Finance Minister: RM11.996 Billion Approved For Wage Subsidy Programme

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said that RM11.996 billion worth of wage subsidies has been approved under the Wage Subsidy Programme as of 9 October.

According to the minister in the 26
th
 LAKSANA report, the approved amount is expected to benefit 322,134 employers and 2.6 million employees. The Wage Subsidy Programme was first introduced under the
PRIHATIN economic stimulus package
, running from April to June. It was later extended to September under the
PENJANA economic recovery plan
, and then prolonged once more until December via the
KITA PRIHATIN economic package
. Both extensions saw some amendments to the conditions for application, although the subsidy provided is unchanged at RM600.

The latest LAKSANA report also contained updated figures on several other stimulus package initiatives that have been implemented by the government, such as the
RM50 ePENJANA credit programme
. The programme, which ended on 30 September, provided eligible individuals with RM50 worth of e-wallet credit to encourage consumer spending. Tengku Zafrul noted that the programme had benefitted 11.36 million people, amounting to a total disbursement of RM567.9 million.

(Image: The Sun Daily)

“The e-wallet providers – such as Boost, GrabPay, and Touch ‘n Go eWallet – have also contributed benefits in the form of credit matching and various other incentives, amounting to RM433.8 million in an effort to boost the Malaysian economy,” said Tengku Zafrul.

Other highlights mentioned in the report include the
PENJANA financing initiative to assist small and medium enterprises (SMEs)
, and the
PENJANA Credit Micro Financing initiative
 for SMEs and micro SMEs in the retail and services sector (offered under Bank Simpanan Nasional). Tengku Zafrul also commented that the Finance Ministry is in the process of drafting Budget 2021, holding joint sessions between ministries to discuss proposals as well as operational and development needs.

You can read the
26
th
 LAKSANA report
 in full here.

(Source:
The Star
)

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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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Keeping Fit And Working Out On A Budget

Congratulations! We Malaysians are better than the rest of South East Asia at something! Bad news is, that something is being overweight. According to
this publication
, we lead the pack when it comes to obesity prevalence among our Asian brethren. That’s not good.

We’re all aware of the benefits of keeping fit. Unfortunately, we’re also good at coming up with excuses for not doing it. Gym memberships are way too expensive, healthy food is not cheap, we can’t afford workout activities, etc. Right, we have heard it all before.

Upon closer inspection, these famous excuses are all borne of the same problem: a lack of funds. There’s a misconception that staying healthy requires a lot of money, and we’re here to prove you otherwise. Here are some ways to keep fit and stay healthy while keeping your wallet fat.

Bodyweight Exercises

Not only do you not need to pay for gym equipment, you don’t even need to
use
 them at all to keep fit. Bodyweight exercises are routines designed to use only your own body to improve your balance, flexibility, and strength. All without using any extra equipment or tools.

Once you carve out a good chunk of the day for working out, you can begin a bodyweight exercise routine from anywhere in your house. You can do the same routine in hotel rooms if you travel often, without much hassle. Here is a good resource for a
list of effective bodyweight exercises
. And here is a “
periodic table
” of bodyweight exercises complete with video demonstrations for you to get started.

Cheaper Alternatives to Workout Equipment

Of course there will be some of you who think bodyweight exercises are boring, but don’t want to fork out the money to purchase gym equipment. If that’s the case, you should know that there are cheaper alternatives to the shiny colourful gym toys you see at the fitness store.

Free weights like dumbbells can be emulated by using a gallon container or jug that you can
fill with liquid
. Kettlebells can be put together with cheap parts you can get at
any hardware store
. For more complex resistance training, you can use
resistance bands
. They’re low-tech, takes up minimal space, and is surprisingly versatile. In fact, you can use these in place of dumbbells where light to moderate resistance is required. All you need to do is lookup the sort of exercises you want to do and see if there is a cheaper way to target the same areas without having to buy expensive gear.

Wake Up Early and Join Your Community

Chances are, where you live, there’s a local park or recreational area where people get together in the late afternoons to get their sweat on. In fact, you might be familiar with a couple of them in the neighbourhood like Taman Rimba Kiara and Desa Park City. Typically, if you work a 9-to-5, you’d be too tired to join in with the school kids or run around with the old folks. What you
can
 do however, is start your day a little earlier and join in the activities on early mornings.

You can join the early morning joggers, elderly taichi practitioners, and maybe some college kids playing basketball around your area. It’s a good way to start the morning and you get an extra boost of motivation from all the other people who are keeping fit like you. A lot of the consternation with working out and keeping fit is how it boring it might feel. With this suggestion, you can have fun and make friends all while keeping the neighbourhood healthy.

What’s more, you also get to savour the beauty of mother nature if you decide to jog or stroll along places like Lake Gardens and KL Forest Eco Park. If you don’t want to travel further away from the city center, you could consider Bukit Jalil Park or KLCC Park.

Keeping fit on the cheap is definitely possible. It just takes a little more ingenuity and plenty of patience alongside proper time management. Do you have any other tips for keeping your body fit without breaking the bank? Let us know in the comments section below!

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MAS Extends Validity Of Expiring Enrich Miles And Vouchers

Malaysia Airlines (MAS) has announced that it will be extending the validity of Enrich Miles, Golden Lounge Access vouchers, and Enrich RM50 vouchers that are expiring between June to August 2020. This is in light of the Covid-19 pandemic and travel restrictions that are enforced due to the ongoing conditional movement control order (CMCO).

According to the
statement
 released, the national carrier will extend the validity of Enrich Miles that are expiring in June, July, and August to 30 November 2020. The extension will be automatic as MAS said that it will be reflected in your Enrich account after 31 May 2020.

Meanwhile, the validity of Golden Lounge Access vouchers expiring between June to August will be extended to 31 December 2020. These include the CIMB-Enrich Co-Brand Golden Lounge Access vouchers and AMEX-Enrich Co-Brand Golden Lounge Access vouchers.

Additionally, Enrich RM50 vouchers that are expiring during the same period will also see their validity prolonged to 31 December 2020.

With the extension provided, it means that more of you can hold on a little longer to your Enrich Miles to possibly redeem them for future travels. However, if you prefer to use your frequent-flyer miles in other ways, keep a lookout for any lifestyle vouchers that you can redeem using your Enrich Miles instead.

For example, MAS is having an ongoing
promotion with Shopee
 where new Shopee users can redeem 900 Enrich Miles for one RM10 Shopee e-voucher code; in previous campaigns, the airline also allowed you to redeem Miles for
Boost e-wallet credit
 as well as
Lazada
 and
Zalora
 vouchers.

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Alex Cheong Pui Yin

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Apple Increases Price Of iPad Devices In Various Markets, Including Malaysia

Apple appears to have increased the price of its existing iPad range in several of its markets outside of the United States and Canada, following the launch of the latest 10
th
 generation iPad and iPad Pro models yesterday. This affects Malaysian customers as well, who will now have to pay between RM100 to RM400 more to purchase the iPad mini 6, iPad Air 5, and the 9
th
 generation iPad – depending on the model.

Accordingly, Apple Malaysia’s website has been updated to show the revised prices of all the iPad devices, as per the following:

iPad range
Models
Previous price
Updated price
iPad mini 6
– WiFi 64GB
– WiFi 256GB
– Cellular 64GB
– Cellular 256GB
RM2,299
RM2,949
RM2,949
RM3,599
RM2,399
RM3,149
RM3,149
RM3,899
iPad Air 5
– WiFi 64GB
– WiFi 256GB
– Cellular 64GB
– Cellular 256GB
RM2,699
RM3,349
RM3,349
RM3,999
RM2,899
RM3,649
RM3,649
RM4,399
iPad (9
th
 generation)
– WiFi 64GB
– WiFi 256GB
– Cellular 64GB
– Cellular 256GB
RM1,499
RM2,149
RM2,119
RM2,769
RM1,599
RM2,249
RM2,349
RM2,999

This price hike – while somewhat unexpected amidst all the excitement from the launch of the latest iPad (10
th
 gen) and iPad Pro models – is most likely attributed to currency fluctuations, with the ringgit (and various other currencies) having depreciated significantly against the US dollar. Specifically, the
ringgit has languished at a 24-year low against the greenback
.

Moreover, currency fluctuations, too, have been cited as a reason for Apple to recently
hike the price of apps and in-app purchases on the App Store
 in various countries across Asia and Europe. In its announcement back in September, Apple said this revision was set to take effect from as early as 5 October 2022.

(Source:
Lowyat.NET
)

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Maybank Celebrates CNY With FU-ture Fortune Campaign, Offers Various Rewards Including 5g Gold

Maybank is currently running its FU-ture Fortune campaign, hosted in celebration of the upcoming Chinese New Year festivities. Ongoing until 27 February 2022, this campaign will give the bank’s customers the chance to win a range of rewards, including 999.9 gold (5g), cash prizes, shopping vouchers, as well as an RM888 e-Angpao Lucky Draw prize.

Open to all Maybank customers, you can participate in the campaign by spending a specified minimum amount on eligible transactions via the MAE by Maybank2u (MAE) app, Maybank2u app, or the Maybank2u website. These include Scan & Pay DuitNow QR transactions (minimum spend RM30), Scan & Pay money transfers (minimum amount RM5), and JomPay payments (minimum spend RM50). Alternatively, you can also carry out specific actions to join the campaign, such as registering for Secure2u or sending a Split bill to friends via the MAE app. The full list of eligible transactions that lets you participate in the FU-ture Fortune campaign
is available here
.

For each successful payment or action, you’ll then earn up to 2 chances to play the Fu-ture Fortune game ( which is available only on the MAE app), where you can tap on one of the golden orbs displayed to win rewards. Depending on your luck, you may win any of the following rewards:

Rewards
Details
Steps to claim rewards
999.9 Gold (5g)
– 10 prizes to be won on every Tuesday during the campaign period
– 60 prizes in total to be won throughout the whole campaign
– Maybank will make three attempts to contact winners within 30 days from the end of the campaign to validate their details before crediting the prize into their Maybank Islamic Gold Account-i (MIGA-i account).
– The prize will be forfeited if Maybank is unable to contact the winner during this period.
– Winners without a MIGA-i account are required to open one with a minimum investment of RM10.
Cash prizes
– Cash prizes of any amount to be won
– A total of RM1,899,000 allocated for the whole campaign period
Cash prize will be instantly credited into winner’s MAE account
Shopping vouchers
– E-vouchers of differing values from various merchants and platforms, including MR DIY, Caring Pharmacy, ZALORA, Shopee (Shopee Coins), and Hermo.
All e-vouchers will be displayed in winners’ FU-ture Fortune “Prizes” page. Each voucher will have its own terms & conditions to use.

Note that each customer is only allowed to win up to RM1,000; once you’ve reached the maximum winnings, you won’t be able to participate or use any remaining chances left for the FU-ture Fortune campaign.

On top of all the above prizes, Maybank customers will also stand a chance to win
RM888 cash prize in an e-Angpao Lucky Draw
 by sending an e-Angpao (minimum RM5) to your friends or loved ones via the MAE app. Use the Scan & Pay or Send Money feature to do so, and each transaction will earn you one opportunity to win the RM888 cash prize – so the more e-Angpaos that you send, the more chances you’ll have to get the prize! Note that you can send a maximum of five e-Angpaos to one friend, with no limit on the number of friends.

Two winners will be randomly chosen each week for this e-Angpao Lucky Draw, according to the following schedule:

Eligible transaction period
Winner draw date
17 January – 23 January 2022
24 January – 30 January 2022
4 February 2022
31 January – 6 February 2022
7 February – 13 February 2022
18 February 2022
14 February – 20 February 2022
21 February – 27 February 2022
4 March 2022

If you win, the prize will be credited into your MAE account within 30 working days from the draw date. You’ll also be notified via push notification on the MAE app. Each customer is only allowed to win one e-Angpao Lucky Draw prize during the entire campaign period.

Aside from this FU-ture Fortune campaign, Maybank is actually also hosting several other concurrent Chinese New Year promotions that will reward its customers with various additional perks. Among others, you can earn
daily cashback of up to RM88 when you make Scan & Pay transactions
 (minimum RM30) at participating merchants, as well as
28% discount and up to RM10 rebate on deliveries for Sama-Sama Lokal purchases
 – so don’t miss out!

(Source:
Maybank
)

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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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Get This Credit Card If You’re A Foodie

There are two types of people in the world: those who eat to live, and those who live to eat. If you’re someone who is always looking for new eateries to try and generally just can’t stop thinking about food, then you probably belong to the live-to-eat category. Yes, satisfying your taste buds is extremely gratifying, but here’s one of the downsides of being a foodie: it can be pretty expensive.

Even if you aren’t particularly crazy about food, dining out can still take up a significant percentage of your spending. After all, we Malaysians like to bond over food; we catch up with friends at a café and bring our loved ones out for a meal to show them that we care. So, seeing as spending on dining is basically unavoidable, what can you do to gain some benefits out of it?

Get The Standard Chartered Visa Platinum Credit Card And Access 1-For-1 Deals

Well, to start with, you could be saving money by getting 1-for-1 dining deals every day. The Standard Chartered Visa Platinum credit card gives you access to the SC and The ENTERTAINER (MY) App, which lets you redeem over 500 1-for-1 dining deals at a variety of restaurants, cafés, and bars in Malaysia. The subscription for the standalone ENTERTAINER App costs RM145, but if you apply for the Standard Chartered Visa Platinum credit card, you will get the SC and The ENTERTAINER (MY) App which contains specially curated dining deals by The ENTERTAINER.

1-for-1 deals on dining can help cut down the size of your bill at the end of the meal. Let’s say you and a friend went to a participating restaurant and each ordered a plate of pasta costing RM30. One of your meals would be free – saving you RM30 with just one redemption! You can also make use of these deals in a bigger group. If you had six people at your meal, three of you would be able to eat for free. Just think of how much you could save in a year!

You can score these deals at a variety of outlets like San Francisco Coffee, Morganfield’s, La Risata, Purple Cane Tea Restaurant, and more.

Collect 5x Rewards Points On Dining

Meanwhile, the main benefits of the Standard Chartered Visa Platinum credit card also make it very suitable for frequent diner. It offers 5x rewards points on dining, department store purchases, and overseas retail transactions, as well as 1x rewards points on all other retail spend.

The high multiplier for dining makes it easy for you to rack up your points whenever you use the Standard Chartered Visa Platinum credit card at a food and beverage outlet. Moreover, there is no cap on the amount of points you can earn. Therefore, even if you’re a true foodie who spends a lot on dining, you don’t have to worry about reaching a limit on the rewards you can get from your Standard Chartered Visa Platinum credit card.

Furthermore, if you manage to hit RM1,500 worth of total spending in a month using your Standard Chartered Visa Platinum credit card, you will be rewarded a bonus of 5,000 rewards points. If you rely on your Standard Chartered Visa Platinum credit card as your go-to card for dining, department stores, and overseas expenditure, it wouldn’t be hard to reach this amount – especially if you use this card for miscellaneous retail transactions to get those 1x points as well.

You can use your rewards points to make redemptions from the Standard Chartered 360° Rewards catalogue, which has everything from gift vouchers, electronics and home appliances to air miles.

Standard Chartered Visa Platinum Credit Card: The Right Card For The Foodies

So, if you really want to get the most out of all your dining expenditure, get yourself a Standard Chartered Visa Platinum credit card. With every meal, you could be earning yourself 5x rewards points while also paying half of what you normally would with 1-for-1 deals. And for the final cherry on top, the annual fee for the Standard Chartered Visa Platinum credit card is waived for life!

Find out more about the
Standard Chartered Visa Platinum credit card and its ENTERTAINER deals here
.

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4 Reasons Why You Didn't Get the Best Fixed Deposit Rate From Your Bank

Fixed deposits are awesome things: they’re a little like saving accounts with much higher interest rates. This not only encourages you to save more, it means allowing you to hit your saving goals faster with a little ‘help’ along the way.

But fixed deposits (FDs) aren’t made equal and even though a bank may blare a particularly scrumptious interest rate on their flyer; it may not be the super rate that you get when you eagerly splash your cash on the counter. That said, it doesn’t mean your FD is a scam or that the banks are evilly trying to con you with fake deals – it just means you didn’t read the fine print.

Here are reasons why you probably got a lower rate than the one advertised.

You Didn’t Deposit Enough

Ah, the elusive measure of ‘enough’. Only for banks, this measure isn’t so elusive. Depending on the FD product you signed up for; the ‘enough’ mark could be anywhere from RM5,000 to RM10,000. This means that in order -to qualify for their they-must-be-loco interest rates of 4% p.a. and up; you’ll have to deposit more than the set threshold. Depending on the bank or the mechanics of the FD promotion; the usual minimum amount you need to deposit (that we’ve seen!) is RM10,000. This amount will usually give you really good returns.

Why is this?
 The banks need your deposit for investments and profit growing – it’s less admin cost to manage one client depositing RM10,000 than 10 clients depositing RM1,000. This encourages them to encourage
you
 to give them less work and earn more interest for yourself

You Didn’t Select the Right Tenure

Beyond the minimum amount needed to secure the most attractive interest rate for your deposit; you also need to select the right tenure. All FDs have tenures within which you cannot withdraw the money or you will lose any interest accrued. This is how an FD differs from a savings account.

Tenures range from one month to 36 months and the longer you select; the higher your chances of scoring that delectable rate on the top tier of FDs.

Why is this?
 The longer you deposit your cash with the bank; the longer they are able to keep it in their various investments, earning more profits for themselves and you. This also reduces the admin costs associated with people constantly withdrawing their funds.

You Are Not a Previous Customer of That Bank

Banks often reward loyal customers (that is, those with loans or other products with the bank) with preferential FD rates. Often offered to preferential banking customers, these attractive rates are exclusively open to these customers.

Perhaps you’ve accidentally come across a leaflet intended for the loyal returning customer – if you don’t read the fine print; you may not realise this.

Why is this?
 Just like retailers offer exclusive discounts and freebies to their loyalty card members or frequent shoppers; banks opt to reward loyalty in this way – by encouraging the already-customer to take out more financial products from them instead of with a competitor.

You Did Not Use Fresh Funds

Fresh funds don’t necessarily refer to fund just in from your paycheck – but funds not already deposited with the bank. This is linked to the point above about being a previous customer.

Say you are a previous customer with a checking account at Bank A. Suddenly, you notice a promotion offering loyal bank customers a 4.25% FD rate if you deposit RM5,000! Happily; you remove your money from your Bank A checking account to chuck into the more lucrative FD. Hold your horses! You won’t be earning top interest this way! Many loyal customer promos (if not all) will require you to bring ‘fresh funds’ into the bank. This means, funds from either under your pillow or from another bank!

Why is This?
 Why competition of course! Like a jealous lover; your bank may be wondering where else you are parking your ‘assets’. By enticing you with hefty returns; they hope you bring all your stray funds into one place. This includes those stray funds hiding under the floorboards!

What is a depositor to do? Well, you can always ensure you get the best rates by only depositing amounts of RM10,000 for a minimum of 12 months at a bank you already frequent with money you previously kept elsewhere. But how feasible is that, really? Instead, how about just reading the terms and conditions to know exactly what you will be getting in your FD and if it’s worth the investment when compared to other FDs in the market. Compare based on the amount you have and tenure you are most comfortable with. You may or may not get the highest return but you will certainly be getting the most for your money.

Don’t want to do the legwork? No sweat,
we did it for you
 and we constantly will – whilst offering you exclusive FD promotions and freebies when you apply with us.

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Spend Like a Time Traveler For a Safer Budget

Have you ever had an unexpected expense like a car accident or emergency family situation completely knock your budget back by a month? While these occurences won’t cripple you financially, having to delay your planned purchases until the next paycheque can be ruinous. Especially if your purchases involve time-sensitive items like flight tickets or holiday plans.

Wouldn’t it be great if you can somehow travel to the future, see what’s about to happen, and plan your budget accordingly? Well you can’t. But what you can do is plan your budget like a time traveler so you can avoid having to deal with this type of situation ever again.

How Do I Budget Like a Time Traveler?

The name is fancier than what it is, but it’s essentially
budgeting one month ahead
. What this means is that you spend this month, what you made last month.

In order to do this, you must first save up enough money to go an entire month without touching your regular income. Then on the next month, spend last month’s income while earning this month’s income. You will then spend this month’s income next month.

It helps to think that the money you’re making this month is only for the future version of you who exists next month.

What Does This Accomplish?

Regular budgets dictate how you should spend the money you earn one month, on the same month that you earn it. While this is still good for managing your finances, it will be completely undone if some unexpected expense pops up that takes over your entire month’s income.

By having a buffer month, you avoid that from happening completely. You can just use the money from your ‘future self’ to pay for the unexpected expense and keep spending as you planned to. This is especially useful if you don’t have a sizable emergency fund yet to cushion your fall.

Of course, sticking to just this plan won’t help if your unforeseen expenditure exceeds your monthly earnings. But it’s still a good practice to always have at least one month’s worth of funds in your account should anything happen.

There are many ways to plan out your budget and this is just one way to ensure you don’t get hit too badly should anything terrible happen. The best way to be prepared for uncertainties is still to have enough in your savings and this method of budgeting is a good place to start.

Still thinking of which savings account to go with? Take a look at
our comparison tool
 to see which banks in Malaysia can offer the best savings account that suits your needs. Do you have anything to add to this article? Share your thoughts with us in the comments section down below!

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Luno Malaysia Adds Chainlink & Uniswap Tokens For Trade

Luno has added two more cryptocurrency tokens available for its Malaysian users. The addition of the Chainlink (LINK) and Uniswap (UNI) tokens brings the total number of tradeable tokens in Luno Malaysia to seven.

According to Luno, the two tokens will be available for trade from 5pm tomorrow (21 June). As part of the launch promo, users will enjoy 50% off Instant Buy and Sell fees, and reduced Luno Exchange fees for both tokens from now until 20 July 2022. At the time of writing, the trading pairs for LINK and UNI are visible across the platform, but there are still some minor issues for both tokens and are not yet available to trade.

Luno is the first regulated exchange in Malaysia to launch the LINK and UNI tokens for trade, and met its target of launching
new tokens for Malaysian users
 by the first half of this year. Back then, both Chainlink and Uniswap were among the tokens mentioned in a poll asking users which coins they’d like to see added into Luno. Many presumed that more popular tokens such as Cardano (ADA), Polygon (MATIC), or Solana (SOL) would be the selected tokens for trading. That said, it may likely be regulatory and compliance restrictions that prevented Luno from adding these coins (for now, presumably).

Now, onto the new tokens themselves. As per
Investopedia
, Chainlink is a technology platform that enables blockchains to securely interact with external data. Chainlink’s secure oracles allows smart contracts to access real-world data, events, payments, and off-chain computation while maintaining the security benefits of blockchain technology. Chainlink network operators are paid in its native token, LINK.

Meanwhile, Uniswap is an open-source decentralised exchange (DEX) built on the Ethereum network. As a DEX, it isn’t owned or operated by any single entity. Instead, holders of its governance token, UNI, are given the rights to vote on developments to the Uniswap platform.

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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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How Super Speeds @Home with Celcom Home Fibre™ Complements Every Quirk In Your Family

With most of our time being spent at home these days, many would agree that a stable and speedy Internet connection is one of the essential necessities – especially for those who are studying or working from home.

But being home – especially with your family members, also means that you have to share the internet. And that is why having a speedy Internet connection and a reliable Wi-Fi connection are important to ensure that everyone in the family gets their daily dose of Internet.

Introducing Super Speeds @Home from Celcom Home Fibre™, high speed Internet which can offer you and your family members unlimited Internet access, where everyone can participate in work conferences with no lag, continue gaming with no glitches, enjoy watching K-Dramas with no interruption, and more.

That is why, the Fas Family of 4 chose Super Speeds @Home from Celcom Home Fibre™. Let’s take a look how Super Speeds @Home complement the needs of every Fas’ family member.

With Super Speeds @Home from Celcom Home Fibre™, your home could be an Internet hub for all your family’s Internet needs. The introductory price of RM179 and RM119 a month for 500 Mbps and 300Mbps respectively are now available for a limited time only.

To register for any of these plans, head to
Celcom’s website
 or sign up at your nearest Celcom Bluecube or a Celcom Certified Partners today!

To register for any of these plans, head to Celcom’s website to
register
 or safely sign up at your nearest Celcom bluecube or a Celcom Certify Partners today!

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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DOSM: Malaysia’s Unemployed Graduates Rose By 22.5% In 2020

(Image: Malay Mail/Choo Choy May)

The Graduates Statistics 2020 report by the Department of Statistics Malaysia (DOSM) has revealed that Malaysia’s number of unemployed graduates spiked by 22.5%, from 165,200 in 2019 to 202,400 in the following year.

The chief statistician of DOSM, Datuk Seri Dr Mohd Uzir Mahidin also observed that the rise was applicable to both degree and diploma holders, with the former increasing by 22,400 individuals and the latter by 14,800 individuals. This is largely among graduates aged 35 years and above – with graduates being defined as individuals who hold certificates obtained from universities, colleges, polytechnics, or other similarly recognised bodies, with a study duration of at least two years.

“Hence, graduate’s unemployment rate for 2020 went up by 0.5 percentage points to 4.4% as against 3.9% in the preceding year. In addition, more than 75% of unemployed graduates were actively seeking work whereby almost half were unemployed for less than three months,” explained Datuk Seri Uzir.

Datuk Seri Uzir further attributed the increase in graduate unemployment to the unfavourable economic environment in 2020, which consequently affected the overall labour market.

“There were 5.36 million graduates in 2020 (up 4.5% from 5.13 million graduates in 2019). The increase in the number of graduates over the years was concomitant with awareness of the importance of higher education to improve livelihoods. Upon completion of tertiary education, graduates usually aim to secure jobs equivalent to their qualification and subsequently earn higher wages and all the perks that come with it. However, the challenging labour market condition as a consequence of the Covid-19 pandemic resulted in fewer job openings and increased competition,” the chief statistician commented.

Aside from disclosing the statistics on graduate unemployment, DOSM’s Graduates Statistic 2020 report also shared other data, including those related to underemployment (skill- and time-related). Specifically, DOSM noted that 68.8% of 4.35 million employed graduates were categorised under the skilled employee category in 2020 – a dip of 0.8% from 2019. “The decrease was seen in the occupation categories of professional, as well as technician and associate professional,” the report noted.

Meanwhile, employed graduates in the semi-skilled category accounted for 28.9% in 2020 – equivalent to 1.26 million persons – with most of them working in sales and services (11.9%), clerical support (9.6%), as well as craft and related trades (3.4%). This is an increase from 25.6% in 2019.

Finally, the remaining 2.3% of employed graduates fell under the low-skilled occupation category. This is equivalent to 98,100 persons.

(Image: The Star)

In summarising the findings, Datuk Seri Uzir said that graduates could consider exploring entrepreneurial opportunities in this challenging labour market condition as they are actually well-equipped with knowledge, skills, and creativity.

“For those interested to be hired, they can increase their opportunity to be employed by updating and upgrading knowledge and skills to ensure they remain agile and adjust accordingly to the dynamic labour market. In this regards, skills training and entrepreneurship programmes offered by various government agencies may be one of the alternatives to ensure enhanced prospects of employability and income creations for graduates,” the chief statistician added.

(Source: DOSM [
1
,
2
])

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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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Johor Public Holidays in 2018 - List of Dates and Exciting Places to Go

According to the
Johor state government website
, there is going to be four glorious state holidays this year. The best part is, none of the Johor public holidays fall on a Saturday, where no replacement days off are given. That is when people tend to feel like they were cheated of a day’s free leave.

Listed below are the four additional public holidays that Johor will experience. Unfortunately none of these connect to the national ones for an overly extended holiday.

Thaipusam Day – 31 January (Wednesday)

His Majesty the Sultan of Johor’s Birthday – 23 March (Friday)

Awal Ramadhan – 17 May (Thursday)

Hol Almarhum Sultan Iskandar – 15 October (Monday)

There is the long weekend for Awal Ramadhan which will start on the 17th of May up till the 19th of May. The final state public holiday, falls on the 15th of October and can be made into a four day long weekend with a day’s leave application for the 14th of October.

When the entire state is enjoying a public holiday in Johor, here are a few things you could do within the state, to keep your costs low and still have a whopping good time.

Endau Rompin National Park

With the weekdays already feeling hectic with work, and the weekends filled with our lovely neighbouring Singaporean friends taking advantage of their strong currency, head out in to nature and enjoy some time at the Endau Rompin National Park.

According to
Wonderful Malaysia
, Endau Rompin promises beautiful scenic views, waterfalls and if you’re extremely lucky, you might come across a few endangered species. However, the website does mention that the animals usually do not roam anywhere around the tourists spots but on some lucky occasions, you may spot one or two.

It even has a thrilling night safari, rubber tube rafting and river cruises to experience. If you intend to spend the night, you can even rent a tent from as low as RM40 or stay at the chalets with prices starting from RM100 per night. The only other cost involved is the entry, which is minimal charge of RM10 per entry, but the promise of peace and tranquillity you receive in return will far outweigh the price tag.

Glamping in Kota Tinggi

If you have never heard of glamping, chances are, you are not much of an outdoors person. However, the idea behind glamping comes from glamorous-camping, where you forego the experience of setting up your tiny survival tent, for a pimped out, comfortable tent.

Canopy Tribes
, has hot showers, beds and even has the food nailed down for you. Depending on the package you opt for, you can enjoy a barbecue buffet and also includes breakfast. That way you get to enjoy the outdoors, sleep beneath the stars and be close to nature, without the discomfort of hardcore survival camping.

The camp site location is approximately five minutes away from the Kota Tinggi waterfalls and there are other activities like trekking, cycling, camp fires and kayaking to fully enjoy the outdoor experience. You may want to opt for a longer public holiday weekend, to fully immerse yourself in this divine experience. Charges start from as low as RM150 for adults and RM120 for children for a two day one night stay.

Check out Pasar Karat Johor Bahru

Pasar Karat is located in the city of Johor, on Jalan Segget. The literal translation of Pasar Karat means, rusty market. This night market is actually a huge flea market, a fun place to take a stroll, grab some finger food and look out for some neat items at this popular flea market.

Utusan Online
 reported how you can be immersed in some music by local bands playing along the street. You may even start to reminisce when you find old phones like the Nokia 3310 and other retro items that remind you of your younger days.

Many people think of it as a tourist spot, but even tourists spots need to evolve. Go back to a spot a few years later and you’ll be pleasantly surprised with new experiences. The flea market is opened everyday, during the evenings, starting from approximately 6.30PM till midnight.

Ostrich Farm – Desaru

If you weren’t lucky enough to witness Chickaboo, the Ostrich that dashed down Federal Highway in Kuala Lumpur, you could drop by an ostrich farm in Desaru. According to some reviews on
TripAdvisor
, kids can even ride the ostrich and snap photos with the birds.

As for the adults, you can only wish you were a kid to ride one of those birds, but you can certainly look forward to a tasty treat instead. Some recommended the ostrich egg omelette while others say the ostrich burger and steaks are better. It is definitely a different experience compared to visiting the usual farms around.

Attractions in Malaysia’s website
 states that the entry fee only costs RM12 for adults and RM8 for children. The price includes the tour guide but food will cost extra. Malaysians being natural foodies, this is a rare and interesting meal to slot into the books, perfect way to spend an exclusive Johor state public holiday.

Adventure Seekers

There are also a tonne of
theme parks and water parks
 to visit within Johor like Legoland, Austin Height Water & Adventure Park, Tiram Indoor Water Park and a few others. Having an exclusive state public holiday you wouldn’t have to endure the crowds of other states rushing in too.

However, if none of these places strike a chord, you could hop on a plane and maximise the long weekends that the Johor public holidays have lined up. But before you start booking those trips, you should take the preliminary step of getting a good travel credit card which gives you free access to the premium lounge, gathers air miles, and one that gives you free travel insurance with every booking.

To enjoy all these benefits you may not have been previously aware of, skip on over to our travel credit card page and use our
comparison tool
 to pick one that fits you just right. Also head over to
Agoda
 for more affordable accommodation for a pleasant stay during your holiday!

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About THE AUTHOR

Gavin Pereira

Gavin Pereira

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Lazada And Shopee Hit Record Sales In Malaysia For 11.11 2019

Malaysian shoppers once again flocked to e-commerce platforms to take advantage of the 11.11 or Singles’ Day sales. Within the first hour of 11.11 itself, online shopping platforms were already seeing their sales reach record-breaking numbers.

E-commerce site Lazada hit the 1 million item sales mark within the first hour of its 11.11 Sale, with its first order being delivered as early as 1.20a.m. According to Lazada, it took only 13 hours to surpass the previous year’s 11.11 sales record, a staggering statistic that shows the relentless growth of e-commerce in Malaysia.

Meanwhile, Shopee recorded three times more orders in the first hour of 11.11 compared to the same period of time last year. The country’s second-largest online shopping platform sold 1 million items by 2pm and its most popular categories included Home & Appliances, Groceries & Pets, Baby & Toys, and Mobile & Accessories.

“Other products that remain a hit time and again include Milo powder, Drypers diapers, wireless Bluetooth earphones, Tefal cookware, and Photobook,” said Shopee Regional Managing Director Ian Ho. He added that offline retailers were also growing into the online space with joints like KFC, MBO Cinemas, Baskin Robbins, and The Alley joining the Shopee platform.

The 11.11 online shopping event was first popularised by Chinese e-commerce giant Alibaba, which owns a controlling stake in Lazada. For its 11
th
Global Shopping Festival this year, Alibaba recorded US$1 billion (about RM4.14 billion), before going on to reach US$13 billion (about RM53.8 billion) within the first hour. It surpassed its own 2018 record of US$30.8 billion (RM127.6 billion) in 16 and a half hours. Malaysia is on the top ten list of countries that spent the most during Alibaba’s Singles’ Day sales, emerging as the
seventh biggest spender
 during the first hour of sales.

(Source:
The New Straits Times
,
Channel News Asia
)

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Jacie Tan

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TNG eWallet Launches Goal Hunter Campaign, Offers Up To Five Rewards Of Your Choice

Touch ‘n Go (TNG) eWallet has introduced a new promotional campaign that lets you redeem up to five rewards of your choice, dubbed the Goal Hunter campaign. Ongoing from today until 31 October 2020, the rewards will be provided in the form of cashback vouchers for a range of merchants and online payments.

To redeem these cashback vouchers, you must first earn stamps by spending at any of the more than 250,000 merchants who accept TNG eWallet payments – both in-store and online. Every RM10 spent will get you one stamp, and you’ll need to collect two stamps to claim one cashback voucher.

The campaign
FAQ
 by TNG eWallet further clarified that while each user can collect multiple stamps in a day, they are limited to a maximum of only 10 stamps throughout the whole campaign period. Note that the following transactions will not be valid for the Goal Hunter campaign:

Money transfers

eWallet reloads

Toll payments via PayDirect/RFID

Parking payments via PayDirect

Gift card services

Purchases made through Touch ‘n Go card

Once you’ve earned the required number of stamps, you can use them to redeem available cashback vouchers of your liking. There are two types of cashback vouchers that you can choose from: merchant-specific vouchers, and assorted vouchers for retail purchases or online payments.

Merchant-specific vouchers include vouchers of various values (up to RM3) from Shell, 7-Eleven, Lazada, Tesco, FamilyMart, Hermo, and Tealive. Meanwhile, assorted vouchers for retail purchases or online payments will range between RM0.30 to RM10 in cashback, applicable to transactions such as over-the-counter payments, parking, prepaid and postpaid telco payments, bills, and e-commerce purchases. Note also that all vouchers are valid for 30 days from the redemption date, and some may have its own conditions for use (such as minimum spend required) – so be sure to double-check.

Altogether, there are seven million cashback vouchers to be given away on a first-come, first-served basis. Of the total, 3.85 million pieces are provided for merchant-specific vouchers – which is broken down further in allocation according to categories, such as F&B, groceries, gas, and so on – and another 3.15 million for retail purchase/online payments vouchers. If you’re aiming for vouchers from a particular category, do take note and redeem as soon as you can!

To join the Goal Hunter campaign, you are required to opt in by tapping on “Goals” under the “My Rewards” section in the main page of your TNG eWallet app; participation is not automatic. Once you’ve tapped on “Start”, you can begin collecting your stamps and redeeming your cashback rewards. Also, this promotion is limited to four million users only; once the quota has been filled, you can no longer join the campaign.

Find out more about the
Goal Hunter campaign
 at TNG eWallet’s website.

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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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Holiday Plans Will Never Be the Same with AirAsia BIG Points!

What Happens Next?

As the Malay proverb goes, “sikit-sikit lama-lama jadi bukit”, earning points is not rocket science when it is within your daily routine and expenses.

Go ahead, have fun planning your days or weeks ahead and see what other ways you can go about your daily routine, all while earning more AirAsia BIG Points.

An amazing beach holiday in Bali or Lombok, or a shopping retreat in Singapore or Hong Kong no longer needs to stay a dream. Now that we’ve let you in on a week’s worth of ways to earn AirAsia BIG Points, start saving those points towards your next big holiday!

How would you do it differently? Check out all the
partners
 to see how else you can benefit and maximise your day to day expenses. Just be sure you don’t forget to tell us how much more AirAsia BIG Points you managed to accumulate in the comments section below.

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Li Chun 2020: When To Deposit Money For Each Zodiac Sign

Chinese New Year is rich with traditions intended to banish the bad and to invite the good for the year ahead. Most would be familiar with the common dos-and-don’ts, such as not sweeping the floor, wearing black clothing, or even swearing, but there’s a lesser-known one that’s been growing in popularity in recent years: depositing money into your bank account during
li chun
.

Li chun
is a date within the Chinese New Year period that marks the beginning of spring.
F
eng shui
 masters say that it is a particularly auspicious day for putting in some money into your bank account.

And this year,
li chun
 falls on 4 February 2020.

The myth behind
Li Chun

This practice is likely connected to the significance of
li chun
 as the start of spring in the lunar calendar, which is when growth and life begin anew after a period of winter. It used to be a time for farmers to pray for a bountiful harvest in the coming year. As societies became less agriculture-centred, however, people began “planting” cash into their bank accounts as a symbolic act instead.

Just as how seeds would begin growing once planted at the start of spring, it’s believed that your wealth, too, would grow once you’ve deposited some cash into your bank accounts during
li chun
.

Best time to deposit according to zodiac signs

There’s a catch to this particular custom though: it’s not as simple as just depositing money into your bank account on 4 February 2020.
Li chun
 is apparently also time and zodiac-specific, which means that if you’re really committed to going through with this custom, you should only deposit money within a specific window of time, depending on your Chinese zodiac.

Technically,
li chun
 is said to begin at 5:18 pm on 4 February 2020, ending at 4:59 pm the next day. Here’s how the timing will look like during
li chun
 if you’d like to sow some “wealth luck” this year.

(Source:
Way FengShui Group
)

The table’s pretty straightforward; the icons denote the right window of time for each zodiac. For instance, if you’re born in the year of the Rat, you should best do your deposits between 1am and 3am, as well as between 7am to 11am (both times on 5 February).

Where to deposit your money?

If you’re curious enough to give this custom a try, then there are a couple of options you can check out to maximise the benefits of depositing your money.

One alternative to consider are
high-interest savings accounts
, which let you enjoy the flexibility and accessibility of a savings account as well as interest rates that rival those given by fixed deposits. Before you commit, though, do read the fine prints as some of the high rates may require you to abide by certain conditions.

Otherwise, you can opt for
fixed deposits
 if that’s better suited to your preferences and goals. While many may appreciate the limited risks and guaranteed returns that come with this type of account, do weigh it against drawbacks such as the lock-in period and penalty fee for early withdrawals.

Some banks also offer promotions to go hand in hand with the occasion (or for Chinese New Year in general), such as Hong Leong Bank’s
Li Chun Bonus deal
. Shop around to see what’s on offer before deciding!

Technology to the rescue

You can expect the queues to be long at the banks come 4 and 5 February 2020, especially given that most cash deposit machines for some banks are offline from 12am till 6am – it means some zodiac signs only have one two-hour window to make their deposits.

But with the rise of online banking, you can also consider performing your
li chun
 deposits without having to sweat it out with the crowd. Older folks may not consider it real “deposits”, but interbank transfers are instant, free, and can be done anytime and anywhere. Most banks consider these “fresh funds” anyway, so technically you would be fulfilling the condition (we hope!)

******

While there is no certainty that the
li chun
custom is going to guarantee you wealth in 2020, saving money is a great way to start the year right. And with a little bit of thought and care as to where you place your money, you might just get a little bit of extra
ong
 this year.

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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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Maybank Brings Back Scan & Pay 1 SEN-Sation Campaign Again, With Up To RM100 Cashback

Maybank is back yet again with its popular Scan & Pay 1 SEN-sation campaign, allowing customers the chance to win random cashback valued from RM0.10 to RM100 throughout the campaign period. This promo is set to take place until 3 April 2022.

Overall, the process to participate in this campaign remains relatively similar to the
previous round which ended in January 2022
, with the exception that this campaign is now only accessible via the Scan & Pay feature on the MAE by Maybank2u (MAE) app. Unlike before, you can no longer join using the Maybank2u app.

Once you’ve powered up your MAE app and set up your Scan & Pay feature, go ahead and perform a Scan & Pay transaction of RM0.01 via the dedicated “1-SENsation” QR code shown below.

Depending on your preference, you can scan the code with your MAE app, or keep a screenshot of it in your phone’s photo gallery to upload in the app. Once the payment is made, you’ll be awarded cashback of a randomised value of up to RM100, which will be credited into your account within seven working days from each eligible transaction.

Each customer is allowed to make daily attempts at winning throughout the whole campaign period, which means that you can earn one cashback reward each day. Do also make sure that the source of fund for your Scan & Pay feature is set to your MAE account; transactions funded from a Maybank debit or credit card will not qualify for the campaign.

Maybank has earmarked a total of RM300,000 for the whole campaign period, and campaign will cease once the allocation is finished. You can download the MAE app to participate in this campaign via
Google Play
, the
App Store
, or the
Huawei AppGallery
.

(Source:
Maybank
)

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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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Finance Minister: Over RM200b Remaining Budget 2021 Allocation To Be Spent This Year

There is still a Budget 2021 allocation of more than RM200 billion to spend this year, in addition to the economic stimulus packages such as PEMERKASA+ that will help Malaysians deal with Covid-19 and drive economic recovery. This was revealed by Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Parliament had approved an allocation of RM322.5 billion under Budget 2021 last year. As at the end of April 2021, a total of RM117 billion has been spent, leaving the remainder of RM215 billion as yet to be spent until December 2021.

Besides the latest PEMERKASA+ package, said Tengku Zafrul, many programmes are still being implemented and will be implemented according to plan. This involves an allocation of more than RM100 billion to be spent until the end of the year.

According to Tengku Zafrul, the government’s proactive policy has begun to show a positive economic recovery with GDP for March 2021, posting a growth of 6%. Between March 2020 and March 2021, the government has announced six economic stimulus packages worth RM340 billion, with a fiscal injection of RM65 billion or almost 4.7% of GDP, to address ongoing health and economic challenges.

(Source:
The Sun Daily
)

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Maybank To Enable Secure2u For Verification Of Maybank Card Online Transactions

Maybank has announced that customers performing online purchases and transactions on their Maybank credit and debit cards will need to use Secure2u to authenticate their payments starting from 1 July 2023. The Secure2u authentication method will replace the current SMS OTP or MSOS code verification method.

In an FAQ, Maybank explained that with this latest update, all customers who wish to use their Maybank cards for online transactions will need to download the MAE by Maybank2u (MAE) app and activate Secure2u on their mobile phones. The Secure2u authentication method utilises a one-tap approval method to authorise these transactions, where you will be prompted to tap on a button on the app (via push notification) to verify or reject a payment within 50 seconds. This is said to be safer than SMS OTPs, where a single-use numeric password is sent to you via third-party mobile service providers.

The bank also reminded that
Secure2u registrations and activations are now only available on the MAE app
, and can no longer be enabled via the Maybank2u mobile banking app. This is as Maybank plans to
eventually phase out the Maybank2u app
, leaving the MAE app as its sole mobile banking app.

Upon activation, there will also be a 12-hour cooling period, where customers must wait for 12 hours before they can begin using Secure2u to authorise transactions. This is in a bid to boost its online banking security, and to prevent unauthorised approvals.

While the Secure2u security feature itself has been introduced since 2017, Maybank only began to speed up its migration from SMS OTPs to its own authentication method recently. This is especially so after Bank Negara Malaysia directed banks in Malaysia to
implement five key safeguards
 to improve their online banking security in combatting financial fraud.

Maybank subsequently said that it will
fully migrate from SMS OTPs to Secure2u by June 2023
. Other online banking activities that also require Secure2u authentication include
favourite transfers (first time only)
,
all third-party and Interbank GIRO (IBG) transfers
, as well as
JomPAY and FPX transactions
.

The MAE app can be downloaded from
Google Play Store
, the
App Store
, and
Huawei AppGallery
. If you have any enquiries regarding Secure2u or this latest update, you can email Maybank at
[email protected]
 for further assistance. Meanwhile, those who need help with activating Secure2u on their MAE app can refer to this video tutorial from Maybank:

(Source:
Maybank
)

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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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Sweet Satisfaction@Swensen’s from Standard Chartered

Bring your family for a treat at Swenson’s this weekend and take advantage of Standard Chartered’s 10% discount.

Enjoy Swenson’s casual American-themed dishes and signature ice-cream at 10% off when you pay with your Standard Chartered credit card or debit card. This discount only applies to items from the ala carte menu and is not valid with other on-going promotions or discounts.

Please note that this offer is only applicable for dine-in transactions at Swenson’s Gurney Plaza, Penang.

Promotion ends on 31 December 2013. Please read the
Terms & Conditions
 page for more details.

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Brendon Lee

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Loan Repayment Assistance Under PEMERKASA+ Is Available For Everyone

The latest spike in Covid-19 cases has led to the declaration of a third movement control order and subsequently a full lockdown across the country at the beginning of this month. Fortunately, the government has announced another round of repayment assistance to ensure that those in need are given the necessary financial support during this economically trying time.

While the B40 group are among those who are eligible for this assistance, they are not the only ones who can request for loan repayment aid. Here’s a clearer picture of this latest round of loan repayment assistance and who is eligible to receive it.

What is the latest loan repayment assistance available?

During the PEMERKASA+ announcement, Prime Minister Tan Sri Muhyiddin Yassin announced the following loan repayment aid:

Eligible categories
Available aid
– B40 individuals who are recipients of BSH/BPR
– Any individuals (B40, M40 and T20) who have lost their jobs
– Microenterprises (for facilities with approved amounts up to RM150,000)
– SMEs (including microenterprises) which are not allowed to operate during lockdown
– Three-month moratorium;
OR
– Reduction of monthly instalment by 50% for 6 months
Any individuals facing salary cuts or partial loss of income (including salary, allowances, commissions, and household incomes)
Reduction of monthly instalments proportionate to reduced income

Appropriate financial aid for all Malaysians including businesses

(Image: Bernama)

As you can see, the financial aid provided is available for
all who are in need
, regardless of their income category. If you have lost your job or you are on an unpaid leave, it doesn’t matter whether you are B40, M40, or T20 – you will be able to opt for a three-month moratorium or a reduction of monthly instalments by half.

Similarly, if you are facing reduction of income which include a salary cut or partial loss of income as a result of reduction of allowances, commissions and household income, you are also entitled to a proportionate reduction of monthly instalments regardless of your income category. This includes those who have been directed to go on no pay or partial pay leave.

Businesses are not left out, either. SMEs (including microenterprises) which have not been allowed to operate during the lockdown period will be entitled to the three-month moratorium or 50% reduction of monthly instalments. For microenterprise facilities with approved amounts up to RM150,000, this help is available even if they are allowed to operate during the lockdown.

(Image: Hari Anggara)

For borrowers who do not fit in any of the above categories, but find it difficult to service their loan repayment obligations, they can also reach out to their respective banks to discuss financing solutions to help reduce their financial burden.

This targeted approach is more effective than a blanket automatic moratorium for all Malaysians. Moratoriums given to borrowers who are not in need, such as the wealthy, will only force the banks to use up its resources ineffectively. Targeting financial assistance to those in need ensures that the banks will have sufficient resources in the long-term to assist borrowers who are in financial difficulty and help the economy to recover faster.

If your income is not at all affected, you should continue paying your monthly loan repayments. The sooner you settle your loan obligations, the sooner you will enjoy financial freedom. It is also a healthy financial management practice.

After all, moratoriums
come at a cost
; borrowers accrue additional interest, the nation’s banking system will be affected in terms of liquidity, and the commercial function of banks will be impacted. Therefore, it is a better approach for the banks to extend help only to those with affected income – and as you will see below, they are doing it in a very simple and straightforward manner.

How to request repayment assistance if you’re affected

All you need to do is contact or email your bank, inform them of your situation and let the bank know which loan repayment assistance option you will be selecting. Alternatively, you can also select your option through your bank’s website. The banks have made the selection process easy with the availability of web forms. The web form is made simple where borrowers only need to tick the relevant boxes and fill up their banking and personal or company information. Minimal documentation is required and can be submitted via the web form or email.

If your financial condition improves and you no longer find yourself in need of assistance from your bank, you can also easily get back in touch with your bank to readjust your instalments.

Moreover, borrowers do not need to worry that their credit score will be affected for selecting this targeted financial assistance. Just like in the repayment assistance schemes that have been provided before, the flexibilities provided will not appear in the borrower’s Central Credit Reference Information System (CCRIS) report. Bank Negara Malaysia has also assured that pertinent financial assistance will continue to remain available to those who need it during this difficult period.

Overall, getting the appropriate repayment assistance is an uncomplicated process between you and your bank. If you happen to face any difficulties contacting your respective bank, you can reach out to BNMTELELINK via the
bnm.my/RAsurvey
 or get help from the
Counselling and Debt Management Agency (AKPK).

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ringgitplus

ringgitplus

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    Wixer

    2 years ago

If a M40 or T20 lost their job to qualify for this scheme, they are no longer M40 or T20 LAR….they will become B40 liao.

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    CHANG KIMSING

    2 years ago

2020 through February 2021 I’ve got my BPR, but I was kicked out for May 2021 payment when I went to BSN. to collect my entitlement. That’s bad as I am now 74 and without job. Why they do that with this flip flop, I really don’t understand this.

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AIA Launches AIA Online Shield, Available Exclusively On Shopee

AIA General Berhad has launched a new digital insurance plan called AIA Online Shield. Making its digital debut on Shopee in conjunction with the 12.12 sales, AIA Online Shield is an affordable short-term personal accident plan that provides coverage for accidents, Covid-19, and dengue fever.

The customer journey for AIA Online Shield will be simplified and entirely digital, in an effort by AIA to make insurance more accessible and affordable. Customers have the flexibility to choose their desired benefits and coverage term for AIA Online Shield, with coverage of up to RM50,000 for death by accident and RM12,000 for Covid-19 and dengue fever respectively.

“The world is constantly evolving and becoming increasingly digital – spurring transformations at a rapid pace,” said Eric Chang, CEO of AIA General Berhad. “This initiative is part of our efforts to find new ways to serve our customers and their ever-changing protection needs by enabling the purchase of insurance in any way that they prefer, including online.”

Chang added that AIA Online Shield marks the beginning of AIA General Berhad’s digital transformation journey, and that the insurer looks forward to partnering with more digital platforms in Malaysia. “We have also observed how the increase in the consumption of digital services has exposed customers to new risks that are seldom addressed, and our goal is to introduce new and innovative products that can meet those needs,” he continued.

AIA Online Shield is available exclusively on Shopee and is open to Malaysian citizens aged between 30 days to 65 years old. The premium for each plan varies according to the breadth of coverage and length of term as seen below:

Coverage Term

Premium

AIA Online Dengue Shield

AIA Online Covid-19 Shield

AIA Online Dengue & Covid-19 Shield

3 months

RM19.90

RM28.90

RM32.90

6 months

RM29.90

RM42.90

RM49.90

You can find out more about AIA Online Shield on the
AIA website
 or on the
AIA Online official store on Shopee
.

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Jacie Tan

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CIMB: Processing Error Is Related To A Third-Party Financial Remittance Service

(Image: Bernama)

CIMB Bank has offered further clarification over the processing error that happened over a week ago, stating that it was related to a “specific third-party financial remittance service”. The glitch, in turn, caused duplicate payments to be accidentally banked into some customers’ accounts.

“CIMB would like to reiterate that there was a processing error related to a specific third-party financial remittance service that led to transfers made to our customers being accidentally processed twice. This resulted in affected customers receiving duplicate credits into their account, that is a duplicate transaction which effectively doubled the total amount of funds received by the customer,” the bank explained in a statement.

Additionally, CIMB emphasised that the duplicate amounts that were accidentally paid were drawn from the bank’s own funds. They were not taken from the accounts of the sender or the recipient of the transactions.

“In line with the banking practice for such occurrences, we had placed a hold and earmarked the duplicate amount that was processed in order to recover the payments mistakenly made to the customers,” the bank further shared.

(Image: Bloomberg)

At the end of last month, numerous CIMB customers had reported receiving notifications from the bank stating that money from their accounts will be earmarked for debit due to erroneous duplicate credits and other bank charges. These individuals also said that their accounts were suspended. Following that, CIMB clarified that this incident was
caused by a processing error in its banking system
, and that it is working closely with affected customers to ensure “a fair and managed” resolution.

In the wake of that, several organisations and associations have spoken out against CIMB, saying that the bank needs to provide a better explanation to its accountholders. The Federation of Malaysian Consumers Associations (FOMCA), for instance, urged CIMB to
investigate if the processing error had any element of fraud
.

In addition, the Malaysian Muslim Consumers Association (PPIM) and Agenda Reset Malaysia (ARM) alleged that about 11,000 CIMB accounts had been frozen due to the glitch, and pressed CIMB to settle the problem in favour of the accountholders. If unresolved, both organisations warned that they would
initiate a boycott against the bank.

(Image: The Star)

CIMB, meanwhile, reiterated that the affected accounts were not suspended, and that customers were still able to utilise their money in excess of the amount that has been placed on hold. Additionally, no funds have been debited from the affected customers’ accounts yet. The bank will also work to provide clear evidence and documentation of the double credits in the accountholders’ bank statements, and formulate flexible repayment schemes based on the individual circumstances.

Affected CIMB customers with queries can reach out to the bank via a dedicated hotline at 03-2295 6188. Alternatively, they may also contact CIMB’s call centre at 03-6204 7788 for assistance.

(Sources:
Free Malaysia Today
,
New Straits Times
)

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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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    Anonymous

    1 year ago

Plz cheak with affected customers…

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Public Bank Petron Visa Gold Credit Card Offers 30% Petrol Cashback

Public Bank has launched the PB Petron Weekend Fuel Campaign, a three-month promotional campaign specifically for Public Bank Petron Visa Gold credit cardholders. From now until 31 March 2020, Public Bank Petron Visa Gold credit cardholders can get a massive 30% cashback on their petrol transactions at Petron on Saturdays and Sundays – but with some requirements.

To unlock the 30% cashback, you have to spend a total of RM300 on Petron fuel transactions in one month using your Public Bank Petron Visa Gold credit card. Based on the T&Cs, it appears only “Petron fuel transactions” are eligible for cashback – it does indicate that in-store purchases won’t count. The cashback is also only valid when you fuel up at Petron stations on weekends during the promotion period, and is capped at RM100 per month for each cardholder.

Only principal Public Bank Petron Visa Gold cardholders are eligible for this campaign, although eligible spend by supplementary cardholders can help count towards the principal cardholder’s qualified spend, but not qualify for cashback. Finally, there is also a cap on the overall cashback payout offered by Public Bank, which is RM60,000 for each month of the campaign on a first-come, first-served basis.

To participate, you have to register via SMS. Public Bank Petron Visa cardholders can register by sending “PBGT<space>16-digit credit card number” to 66300. You only need to register once throughout the campaign period.

This is easily the highest cashback rate for a fuel promotion we’ve seen, but before you rush out to fuel up at Petron or apply for the Public Bank Petron Visa card, note that you only get cashback if you spend at least RM300 on fuel per month – not exactly an easy task for most Malaysians. But if you do drive a lot and easily spend that amount on fuel, this card might be worth checking out.

The Public Bank Petron Visa Gold card itself offers cashback on both fuel and non-fuel purchases at Petron, capped at RM50 per month. The Public Bank Petron Visa Gold’s cashback is tiered depending on your total monthly retail purchases made at Petron service stations.

Total Monthly Retail Purchase At Petron

Cashback

RM100 and below

0.5%

RM101 – RM200

1.0%

RM201 – RM500

2.0%

RM501 – RM800

3.0%

Above RM800

5.0%

It also offers unlimited Cash MegaBonus of 0.1% on other local and overseas retail purchases. The
Public Bank Petron Visa Gold
 is available to those who earn a minimum of RM24,000 per annum and comes with an annual fee waiver for life.

(Source:
Public Bank
)

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Axiata Digital Rebrands Various Fintech Services To "Boost"

Axiata Digital has announced that it is rebranding its fintech holding arm, Boost Holdings Sdn Bhd, to Boost – a homegrown digital brand that has been around since 2017.

Following this latest update, the relaunched Boost brand will see all fintech services unified under a single brand entity. This includes payment services, alternative lending, digital insurance, content services, and merchant solutions. Essentially, this move is expected to help Boost extend its comprehensive reach for both consumers and businesses in the region, as well as serve as another step forward to establish a Malaysian-based regional financial services powerhouse.

Through this rebranding exercise, Boost’s products and services will now be streamlined into four key pillars, each focusing on a specific function:

Pillars
Functions
Boost Life
Boost e-wallet, focusing on consumer lifestyle offerings such as online and offline retail payments, bill settlement, insurance, and transportation use cases
Boost Biz
Merchant business (part of Boost e-wallet), focusing on standalone merchant solutions such as payments and wallet
Boost Credit (Formerly Aspirasi)
Focusing on the micro-financing business, and is a pioneering digital alternative financier in Malaysia and Indonesia
Boost Connect (Formerly Apigate)
Focusing on the payment facilitation business that aggregate and distribute content via a seamless application programming interface (API) platform

The new fintech arm Boost will be led by Sheyantha Abeykoon as the chief executive officer. Accordingly, he aims to bring Boost’s financial services to the unserved and underserved community through a larger platform, including digital banking.

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Alex Cheong Pui Yin

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KiplePay Revises Credit And Debit Card Reload Limit, Introduces Fee For PTPTN Transactions

E-wallet KiplePay has rolled out some updates for a number of its features, including revising the monthly top-up limit via credit and debit cards, as well as introducing a service fee for National Higher Education Fund (PTPTN) transactions. These changes are set to take place starting from 25 July 2022.

With regard to the new monthly limit for credit and debit card reloads, KiplePay is now setting the top-up limit for such reloads to RM1,000 per month. Prior to this, users who top up their KiplePay through this method were only restricted by the wallet limit itself (
up to RM10,000, depending on your e-wallet tier
) – which was itself a massive upgrade from the previous daily reload limit of RM500 for credit card top-ups. Meanwhile, there are no changes for those reloading via online banking.

Aside from that, KiplePay has also announced that it will be imposing a service fee of RM1 for every PTPTN transaction performed, impacting the following services:

Bayaran Balik
Simpan SSPN Plus
Simpan SSPN Prime

Previously, KiplePay users do not need to pay any fees to perform these PTPTN transactions, unlike many other platforms and payment channels. According to KiplePay in its FAQ, the new RM1 fee will be added to your checkout amount when you carry out your PTPTN transactions.

On that note, do be cautioned that PTPTN services will be temporarily made unavailable on KiplePay starting from 6 July 2022 as it is carrying out some upgrade works. It did not clarify when the services will be reinstated, so if you happen to have any urgent payments or transactions, make sure to take time to carry them out before 6 July.

(Source: Kiple [
1
,
2
])

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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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LIAM And MTA: Relief Measures For Policyholders, Including Deferment of Premium Payment

To ensure that insurance policy and certificate holders affected by the Covid-19 pandemic are able to keep their protection amidst the current financial climate, the Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) have announced two relief measures.

The two relief measures include the deferment of payment of life insurance premiums and family takaful contributions, as well as the extension of flexibilities to reinstate or preserve life insurance and family takaful protection.

The deferment of payment of life insurance premiums and family takaful contributions will give affected policyholders the option to postpone their regular premium payments for 90 days without affecting the policy coverage. According to an FAQ released by the associations, affected policyholders refer to:

Individuals who have been infected, home quarantined (mandatory) or suffered a loss of income, caused by reasons such as retrenchment, shorter working hours, or commission reductions.

SMEs and those who are self-employed, which have experienced a loss of income as a result of the economic impact of the Covid-19 situation.

The deferment applies to all policies and certificates where premiums and contributions are due on 18 March to 31 December 2020, but excludes those that have prior outstanding payments. That said, it is not automatic, and you will need to apply to your respective life insurer or family takaful operator. Applications will be open starting from 1 April 2020 onwards. Note also that the 90-day deferment of your premium payment will begin from the last payment due date.

The second measure relief, on the other hand, allows the extension of flexibilities to reinstate or preserve life insurance and family takaful protection for affected policyholders until 31 December 2020. Through this assistance, life insurers and family takaful operators will extend the period during which policyholders can reinstate their lapsed policy.

Life insurers and family takaful operators may also provide options to enable policyholders to continue meeting their premium payments, such as making changes to the sum assured/covered, restructuring the premium payments, or converting selected policies into paid-up policies. Additionally, fees and charges imposed for changes made, as well as any penalties for late payments of premiums will also be waived. However, policyholders are advised to check with their respective life insurance companies or takaful operators for more details as the flexibilities provided will vary from company to company.

These
relief measures
 are offered following the announcement of the
Prihatin Economic Stimulus Package
 by Prime Minister Tan Sri Muhyiddin Yassin. One of the many incentives announced during the reveal of the second stimulus package included a three-month
premium deferment
 for policyholders and takaful certificate holders whose source of income is affected by the Covid-19 pandemic.

For more information, do check out the full
FAQ
 released by LIAM and MTA.

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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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Goldman Sachs: Bitcoin Expected To Compete With Gold As "Store Of Value"

(Image: BBC News)

Leading financial services company Goldman Sachs said has that Bitcoin is poised to take more market share from gold, especially with the adoption of digital assets quickly gaining momentum.

In a research note, Goldman Sachs analyst Zach Pandl said that Bitcoin is expected to gain more than the 20% share of the “store of value” market that it currently commands. The “store of value” market is a segment comprising of assets that maintain their worth overtime without depreciating – in this case, it refers to gold and Bitcoin (often referred to as digital gold).

Pandl also went on to share that the stock value of Bitcoin ranges about US$700 billion at today’s price, while the value of gold owned as investment hovers around US$2.6 trillion. However, if the cryptocurrency is able to grab more than 50% of the “store of value” market share over the next five years, Bitcoin’s price could increase to just over US$100,000 (approximately RM420,000) – with a compound annualised return of 17% or 18%.

(Image: Business Insider)

“Bitcoin may have applications beyond simply a ‘store of value’ – and digital asset markets are much bigger than Bitcoin – but we think that comparing its market capitalisation to gold can help put parameters on plausible outcomes for Bitcoin returns,” Pandl further said.

The research note also commented that Bitcoin network’s consumption of real-world resources will not weaken the demand for the asset. This is because Bitcoin-scaling solutions will continue to be attractive for investors.

Throughout the whole of 2021, Bitcoin’s price has endured through multiple plunges and surges, such as during the
Crypto Crash of 2021
 and the launch of the
first Bitcoin-linked exchange traded fund (ETF), ProShares Bitcoin Strategy ETF (BITO)
, on the New York Stock Exchange (NYSE). It hit an all-time high of US$69,000 (approximately RM290,000) in November 2021 before declining throughout December 2021 and into the new year.

(Sources:
Reuters
,
Bloomberg
)

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Alex Cheong Pui Yin

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4 Ways You're Wasting Your Credit Card Benefits

You know your credit card is to help you pay for purchases but if you’ve been reading most of the stuff on our site – you’ll also know that your credit card can do a whole lot more than just that.

Few people actively use the money saving benefits their credit cards hold – and as such; are wasting their credit card’s best features. Are you one of those people?

1. You Don’t Take Advantage of the Interest-Free Grace Period

Did you know your credit card will have a ‘grace period’: a time within which no interest is charged on the amount swiped? If you didn’t – you could be paying interest for not keeping track even if you are a generally diligent paymaster.

Most cards offer 20 days but check your card agreement to be sure. You can also call your bank to confirm this.

Take advantage of this perk by always paying within the grace period even if your bill isn’t ready yet – you’ll save on paying any interest on your swipes!

2. You Don’t Use the Easy-Pay/Flexi-Pay Function

Banks often use the term easy-pay but you can occasionally find those who call this function flexi-pay. Whatever the name may be – the gist remains the same. The option allows you to convert big purchases into bite sized payment plans which are interest free for up to 12 months.

There are two types of easy-pay plans offered- one tied to a specific merchant and another with the bank alone, Merchant specific plans are offered at the merchant’s till itself. For instance, say a furniture store offers an instalment plan for all holders of Credit Card A. All you need to do is tell them you want to take that option for your purchase and it will be done for you.

The second type of easy-pay is not offered by the merchant but by the bank as long as it is above a particular spending amount set by the bank. Say Bank B offers easy pay options for spending above RM3,000 and you just purchased an iPhone 6s for RM3,600. You could then call your bank to convert the price of your phone into an instalment plan and despite passing the grace period – you won’t be charged interest if you stick to the payment scheme you are given.

Easy-pay plans help you to pay off your bulk purchases on your card without the interest. With rewards points and cashback benefits, it’s better than paying cash!

3. You Have No Idea What Has Become of Your Reward Points/Cashback

Rewards points and cashback are one of the credit card’s most common and most lucrative perks. If your credit card offers this and you are not maximising it – you’re missing out!

Keep tabs on your rewards point collections and redeem them before they expire (some cards have evergreen points but it’s still wise to check and redeem from time to time). In a similar fashion; if you are entitled to cashback – read the terms to determine the most rewarding time to shop and then make sure your allotted cashback is credited to your account.

If it isn’t – it’s time to give the bank a call!

4. You’re Oblivious to Retail/Merchant Discounts

It’s hard to imagine anyone holding a credit card that they’ve not at some point used at a store, restaurant or hotel. These are the usual places you would swipe your card.

These are also the usual places you will be entitled to discounts based on your credit card company’s deal with the merchant involved.

Have you ever seen those cardboard stand-ups on cashiers? The featured bank is usually just the tip of the iceberg. Your bank will have a slew of discount offers at so many merchants from shopping, dining to accommodation; all you need to do is find out where the discount applies.

Check your bank’s webpage or if you still receive a paper bill – check the envelope for brochures. If you’ve not received any; give your bank a call and ask if they’d be so kind as to direct you to this information.

Discounts are anywhere from 10% – 30% so why waste it? Also, for many merchants; the discount tally is not automatic for their cash registers so do remind them to factor the discount before they charge your card!

Make the Most of Your Credit Card

These are just some of ways you could be wasting your credit card’s best benefits. Unlike cards in many other countries – Malaysian credit cards offer many, many perks and these will only go to waste if you do not use them.

Take a good look at your credit card’s terms and conditions and give your bank a call for more info. However, if you’ve got a pretty lukewarm card with few good benefits –
check our credit card comparison page
 to find a more rewarding credit card. You’ll find the best credit cards in Malaysia on it!

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This Is How The Limits On Your Medical Insurance Plan Affect Your Premium

There are a few factors to consider when it comes to getting yourself a medical insurance policy. Things like the list of benefits covered are important, but how much do you know about the annual and lifetime limits on your medical insurance plan – and how they impact the policy overall? Besides affecting the coverage amount of your insurance policy, annual and lifetime limits play a part on the price of your premium as well.

Find out more about annual limits, lifetime limits, and how they relate to your medical insurance policy below.

As you can see, the limits on your medical insurance plan affect how much coverage you get as well as the price of your premium. If you want a higher coverage, you can go for a plan like Gibraltar BSN Smart Health Plus that has high annual limits and
no
 lifetime limit. If affordability is more of a priority for you, you can opt for the Gibraltar BSN Smart Health instead. The Smart Health policy offers four different plans, each with the same benefits but with different annual and lifetime limits, so you can choose the one that best matches your needs.

You can check out the
Gibraltar BSN Smart Health
 and the
Gibraltar BSN Smart Health Plus
 plans here.

*Claims subject to qualifying requirements.

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    Lim Chee Kiong

    3 years ago

Need further detailings.

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