Everything You Should Claim For Income Tax Relief Malaysia 2021 (YA 2020)

Editor’s note:
this guide is for YA 2020. Visit our latest
YA 2021 guide here
.

When filing our taxes each year, we all usually have a common objective in mind – getting a bigger tax refund. In order to do this, you will need to depend on the tax deductions, tax reliefs, and tax rebates that you can claim in order to reduce your aggregate income, chargeable income, and amount of tax charged respectively.

To help make filing your taxes easier for you, we’ve gathered in one place all the tax reliefs, deductions, and rebates that you can claim for YA 2020 to maximise your tax refund. Some of these will be familiar to you, while you will notice that some tax reliefs have been newly introduced for the year. So make sure to get yourself familiarised and don’t miss out on claiming for any eligible tax incentives this year!

Malaysia Income Tax Relief YA 2020 Explained

Do you have further questions about the tax reliefs available and what are the conditions attached to them? Here’s a closer look at the fine print behind the income tax reliefs for YA 2020 that you should know about when filing your taxes in 2021.

Individual and dependent relatives

Granted automatically to an individual for themselves and their dependents.

Claim allowed: RM9,000

Medical treatment, special needs, and carer expenses for parents

Includes care and treatment by a nursing home, and non-cosmetic dental treatment. Must be evidenced by a registered medical practitioner or written certification of a qualified carer. Parents must reside and treatment must be provided in Malaysia.

Claim allowed: Up to RM 5,000

Parents

Those who did not make a claim for medical treatment for parents are entitled to this relief. Parents must be legitimate or legally adoptive parents (stepparents not included), aged 60 years and above, and each parent’s annual income from all sources must not exceed RM24,000 for that year of assessment. The allowable relief is RM1,500 for one mother and RM1,500 for one father; if more than one individual claims for this deduction, the amount has to be equally divided according to number of individuals claiming for that same parent.

Claim allowed: RM1,500 per parent (only allowed if no claims made under medical expenses for parents)

Husband/Wife/Alimony

You can claim this relief of RM4,000 if your spouse has no source of income OR elects for joint assessment in your name. This deduction is not allowed if your spouse has a gross income exceeding RM4,000 derived from sources outside Malaysia.

For husbands paying alimony to a former wife, the deduction is allowed for the amount of alimony paid or up to a limit of RM4,000. The total deduction for a wife and alimony payments to a former wife is restricted to RM4,000. Only formal alimony agreements qualify for this tax relief.

Claim allowed: Up to RM4,000

Education fees (self)

You can claim for fees expended on a course of study undertaken in a recognised institution or professional body in Malaysia; you can refer to the recognised list on the
Ministry of Higher Education Malaysia’s website
. For Masters or Doctorate degrees, any course of study undertaken is eligible. For others, any course of study up to tertiary level undertaken for law, accounting, Islamic finance, technical, vocational, industrial, scientific or technological skills or qualifications will be eligible.

Claim allowed: Up to RM7,000

Medical expenses on serious diseases for self, spouse, or child

Includes treatment of AIDS, Parkinson’s disease, cancer, renal failure, leukemia, heart attack, pulmonary hypertension, chronic liver disease, fulminant viral hepatitis, head trauma with neurological deficit, tumour in brain or vascular malformation, major burns, major organ transplant, and major amputation of limbs. Receipt of the treatment and a certification by a registered medical practitioner must be kept for future reference.

Claim allowed: Up to RM6,000 in total for self, spouse, or child; the RM6,000 limit is inclusive of any claims made under fertility treatment and complete medical examination below.

Medical expenses on fertility treatment for self or spouse

Includes Intrauterine Insemination (IUI) treatment, In vitro fertilization (IVF), or any other fertility treatments on yourself or your spouse, including consultation fees and medicines. The claim must be evidenced by a receipt and certification issued by a registered medical practitioner and is only eligible to married individuals.

Claim allowed: Up to RM6,000 in total for self or spouse; the RM6,000 limit is inclusive of any claims made under medical expenses on serious diseases and complete medical examination.

Complete medical examination for self, spouse, or child

Refers to a thorough examination as defined by the Malaysian Medical Council (MMC).

Claim allowed: Up to RM500 for self, spouse, or child, but the total deduction allowable for this relief as well as the reliefs for medical expenses on serious diseases and fertility treatment above is RM6,000.

Lifestyle purchases for self, spouse, or child

You can claim for the purchase of:

Books, journals, magazines, printed newspapers, and other similar publications in both hardcopy and electronic forms; banned and offensive materials excluded

Personal computer, smartphone or tablet; additional charges for warranty or devices used for the purposes of own business excluded

Sports equipment for sports activities defined under the Sports Development Act 1997, including golf balls and shuttlecocks, and payment for gym membership. Motorised bicycles and club memberships which provides gym facilities are excluded

Internet subscription paid through monthly bill registered under your own name

Claim allowed: Up to RM2,500 for all lifestyle purchases for self, spouse, or child.

Purchase of personal computer, smartphone, or tablet for self, spouse, or child

This is an
additional lifestyle relief
 introduced for YA 2020 where you can claim up to another RM2,500 in relief for the purchase of a personal computer, smartphone, or tablet made between 1 June 2020 and 31 December 2020. This is on top of the existing RM2,500 general lifestyle relief offered above.

For example, if you bought a smartphone worth RM2,000 in March and a laptop worth RM4,000 in July, you can claim up to the maximum amount offered under these two tax reliefs. Under the additional tax relief, you can claim up to RM2,500 for the purchase of the laptop. And under the general lifestyle tax relief, you can claim RM2,000 for the smartphone and another RM500 from the purchase of the laptop.

The relief cannot be claimed if you buy the device for business purposes and the relief does not extend to additional charges for warranty.

Claim allowed: Up to RM2,500 for self, spouse, or child.

Tourist accommodation or attractions

You can claim for expenses spent on tourist accommodation charges and entrance fees to tourist attractions for individuals. The payments must be made between 1 March 2020 and 31 December 2020 to qualify for tax relief in YA 2020. Moreover, the accommodation premises must be registered with the
Commissioner of Tourism
 to be eligible for the relief. This is a new tax relief introduced as part of the response to the
Covid-19 pandemic
.

Claim allowed: Up to RM1,000

Breastfeeding equipment

You can make use of this relief if you are a breastfeeding mother and have purchased breastfeeding equipment for your own use to breastfeed your own child aged 2 years and below. Qualified breastfeeding equipment are: breast pump kit and ice pack; breast milk collection and storage equipment; and cooler set or cooler bag.

Claim allowed: Up to RM1,000 per mother, allowed once every 2 years.

Childcare fees

This tax relief is allowed for childcare fees for a child aged 6 years and below, paid to a registered child care centre or kindergarten. The maximum claim for this relief is restricted to RM3,000 even if the number of children who are eligible for this care exceeds one. If a married couple are assessed separately, this relief can only be claimed by either the husband or the wife who makes the expenditure. Previously, the maximum limit for childcare relief was set at RM1,000, but it was increased to RM3,000 as part of a
Covid-19 pandemic aid
.

Claim allowed: Up to RM3,000 by husband or wife even if there is more than one child

Net deposit in SSPN

The Skim Simpanan Pendidikan Nasional (SSPN) or the National Educations Savings Scheme is a savings plan introduced by PTPTN to enable parents to invest for their children’s higher education. You can claim tax relief for the net deposit in SSPN up to the claim limitation if your total deposit for the year 2020 is higher than your total withdrawal.

Claim allowed: Up to RM8,000 per individual with children

Ordinary child relief

A deduction is allowed for every child who is unmarried and who is below the age of 18 years at any time during the year of assessment.

Claim allowed: RM2,000 per child

Child relief for child (18+) in full-time education

For those with children who are unmarried, 18 years of age and above, and receiving full-time education, a deduction of RM2,000 is allowed.

For those with children who are unmarried, 18 years of age and above, and satisfy any one of the following conditions, a claim of RM8,000 is allowed:

In full-time education (other than matriculation/pre-degree/A-Levels) at an educational establishment in Malaysia

Serving under articles or indentures to qualify in a trade or profession in Malaysia

Pursuing a full-time degree (or equivalent, including Masters or Doctorate) outside Malaysia

Claim allowed: RM2,000 per child or RM8,000 per child

Life insurance and EPF

Paying life insurance premiums on your own life or your spouse (but not child) is deductible under this relief, as are contributions to approved schemes such as the Employees Provident Fund (EPF). Private retirement scheme contributions do not count under this relief.

While this relief covers contributions to both life insurance premiums and EPF, pensionable public servants who have opted for pensionable retirement and did not contribute to any approved schemes other than private retirement schemes will find that the EPF relief allocation does not apply to them here. Therefore, the claim limits for pensionable public servants and those who are not public servants differ accordingly.

Claim allowed: Up to RM7,000 for life insurance for pensionable public servants; Up to RM3,000 for life insurance and up to RM4,000 for EPF for non-public servants

Private retirement scheme (PRS) and deferred annuity

The total deduction under this relief is restricted to RM3,000 for an individual and RM3,000 for a spouse who has a source of income. If you elect for joint assessment, the deduction allowed is restricted to RM3,000. You can consider investing in a PRS or deferred annuity for your long-term goals to get this relief, which you wouldn’t be eligible for if you opted for a unit trust or mutual fund for example.

Claim allowed: Up to RM3,000

Education and medical insurance

This claim is allowed for insurance premiums that are related to education or medical benefits for yourself, spouse, or child. The total deduction under this relief is restricted to RM3,000 for an individual and RM3,000 for a spouse who has a source of income. If you elect for joint assessment, the deduction allowed is restricted to RM3,000.

Claim allowed: Up to RM3,000 for self, spouse, or child

SOCSO contributions

Your contributions to the Social Security Organisation (SOCSO) can be claimed as relief during the year of assessment.

Claim allowed: Up to RM250

Equipment for disabled self, spouse, child, or parent

You can claim for expenses incurred for the purchase of any necessary basic supporting equipment for the use of yourself, spouse, child, or parent, if the individual concerned is disabled. This person must be registered with the Department of Social Welfare as a disabled person for the expenditure to qualify. Basic supporting equipment includes haemodialysis machine, wheelchair, artificial leg, and hearing aids, excluding spectacles and optical lenses.

Claim allowed: Up to RM6,000 for self, spouse, child, or parent

Disabled individual

Disabled individuals who have been certified in writing by the Department of Social Welfare as a disabled person are eligible for a further deduction under this relief.

Claim allowed: RM6,000

Disabled husband/wife

Those who have a disabled spouse are entitled to a further deduction under this relief.

Claim allowed: RM3,500

Disabled child

If you have a disabled child who is unmarried, you are entitled to a deduction under this relief.

Claim allowed: RM6,000

Disabled child in higher education

This is an
additional
 relief that you can claim if you have a disabled child who is unmarried, 18 years of age and above, and in higher education under one of the following conditions:

In full-time education (other than matriculation/pre-degree/A-Levels) at an educational establishment in Malaysia

Serving under articles or indentures to qualify in a trade or profession in Malaysia

Pursuing a full-time degree (or equivalent, including Masters or Doctorate) outside Malaysia

Claim allowed: RM8,000

Malaysia Income Tax Deduction YA 2020 Explained

A tax deduction reduces the amount of your aggregate income – which is the sum of your total income for the year put together. For income tax filing in the year 2021 (YA 2020), you can deduct the following contributions from your aggregate income.

Donations to charities, sports bodies, and approved projects

Donations that fall under these categories are restricted to 10% of your aggregate income:

Gift of money to approved institutions/organisations/funds

Gift of money for any approved sports activity

Gift of money or cost of contribution in kind for any approved project of national interest

Gift of money in the form of
wakaf
 to religious authorities or public universities or endowment to public universities

Deduction allowed: Up to 10% of aggregate income

Other donations, gifts, and contributions

Donations under these categories are not restricted to the 10% limit:

Gift of money to the government/state government/local authority

Gift of artefacts, manuscripts, or paintings

Gift of money not exceeding RM20,000 for libraries

Gift of money or contribution in kind for disability facilities in public places

Gift of money or medical equipment not exceeding RM20,000 to approved healthcare facilities

Gift of paintings to the National Art Gallery or state art galleries

Deduction allowed: Up to value of gift unless otherwise stated

Subscriptions to professional bodies

The membership subscription paid to professional bodies for one’s profession, like medical or legal professional fees, can be claimed as a deduction.

Deduction allowed: Membership subscription paid

Malaysia Income Tax Rebate YA 2020 Explained

An income tax rebate is calculated at the end section of your BE form – after you’ve determined the amount of tax charged on your chargeable income. A tax rebate directly reduced your amount of tax charged and there are currently four types of tax rebates for income tax Malaysia YA 2020.

Tax rebate for self

If your chargeable income (after tax reliefs and deductions) does not exceed RM35,000, you will be granted a rebate of RM400 from your tax charged.

Rebate amount: RM400

Tax rebate for spouse

If your chargeable income (after tax reliefs and deductions) does not exceed RM35,000, and you have been allowed the tax relief of RM4,000 for your spouse, you can claim this rebate. To refresh your memory, the conditions for the tax relief for spouse are that your spouse has no source of income or elects for joint assessment in your name.

Rebate amount: RM400

Departure levy rebate for umrah or religious travel

This rebate is granted to anyone who leaves Malaysia by air to perform umrah or other kinds of religious pilgrimage, but not for the purpose of performing hajj. To claim this rebate, the evidence required is a copy of the visa issued by Saudi Arabia for the umrah and a written verification by a recognised religious body for any other religious pilgrimage.

Rebate amount: The amount of departure levy paid, limited to 2 trips per lifetime

Zakat/fitrah

The rebate is applied to the payment of obligatory zakat and fitrah during the basis of the assessment year.

Rebate amount: Zakat/fitrah paid

Maximise Malaysia Income Tax Refund For YA 2020

Remember, claiming for tax incentives is the key to maximising your tax refund for the year, thus reducing how much you have to give up in taxes on your income. Now that you know about all the income tax reliefs, rebates, and deductions that you can claim for Malaysia personal income tax 2021 (YA 2020), it’s time to get your tax filing in order and get that tax refund!

For more advice on filing your income tax this year, make sure to check our other
income tax
 articles for YA 2020. And if you would like a handy step-by-step guide to take you through the whole process of filing your taxes, head on over to our
Income Tax Guide YA2020 here
!

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About THE AUTHOR

Jacie Tan

Jacie Tan

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    CG

    2 years ago

This is the best website providing very useful information for taxpayers. Thanks for sharing, really appreciate it!

-1

Reply

    Nurul

    2 years ago

if we bought smartphone rm 5000 in one receipt can we claim it all under the lifestyle category? thanks

37

Reply

    Rudran Sivayanapoopathy

    2 years ago

Hi, great article. For the lifestyle claim, if one purchased only 1 smartphone for say RM3,500 in July, would the person be able to claim RM2500 under the additional lifestyle relief and the balance RM1000 under the normal lifestyle relief. There seem to be little guidance from IRB on this.

17

Reply

    AL Goh

    2 years ago

How to claim deduction for ‘subscriptions to professional bodies? There isn’t any allowance item for professional subscription fees in the tax filing form.

45

Reply

    Yap Kim Yeong

    2 years ago

How about the fees for parents/ parent in law in old folk’s home, is it claimable?

0

Reply

    K C Yeap

    2 years ago

Thank you so much Jacie

Your article is so comprehensive and in great detail and up-to-date much better than many tax practitioners”

Much appreciated

0

Reply

    Jas

    2 years ago

Subscription for professional bodies – does this include ACCA?

where should we key in this in the tax form?

0

Reply

    Wee Hong Pui

    2 years ago

I miss out to claim the parents medical expenses spent in Oct Y2020 for relief of RM 5,000. 00

How can I make amendments of my tax relief re-submission to claim it?

0

Reply

    Jacie Tan

    2 years ago

    Reply to

        Wee Hong Pui

You can refer to our income tax guide to find out more about making amendments.
https://ringgitplus.com/en/blog/income-tax/malaysia-personal-income-tax-guide-2021-ya-2020.html

0

Reply

    sm14

    2 years ago

Hi, thanks for ur great sharing!

May i know how to opt out the option to choose tax relieve under parents? they earned more than RM24K annually. the page wouldnt let me proceed without filling any details for the “expenses for parents” column.

Thanks in advanced.

0

Reply

    Kwan

    2 years ago

Curious to know, if self-employed person contributes to Self-Employment Social Security Scheme, is it entitled for the tax relief under SOSCO as well?

0

Reply

    Janssen Cheah Eu Min

    1 year ago

if i have paid a lumpsum of my half share to my x as maintenance (during divorce)The child education section can i still claim the child 50%?

3

Reply

    Kattie Hoo

    1 year ago

For YA 2021, are the purchases of disposable face masks, sanitizers and test kits tax deductible?

2

Reply

    yis

    1 year ago

Hi, I bought books from Book Depository & Shopee (MPH Bookstore) but they do not provide hard copy tax receipts. Can I still claim these book expenses for tax relief? If I use the screenshot of these payment histories, is it sufficient? Or it is mandatory to have a tax receipt issued?

0

Reply

    Yuki

    1 year ago

Hi, thanks for the great article. We’re looking forward to hearing from you on Everything You Should Claim For Income Tax Relief Malaysia 2022 (YA 2021) too.

1

Reply

    Pang Tun Yau

    1 year ago

    Reply to

        Yuki

It’s coming soon!

0

Reply

    will Will

    1 year ago

how to define serious disease to be claim under tax relief

0

Reply

    mkay chia

    1 year ago

handphone purchased with mobile data package for 2 years how to claim?

can use digi annual statement for tax relief?

full year amount?? looking forward to your reply.

tqvm

0

Reply

    Yong Li

    1 year ago

How about if I am supporting OKU elder brother? and he just did a hip replacement surgery. Not eligible for medical insurance.

0

Reply

    Anonymous

    11 months ago

is optical expenses (getting a new pair of glasses) can claim? Thanks

0

Reply

    Pang Tun Yau

    11 months ago

    Reply to

        Anonymous

Unfortunately they are not part of the list of reliefs 🙁

0

Reply


CIMB Extends 12% Weekend Dining Cashback Campaign For Its Cash Rebate Platinum Mastercard

CIMB Bank has extended the 12% weekend dining cashback campaign for its CIMB Cash Rebate Platinum Mastercard, allowing cardholders to continue enjoying the benefit until 30 June 2020. The campaign, which
began in 15 May 2019
, was originally slated to end on 31 May 2020.

To recap, the dining cashback is a temporary feature of the CIMB Cash Rebate Platinum Mastercard, which was announced as part of the May 2019 revision. This made the card one of the best cashback credit cards for dining, as there is no minimum spend condition (this category is exempted from the RM3,000 minimum spend requirement for the other cashback categories). At a cap of RM30 per month, this card offers cashback for up to RM250 in dining spend.

This is welcome news for those who own this credit card, as the 12% dining cashback feature was unusable throughout the movement control order from 18 March 2020 until the start of May, when the MCO was eased into the Conditional MCO and eateries were allowed to re-open under strict conditions. With the extension of the campaign, cardholders can save when dining out once more.

Aside from the weekend dining promotion, the
CIMB Cash Rebate Platinum Mastercard
 also has permanent cash rebates for a variety of other expenses. With a minimum spend of RM3,000 each month, you’ll earn 5% cashback on groceries, petrol, cinema, mobile, and utility bill payments. For spending below RM3,000, you will get a reduced 2% cashback for that month. Total cashback for the five categories is capped at RM30 per month. Additionally, the card also offers unlimited 0.2% cashback on other retail and online spend.

That aside, the
CIMB Cash Rebate Platinum Mastercard
 also carries several exclusive dining deals for foodies, including discounts of up to 50% at selected Japanese restaurants. Cardholders also get to tap into a travel deal of 10% discount when you shop at The ZON Duty Free outlets, although this is a limited time-only campaign, valid until 15 November 2021.

(Source:
CIMB
)

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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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KTM To Discontinue Token Tickets In Favour Of Cashless Transactions From 10 September 2018

(Image: KTM Berhad)

KTM Berhad has announced that it will be discontinuing the usage of token-based tickets for the KTM Komuter service, starting 10 September 2018. Passengers will be left with the options of using a Komuter Link Card, Touch ’n Go, or MyKad to pay for their journey, signalling a move into completely cashless forms of payment.

At a press conference held recently, KTM Berhad stated that effective 10 September 2018, all adults and students would have to use cashless payment options to use the KTM Komuter service. Meanwhile, children between the ages of 3-12, senior citizens, and disabled commuters will still be able to purchase tokens at ticket counters, or buy concession cards at KL Sentral. This move is likely a solution to ease congestion at the ticket counters and machines, which is always an issue during peak hours.

However, the announcement has been met with lukewarm reception from the public. At its
Facebook
 and
Twitter
 pages, netizens were quick to point out current issues that may hinder the move to a fully cashless system. One of the concerns raised was that some KTM stations lacked card top-up facilities. Another was that the entry barriers were often out of order and that there weren’t enough Touch ’n Go lanes available. Hopefully, these issues will be addressed in time.

In conjunction with this announcement, KTM Berhad will be giving out 30,000 free Komuter Link Cards between 10-16 September. Furthermore, adults can enjoy up to 20% discount and students up to 50% for journeys using the Komuter Link Card.

(Source:
Lowyat.NET
,
KTM Berhad (Facebook)
)

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Maybank Is Having Intermittent Issues With Maybank2u & M2U And MAE Apps

If you’ve been having issues accessing Maybank2u or the M2U and MAE apps over the last few hours, you’re not alone. One day after experiencing a similar downtime, Maybank has again announced that it is facing “intermittent slowness” across all of its online and app access.

As a result, users will face issues accessing all of Maybank’s online touchpoints. Based on my experience, I was able to access Maybank2u this morning, before facing issues such as website not loading and both M2U and MAE apps not responding in the afternoon, and gradually got worse over the course of the day.

At the time of writing, Maybank has not indicated when the issue will be resolved, but we are able to gain access to the Maybank2u website. However, the M2U and MAE apps are inaccessible, with users getting a maintenance notice instead.

Maybank’s statement
 reads:

#MBBAlert, Dear valued customers,

Kindly be informed that we are currently experiencing intermittent slowness on MAE app, M2U MY app and Maybank2u web.

We apologise for any inconvenience caused and are working to resolve the matter as soon as possible. Thank you for your patience and understanding.

We will update this post when Maybank has announced that it has resolved the issue.

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Pang Tun Yau

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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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URUS Financial Assistance Programme: What To Know Before Applying

The Financial Management and Resilience Programme (URUS) is now open for application to eligible individual banking customers who fall under the bottom 50% (B50) income group.
Announced back in October 2021
 by Prime Minister Datuk Seri Ismail Sabri Yaakob, the programme is intended as another form of assistance to borrowers who are still struggling financially due to the Covid-19 pandemic. It is set to run for a total of three months from now until 31 January 2022.

With URUS now ready to assist Malaysians in need, here are some key details about URUS that you should know.

What is URUS?

URUS is described as a free “holistic assistance package” aimed at borrowers who are still facing prolonged cash flow difficulties due to Covid-19. The programme was drawn up via a collaboration between the banking sector and the Credit Counselling and Debt Management Agency (AKPK), and offers aids such as personalised financial plans as well as financial education programmes.

What assistances are offered under URUS?

Specifically, eligible borrowers will be able to tap into a personalised financial plan that helps them manage their debt repayment for a period of up to 24 months. The plan may consist of any of the following repayment assistance:

Interest/profit waiver for a period of 3 months
Deferred payments, reduced instalments, or other viable options
Development, education, and advisory support on how to manage your finances

Under URUS, your respective bank(s) and AKPK will draft a personalised financial plan after reviewing your case, taking into account your existing debt obligations, monthly income, and living expenses.

Your enrolment into URUS may result in certain changes in the existing terms of your loans, such as an extension of the maturity date of your loan or financing – which, in turn, could cause your overall borrowing/financing cost to increase. Your loan/financing balance will also be adjusted to reflect the interest/profit waiver.

Who is eligible for URUS?

B50 banking customers who wish to apply for the URUS programme must meet
all
 the following eligibility criteria:

Household income of up to RM5,880
Loss of employment, or 50% income reduction
Loan/financing is already under an existing repayment assistance programme as of 30 September 2021 (via any of the government’s stimulus packages or a bank’s rescheduling and restructuring programme)
Loan/financing is not in arrears exceeding 90 days as of the date of your URUS application

What loan/financing facilities are covered under URUS?

The various loan/financing facilities that are eligible for the URUS programme include:

Housing loans/mortgages
Personal loans and micro financing (including Amanah Saham Bumiputera (ASB) loan/financing, education loans, etc)
Car loans
Hire purchase*
Credit card balances or other revolving credit lines (such as overdraft/cash lines and trade credit facilities) that were previously converted into term loan/financing

* While the list includes hire purchase as one of the facilities eligible for URUS, note that it will not be included as part of the personalised financial plan due to specific legal requirements. Instead, the bank will contact you directly with details of your repayment terms.

How do I apply for URUS?

To apply for the programme, you will need to fill in a common URUS application form that can be found on the website of all participating banks. Required details include basic personal information, as well as information about your employment and income status. You will also need to attach some supporting documents to verify your financial circumstances. All borrowers will need to submit any one of the following documents (although some banks may require more for verification):

Latest Employees Provident Fund (EPF) statement
Latest bank statement
Latest income tax form
Latest salary slip/payment vouchers
Letter of termination from previous employer

If you are unable to provide any of the above documents, you can approach your bank to ask about other written records that can also be accepted as supporting documents.

Aside from this, note that borrowers who have loans or financing with multiple banks do
 not
 need to make numerous URUS applications (one application for each loan/financing). Instead, you are only required to make
one
 URUS application with any one of your banks as the standardised application form will let you list out all your performing loans with the different financial institutions (as you can see in the sample image below). You are encouraged to list out all of them – or as many as you can – as this will allow AKPK to consolidate your details across banks and develop a more comprehensive repayment plan for you.

What happens after the submission of my URUS application?

Your bank will receive a confirmation message from your bank immediately after submitting your application. Following that, AKPK will contact you via email within 10 working days if you are eligible for the programme, providing you with your personalised financial plan. Upon approval, your new repayment terms under the personalised financial plan will take effect from the following month onwards (AKPK will reconfirm this with you). Repayments must then be made to your respective bank, not to the APKP.

Meanwhile, if your application is not approved, you will be informed by your bank within five working days. You can then reach out to AKPK or available bank personnel for alternative solutions.

Will my CCRIS be affected if I apply to URUS?

Loans that are under URUS will be identified in the borrower’s Central Credit Reference Information System (CCRIS) credit report. However, this identification is only temporary as it is meant to facilitate the process for AKPK to follow up and monitor the borrower’s progress, as well as for the banks to provide any other necessary support. It will be removed from your CCRIS report once you have completed the URUS programme, or six months from the date of your enrolment into URUS (at the earliest).

I am currently enrolled in other repayment assistance programme (under PEMULIH). What happens if I apply for URUS?

In general, URUS will supersede your existing repayment assistance programme. However, it is also possible to maintain your current repayment terms by making adjustments for the three-month interest/profit waiver – provided you are eligible.

What are the other support offered via URUS aside from the personalised financial plan?

On top of the personalised financial plan, URUS also supports borrowers with various development, education, and advisory aid on how to manage their finances. They can tap into AKPK’s financial education programmes for free, which cover topics such as goal setting, wealth management, and cash flow management.

There is also a collaborative effort by the name of Social Synergy Network, which enables borrowers to obtain a range of assistance from relevant agencies via referrals. These referrals may yield aids such as employment opportunities, digital training and business platforms, as well as upskilling and reskilling courses.

(Image: The Star)

Applying to URUS via your respective bank

If you would like to find out more about URUS or are ready to apply for the programme via your respective bank, here are the landing pages for most of the major banks in Malaysia:

Affin Bank
Agrobank
Alliance Bank
AmBank
Bank Islam
Bank Muamalat
Bank Simpanan Nasional
CIMB
Hong Leong Bank
HSBC Bank
Maybank
MBSB Bank
OCBC Bank
Public Bank
RHB Bank
Standard Chartered Bank
UOB Bank

Again, do note that some banks may have stricter screening processes, so be sure to check your bank’s requirement list to ensure a smooth application process.

***

Individuals who have enquiries regarding URUS can reach out either to their respective banks, or to AKPK. You can speak to AKPK via the Live Chat function on its website, or by messaging them through their social media. Alternatively, you can find out more via
their website here
.

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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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BSN Banking Services Finally Restored After Weekend Outage

Bank Simpanan Nasional (BSN) Malaysia’s core banking system faced a major disruption over the long weekend. From 6.10a.m. on Saturday 19 January, the ATM, CDM, MEPS, myBSN, and Ejen Bank BSN services were affected at all BSN branches and automated banking channels. Its credit card facilities, however, remained in operation as usual.

BSN kept its customers updated through posts on
its official Facebook page
, although there were no positive changes to the situation over the weekend until Monday morning. The bank said that limited manual cash withdrawals at BSN branches were allowed for employees under the Accountant General’s Department of Malaysia, government pensioners, and students.

Finally, at 10p.m. on Monday 21 January, BSN announced that its ATM services have been restored. As of 7a.m. on Tuesday 22 January, all of BSN’s affected services have resumed normal operations after three days of downtime. Despite stating that the sources of the disruption had been identified during the rectification process, BSN has not disclosed these causes to the public.

Chairman Tan Sri Abu Bakar Abdullah assured all BSN customers that their savings and deposits remained safe and protected. He also apologised on behalf of the bank for the inconvenience caused and thanked customers for their patience and support.

Unfortunately, this was not the first time BSN was faced with downtime – in September last year,
BSN customers were plagued
 with a slew of issues ranging from lost transactions and missing funds to the myBSN online banking portal going offline.

(Source:
The Star
)

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Alliance Bank Unveils New Visa Signature Credit Cards With Up To 5% Cashback On All Retail Spend

Alliance Bank has finally unveiled its latest card offering after sharing
a teaser earlier last week
, officially launching the Alliance Bank Visa Signature credit card today. The new card offers tiered cashback of up to 5% on
all
retail expenses, including online shopping, groceries, dining, petrol, and even utilities.

That said, the reward structure for this Alliance Bank Visa Signature card differs from other cashback credit cards, which usually provides tiered cashback rates that apply to the entire amount spent in a statement cycle. The new Alliance Bank Visa Signature card, meanwhile, allocates tiered cashback at different percentages that apply only to the amount spent in a specified range – which will then be totaled to obtain your cumulative cashback. This makes it similar in spirit with the discontinued
Alliance Bank You:nique Rebates credit card
, which also utilises a similar reward structure.

Under the new Alliance Bank Visa Signature card, the cashback tiers are provided as follows:

Cashback tier
Range (RM)
Rates
Cashback amount
1
RM1 – RM1,000
0.05%
Up to RM0.50
2
RM1,001 – RM2,000
0.5%
Up to RM5.00
3
RM2,001 – RM3,000
5.0%
Up to RM50
4
More than RM3,000
0.25%
Unlimited

As you can see from the table, the 5% cashback rate is applicable only in Tier 3, when your expenses hit the range of between RM2,001 to RM3,000, after which the rate will drop back to 0.25%. For example, if you’ve spent RM3,000 in one statement month, then you will receive a total cashback reward of RM 55.50 (RM0.50 + RM5.00 + RM50).

Aside from the cashback benefit, the Alliance Bank Visa Signature card also carries other features, including 2x complimentary e-hailing rides to the airport (worth RM80 per ride), applicable for both local and overseas rides. You are required to spend a minimum annual amount of RM120,000 on your card in order to tap into this benefit. Additionally, the card provides a 6-month 0% balance transfer and fast cash plan that you can sign up for if you need it.

Interestingly, the Alliance Bank Visa Signature also has an exclusive version that is offered only to Alliance Privilege and Alliance Personal customers only, dubbed the Alliance Privilege Visa Signature credit card. What’s unique is that Alliance Bank is positioning this card as a “personal and business” expenses card, which isn’t common because most banks (including Alliance) offer business-only credit cards.

Under the Alliance Privilege Visa Signature card, customers will get to enjoy an additional 3% cashback on top of the 5% cashback allocated for the regular Alliance Bank Visa Signature card. To unlock this additional 3% cashback, cardholders will need to spend a minimum of RM120,000 per year and have a minimum of RM300,000 assets under management (AUM). Its additional cashback rates are tiered as shown below:

Tier
Asset under management (AUM)
Additional cashback rates
1
More than RM300,000
0.5%
2
More than RM500,000
1.0%
3
More than RM1 million
2.0%
4
More than RM3 million
3.0%

Note that for this card, the additional cashback rates are given on top of the Visa Signature’s cashback amount, and is unlimited – which means if you have more than RM3 million in AUM with Alliance Bank, this card will reward you with at least 3% on all your personal and business spending.

Moreover, the Alliance Privilege Visa Signature card offers a 0% flexi payment plan of 12 months for personal and business expenses, including private school fees, medical bills, and even online advertisement and media fees.

The annual fee for both the
Alliance Bank Visa Signature card
 and
Alliance Privilege Visa Signature card
 is set at RM148, applicable only for the principal cardholders, and is waived for the first year. The fees for subsequent years can also be waived with a minimum spend of RM12,000 per annum. Meanwhile, the minimum annual income requirement to apply for these cards stands at RM48,000 per annum (RM4,000 monthly salary), positioning this card between the
Visa Platinum
 and
Visa Infinite
 cards that it r
elaunched almost exactly one year ago
.

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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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    CT phang

    1 year ago

Good cash back card.  Return of the  features

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EPF Reopens Service Counters At Branch Offices Starting Tomorrow

(Image: Bernama)

The Employees Provident Fund (EPF) will be re-opening its service counters at branch offices nationwide tomorrow, after having been closed for lockdown since the start of
June
. The service counters will be operating from 8.30am to 2pm on weekdays for selected services only.

The selected services are namely withdrawals for those aged 50, 55, and 60, withdrawals for health reasons or death, and collection of payment order (PO) or banker’s cheque. Members are required to schedule their appointments through the
Janji Temu Online
 service on the EPF website, and the EPF will contact members to arrange for PO and banker’s cheque collection for their withdrawals.

According to the EPF, the move is made to accommodate the needs of members who require its services, while simultaneously balancing the health and safety of its personnel and members at branch offices.

Members are advised to make use of EPF’s online services,  i-Akaun (Member) and i-Akaun (Employer) to expedite and facilitate services. For more information, you can contact EPF’s Contact Manager Centre at 03-8922 6000 or refer to the EPF
website
.

(Source:
Malay Mail
)

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Are Malaysians On The Road To Financial Recovery Yet?

After almost two gruelling years of dealing with the Covid-19 pandemic, have Malaysians changed the ways they manage their money? More importantly, are we on the road to financial recovery as the economy gradually reopens? Well, the RinggitPlus Malaysian Financial Literacy Survey (RMFLS 2021) dug deep and found that Malaysians are actually finding it harder to save money each month.

52% of respondents save less than RM500 monthly or do not manage to save at all, an increase from last year’s 49%. Meanwhile, 21% live paycheck to paycheck as they do not save any money each month (a slight increase from 19%). Even so, 76% of respondents believe that they are in control of their money – of which,  33%  still spend exactly or more of what they earn.

Having said that, Malaysians have been taking emergency funds more seriously since the pandemic. In fact, 63% of respondents picked “emergency fund” as their top reason for saving money, followed by retirement (49%), travel (40%), and new property/home (38%). They are also more aware that EPF savings will not suffice for retirement (15%, as opposed to 30% who believe their savings are sufficient for retirement in 2020), but about half of this group (45%) admitted that they have not started planning for their retirement.

“In last year’s RMFLS, we saw that a large majority of Malaysians finally realised the true value of an emergency fund. But the prolonged pandemic continues to take a huge toll on the economy and finances for everyday Malaysians. It’s disheartening to see this play out in the way Malaysians are less able to save, but fortunately, savings isn’t the only avenue for money management. We at RinggitPlus will continue doing our part in educating and empowering Malaysians to make better financial decisions through a holistic approach, which also includes better debt management and other ways to grow their money,” Hann Liew, Co-founder and Director of RinggitPlus, said.

Savings aside, Malaysians are also open to growing their money through automated investments such as cryptocurrencies and robo-advisors. Almost half (49%) of Malaysians said that they are willing or open to investing in cryptocurrencies.

The survey received 3,033 responses nationwide, from which stratified sampling of 1,518 was conducted to achieve a more representative sample of the Malaysian population.

RMFLS 2021: Key Findings

The general pattern of personal finance habits have not changed significantly. If anything, the rate that Malaysians are saving has even dropped – possibly due to the economic effects of the Covid-19 pandemic.
Only 15% of respondents are able to save RM1,500 or more each month, a reduction from 20% in 2020.
Half (50%) of the respondents revealed that they would not survive more than 3 months if they lose their job.
44% spend exactly or more than what they earn, similar to 43% in 2020.
21% have either taken or are planning to take a loan moratorium, which is 2x more than the industry estimates.
Credit card ownership dropped this year: 45% do not own any (35% in 2020), 45% carry 1-3 cards (from 51%), while only 10% own more than 4 cards (previously 14%).
E-wallet adoption remains relatively healthy in Malaysia at a rate of 89%. 36%  even use 3 or more different e-wallets for their payments.
Despite efforts to encourage users to purchase insurance online, the majority of Malaysians 65%  still prefer buying via an agent.
Youths and millennials (18-35 years) still have a long way to go.
24% do not have enough to survive beyond 1 month.
57%  cannot survive more than 3 months.
45%  spend exactly or more than what they earn.
Being more digital savvy, more than half (63%) of youths are willing or open to investing in cryptocurrencies.

Empowering Malaysians to make better money decisions

While Malaysians are showing interest in learning about better financial habits, it is also apparent that many may not know where to start. To address this gap, RinggitPlus is launching two new services – the RinggitPlus Financial Planning Services and the RinggitPlus Financial Health Check – to empower Malaysians to be more financially literate.

The
RinggitPlus Financial Planning Services
 comes in two forms, RinggitPlus Academy and RinggitPlus Financial Planner, which offer access to licensed financial planners and practical money management advice at an affordable rate. The webinars and one-on-one consultations are done completely online, making it convenient and accessible for everyday Malaysians nationwide. This launch comes in conjunction with Financial Literacy Month through the partnership with Financial Education Network (FEN). For the month of October, Malaysians can sign up for the RinggitPlus Financial Planning Services and enjoy a RM100 discount using the promo code
“FLM100”.

“It’s a common misconception that only the rich can afford to work with a financial planner and reap the financial rewards, but the truth is that anyone can benefit from the guidance and support of a financial planner – whether you’re a fresh grad, newly wed, new parent, or nearing retirement. It’s all about equipping yourself with the right tools and thinking in order to manage your money wisely. Our goal with these new products and services is to make financial advice more accessible to everyone, be it through our licensed financial planners on RinggitPlus Financial Planning Services or through our comprehensive algorithmic framework in the RinggitPlus Financial Health Check, which we have co-developed with mangro, a solution offered by kipleX,” Hann added.

The
RinggitPlus Financial Health Check
 is Malaysia’s very first financial assessment and recommendation tool that’s easy to use for everyday Malaysians. It creates customised assessments of the user’s financial health and offers advice for 7 key financial areas – Tax Planning, Debt Management, Cash Flow, Investment, Goals, Estate Planning, and Risk Management. All it takes is just 10 minutes to get an overview of their financial health and recommendations on how they can make better money decisions.

“Many Malaysians do not have enough time or money to engage personal accountants and financial advisors, but they desperately need guidance with their finances. In today’s increasingly digital society, Malaysians expect better digital tools to help them understand, manage and plan their own finances, and we are excited to partner with RinggitPlus in building the self-serve financial tools of tomorrow.” said Stan Zabolotsky, Head of Ventures at kipleX, the venture builder behind mangro.

For Financial Literacy Month, RinggitPlus is also working with FEN to organise various initiatives to improve the level of financial literacy in the country, including a webinar on the importance of financial planning in all 3 languages. You can find out more on:
https://www.fenetwork.my/
.

Click
here
 to download the full RMFLS 2021 report.

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Win Gifts From Apple & Dyson Or Get RM1,000 TNG eWallet Credit

The Unbox This Week credit card campaign is back with new gifts you won’t want to miss.

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

From 19 to 26 September, our featured bank partners are

Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, and Public Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – Apple Watch Series 7

Win an Apple Watch Series 7 when you apply for a Citibank Credit Card and chase your health goals before the end of 2022. Make full use of the Advanced Features to gauge your blood oxygen level, conduct an electrocardiogram (ECG), and more.

Don’t worry if you’re not selected, as you will still walk away with guaranteed RM600 cash via DuitNow.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – RM1,000 TNG eWallet Credit

Can you hear the sound of ker-ching? Well, hear it a THOUSAND times more. Get RM1,000 TNG eWallet Credit, guaranteed to you,

when you apply for a HSBC Credit Card this week! Pay for tolls, parking, items, and services easily with this handy gift.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Public Bank – RM500 Shopee e-Voucher

A RM500 Shopee e-Voucher could be yours to win when you apply for a Public Bank Credit Card this week. Shop away for items, food, and services on the gi-normous platform of Shopee.

For those who are not selected, you will still get a guaranteed JBL Wave 100TWS In-Ear Headphones for some deep bass sound, 20 hours of combined playback, and more.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

Standard Chartered Bank – Dyson Pure Cool Air Purifier TP00

Stand a chance to win the Dyson Pure Cool Air Purifier TP00 when you apply for a Standard Chartered Credit Card this week. This cutting-edge device keeps the air in your home clean by removing 99.95% of allergens and pollutants.

For those who are not selected, you will receive a guaranteed RM200 Shopee e-Voucher.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

Alliance Bank – AmazFit T-Rex Pro or Samsung Galaxy Fit2 Smartwatch

Take home a guaranteed AmazFit T-Rex Pro or Samsung Galaxy Fit2 when you apply for a new Alliance Bank Credit Card.

The AmazFit T-Rex Pro is made for adventures with military-grade toughness, 10 ATM Water-resistance, and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the Samsung Galaxy Fit2 smartwatch that is equipped with a 1.1-inch full colour AMOLED display, thin design, and more when you apply for an Alliance Credit Card.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the prize. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

***

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

While this week’s flash deal ends on 26 September (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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How to Choose the Right College After SPM

“What does choosing a college have to do with personal finances?” we hear you ask aloud in your head. More than you’d think. You see, even though some of you may have heard stories of billionaire dropouts and successful people who never went to college, they’re typically the outliers.

In fact, surveys have shown that university graduates can earn
from 28% to 52% more
 than their counterparts who never went to university. That is an awful lot of impact to your future earnings. Also, by exposing yourself to the learning environment of a university, you would be able to be more imaginative and open to newer opportunities to make money anyway.

No matter how you cut it, it’s worth getting a higher education. But choosing carefully is paramount not just to ensure a good future but to get the best value for your money. College/university tuition is not cheap so you’d want to make the most informed decision.

Private or Public?

Why take this into account? Every institution is different and just because one is self-funded and another is government-backed has no effect on the quality of experience, right? True, but one important difference stands out, and that would be how much your tuition fees come up to.

In general, public universities will put their tuition fees at around RM1,000 per semester excluding other expenses. While private universities, depending on the course of study you choose, may charge anywhere from RM50,000 up to RM300,000 per semester for the more involved programmes. Even if the fees look steep for private colleges however, keep in mind that Malaysia offers financial support in the
form of loans like MARA, PTPTN and the like
.

Looking at your spending patterns, how much you have in savings, and how much you can afford to pay off (if you’re taking a loan), you can make a calculated decision on which of these two kinds of colleges to choose from.

However, the decision whether to go public or private also needs to consider the high volume of applicants and low number of available seats in popular courses at public universities
making rejection a very real possibility
. Are your results competitive enough for a seat? If not, it may be necessary to have a Plan B in the event you are rejected.

What to Study?

Choosing what to study is harder than you think. Even if you have an idea of what field of study or industry would be useful in 5 years, you can always be wrong. It is difficult to predict what the economic climate and job demand will be for the future. So how do you choose?

Our advice would be to pick a field that holds your interest the most and that the school has the most resources for. Once you do this, you’ll be sure to have the chance at getting your hands really dirty with the subject and truly figure out if the area of study is a good fit for you. If that faculty has plenty of resources directed at it, should you change your major, you can still able to explore the other programmes to a satisfying extent while keeping the credits you earn in your previous semesters.

What to Look For in a School?

Unlike the rote learning and strict guidelines that secondary and primary school give you, tertiary education is a different beast entirely. You have the freedom to take as many (or as few) classes as you want and really explore and discover your academic strengths, weaknesses, and aptitude.

You’re also free to join or form any extra-curricular activities, social experiments, foundations, or causes that you want. The best college experiences are ones where you get to dig deep into yourself and stretch out your full potential as a person and citizen of the world.

Read Also:

Tips to Help You Pay Off Your PTPTN Student Loan

At the same time, you may elect to be in a space where the ideals of the school and the students match up with your own. In order to be sure that you’re getting the experience that’s most conducive for your growth as a person, you should try and visit these schools while they’re in session. Talk to graduates; ask them about the culture, the environment, and whether or not they would make a different decision if given the chance. Their answers and your own observations about the place will help you make a much more informed decision.

Do You Need a Scholarship?

Even after choosing the most affordable programmes and colleges in addition to applying for study loans, you may still be coming up short on expenses. In cases like these, it would do well for you to try and apply for a scholarship.

In fact, we’d suggest applying for scholarships regardless of your financial situation since they are many different sources of funding and you may still be qualified. Resources like
Scholarships2u
 can help you find available scholarships that you can apply to from various sources.

Your 4-years (or more) college experience is not only the route to take to get you that boost in income we mentioned earlier, it also will likely be the most important years where you make your closest friendships, find your best mentors, and the space where you make the most impactful advancement to your personhood.

As a recap, here are questions to ask yourself and aid in decision making:

What can I (or my family) afford?

Given the affordability – which are the best schools for my (my child’s) preferred course?

If none are available because of a tight budget – are there scholarships or
loans
 that could help?

We hope with the tips we’ve given, you now have the tools necessary to choose the college that’s the right fit for you.

Do you have any advice for school leavers in selecting colleges/universities? Let us know in the comments section below.

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Prenuptial Agreements in Malaysia: Your Questions Answered

It’s the kind of thing no one really wants to openly talk about. It dredges up images of stingy millionaires guarding their money; unromantic and suspicious spouses; or those simply wishing to emulate Kim Kardashian in the how-many-can-I-marry-in-a-month stakes. But whichever way you choose to look at it; prenuptial agreements are growing in popularity amongst Malaysian couples as more and more people recognise the utility of having their matrimonial financial intentions stated clearly on paper.

We’re not here to decide whether you should or should not sign a prenup; but if you were thinking of doing so; we’re here to answer your burning questions.

What is a Prenup?

Legal eagles would describe it as “contracts made between two persons planning to marry which seek to predetermine their financial liabilities and responsibilities towards each other should they happen to get divorced,” (Ezane Chong,
Prenuptial Agreement discussion for Skrine & Co*
)

But if all of that just went over your head; don’t fret, legalspeak is hard for virtually everyone. What it simply means is: a prenup is an agreement made in writing detailing how a couple would like their money and assets divided if they divorce or separate. This agreement often also includes what will happen to children in the marriage and alimony payments, if any.

Why is it Useful?

Divorce can be a sticky, unpleasant affair if the couple isn’t splitting on good terms. In such a situation, deciding what is best to be done about money and future financial plans may not go as smoothly or as effectively as you’d like. Two quarreling couples will also find it difficult to see eye-to-eye on who should keep how much of the money or assets; pay the bills or take responsibility for some loans.

In such a situation, having a prenuptial agreement that was made and agreed upon when the couple was still in good terms (and an objective frame of mind) will help ease the bickering.

Although it sounds as if it’s a terrible thing to do to enter a marriage writing up a document about divorce; it doesn’t mean that you are planning for divorce as if it will definitely happen. It just means being prepared in case it does. It’s like taking fire insurance – you don’t wish or expect a fire to happen but if it does, won’t you be glad you had insurance?

But I Thought Prenups Were Not Legal in Malaysia?

The biggest misconception about prenups is that it is not legal. Saying it is not legal means it is illegal which is not the case. What actually is the truth of the situation is that prenups are not expressly provided for in law.

What does this mean exactly? Well, marriage and divorce in law is covered by the
Law Reform (Marriage and Divorce) Act 1976
 as well as the
Divorce and Matrimonial Proceedings Rules 1980
. Cutting through the legal bla-bla-bla, the problem simply is that neither of these acts talk about or cover prenuptial agreements. So, there isn’t a law that says “hey, all prenuptial agreements are definitely valid,” but neither does it say that it isn’t.

So what happens then? Well, many couples still make prenuptial agreements the same way you would make any other kind of contract. It’s like this; there isn’t a specific clause in law saying I can, for example, make a contract with my friend to walk his dog until we are done being friends and in return he will make me coffee everyday. But does that mean my Friendship-Dog-Walking Contract is illegal? Of course not. Stupid maybe, but not illegal.

Bad examples aside, the usefulness of having a prenup is that it will be used as
evidence
 of the couple’s intentions and what they wanted to happen to their money and responsibilities when they weren’t fighting. The court will be able to take this into consideration when making a decision on the distribution of assets and liabilities.

Sounds Iffy. How Will I Know if the Prenup Will Really Help or if I am Wasting My Time and Money?

It’s tricky, for sure. And there’s no guarantee that any lawyer can give you that your prenup will
definitely
 be accepted in it’s entirety, but if your agreement is fair and does not go against any other section of the laws mentioned above; there isn’t really any reason for a judge not to follow it.

There are many things a court will need to look at when you divorce and your prenup will be one of them. At the end of the day, whether the judge accepts and follows it will be decided on a case-by-case basis taking into account many other factors present in the case. This isn’t necessarily a bad thing because at the end of the day; the purpose of the courts is to decide in a way that’s as fair as possible for everyone concerned.

So What’s the Point of it all Then?

It doesn’t mean that because it is uncertain, your agreement will definitely be thrown out by the judge and that there’s no point to it. A prenup is still a good way to show the court what the both of you decided you wanted for your money and children. It will also help in instances where there is joint ownership of property and accounts or an unrecorded contribution by one spouse. If there is a chance you can make matters go a little smoother in times of a troubling divorce, it may be worth considering.

That said, there are ways a lawyer can help you write an agreement that will score more points with the judge and increase your chances of getting your assets distributed in the way you wanted.

Okay, Tell Me How to Write a Good Prenup Agreement

When looking at a prenuptial agreement, the court will look at a few aspects, and these include:

Was the agreement written when both parties were in a good frame of mind? (That is, no signs of mental illness; being threatened or forced; being underage, etc).

Was there full disclosure of all assets and liabilities or was anyone hiding anything?

Was the agreement done in the presence of a lawyer who can make sure that both parties knew their rights and no one was being forced? Whilst you can always write your agreement on your own and submit it to the court (there are even
templates online
 to help you do this, but be warned, we can’t guarantee the validity of these!); it will help if you had legal advice and a lawyer’s perspective on your agreement as this will earn you good marks with the judge. Having your agreement stamped will also help.

Does the agreement go against the Law Reform Act or the Divorce and Matrimonial Proceedings Rules?

Beyond these factors, the court will also consider how the couple conducted themselves during the marriage; how long the marriage lasted and other factors.

That said, though no one can
guarantee
 that your agreement will be accepted by the court: the steps above can help increase it’s chances of being so.

And they all lived Happily Ever After

If you’re thinking of getting a prenuptial agreement done, trod down to your favourite family lawyer’s office and let them know. If you need a list of law firms handling family matters,
the Bar Council
 will be happy to help you out. According to a
Star Newspaper report
, be ready to fork out between RM3,000- RM10,000 depending on the lawyer; the size of your wealth; and complexity of your case.

At the end of the day, you may not need or want a prenup but talking about money before marriage may still be an important step to take. Whilst it cannot be denied that putting things down in writing will do your financial life a world of good – it won’t be useful if it isn’t something you want and causes you many moons of discomfort in your marriage.

*Reputable Malaysian Law Firm – if you haven’t already heard of them.

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Malaysia Unemployment Rate Remains At 4.7% For August 2020

The unemployment rate in Malaysia for the month of August remained at 4.7%, unchanged from the month of July. This signalled a plateau in the nation’s downward trend of unemployment, which was shown during the previous months of
June
 and
July
 following spikes from
March
 to
May
.

On the upside, employment recorded a marginal increase of 0.5% month-on-month to 15.15 million persons in August. The number of unemployed persons also decreased by 3,500 persons to 741,600 from July. And for the first time since
April 2020
, the number of own-account workers recorded an increase, currently standing at 2.42 million persons accounted for.

Overall, the labour force increased by 76,600 persons from the month before to form 15.9 million persons in August 2020.

According to the Department of Statistics Malaysia (DOSM), the employment in the services sector increased further, largely in wholesale and retail trade, accommodation, food and beverages, and information and communication activities. Arts, entertainment, and recreational activities also went up compared to the month before.

“As the economic sector continues reopening, August 2020 saw the Malaysia’s labour situation improved further,” DOSM said in its report. “Nevertheless, looking at the current situation where the COVID-19 cases is on the increasing trend, it is foreseen that some challenges will hinder the labour market recovery in the upcoming months and could impact the potential of labour force to enter the labour market.”

(Source:
DOSM
)

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BR1M disbursements changing in the coming Budget 2014

The Finance Minister II told reporters the
1 Malaysia people’s aid
 (BR1M) will see an increase upon the announcement of Budget 2014. Not only that, there will be a new mode of disbursement.

“
BR1M’s distribution method will be changed into being disbursed twice a year
 instead of once come 2014 and the government plans to deposit the money straight into the recipient’s bank account.” said Finance Minister II Datuk Seri Ahmad Husni Hanadzlah.

It will of course be less of a hassle for recipients to collect their BR1M as the distribution method now is done through cash vouchers.

Lastly, Ahmad Husni stated that the government will plan to look at a model to aid those earning a household income of RM4,000 to RM5,000 but made no indications as to what these might be. Considering the recent petrol price hikes, and the almost inevitable introduction of GST, there is no doubt that even middle income earners with household levels of RM5000 will need some help to manage their rapidly disappearing money.

*Picture courtesy from Newsabnxcess.com

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TNG eWallet Is Now Restored On Apple App Store

The Touch ‘n Go (TNG) eWallet app is now restored on the Apple App Store, making it once again available for download for iPhone users. This came after the e-wallet app was temporarily removed from the digital distribution platform since the last weekend.

The TNG eWallet app featured on the App Store has also been updated to the latest 1.7.73 version, similar to the one that is available on Google Play Store. As such, you can expect all functions on TNG eWallet – including latest features such as the top-up function for the
enhanced TNG card
 – to be accessible without any problems.

As of the time of writing, TNG eWallet has yet to release an official statement to clarify why its app was removed from the platform since the end of last week. Over the past few days, however, it had
acknowledged the issue
 in its replies to comments from worried users on its social media pages, stating that it is already working with Apple to resolve the issue. Additionally, it reassured them that all features on TNG eWallet will not be affected for existing users, and that their funds in the eWallet are safe.

With this latest development, users can once more find and download the TNG eWallet for free from
Google Play
, the
App Store
, and the
Huawei AppGallery
.

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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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BigPay To Increase Wallet Size To RM20,000 Next Week

BigPay is making some updates to its user terms, including increasing its wallet size from the current RM10,000 to RM20,000. This is slated to take effect starting from 13 December 2021.

In announcing the update, BigPay clarified via an in-app notification that it has “recently updated our terms and conditions to reflect a couple of cool upgrades to your BigPay app, including a wallet size increase from RM10,000 to RM20,000.” It also promised that there will be no changes to the user’s overall BigPay experience.

With this latest development, BigPay now joins several other e-wallets that are able to offer an upsized RM20,000 wallet limit, including
Touch ‘n Go eWallet (Premium tier)
 and
Merchantrade Money
. They are, however, still trumped by
Lazada Wallet’s
 balance threshold of RM25,000. Meanwhile, other e-wallets – such as
KiplePay
,
Boost
,
GrabPay
, and
ShopeePay
 – continue to offer wallet limits of RM10,000 and below.

Aside from the increased wallet size, BigPay’s latest amendment to its user terms will also see its total peer-to-peer transfer and withdrawal amount capped at a maximum of RM10,000 per day from mid-December onwards. Currently, BigPay’s peer-to-peer transfer and withdrawal amount are currently set at a daily maximum cap of RM2,000 each.

Other than these, there are no further changes. BigPay’s credit card top up limit also remains unchanged at
RM1,000 since its reduction in October 2020
.

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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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    Big pay user

    1 year ago

What’s the point to have higher limit but the top up limit is still the same ?

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    Anonymous

    1 year ago

rm20k sound alot here in malaysia, indon, vietnam etc

but when go UK  europe and USA , not enough for hotel also.

so very troublesome to top up when oversea esp. when using maxis with their rooming charges.

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MAS Offers Flights For Fully Vaccinated Individuals With Fares Starting From RM89

Malaysia Airlines (MAS) has rolled out domestic flights with fares starting from as low as RM89, in a bid to facilitate travel for fully vaccinated individuals who are approved to do so. These include long-distance married couples and parents with their families, following the
easing of several restrictions
 starting from 10 August 2021 for those who have been fully vaccinated against Covid-19.

Already ongoing, the promotion will run until 30 September 2021, and is valid for immediate travel until 30 October 2021. The all-in one-way fares range between RM89 to RM279, depending on your destination (within Peninsular Malaysia, Sabah, or Sarawak) and your preferred Economy fare option (Lite, Basic, or Flex). Here’s a breakdown of the fares available:

For context, the
three flexible Economy fare options
 come with different levels of privileges, on top of the Enrich Points earned by booking your flights. The Lite fare includes only minimal benefits of free cabin baggage allowance of up to 7kg, complimentary food and beverages, and entertainment, whereas the Basic fare offers slightly more perks, such as 20kg of check-in baggage. The Flex fare, meanwhile, comes with full economy-class flight benefits, including 30kg of check-in baggage, seat selection option, and so on.

Note that passengers must remember to bring along relevant documents as proof for travel and have obtained a valid approval letter from the Royal Malaysia Police (PDRM) before departure. They’re also reminded to check that they have complied with the specific entry requirements of their selected destinations.

In announcing this promotion, the group chief executive officer of MAS, Captain Izham Ismail said that this latest flight series reflected the national airline’s significant role in providing critical air connectivity throughout the Covid-19 pandemic.

(Image: The Star)

“As a caring airline, we remain committed to ensuring safer and seamless travel for our customers by adopting the highest safety and hygiene standards. We believe it is also crucial to operate a flight with a fully vaccinated crew as well as frontline teams, as it is important to welcome our passengers to fly confidently with us,” Captain Izham further said.

According to the national carrier, more than 93% of its pilots and cabin crew are already vaccinated. MAS also expects 100% of its employees (inclusive of all sister companies under the Malaysia Aviation Group) to be fully vaccinated by mid-August. Additionally, it will also present passengers with complimentary hygiene kits, which comes with a non-surgical face mask, hand sanitiser, and sanitary wipes.

You can find out more about
MAS’ latest promotion on its Economy flights on its website here
.

(Sources:
MAS
,
Malay Mail
)

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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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Government Begins Talks To Abolish Tolls For Four Main Highways

The Malaysian government is currently negotiating with Gamuda Bhd about the acquisition of four main highway concessions, as part of its election promise to abolish the tolls at these highways. The four highways are Lebuhraya Damansara Puchong (LDP), Sistem Penyuraian Trafik KL Barat (SPRINT), Lebuhraya Shah Alam (Kesas), and SMART Tunnel.

Upon successfully acquiring the highways, the government intends to abolish the existing toll system and replace it with a new “congestion charge” system. This system would be similar to other countries, where toll charges would be highest during peak hours, and lower at other times. The government is currently proposing that the congestion charge is set at 100% of the existing toll charge, 70% of existing toll charge during “normal” hours (non-peak and non off-peak hours), and zero toll charge during off-peak hours (11pm-5am daily).

The total revenue collected from the new system will be channeled towards the operation and maintenance of the highways and repayment of borrowings. Any extra sum will go into a public transportation fund to improve the quality of public transportation in the country.

Besides fulfilling an election promise, this initiative by the government is also to reduce the high cost of living faced by Malaysians. However, since discussions are still at an early stage, any other plans regarding the proposed system will be further announced by the Finance Minister later on.

(Source:
The Star
)

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Grab Is Reportedly In Talks With Prudential, AIA For Fintech Investment

(Image: Reuters)

Grab appears to be seeking to expand its fintech services as sources have revealed that the technology giant has reached out to Prudential PLC, AIA, and other parties to raise funds.

Speaking to Reuters, one of the sources also said that Grab aims to raise a total of between US$300 million to US$500 million (RM1.25 billion to RM2.08 billion) in investment. Insurers are likely to provide half of the target spread over a few fundraising rounds, with Grab hoping to finalise agreements by October.

Should Prudential and AIA agree to financially back Grab, the technology giant will be able to expand its financial services ambitions from
insurance and lending
 to wealth management as well. Meanwhile, Prudential and AIA can reap the benefit of tapping into Grab’s technology and data to market their products.

“Finalising new funding during these times could also help Grab in its sales pitch for the Singapore banking licence,” added one of the sources. At the end of last year,
Grab had partnered with Singapore Telecommunications Ltd (Singtel)
 to apply for one of Singapore’s online banking licences. The company was also rumoured to be considering a bid for the
Malaysian digital banking licence
.

On a broader scale, this round of fundraising also highlights the potential for technology-led financial services as more businesses decide to go online during the Covid-19 economy. This has resulted in an increase in the volume of digital transactions as well.

(Image: FintechNews Singapore)

At present, Grab Financial Group’s pre-money valuation is estimated to be at about US$2 billion (RM8.3 billion). To clarify, pre-money valuation refers to the value of a company excluding external funding or the latest round of funding. Grab’s total value (including all funding), on the other hand, stands at an approximate US$14 billion (RM58.3 billion).

Some of Grab’s notable investors include Mitsubishi UFJ Financial Group Inc, Didi Chuxing, and SoftBank Group Corp.

(Source:
Reuters
)

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3 Things to Think About (Besides Price!) When Choosing a Mobile Data Plan

In light of recent news with Maxis giving away free data to their customers, everyone’s talking about their mobile data plan now. Mobile internet plans are a little different than regular internet service providers and choosing a really good one requires us to look at a different set of criteria in addition to just affordability. What criteria would that be? We’re glad you asked.

Coverage

One way that mobile internet plan differs from internet service providers for buildings, is that you can’t be 100% guaranteed of enjoying the advertised speed. While that’s also the case with regular ISPs, the distinction here is that with mobile data, it depends on the coverage area of that particular telco.

Even if an internet plan promises 4G speeds, if the coverage isn’t good where you are, you’ll have to settle with downgraded speeds on your mobile. Whether or not you’ll be heavily bothered by this of course depends on your…

Usage

This might sound trivial or elementary, but it’s worth carefully considering whether or not you actually need a mobile internet plan in the first place. If your day-to-day involves going to and from places where WiFi is already available, you may not need a mobile internet plan at all.

Think of the times you need it, if it’s for communication, consider using calls or SMS, if it’s for podcasts or music, think about downloading tracks right onto your device. Even if you feel your use of mobile data is absolutely essential, you may not even need to most expensive speeds unless you frequently do extensive video-conferencing on the go.

Penalties

One more thing you should pay special attention to when looking at your internet plan is what happens when you exceed your data limit. As careful as you think you can be with your data usage, it’s best to know beforehand what would happen if you do slip up and go over the quota.

Some telcos would just throttle your speed or restrict access to data completely. Others may switch to charging you per kb of usage. The first penalty negatively affects your internet experience while the second affects how much you pay for that extra cat gif. Be sure to read the details carefully to get the best experience without any excessive charges.

Now as long as you pay attention to these three factors, you’ll be able to better choose a mobile internet plan for your smart device. Remember, you can even buy a device for cheaper with a data plan alongside. Simply
check out our smartphone plan section
 where you can see which phones are being bundled with what plans. You can even sort the list by price to make selecting much easier. Do you have your own tips on how to pick out the best mobile internet plans? Do share them with us in the comments section down below!

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Boost Rolls Out Premium 10k Wallet, With Increased Wallet Size Of RM10,000

Boost has rolled out its upgraded Premium 10k Wallet, which offers an increased wallet size of RM10,000 as well as higher monthly and annual transaction limits. It is, however, made available only to selected users for now, but is expected to be rolled out to other customers in stages.

With this, the Boost e-wallet will feature three tiers in total: Basic, Premium, and Premium 10k Wallet. Boost also highlighted in its support page that the new Premium 10k Wallet has “more advanced features compared to Basic Wallet and previous Premium Wallet”. Aside from having a wallet size of RM10,000, its monthly and annual transaction limits stand at RM9,999 and RM119,988, respectively.

Here’s a comparison between all of Boost’s wallets for your convenience:

Basic Wallet
Premium Wallet
Premium 10k Wallet
Wallet size
RM1,000
RM4,999
RM10,000
Monthly transaction limit
RM2,000
RM4,999
RM9,999
Annual transaction limit
RM24,000
RM59,999
RM119,988
Send money between Boost Wallets (Electronic money transfer)
No
Yes
Yes

If you are one of those who have been offered the chance to upgrade your Boost Wallet to the Premium 10k Wallet – which can be seen in a banner on your Boost home screen – you’ll be required to go through the electronic Know Your Customer (eKYC) verification process once again to enjoy the advanced features on offer. Among other things, you’ll need to take photos of your ID card (front and back), record a selfie video, and fill up additional details to complete your profile.

For better clarity, Boost has also shared a step-by-step visual guide for your reference:

Note that each user is only allowed to own either one Premium Wallet or Premium 10k Wallet. That said, it does also seem like Boost is planning to eventually upgrade all its Premium Wallet users to the Premium 10k Wallet, as its support page said that if you still own a Premium Wallet by 3 October 2023, your Wallet will be “demoted back to Basic Wallet” (subject to terms and conditions). Following that, you can opt to upgrade it to the Premium 10k Wallet for free.

For comparison,
Touch ‘n Go eWallet
 and
GrabPay
 – two other popular e-wallets in the country – have a maximum wallet size of RM20,000 and RM1,500, respectively.
BigPay
also has an increased wallet size of RM20,000, whereas
Setel
 and
KiplePay
 let you keep a maximum balance of RM5,000 and RM10,000 each, once you’ve upgraded to their highest tiers. As for
ShopeePay
and
Lazada Wallet
, the wallet sizes for their upgraded wallets stand at RM4,999 and RM25,000, respectively.

(Source:
Boost
)

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Alex Cheong Pui Yin

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Grab Partners With SEDANIA To Introduce Grab Cash Financing-i

Grab’s fintech arm, Grab Financial Group (GFG) Malaysia, is officially piloting a
shariah
-compliant financing product for its driver and delivery partners. Dubbed the Grab Cash Financing-i, it was rolled out in partnership with SEDANIA As Salam Capital Sdn Bhd (SASC), a subsidiary of SEDANIA Innovator Bhd.

In a statement, GFG said that the new facility will lower the barriers to microfinancing, which typically requires an applicant to meet certain income and credit history requirements. This, in turn, allows Grab driver and delivery partners a more convenient and secure access to financing so that they can address their financial needs more efficiently.

According to GFG, the Grab Cash Financing-i facility will be shared with eligible partners via a link, so that they can apply without having to provide any supporting documents or collateral. To qualify, the individual must be aged under 75 years old, with a minimum monthly earning of RM800 (as a Grab partner).

(Image: Malay Mail/Hari Anggara)

The FAQ for Grab Cash Financing-i
 further noted that there is no standard financing limit that applies to all applicants. Instead, the limit will be specially tailored to each individual based on their earnings as a Grab partner and other financial data. This way, it ensures that each applicant will not overstretch their repayment capacity.

Aside from that, the facility is calculated on a fixed profit rate, which means Grab partners will repay a fixed daily payment throughout the financing tenure that they have selected. For convenience, daily repayments will be deducted automatically from the partner’s earnings via the Grab Driver Cash Wallet, or the Grab Driver Credit Wallet (if there is insufficient funds in the Grab Driver Cash Wallet).

Do also take note of the fees and charges that come with the Grab Cash Financing-i facility. There is a stamp duty fee of 0.5% (of the financing amount approved), and a processing fee of RM45. Those who apply will receive an in-app message on their application status within seven working days after submission, and the cash will be disbursed within one working day upon approval.

(Image: The Malaysian Reserve)

“Grab Cash Financing-i is just one of GFG’s collaborative efforts with like-minded partners like SEDANIA to democratise financial services for everyday Malaysians. Our ecosystem, technology, and data provide unique insights into our partners’ earnings and spendings, and subsequently their risk scorecard and payment capabilities, We can then customise products that cater to their financial needs,” said the managing director and head of GFG, Sean Goh.

Goh also explained that GFG had actually rolled out this facility much earlier – back in December 2021 – but it was only made available to a limited number of eligible partners then. “Since introducing the programme, we saw a take-up rate of 16% among eligible Grab drivers and delivery partners,” he said. Consequently, this success has spurred the company to now officially pilot the solution to a larger pool of partners.

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Sean Goh

SEDANIA As Salam Capital Sdn Bhd (SASC)

SEDANIA Innovator Bhd

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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