use the bulk buying card when purchasing items like toilet paper or detergent. Selective bulk buying will save you money!

7. Try a New, Leaner Lifestyle

Paying for a whole lot of new expenses is sure to shake up your budget, so how about trying to live a little leaner?

It’s super simple for a single to practice minimalism. Clear out the clutter, only buy and pay for only what you need/use and save time and effort lugging your possessions around!

Besides giving up hoarding, here are some steps you can take to cut back:

Cut cable TV and turn to the Internet – your laptop/tablet will entertain you.

Avoid using hot plates to cook as they consume more electricity compared to gas stoves.

Reduce air-conditioning and use the fan more.

Open curtains in the mornings for nature’s free lighting. You can also create atmosphere and save money by lighting candles. Just do it safely!

Skip the dryer and dishwasher, they pull more electricity.

Try to cook at home, as dining out and home deliveries are becoming majorly expensive. The kitchen is all yours anyway.

Not convinced? Check out our article on
how you can save by opting to go the minimalist route
.

8. Build a Solid Emergency Fund and Plan

The Malay saying
“sediakan paying sebelum hujan”
 is very relevant to you if you are choosing to stay on your own. Since you are now financially unaided, it’s better to have some form of additional income or fund to support you during rainy days.

Build a solid emergency fund through prudent savings. Once you have one that can be considered decent; opt to stick it in a fixed deposit for your future benefit. Research is great but we’ve done it for you. Check out our list of the
best fixed deposits in town with the best interest rates
.

We’re guessing you already have a stable job, but why not supplement this to build your emergency fund further?

You can always get a part-time job that can give your income level a
healthy boost.

Should you really need to – having an emergency credit card tucked in the freezer could be a good option too.
Emergency credit cards
 allow you to pay bills or buy groceries when the wallet is really dry.

The
best kind of credit card for emergencies
 is one that has no annual fee and low interest rates. A basic card will do you good. However, remember that the card is for emergencies and a festive sale or holiday tour is not really an emergency!

Solo living on a budget can be done! In fact, you may find yourself really enjoying your new-found freedom even if you cannot afford all the luxuries. Sometimes a conducive environment is better than a tonne of hoarded stuff!

Have more tips for lone frugal living? Don’t forget to share in the comments section below.

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    Eric

    3 years ago

Is there any small house for solo living instead of apartment? Cuz apartment is still expensive to me, along with present cost off living. I’m earning net salary around 2k. I plan to move out from my parents’ house and need a tiny house for 1 person. I just google searched, tiny house is still very new, not sure I’ve completed my “homework” or not. I don’t mind living in a Japanese capsule.

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Economists: Hasty Removal Of Blanket Subsidies Will Increase Inflationary Pressures

(Image: The Star/Glenn Guan)

Some economists have warned that the hasty removal of blanket subsidies by the government will further increase inflationary pressures in the country.

The precautionary messages came after the Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed remarked that
Malaysia’s inflation rate could reach 11.4%
 if all subsidies were removed. As such, the government had decided to bear the
RM77.3 billion of subsidies expected for this year
, said to be the highest amount of subsidies in history ever borne by any government.

In this regard, the chief economist of Bank Islam, Dr Mohd Afzanizam Abdul Rashid emphasised that if the government were to hastily remove the subsidies, this will cause inflationary pressures to soar. In fact, the country’s headline inflation has already shot up to 2.8% in May 2022 from 2.3% in the previous month, he said.

(Image: The Malaysian Reserve)

That said, Dr Mohd Afzanizam stressed that the government must also alert the public to the fact that the current subsidies are not sustainable in the long run. “So the changes have to happen at some point in the future. Given that, the government would need to tell the public the rationale for the eventual removal of subsidies,” Dr Mohd Afzanizam said, adding that sharing the statistics on the subsidies provided will be a good start.

Meanwhile, Kenanga Research noted that the domestic food inflation may increase up to nearly 7% in July this year if the subsidies and ceiling prices for certain food items were removed, on top of the rising global food prices. The situation may also be worsened by other factors, including the uncertainty of China’s zero-Covid policy and the ongoing Russia-Ukraine crisis.

(Image: Bernama)

Associate professor from Putra Business School, Dr Ahmed Razman Abdul Latiff, on the other hand, believes that the government will not remove all subsidies due to the consequences of the move. “What [Datuk Seri] Mustapa said was a hypothetical situation which is not going to happen as the abolishment of all subsidies will cause huge social, economical, and political instabilities for the country,” he said, adding that Malaysia will not be in the danger of experiencing such a high inflation rate.

To note, the government had announced earlier last week that it will
remove the ceiling prices for chicken and chicken eggs, as well as discontinue the subsidies for bottled cooking oil
 from 1 July 2022. However, the
decision to remove the ceiling prices for chicken and chicken eggs was reversed
 two days after the announcement, with new ceiling prices to be announced at a later date.

The government had also said that it is looking to switch the existing blanket fuel subsidy for a targeted fuel subsidy so that it will help those who truly need it. Among the ministers who had raised this issue include Finance Minister Tengku
Datuk Seri Zafrul Tengku Abdul Aziz
, International Trade and Industry Minister
Datuk Seri Mohamed Azmin Ali
, as well as
Datuk Seri Mustapa
.

(Source:
New Straits Times
)

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Public Bank Emall RM10 evoucher giveaway

The
Public Bank Emall
 is an online portal where you can shop for all manner of items conveniently and comfortably. You may use any bank’s credit or debit card to place your orders.

In their latest promotion, you’ll receive a
RM10 evoucher with every purchase of RM500 and above in a single transaction.
 The evoucher can only be used for your next purchase and is valid for one month.

Promotion will go on while stocks last. Please see
terms and conditions.

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Price Of Massimo Bread Increased By Up To RM0.60, Except For White Sandwich Loaf

(Image: AngieYeoh/Shutterstock)

The prices of all Massimo bread products have been increased by RM0.10 to RM0.60, with the exception of the White Sandwich Loaf. This came following an announcement by The Italian Baker Sdn Bhd, the bakery chain that produces Massimo baked goods.

As such, the Massimo White Sandwich Loaf will continue to maintain its price at RM2.80 (400g) and RM4.00 (600g), respectively. Meanwhile, other bread products – such as the Massimo Whole Wheat Loaf, Cream Rolls, and Burrosa – have all seen a hike in prices since Saturday (15 October 2022).

In a statement, the chairman of The Italian Baker, Jeremy Goon explained that the company decided to maintain the price of the White Sandwich Loaf because it wished to help Malaysians cope with inflation; he said that white bread should be an affordable staple for everyone, especially during the economic downturn.  He also assured consumers that the quality of the bread will remain unchanged.

However, Goon noted that the prices of other bread products had to be increased as the company is also affected by both global and local inflation. Among other things, The Italian Baker had to bear with the rising costs of logistics and raw materials, including all baking ingredients. Even back in August 2022, Goon had alerted the public about
a possible price increase
 for its Massimo baked goods.

Prior to this latest round of price hike, The Italian Baker had already
increased the price of its products once in January this year
 (which included the White Sandwich Loaf as well). At that time, it also cited the rise of prices in raw materials as a reason for its decision.

(Sources:
Sinchew Daily
,
MSN/The Star Online
)

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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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Finance Minister: No Specific Assets Liquidated To Cover EPF Withdrawal Schemes

(Image: BusinessToday)

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has clarified that the Employees’ Provident Fund (EPF) did not liquidate any specific assets to fund the Covid-19-related withdrawal schemes that were offered to the public. These include the i-Lestari, i-Sinar, and i-Citra schemes, as well as the RM10,000 special withdrawal facility.

Instead, the liquidation of assets performed by the EPF was made based on the “ordinary course of business” to cover the withdrawals made under the schemes.

Tengku Zafrul also stressed that all purchase and sale of EPF investment assets will be subjected to investment portfolio rebalancing, which is to be guided by EPF’s Strategic Asset Allocation (SAA). Ultimately, this should result in tangible and distributable income for dividend payments to EPF members.

(Image: Utusan Malaysia)

“The EPF adopts a disciplined investment approach and solid liquidity management guided by SAA which reduces the impact of the stated withdrawals on the EPF portfolio. This is important to ensure that the EPF’s investment objectives to protect and increase the value of members’ savings can be achieved especially in challenging times,” said Tengku Zafrul in a written parliamentary reply.

Additionally, the minister commented that the maturity of investment instruments and generation of investment income has been able to provide the EPF with healthy monthly net contributions and consistent cash inflows. “As a retirement fund with total assets reaching RM1 trillion, EPF always ensures sufficient cash balance to support any needs and expenses,” he said.

(Source:
The Edge Markets
)

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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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BSN Offers Personal Financing Facility, BSN MyRinggit-i BANJIR, To Assist Flood Victims

(Image: Harian Metro)

Bank Simpanan Nasional (BSN) has announced the rollout of its BSN MyRinggit-i BANJIR, a personal financing facility that is aimed at assisting individuals who are affected by the recent flooding in several states across Malaysia. This is one of the initiatives provided under the government’s allocation of RM100 million to help with them cope with the impact of the flood.

Open to all flood victims, BSN MyRinggit-i BANJIR will offer a sum of up to RM5,000 at 0% interest rate, with a tenure of three and a half years. This includes a six-month moratorium on the instalment payments of the facility. Individuals who are interested can begin applying for for the facility online starting from 27 December 2021. More information regarding the application process will be shared with the public soon, before the opening date.

(Image: Malay Mail/Yusof Mat Isa)

Aside from the BSN MyRinggit-i BANJIR facility, BSN has also drawn up a
flood relief assistance programme
 for the victims. It offers a deferment of monthly instalment payments on various financing facilities – including personal loans, mortgages, hire purchase, and credit card payments – for individual borrowers, as well as financial aid for micro entrepreneurs. Additionally, the bank is waiving the replacement fees for debit and credit cards that were damaged or lost in the floods.

If you have any enquiries regarding the BSN MyRinggit-i BANJIR facility or BSN’s flood relief assistance programme, you can call the bank’s contact centre at 1300-88-1900 or visit
its website
.

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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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MAS, Firefly, And MHholidays Offer Low Fares, Discounted Holiday Packages For Langkawi Reopening

Malaysia Aviation Group (MAG) is offering low fares and discounted travel packages for fully vaccinated travellers via its subsidiaries – Malaysia Airlines (MAS), Firefly, and MHholidays – following the reopening of Langkawi on 16 September 2021. Bookings can be made between today until 30 September 2021, for travel from 16 September to 31 October.

Under MAS, which operates from KLIA, passengers can opt for either the Economy Lite or Economy Flex fare, depending on their travel preferences. Those who prefer to travel light can go for Economy Lite, with ticket prices going from as low as RM89 for an all-in one way flight. They will be provided with a cabin baggage allowance of 7kg, complimentary food and beverages, and inflight entertainment. This is on top of the opportunity to earn a bonus of 50% Enrich Points.

Those who are looking for priority services and added benefits, on the other hand, can go for Economy Flex at a higher fee. The additional charge will entitle you to more flexibilities, such as unlimited free date changes, free refunds, Go Show flexibility, priority check-in, and a baggage allowance of 35kg.

Meanwhile, Firefly offers attractive deals from as low as RM19 from Penang to Langkawi, and RM69 from Subang to Langkawi. The flight includes baggage allowance of 20kg and complimentary refreshments, as well as RM50 discount as an incentive for fully vaccinated individuals.

Note that seats are limited with MAS offering 28x weekly services between Langkawi and KLIA, and Firefly 10x weekly services from Subang Airport.

Aside from flight ticket promotions, MAG has also rolled out a combo promo of 50% off on flight tickets and hotel packages via its tour operating arm, MHholidays. Travellers tapping into this package promo can choose from several 4 and 5-star hotels, including The Datai Langkawi, Berjaya Langkawi Resort, Pelangi Beach Resort and Spa, as well as Vivanta Langkawi (Rebak Island). In addition to the package discount, there are even exclusive hotel offers available. For instance, travellers booking with Vivanta Langkawi (Rebak Island) can enjoy a guaranteed room upgrade.

In announcing these offers, MAG also reminded customers that its
Fly Confidently campaign
 remains in full swing to ensure that customers’ and employees’ safety are protected at all times. It defines fully vaccinated individuals as those who have completed all the required doses of their vaccines (one or two shots) and have passed the required 14- or 28-day interval period.

“Customers are encouraged to keep themselves informed of the
latest SOPs by the National Security Council (MKN)
 to ensure their smooth travel,” the group further said in a statement.

(Sources: Malaysia Airlines [
1
,
2
],
Firefly
,
MHholidays
)

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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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