KPDN: McDonald’s To Join Menu Rahmah Initiative Soon, Still Deciding On Offerings

(Image: The Malaysian Reserve/ Muhd Amin Naharul)

Domestic Trade and Cost of Living (KPDN) Minister, Datuk Seri Salahuddin Ayub revealed that McDonald’s has agreed to be part of the Menu Rahmah programme, and is expected to inform the ministry about their decision of the menu by next week. This comes as more major fast food chains show an interest in introducing Menu Rahmah offerings for the B40 group and hardcore poor.

Datuk Seri Salahuddin further said that while McDonald’s has expressed its readiness to join the food programme when their representatives met, the multinational company needed some time to discuss the menu. On top of that, it also had to resolve some regulation matters.

Among other fast food chain operators that were also keen to be part of the Menu Rahmah initiative include KFC, who
held talks with KPDN last week
 as well. Datuk Seri Salahuddin stated that various interested major international fast food chains will make their decision on whether they will join the programme by next week.

(Image: New Straits Times)

“This is great news for Malaysians as the operators have stated their interest in offering Menu Rahmah offerings after Burger King launched some products under RM5 previously,” the minister shared, adding that most of these operators plan to introduce burgers as their Menu Rahmah offerings as it is easier for customers, especially youths.

The
Menu Rahmah initiative
 was launched by KPDN at the end of January 2023, and is aimed at helping the B40 group and hardcore poor by providing lunch or dinner meals at an affordable price of RM5. Each meal typically includes rice, a choice of protein, and a portion of vegetables, along with a drink (although some operators may provide other options).

Menu Rahmah is also part of the Payung Rahmah short-term aid programme, which includes other initiatives such as Bakul Rahmah, Kafe Rahmah, Jualan Murah Rahmah, and Pakej Rahmah – all of which are
set to be implemented in stages soon
. Additionally, KPDN has plans to introduce a new initiative –
Rahmah Raya Clothing
 – in a move to help those in need prepare for their Hari Raya Aidilfitri celebrations, although this is still under discussion.

(Source: The Sun Daily [
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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June 2022 Unemployment Rate Down To 3.8%, Lowest Since Start Of Covid-19

(Image: Samsul Said/Bloomberg)

Malaysia’s unemployment rate for June 2022 has declined from 3.9% in May 2022 to 3.8%, the lowest recorded since the nation was hit by Covid-19. Revealed in the latest labour report by the Department of Statistics Malaysia (DOSM), the number of unemployed individuals also decreased from 637,700 people in May to 630,600 in June.

Of the unemployed group, 83.3% was categorised as actively unemployed, described as unemployed individuals who are actively seeking for jobs. This translates to 528,500 persons, down from 534,000 persons in the previous month. Meanwhile, 16.2% of the unemployed group was considered inactively unemployed, equivalent to 102,100 persons – a decrease from 103,800 in May.

The employed persons group, on the other hand, increased from 15.90 million individuals in May to 15.94 million individuals in June, with the employees category making up 76.1% of the group (0.1% month-on-month increase). The own-account workers category also saw a positive month-on-month growth of 0.8% in June, encompassing 17.4% of the group. Similarly, the employers category saw an increase of 0.5% from last month, making up 3.4% of the group.

(Image: Mashable)

The improved unemployment rate is attributed to the recovery in economic activity, which fuelled demand for labour. This, in turn, opened up more job opportunities in the market. The unemployment rate is also expected to continue improving in the long-term, taking into account various key economic indicators that indicate a pick-up in recovery momentum.

Aside from revealing the monthly unemployment rate, DOSM also shared additional data on the labour force for the second quarter of 2022 (2Q22). Based on the figures, Malaysia recorded a lower unemployment rate in 2Q22 at 3.9% with 642,000 unemployed persons. This is in comparison with 4.1% in the first quarter of 2022 (1Q22), equivalent to 671,200 unemployed individuals. Moreover, the labour force also improved from 16.25 million in 1Q22 to 16.34 million in 2Q22.

In terms of labour force participation rate (LFPR) by state, Selangor came in first at the highest rate of 75.7%. This is followed by Kuala Lumpur (74.4%), Penang (71.2%), Sarawak (70.8%), and Putrajaya (70.7%). Meanwhile, other states clocked in LFPRs that range between 59% (Terengganu) to 69.4% (Johor).

(Sources: DOSM [
1
,
2
],
The Edge Markets
)

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Alex Cheong Pui Yin

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Latest Public Bank Campaign Rewards Visa Cardholders With Up To RM50 Monthly Cashback

Public Bank is currently running a campaign that rewards its Visa credit cardholders with cashback of between RM10 to RM50 per month when they meet a specified monthly spending requirement. Already ongoing, the PB Visa Credit Card Rewards You More campaign will continue until 31 December 2021.

Open to all new and existing Public Bank Visa principal credit cardholders, the cashback reward is tiered according to the following monthly spending criteria:

Spending criteria per month
Cashback that can be earned per month
RM300 – less than RM600
RM10
RM600 – less than RM1,000
RM30
RM1,000 and above
RM50

According to the campaign’s T&C, there’s a minimum spend of RM300 in a single receipt to be eligible for the rewards. However, the monthly cap is set at RM50, so you can earn campaign cashback in a few ways: one to three RM300 spending in a month (to earn up to RM50 in cashback), or a lump sum spend of RM600 (earn RM30 cashback) or RM1,000 (earn RM50 cashback).

Qualifying transactions for this campaign include all local and overseas retail spend, online purchases, contactless transactions, and new zero-interest instalment plans (full purchase amount). It excludes expenses such as balance transfers, recurring payments, payments for utilities and insurance, payments to charities, and for the first time, e-wallet payments.

Each cardholder is only allowed to earn a maximum cashback of RM50 during every participating month, and it will be provided on a first-come first-served basis. Public Bank has allocated a total of RM400,000 for the entire promotion period, to be divided equally between the four campaign months (RM100,000 per month).

(Image: The Edge Markets)

If you’d like to join this campaign, you need to register your participation by sending an SMS (PBV<space>16-digit principal Visa credit card number) to 66300. You will then receive a confirmation message from the bank, after which you can go ahead and accumulate the necessary amount to win your reward. For cardholders with multiple credit cards, you’re only required to register once; upon successful registration, all your other credit cards (including supplementary cards) will be automatically tracked for tabulation.

Do also note that if you participate in this campaign, you will not be eligible for other Public Bank credit card promotions. If you win the cashback rewards, it will be credited into your account within 4 – 8 weeks after the end of each promo month. The amount will also be reflected in your credit card statement.

(Source:
Public Bank
)

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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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Securities Commission Warns Against Influencers, Investment Gurus Who Offer Questionable Advice

(Image: New Straits Times)

Securities Commission Malaysia (SC) has specifically cautioned the public to be wary of self-proclaimed investment gurus, who typically take to social media to offer questionable advice and spread false or misleading information. This is especially amidst a rising number of investment scams that is happening within the country.

According to the chairman of the SC, Datuk Seri Dr Awang Adek Hussin, there has also been a growing number of “
celebrities or influencers” who were invited to endorse
 selected retail investment offerings on social media. In addition to sharing testimonies of supposed successful investments, these figures will also provide investment advice to investors.

Datuk Seri Dr Awang Adek noted this situation to be problematic as the public can be easily persuaded by such figures. He also reiterated that the internet and social media have now become fertile ground for fraudsters and entities that are either illegal or do not comply with local securities laws. They would find increasingly sophisticated ways to prey on investors who invest with the desire to gain huge earnings irrespective of the risks involved.

(Image: Bernama)

“Most scams are spread through messaging apps and platforms like WhatsApp and Facebook. And we have recently noticed that they started using Telegram as well. Many of these scams also claim to be
shariah
-compliant,” added Datuk Seri Dr Awang Adek.

The SC had previously reported that
more than 1,800 complaints and enquiries
 related to investment scams and unlicensed activities alone have been lodged with the commission as of September 2022. Meanwhile, the Commercial Crime Investigation Department (CCID) of the Royal Malaysia Police (PDRM)
recorded a total of 71,833 fraud cases
, with losses amounting to more than RM5.2 billion, between 2020 to May 2022.

To address the problem, Datuk Seri Dr Awang Adek said that the SC has increased its collaboration with various stakeholders. “Our multi-pronged approach includes alerting the public via our Investor Alert List, blocking websites, and geo-blocking offending social media pages. We also take enforcement actions as needed,” he said.

Notably, the SC has added 275 names to its Invest Alert List in just last year. It also blocked 143 websites and geo-restricted 35 social media pages. “This year, we have added 194 names to our Alert List, and 143 websites and 26 Facebook pages were blocked as of August,” said Datuk Seri Dr Awang Adek.

Furthermore, Datuk Seri Dr Awang Adek reminded the public that all entities that wish to provide capital market products and services to Malaysian investors must first be licensed or registered with the SC, including those who are or claim to be licensed overseas. This is because they must fulfil stringent regulatory requirements that are designed to protect Malaysian investors, specifically.

“Investors who choose to trade on unlicensed platforms risk not being protected in the event of any dispute arising. In short, we cannot protect you if choose to invest with unlicensed people,” the SC chairman said.

Finally, Datuk Seri Dr Awang Adek shared that the SC will be introducing a range of new policy initiatives to further develop the country’s capital market, including digital-centric initiatives. While he did not reveal much details, he noted that there will be a formal announcement of the initiatives by the end of October.

(Source:
The Edge Markets
)

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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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Alliance Bank Partners With MCash To Launch Malaysia's First In-App Virtual Credit Card

Alliance Bank has launched a fully virtual Visa Platinum credit card, in partnership with MCash. The card, which shares similar benefits as the regular Alliance Visa Platinum, will be hosted in the MCash app – making it the first in-app virtual credit card in Malaysia.

In addition, the entire application process is also hosted in the MCash app. The application process will be similar to a standard online card application process: scanning your IC, updating employment information, and uploading your EPF statement for the past two years. Approval will not be instant, but you will be informed of the application status via in-app notification within two to five working days.

At the moment, the Alliance Virtual Visa Platinum card has limited payments capabilities. Currently, cardholders can only make JomPAY and QR code payments, as well as access cash advance services via the mobile app. However, the virtual card will soon support transactions for e-commerce, streaming, and subscription services. It does not support NFC or tap-to-pay functionalities at the moment.

As for the card itself, the Alliance Virtual Visa Platinum Credit Card will offer the similar benefits to the physical
Alliance Visa Platinum
, with transactions that earn Timeless Bonus Points (TBP) – with some caveats. For online and e-wallet transactions, this card earns 8x TBP for every RM1 spent (though
starting 14 March
, e-wallet transactions will only earn 8x TBP up to RM3,000 per statement cycle). Meanwhile, overseas transactions will earn 3x TBP, and all other spend will earn 1x TBP per RM1 spent – this includes JomPAY and QR-based payments using DuitNow QR. Finally, for existing Visa Platinum cardholders, the Alliance Visa Platinum Virtual will share the same credit limit.

The application requirements are the same as well: a minimum annual income of RM24,000 (RM2,000 a month). One minor change between the virtual and physical cards is in the annual fee: while the physical card’s RM120 annual fee can be waived with 12 transactions of any amount within the year, the Alliance Virtual Visa Platinum card has zero annual fees.

“In keeping true to our ‘Bank in Your Pocket’ proposition, the
Alliance Bank Visa Platinum virtual credit  card
is the latest addition to our line-up of digital innovations to deliver fast, simple and responsive services and is ESG friendly. We want our customers to have access to cash advance services securely whenever they need it via their mobile phones anytime, anywhere,” said Gan Pai Li, the Group Chief Consumer Banking Officer of Alliance Bank. “We are pleased that MCash eWallet shares our vision of ‘Bank in Your Pocket’ and have agreed to work with us to provide our customers a seamless digital payment experience,” she added.

The MCash app can be downloaded from the
Google Play Store
,
Apple App Store
, and the
Huawei AppGallery.

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About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

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

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Tax Reliefs And EIS Coverage Expanded To Boost Work-From-Home Arrangements

In line with the government’s recommendation for employers to practise a work-from-home policy, Prime Minister Tan Sri Muhyiddin Yassin has announced that the government will offer tax reliefs and insurance coverage benefits to companies that are doing so as a form of support. The incentives are provided as part of the PENJANA Economic Recovery Plan.

According to Tan Sri Muhyiddin, employers that implement a flexible working arrangement (FWA) or enhance their existing FWAs starting from 1 July 2020 will be entitled to further tax deductions. However, the type, limit, and other details of these tax deductions are yet to be announced.

Employees, on the other hand, will enjoy income tax exemptions of up to RM5,000 if they receive electronic devices from their employers to help them with their work. These include mobile phones, notebooks, and tablets, and is effective starting from 1 July 2020. Additionally, employees can claim a special individual income tax relief of up to RM2,500 if they purchase electronic devices as well, effective 1 June 2020.

Aside from allowing income tax exemptions and reliefs, SOCSO will also expand its Employment Injury Scheme (EIS) to include coverage for workers who are involved in accidents while working at home.

The government has allocated a total of RM800 million for this FWA initiative.

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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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    Justin

    3 years ago

What if we have already submitted income tax? Does this mean we clim it in 2021?

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    Wong Mun Keong

    3 years ago

Looking for clarifications / enlightenment:

(1). below = huh? Employers pay & provide to Employee – Employee gets income tax exemptions?

1. Employees, on the other hand, will enjoy income tax exemptions of up to RM5,000 if they receive electronic devices from their employers to help them with their work. These include mobile phones, notebooks, and tablets, and is effective starting from 1 July 2020.

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    Ben

    3 years ago

How does the rm5000 tax relief work? If i have received laptop from my company, can i claim tis for tax Relief for 2020? What proof is needed?

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    Tong Yeah Yen

    3 years ago

Dont quite understand, additional  RM5000 rebate if employees are provided with PC/HP from employers to work from home? Thought employee need to buy and get relieved of rm5000

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Kenanga Launches New Robo Advisor, KDI Invest

Kenanga Investment Bank’s digital investment arm, Kenanga Digital Investment (KDI), has launched its own robo advisor by the name of KDI Invest. Introduced today alongside the KDI Save cash management fund, KDI Invest allows Kenanga customers to grow their wealth with access to selected exchange traded funds (ETFs) listed in the United States.

KDI Invest invests in a fixed pool of ETFs, carefully screened and curated to offer a range of top-performing developed and emerging equities, fixed income, commodities, and currencies. According to its FAQ, KDI stated that KDI Invest is focused on the US stock exchange market because the US market “offers the most liquid, deepest, and widest range of ETFs covering asset classes across the world, compared to ETFs listed in other countries.”

The artificial intelligence engine behind KDI Invest – dubbed the Factor Analytics Machine Learning Engine (F.A.M.E.) – will monitor global market conditions and rebalances customers’ portfolios automatically, thereby offering convenience and removing the influence of human emotions. Its back-tested portfolio performance yielded average annual return rates between 7.3% to 16.7% from 2004 to February 2021.

One way KDI Invest will stand out is in its fees, offering one of the lowest management fees in the market.  Those who invest RM3,000 or less will be able to do so for free, whereas investments of RM3,000 and more will be subjected to management fees of between 0.3% to 0.7% per annum, depending on the investment amounts, broken down in the table here:

Additionally, there are no upfront or switching fees. Meanwhile, the minimum investment amount and minimum balance requirement for KDI Invest are both set at RM250.

If you’re interested to test out KDI Invest, you will first need to sign up for a KDI account, during which you are required to provide some personal information and verify your identity via the electronic-Know Your Customer (eKYC) process. Once done, start your KDI Invest journey by selecting a risk profile and an investment portfolio. The asset allocation of your portfolio will be determined by KDI Invest’s Digital Asset Allocation System (DAAS) in accordance with your risk appetite. Meanwhile, investment deposits can be done either via FPX (online) or cheque deposits (offline).

KDI Invest is not the only new product that was launched by Kenanga Investment Bank on its KDI platform today. Complementing KDI Invest is
KDI Save
, a cash management fund that let you earn daily returns on your savings (projected at 2.25% p.a.), with no lock-in period and management fee.

Both KDI Invest and KDI Save are available on the
KDI platform
 and the KDI mobile app on
Google Play
 and the
Apple App Store
.

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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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MOTAC: Malaysians Can Receive Hotel E-Vouchers Of Up To RM100 Via Tourism Recovery Plan

(Image: The Star/Lim Beng Tatt)

Minister of Tourism, Arts, and Culture (MOTAC) Datuk Seri Nancy Shukri has said that Malaysians will be able to obtain e-vouchers worth up to RM100 when they book hotel rooms online, starting from 15 July to 31 December 2022. These vouchers are provided through one of the initiatives under the Tourism Recovery Plan 2022.

According to Datuk Seri Nancy, the various e-vouchers will be provided when you book accommodations with hotel operators that are registered under selected associations and entities, as per the following details:

Associations
Total hotels
E-voucher value
Details
Cap
Booking method
– Malaysian Association of Hotels (MAH)
– Malaysian Association of Hotel Owners (MAHO)
Over 200 hotels (under both MAH and MAHO)
RM100
Minimum spend RM150
19,900 customers
Shopee
Malaysian Budget and Business Hotel Association (MyBHA)
229 hotels
RM50
Minimum spend RM60
7,960 customers
Shopee
Rangkaian Hotel Seri Malaysia (RHSM) Sdn Bhd
19 hotels
RM50
– Minimum spend RM170 (standard room)
– Minimum spend RM210 (family room)
5,970 customers
Email, telephone, or walk-in

(Image: The Star)

The minister also explained that each Malaysian (with a valid MyKad) will be able to redeem a maximum of three e-vouchers throughout the whole campaign period.

Aside from these e-vouchers for accommodations, the Tourism Recovery Plan 2022 – which was launched back in May 2022 to help revitalise the domestic tourism industry – also saw MOTAC collaborating with many other industry players to offer a range of incentives. Some incentives that have already been launched thus far include
fare discounts when you travel with KLIA Ekspres and Keretapi Tanah Melayu Berhad (KTMB), rebates on tourism packages
, as well as
e-vouchers for flight tickets
.

(Source:
The Edge Markets
)

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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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BNM: Waiving Accrued Interest On Moratorium Will Have Long-Term Consequences For Banks

Bank Negara Malaysia (BNM) has cautioned that waiving the accrued interest payment on all individual and business loans during the ongoing six-month moratorium will have significant long-term consequences for banks. This is especially as interest income makes up 80% of banks’ revenue.

According to the governor of BNM, Datuk Nor Shamsiah Mohd Yunus, the total individual and small and medium enterprises (SME) loans that are eligible for automatic opt-in moratorium amounts to approximately RM1.4 trillion – which is equivalent to 73% of the total bank system’s loans. She further said that if the banks were to waive accrued interest on these loans, serious implications will arise given their critical role in the economy.

“First, banks will pull back on lending to conserve their buffers, especially with higher credit losses still expected to emerge. Secondly, banks’ owned credit ratings may be downgraded to reflect weaker future earnings capacity and this will make it more expensive for banks to raise capital funding, and the higher costs will be passed on to borrowers,” explained Datuk Shamsiah during an online conference.

Consequently, confidence in banks will be affected, which could then trigger liquidity stress, causing depositors to have concerns for the safety of their deposits. Additionally, this will also jeopardise depositors’ interests when earnings of banks are adversely affected.

(Image: The Malaysian Reserve)

Moreover, waiving the accrued interest payment will cause banks to face difficulties in paying dividends to their retail investors and institutional funds that hold public savings. These include the Employees Provident Fund (EPF), Kumpulan Wang Persaraan (Diperbadankan) (KWAP), Permodalan Nasional Berhad (PNB), Armed Forces Fund Board (LTAT), and Tabung Haji.

“This will result in lower returns to depositors and retirement savings. So when you take all these together, this would significantly hurt the economic recovery and have longer term implications for the economy and financial system. It is very critical for banks to remain sound as this is what will enable them to provide the extensive repayment assistance that borrowers need at this time, and to our knowledge, the repayment assistance offered by Malaysian banks have been the most extensive compared to any country in terms of scale and scope,” Datuk Shamsiah further highlighted.

The governor also stressed that the central bank and banks are striving to do their part in assisting the people in surviving these difficult times. For instance, BNM said it is ensuring that Malaysia’s monetary policy will remain accommodative, with future policy stances to be guided by new information. Furthermore, the central bank will take into account the overall outlook of inflations and domestic growth, and implement appropriate policies.

(Image: Bernama)

Meanwhile, banks have already agreed to waive late charges and compound interest on applicants’ loans during the moratorium. They will also
continue to assist borrowers who are in need
, allowing this group of customers to choose the aids that are best suited for their situations. Specifically, borrowers will need to speak to their respective bank to discuss possible continuation of repayment assistance in the future, and can also approach BNM’s Credit Counselling and Debt Management Agency (AKPK) for alternative financial plans.

The
ongoing six-month loan moratorium
 – which was introduced under the
PEMULIH economic package
 – is the second of such aids to be provided to the Malaysian public. The first blanket moratorium took place between
April to September 2020
, after which it was followed by several
targeted repayment assistances
. The current moratorium will allow eligible borrowers to defer their loan payments until 2022.

(Sources:
The Star
,
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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    ThinkerMachine

    1 year ago

Why not allow banks to charge interest lost to corporate tax for IRB? None of the countries are making such a move, I think the government is losing focus in resolving Covid-19.

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What is a Standing Instruction?

If you have ever had the annoyance of a hefty fee or

increase in interest rate simply because you missed a deadline on your loan

payment – you might consider making a Standing

Instruction.

How does a Standing Instruction work?

Standing instructions are a way of making an automatic

payment of a fixed amount to a loan, bill, or credit card at the
same time

every week or month. It can be made from your savings or checking account and

is most commonly used to make payments to a mortgage, car loan, or to pay

bills.

Is this method of payment free?

Almost anything a bank does for you that offers any kind of

convenience will come at a cost.

Depending on your bank,
each

transaction
 made will cost you RM2 in fees*. This means that if you use

Standing Instructions to pay 3 loans and 2 credit cards, you will pay 5 transaction fees at a cost of about RM10

every month.

Tip
: If your

account has insufficient funds to make a payment at the time you set the

transfer, you may be charged between RM2-5 in fees for every unsuccessful

attempt.

Who are Standing Instructions good for?

Standing instructions aren’t for everyone – especially if

you want to avoid paying fees. If the following applies to you, then a standing

instruction might be the a good option to manage your money:.

You are

usually forgetful
. Having an automated mode of payment will definitely help

ensure that you don’t get penalised for missing deadlines again.

Your

payment amounts are fixed
. This is important. Standing instructions are

typically set to the pay the same amount at the same time. If you have a loan

that doesn’t have fixed payment; you will still end up short or worse – if you

forget when the payment should change – you could end up paying a lesser amount

month after month.

Your

income is fixed and is credited on time every month
. As there is a penalty

for every failed attempt at automated payment – it’s best to ensure that your

income is fixed (not based on commission or hours) and that you are certain to

have enough money in your account at the time every month when payment will be

debited.

Standing instructions are especially good if you are busy and have little time to spend

bothering about bills and loans. Nonetheless, it’s not altogether cheap. RM10

paid each month is RM120 a year which could be better spent elsewhere.

Alternatives to Standing Instructions

If you feel uncomfortable setting up automatic payments on

the off-chance you do forget a bill, these are some other ways you could try to

avoid the problem.

1.

Download

a debt management app
. Both Android and iPhones have personal finance apps

including apps for debt management. IOU for instance, is an app for both iPhone

and Android where you can enter the debt and set a due date.

2.

Set a manual

reminder on your phone.
You could also do this the old-fashioned way by marking

your calendar on the same day every month to pay. When you have a routine –

it’s harder to forget or break the pattern. If you’re a frequent traveler –

accustom yourself to making payments online so no matter where you are – you

will pay.

3.

Get friends

or loved ones to help.
Not pay your bills of course, but to remind each

other. Setting a bill payment day where everyone pays their own respective

bills also helps if one person should forget.

4.

Use

Online Banking.
All your bills can be paid online at anytime using online

banking. Payments need not be a hassle and settling your accounts is a chore

that can be completed when it suits you, not only when the bank is open.

There is no doubt that setting up a Standing Instruction

will ensure all your payments are made at the time they are due every month in

the amount required. Whilst such a convenience might be welcome, consider the

extra cost of using an automated payment system.

*Fees may vary from bank to bank. Majority of banks in Malaysia have set standing instruction fees at RM2.

Image source: guardian.co.uk

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8 Funniest Items on the GST Exemption List

Much has been said (and not said) about the
Goods and Services Tax (GST)
 which is coming into effect in 2015. Whilst the government assured people that essential items will not be taxed; we wanted to know exactly what these ‘essential’ items are. We finally got our paws on the full exemption list and though we can’t stick the whole 30 odd pages here; we found some items worthy of mention simply because they made us chuckle.

Check out some of the funniest items on the GST exemption list:

1. Live Sheep and Goats

– Sheep

– Goats

It isn’t funny that they included live sheep and goats here but the fact that they needed two extra bullet points to explain what sheep and goats were without actually explaining it! If you didn’t understand the term ‘live sheep and goats’ the repeating of ‘sheep’ and ‘goats’ should just make it all crystal clear

2. Fish of the families Bregmacerotidae, Euclichthydae, Gadidae, Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae, excluding livers and roes.

We get that they need to be scientific and accurate but it just seemed a funny thought the next time we head to the market to know exactly which family the fish comes from so we know if we’re being unnecessarily charged GST! (To be fair, the list did go on to enumerate many types of fish in names we recognise like tuna, cod, mackerel and trout.)

3. Lobsters (Homarus spp.)

– In airtight containers

Besides being somewhat surprised at lobster being on a list of essential items; the other interesting thing was that it needed to be in airtight containers. Would GST be charged on a container that wasn’t airtight? And if so; would officials be checking each container of lobsters to find the one that isn’t airtight?

4.Snails, other than sea snails.

Because we like to discriminate snails based on where they’re from?

5. Birds eggs, in shell

A bird’s egg out of a shell might be difficult to transport… or it might just be a bird. But why would a shell matter for tax purposes?

6. Lady’s Fingers

We all know lady’s fingers actually refer to the okra vegetable and not actual erm… ladies’ fingers but why not use the term okra when throughout the list you’ve used the proper scientific names for all the other items?

You throw us Muraenolepididae instead of just … fish so why not the proper name for this vegetable?

It may be that the
draftsman
 got to this point and wanted to go home quickly so he thought ‘stuff it’ – I am not looking this one up. But I reckon if you did want to buy or sell the actual fingers of a lady – at the very least it would be exempted from GST.

7. Belachan (Blachan)

In case you didn’t understand the word Belachan…

8. Nutmeg

– Neither crushed nor ground

– Crushed nor ground

This description confused us thoroughly and we wondered if there was a typo somewhere.

The ‘neither crushed nor ground’ makes sense but ‘crushed nor ground’? The first line already provides for nutmeg not crushed so why repeat?

We think they meant ‘or’ but the list goes on with the same line for mace, cardamoms, cumin, coriander and a slew of other spices. Perhaps the mistake was made once and the dreaded curse of copy and paste carried it elsewhere.

This list is just for fun. We understand that in order to be inclusive and accurate in their listings, draftsmen need to be as explicit as possible. draftsmen are also human and sometimes, a thing or two may escape their notice. On the whole, the exemption list covered many food items with seafood dominating the list.

On a serious note, the government announced the GST rate of 6% will be reduced to zero percent with effect on
June 1
, 2018.

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The Best And Weirdest Things You Can Buy Under RM6

As we all complain about the price of goods increasing, have you ever wondered what RM6 can do for you now? Well, thanks to the world of online shopping, you can easily get some really useful or really weird things for just RM6. Here are six items we found that are either totally worth the value, or strange enough to be a waste of your money.

Worth Your Money

Spend RM6 on any of these items, and you’ve much snagged yourself a pretty good deal.

Mini Handheld Sewing Machine
 – RM4.90

Think wardrobe malfunctions only happen to celebrities? Imagine being on the way to class or the office and disaster strikes – you rip a few seams. Perhaps it happens at the hem, collar or pocket, or worse of all, somewhere so glaringly obvious that even covering it up with a jacket or scarf won’t help. You don’t know anyone who has a sewing kit on them so you spend the rest of the day shuffling around uncomfortably, hoping that no one will notice the hole in your pants.

Well, if you had spent just RM4.90 on a mini handheld sewing machine, you wouldn’t have to worry about small clothing rips turning into an embarrassing nightmare. This mini manual sewing machine is small, so you can keep it in your bag, car, or desk for easy access. It is designed for quick repairs at any time so that you can do your patching up on-the-go – and it’s much easier than battling with an old-fashioned needle and thread.

Anti-Break Cable Protector
 – RM3.00

iPhone cables are notorious for breaking, to the point that there are various memes on the Internet bemoaning how often they succumb to wear and tear. They are also expensive to replace – the price of an original cable from the Apple Store will cost you a hefty RM83. iPhone users will definitely understand the advantages of spending under RM6 to try and lengthen the lifespan of their iPhone cables.

The tagline of these cute little animal-shaped clips is “preserve your iPhone with a cable bite”. You attach the “cable bites” to the point of your cable that is most likely to break and it will give your cable added protection against the stress of use – all while making your phone cable look that much more adorable. It’s cute, useful, and comes at a low price – so it definitely makes the “worth it” category of our search for items below RM6.

Paper Soap
 – RM5.00

What in the world is paper soap? If you haven’t heard of it before, you’re missing out on a pretty cool life hack. Paper soap is – surprise, surprise – soap in the form of paper. You can carry it around in its dry form and when you need it, you put it under running water. Paper soap is a better option for portable sanitation compared to other types of soap because it is light, convenient, and doesn’t spill.

Paper soap comes in many attractive shapes and forms – from practical strips to flowery petal flakes. You can use it when travelling (it’s a way around that pesky liquid restriction for carry-on airport baggage), for washing hands in public places, or you can even toss some of it into the tub for a romantic bath.

More Weird Than Worth It

I mean, you could still go ahead and purchase these… we wouldn’t judge you.

Tummy Waist Pouch
 – RM3.50

Just when we thought fanny packs were a fashion mistake in itself, someone went and invented waist pouches that look like tummies. They don’t discriminate, either – you can get a dad bod tummy, six-pack tummy, flabby tummy, and even a hairy tummy. If you’re a real attention-seeker, however, this may just be a worthy buy for you. Who knows, your new tummy pouch could be just the thing to start a conversation with someone special you’ve been eyeing. It probably has a 50-50 success rate, because if you’re sporting this bag, you can be sure they’ll be eyeing you too – though probably for different reasons.

Toy Slime
 – RM6

Children’s toys these days don’t come cheap. From Lego sets and superhero action figures to a wide variety of electronic children’s gadgets, one of your kid nephews having a birthday can easily set you back up to a hundred ringgit. Well, times are tough, but that doesn’t mean our modern children have to go out and play in the mud like in the old days – they can stay indoors and play with slime that costs RM6. Just make sure there’s an adult around to make sure they don’t accidentally eat it.

Egg-White Mask
 – RM6

When you’re in the cosmetics section hunting for facial care products, some of your annoying aunties might pipe up with a “just use egg whites la, cheaper what”. She would be right, of course. Egg whites are cheap and while their benefits may be not as clinically-proven as other professional products, it works well for its intended use. But why would you spend RM6 for egg whites online? If you’re really looking to lower your budget on skincare products, just pick up some eggs on your next grocery shop and stretch your savings even further.

Now that we’ve trawled the Internet to find the best and weirdest things you can buy for RM6, it’s up to you to decide whether to spend your money with prudence or with foolishness. But hey, if walking around with a hairy-looking waist pouch makes you happy, we won’t judge – at least we know you got it for a bargain price.

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CIMB’s Pay With CIMB Cards Campaign Offers 100% Cashback As Grand Prizes

CIMB Bank has launched the Pay With CIMB Cards campaign that lets you win monthly cashback prizes and the grand prize of 100% cashback on all eligible transactions during the campaign period. Running from now until 30 April 2020, this campaign will reward CIMB credit cardholders who use their cards for their auto billing, e-wallet, and card-linked payments.

There are a total of 4,000 monthly prizes and 20 Grand Prize rewards up for grabs. The 4,000 monthly prizes are RM30 cashback rewards, evenly divided between March and April 2020. The 20 Grand Prize rewards, on the other hand, are 100% cashback on all eligible transactions from 1 March until 30 April 2020, capped at a maximum value of RM3,000.

The campaign, which is similar to
CIMB’s previous spend-and-win
 ones, is open to all CIMB principal credit cardholders, except for those owning a Platinum Business Card or Fuel Tanker Card. If you’re interested in participating, then you’ll have to register, either by:

Responding to CIMB’s SMS sent to you

Sending an SMS to CIMB yourself

Registering online at CIMB’s website

Once done, all auto billing, e-wallet, and card-linked payments of minimum RM50 will earn one entry throughout the campaign period – the more qualifying entries you earn, the higher your chances of winning. You can also earn more entries when you spend with CIMB’s participating partners, based on the table below:

Expenses (minimum spend of RM50)

Number of entries

Every existing auto billing and/or card-on-file transaction

1

Every new auto billing and/or card-on-file transaction

5

Every auto billing and/or card-on-file transaction with participating partners (Boost, Fave, Grab, Setel, Shopee, and Sun Life Insurance)

10

Auto billing is feature that lets you store your credit card details so that you can automatically pay a recurring bill at a pre-determined date. A card-on-file transaction, on the other hand, is essentially a payment where you allow a merchant to keep your credit card details and charge your card at your request. This includes, but is not limited to, card-linked payments (such as online shopping) and e-wallet transactions.

CIMB also provides an extensive list of participating merchants in this campaign which can be found in the campaign’s T&C. The campaign also accepts foreign currency expenditures and card-linked payments.

Winners for both the monthly prizes and the Grand Prize rewards will be randomly selected by CIMB, but once chosen, you will have to go through another hurdle to win your prize.

In the case of monthly prizes, you’ll have to answer a question correctly via an SMS notification sent to you within three weeks after the end of each participating month. Ultimately, it is a competition of speed as the prizes will go to those who respond with the correct answer within the shortest period of time. Your cashback will then be credited to you within four weeks after the end of the participating month.

As for the Grand Prizes, you’ll receive a call within 12 weeks after the end of the campaign, during which you need to answer two questions correctly. If you do win, then the cashback will be credited back to you based on all your eligible transactions during the campaign period.

You are also only allowed to win one monthly prize and one Grand Prize throughout the entire campaign period. In other words, if you’re super lucky and win both prizes, that means you can get a maximum of RM3,030 cashback (RM30 monthly cashback + RM3,000 Grand Prize) with your
CIMB credit card
 expenditures.

If you are interested, head on to CIMB’s website to find out more about the
Pay With CIMB Cards campaign
.

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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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Allianz Life Introduces Improved Premium Investment-Linked Insurance, Allianz PrimeCover

Allianz Life Insurance Malaysia has rolled out an improved premium investment-linked insurance plan which covers death, total and permanent disability (TPD), and critical illness (CI). The Allianz PrimeCover plan is described as the first in the market to provide high protection for the above three conditions in one affordable plan.

To begin, the plan offers a minimum sum assured of RM500,000 for those who are aged below 50 years old, and RM350,000 for those aged 51 and above. It also has a built-in CI Relief Benefit, which covers CI income for three years in the event that you are diagnosed with a critical illness, allowing you to focus on your recovery.

On top of that, the plan comes with a Prime Booster benefit, which adds 1.5% of the basic sum assured in your policy to the account value, enabling you to achieve more savings in later years. This is provided once every five years, all the way until the maturity of your policy. The benefit starts from the 20
th
 policy year or age 60, whichever is later.

Moreover, you are given the flexibility of choosing your premium payment term and coverage term to suit your needs and financial situation. Specifically, there are three choices of premium payment terms: 6-pay (six-year premium payment term), 10-pay, or Full Pay. Meanwhile, the coverage terms that are available for you to choose from are up to the age of 60, 70, 80, or 100.

According to the chief executive officer of Allianz Life, Joseph Gross, the Allianz PrimeCover plan is intended for customers who are seeking high insurance protection during their income productive years while planning for the next generation. “Allianz PrimeCover aims to provide protection for the life assured and his or her family in the event of mishaps. If the life assured dies or is diagnosed with TPD, the family will be financially stable to move on in life,” he said.

(Image: The Malaysian Reserve)

Gross also emphasised that despite the affordability of the premiums, the Allianz PrimeCover plan assures life protection of up to 3x the insured amount or the account value, whichever is higher.

In conjunction with the roll-out of the Allianz PrimeCover plan, Allianz Life is now offering some extra benefits to go with it if you sign up and opt for the Full Pay premium payment term. These include a one-month basic premium cash bonus (credited into the policy) and a complimentary 10% sum assured on death or TPD coverage until maturity.

You can find out more about the
Allianz PrimeCover plan
 on Allianz Life’s website.

(Source:
The Malaysian Reserve
)

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Don't Buy Gifts for Mother's Day

It has long been said that you can’t put a price on a mother’s love. Maybe this time we shouldn’t put a price on the gifts we give to our mothers for Mother’s Day. Put some thought into the idea and make it a special day without spending any money.

Despite the countless websites and movies who show how fun it is to have breakfast in bed we haven’t perfected the art of it just yet. Best not to start the day with something like this as it is a bit difficult to have roti canai and curry gravy, laksa, chee cheong fun or nasi lemak in bed unless you live in a studio apartment and your bed is in your kitchen.

At the risk of being cheesy, here are some gifts you could consider giving your mom for Mother’s day.

Spend Quality Time Together
 – As we grow older, we become rather busy with all our social obligations. Since it is Mother’s Day, let this be the beginning of something new. Allocate some time to spend with your mom this weekend and remind her that you have not forgotten all the hardship she has gone through to get you to where you are today. Take her out to dinner, go to a show, or maybe a road trip to visit
her
 mother. Make the commitment and see your mom’s face fill up with joyful glee. The gift of time is way more valuable than anything you could buy.

Write Her a Song
 – This one is for those of you with a good ear and even better musical skills. Why not come up with something special just for mom? Music can be expressed in many ways and forms. What can be better than an exclusive single produced just for her. Even if it was gangster rap remixed with the dubstep noises of your dial up internet connection, you know your momma is going to love you for it anyway.

Do Her Chores
 – If all else fails and your mom doesn’t like spending time with you or hearing your corny rap verses, you could stick to the traditional way of relieving her of all her household chores. Take the time to handle the task that is on her plate so she may take the day off to do whatever she wants to do for a change. With or without you!

If you think either one isn’t enough for your mom, you could choose to do all three if that is what you think your mother deserves.

Should you need to buy that last minute gift, you could always get it delivered to you with
same day delivery online shopping
. We can’t put a price on our mothers, so if you think you should splurge on something and realise you don’t have any money, we have
fast approval personal loans
 that can help you make the special day a little more special.

Do you have any great ideas of gifts that do not cost anything? Let us know in the comments below.

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AmBank credit cards will safeguard your child’s wellbeing

Your children mean the world to you. If you’re an AmBank credit card holder, you can sign them up for the bank’s
Personal Essentials – Just for Your Child insurance plan.

It provides your child with accidental death and permanent disablement protection, medical expenses coverage, hospitalisation benefits as well as academic cash rewards, among others.

He or she will be covered around the clock and around the world for a sum assured of between RM50,000 to RM150,000. The annual premium ranges from RM411 to RM542, which you can pay for with a 0% Easy Payment Plan.

All kids aged 30 days to 18 years can be enrolled into the plan without a medical examination. The best part is that Personal Essentials – Just for Your Child pays on top of any other hospital income plans.

Do browse through the plan’s
product disclosure sheet
 and
FAQs.

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Avoid Injuring Your Wallet in a Personal Accident

People tend to associate the word accident more often that not, in terms of a vehicle collision. That is far from true, as you could be sipping on a cup of “Joe” at the coffee house and the waiter going around pouring refills may accidentally drop the entire hot pot of coffee on you, causing you injury.

There is no way to prevent an accident from happening. That is why its called an accident, it happens completely without intent and puts you under unfortunate circumstances.

What is Personal Accident Insurance?

In the simplest form, personal accident policy covers you should an accident befall you. The policy covers against injuries, disabilities and death, and in some cases it also provides you with
worldwide 24 hours coverage
.

Here are some scenarios that could help expand the common accident stereotype and how a personal accident policy could help.

When Will it Cover You?

Coverage and compensation should normally be paid out to the insured or beneficiary as long as it does not fall under the list of exclusions. If you fell into a manhole while you were intoxicated, the insurance company has the authority to not pay your claims. Despite the scenario being an accident, being under the influence could void the claim.

Remember there was a time not too long ago where
escalator accidents
 were rampant? There were children who were severely injured and it also was the cause of death for some people. It is something very unpredictable and is extremely difficult to prepare for. Should someone experience such a horrendous ordeal of injury or death, the personal accident insurance would provide compensation to the nominated beneficiary.

No doubt that scenario is a little far fetched, and most people won’t be able to relate to such incidents. How about walking in to a restaurant or cafe which has just mopped their floor. Without realising, you walk in and slip on the wet floor while accidentally executing some fantastic break dance moves that no one has ever seen before. Your ego won’t be compensated, however your physical injuries can be.

Is it Practical?

A personal accident insurance could be considered limited as it only protects you from accidental harm. Should you have a heart attack in your sleep, you will not receive any compensation. Having said that, the premiums on personal accident policies are significantly lower as compared to medical insurance.

If you are one of the many Malaysians who takes public transport on a regular basis and lives on a budget, most personal accident policies also give you double the coverage should the accident arise while travelling on public transport.

We know how medical insurance is very important to us especially with all the rising cost of living. If you can’t afford a medical insurance policy, you could always opt for a personal accident coverage first so you have some form of protection in case of an accident and add on extra coverage as your financial standing improves.

If you would like to know more about
personal accident policies
 check out our previous article on our website.

Do you think you would opt for a personal accident policy or just risk it? Tell us in the comments below.

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Why Do You Need A Good Credit Score?

A credit score is a measure of how creditworthy you are, or how likely you are to pay back a debt that you owe. It comes into play when you are applying for a credit facility from a financial institution, like a credit card or loan from a bank. The higher your credit score is, the more financially healthy your track records are.

But what exactly are the benefits of having a high credit rating? Here’s how a good credit score can make your life easier when you’re borrowing money from the bank.

Now that you know the importance of a good credit score, find out what yours is by getting a credit score report. If your credit score is good, keep it up! Continue being responsible with paying your bills, loan repayments, and credit facilities. If it’s a pretty bad rating, you need to focus on getting your debt in hand and limit yourself when it comes to overspending and overborrowing.

So, how do you find out what your credit score is? A
Personal Credit Report Plus (PCRP)
 by RAM Credit Info (“RAMCI”) will not only provide you information about your credit score, but also your banking information, trade references, litigation history, and other factors that can affect your credit rating. Once you have a bird’s eye view of your credit score and the reasons behind it, it’ll be much easier to take control of your credit rating and ultimately enjoy all the benefits of having a good credit score.

Get your FREE
Personal Credit Report Plus (PCRP) here
.

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RinggitPlus #MusicTheEasyWay Campaign 2019 FAQ

Q: What is the RinggitPlus #MusicTheEasyWay Campaign?

We would like to reward applicants who apply for credit cards via RinggitPlus with our participating banks/institutions. All successful applicants will receive a campaign gift.

Q: Which banks/institutions are part of the #MusicTheEasyWay Campaign?

HSBC

Standard Chartered

Citibank

RHB

UOB

AEON Credit Service

Q: What are the campaign sign-up gifts?

The first 100 successful applicants will receive Apple AirPods with a wireless charging case worth RM879. All other successful applicants will receive a Giordano 20” luggage bag.

Q: How will the first 100 successful applicants be selected?

They will be selected based on the date and time of their online application via the RinggitPlus website for credit cards of participating banks/institutions.

Q: If I apply for more than one credit card, can I get multiple sign-up gifts?

Yes. However, the Apple AirPods are restricted to one pair per customer. Any subsequent gifts will be a Giordano 20” luggage bag.

Q: I already own a credit card with one of the participating banks/institutions. Am I still eligible to get the gift if I apply for another card with the same bank/institution during this campaign?

You will not be eligible if you already own a credit card with the bank you are applying to.

Q: How do I apply?

It’s really simple. Just apply for a qualifying credit card (as stated on the individual banks’ T&C) on
RinggitPlus
 during the Campaign Period (9 October 2019 to 14 October 2019).

Q: How long is the approval process?

Each bank has different processing timelines for different products, and thus it is at the bank’s discretion. Customers will be notified by the bank once the bank has started processing their applications.

Q: How and when can I get the campaign gift?

Once the bank/institution notifies RinggitPlus of your approval status and eligibility for the campaign gift, RinggitPlus will provide you with a redemption code for your gift within 28 days. To claim your gift and arrange for its delivery, key in the code on the
RinggitPlus gift claim page
 and we will send it to you via a reputable courier service within 28 days from your date of claim.

The banks will notify RinggitPlus once the following has taken place:

Credit cards

Successful Applicants’ Criteria

HSBC

With a minimum spend of RM1,000 within 60 days of card approval

Standard Chartered

Upon card activation within 30 days of card approval

Citibank

Upon card activation within 60 days of card approval

RHB

Upon card activation within 30 days of card approval

UOB

Upon card activation within 30 days of card approval

AEON Credit Service

Upon card activation within 30 days of card approval

Q: What is the deadline for me to claim the gift?

It is the responsibility of each successful applicant to claim their gift before 29 February 2020. Cardholders who claim their gift after this date will not be entertained.

Q: If my application is rejected, am I still eligible to get the gift?

No. Only applicants whose applications are approved by the banks will get a gift.

Q: How long will this campaign run for?

The RinggitPlus #MusicTheEasyWay Campaign will run from 9 October 2019 to 14 October 2019.

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Designed For Everybody: Maybank’s Flexible Retirement Solution Caters To Every Life Stage

Recently,
RinggitPlus Malaysian Financial Literacy Survey 2022
 uncovered that 82% of Malaysians believe that their EPF savings is not enough for retirement. From that number, 41% of them have yet to take the first step to financially plan for their retirement.

This number is alarming as having insufficient retirement savings puts you at risk of falling into poverty, bankruptcy, or having to return to the workforce. After spending decades working hard to make ends meet, your retirement should be the time to make golden memories with your loved ones.

To ensure your path to an enjoyable retirement is one that’s solid, Maybank Asset Management Malaysia (MAM) has introduced three funds under their Flexible Retirement Solution (FRS) suite. What’s unique is that each fund is designed for different risk appetites with respective share classes within each fund.

Maybank Global Wealth Growth-I Fund

For investors seeking high growth, this is the investment fund that would best suit them. Growth funds usually are designed for investors with a longer time horizon and those who can afford higher risk, as well as seek long term capital appreciation.

This would include young investors who may just be starting out in their careers or those with minimal commitments.

Maybank Global Wealth Moderate-I Fund

Investors with a moderate risk profile who are also interested in growth can consider this fund. Similar to the growth fund above, this fund is also suitable for long term capital appreciation.

What differentiates these two is the risk profile as Maybank Global Wealth Moderate-I Fund is a better match for those with a relatively lower risk appetite pursuing regular payouts in addition to their long-term capital appreciation.

Investors with their own families, perhaps midway through their career leading towards retirement, can consider investing in this fund, especially if they have large commitments and can’t afford to take much risk.

Maybank Global Wealth Conservative-I Fund
 (New!)

The latest addition to MAM’s Flexible Retirement Solution, Maybank Global Wealth Conservative-I Fund was exclusively launched in partnership with Schroders.

Distributed by Maybank Malaysia, the fund is created for investors with relatively lower risk appetite with an interest in high income payouts. This new fund falls under the Decumulation share class.

How Each Fund Under Maybank FRS Differs

Maybank Global Wealth Growth-I Fund
Maybank Global Wealth Moderate-I Fund
Maybank Global Wealth Conservative-I Fund
Target Return (p.a.)*
8.0%*
6.0%*
5.0%*
Benchmark
12m Maybank Islamic FD + 5%*
12m Maybank Islamic FD + 3%*
12m Maybank Islamic FD + 2%*
Expected Income Distribution (p.a.)
N/A
2.0% – 2.5%*
7%*
Share Class
MYR (H) – Accumulation Class
USD – Accumulation Class
MYR (H) – Accumulation Class
MYR (H) – Distribution Class
USD – Accumulation Class
USD – Distribution Class
MYR (H) – Decumulation Class
USD – Decumulation Class

*Terms & Conditions apply.

The New Decumulation Class & How It Assists In Maintaining Your Retirement Savings

To help you boost your retirement nest egg, the decumulation class strives to provide you with higher income payouts by drawing down capital before converting assets into income in a strategic and systematic manner.

What about the remaining assets in the fund? Well, they will be reinvested so they can continue generating returns to supplement your retirement savings.

Whether you want additional financial security in your post-retirement life or as you take a break from your career, MAM believes the decumulation class is an approach that’s worth exploring.

Is It Worth Exploring Maybank’s Flexible Retirement Solution?

There are many reasons to take your retirement savings seriously. For one, the average life expectancy, as well as inflation, continue to rise. Not to mention, after the many rounds of stimulus withdrawals, many of us have put our nest egg at risk.

If you’re unsure of where to begin with your retirement savings, or are simply looking to shift your retirement investment, Maybank’s Flexible Retirement Solution is a great option to consider. Below are some benefits that investors can enjoy:

1.
Highly Targeted
 – Aims to build onto investors’ existing retirement savings and investments, such as EPF, ASB, Tabung Haji, PRS, and others. Its flexibility makes it easy to match individuals’ differing goals, life stage, and time horizon.

2.
Target Return & Stable Approach
 – Depending on the portfolio, investors have the potential to achieve a target return of 5% – 8%, benchmarked to 12m Maybank Islamic FD + 2% / 3% / 5% respectively with a capital preservation strategy to mitigate losses and downside.

3.
 Simple & Easy to Understand
 – FRS provides a selection of three Shariah-compliant options catering to moderate, growth, and conservative portfolios.

4.
Low Barrier of Entry
– The minimum investment amount starts from RM1,000. Aside from that, investors can add as low as RM100 to their respective investment.

***

Having comfortable retirement savings eliminates the risk of having to depend on others and significantly lowering your standard of living. Remember – it’s never too early to start planning for your retirement.

To learn more about Maybank’s Flexible Retirement Solution,
click here to visit the website
.

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About THE AUTHOR

Lisa Ameera Azman

Lisa Ameera Azman

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    Jakariah Bin Omar

    6 months ago

I am interested

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    Abdul Wahab Ahmad Murad

    5 months ago

I am interested

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KTMB Introduces Cashless Self-Service Ticketing Kiosks

(Image: Malay Mail/Hari Anggara)

Keretapi Tanah Melayu Bhd (KTMB) has introduced new cashless self-service ticketing kiosks for its Electric Train Service (ETS), KTM Intercity, and KTM Komuter Utara services.

According to the strategic communications chief of KTMB, Ahmad Asri Khalbi, the new kiosks are intended to offer increased convenience to passengers, helping them to avoid counter and online congestion when purchasing tickets. Running on the KTMB Integrated Ticketing System (KITS), passengers can now purchase their tickets at these kiosks with credit and debit cards, among other payment methods. It will complement KTMB’s other ticketing channels, namely the ticketing counters as well as the KTMB website and mobile app.

Ahmad Asri further highlighted that customers who are eligible for concession tickets can now also get them through these upgraded self-service kiosks. Prior to this, concession tickets must be purchased from ticketing counters. “A customer merely has to register via the KITS app or
www.ktmb.com.my
 to enjoy the discount. Feedback has been positive and many say it is a very apt peak period method,” said Ahmad Asri.

For context,
KITS
 is an online ticketing system that was launched by KTMB in August, providing registered passengers with a unique customer number (Passenger Name Record) for a faster ticket purchasing experience. Those who wish to tap into certain benefits – such as purchasing concession tickets, getting online travel updates, as well as using KTMB e-wallet to pay for their tickets – are also required to first register with KITS.

Ahmad Asri noted, however, that the new cashless self-service kiosks are currently available only for the KTM Komuter Utara service, from Padang Rengas (Perak) to Butterworth (Penang) and Padang Besar (Perlis). “The Klang Valley Komuter still uses the token and cash self-service machine,” he said. No specific date has been given as of yet with regard to when the new kiosks will be expanded to the Klang Valley Komuter.

(Source:
Bernama
,
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Economists: EPF Dividend For 2021 May Go Up To 6%

(Image: The Edge Markets)

Several economists have forecasted that the dividend payout for Employees Provident Fund (EPF) in 2021 will be higher than the rate of the previous year, or at least match it. In 2020, EPF managed to declare a
dividend payout of 5.2%
 despite the challenging global economic climate caused by Covid-19.

Prof Yeah Kim Leng of Sunway University is optimistic
 that the EPF could declare about 6% dividend due to the respectable performance of its investments in the first nine months of 2021. During this period, EPF’s net investment income rose by 26%. Additionally, the economist said that the positive performance of domestic and global equity markets during the fourth quarter also helped to boost EPF’s annual earnings.

Meanwhile, chief economist of Bank Islam Malaysia, Dr Mohd Afzanizam Abdul Rashid said that the EPF dividend for 2021 should be able to at least match the 2020 dividend rate, if not be higher. He cites similar reasons as Prof Yeah, saying that the total gross investment income of EPF stood at RM48.02 billion for the first nine months of 2021 – which was equivalent to a 7.7% growth as compared to the same period in 2020.

(Image: Malay Mail/Miera Zulyana)

“Clearly, the investment strategies, which are well diversified across all asset classes and geographical locations, have enabled the pension funds to navigate a stormy investment climate last year. The EPF has remained committed and guided by its Strategic Asset Allocation (SAA) that has helped it endure volatile market conditions,” Dr Afzanizam said.

Despite the optimistic outlook, the economists also prudently acknowledged that there are some factors that may somewhat dampen the prospects. Specifically, Prof Yeah said that although the fund performance was not dented by the withdrawal of RM67.6 billion under the i-Sinar and i-Citra schemes as at the third quarter of 2021, the lingering concerns over further withdrawals and possibly longer impact may cap a higher dividend payout.

For context, EPF contributors have collectively withdrawn a
total of RM101 billion
 via i-Lestari, i-Sinar, and i-Citra – three schemes that were introduced between 2020 to 2021 to help the public stay afloat during their period of financial distress caused by Covid-19. This massive withdrawal has left approximately
73% of EPF members
 at serious risk of not being able to retire above
the poverty line
.

(Image: The Edge/Mohd Izwan Mohd Nazam)

Prof Yeah also commented that moving forward, EPF contributors who had been forced to dip into their savings will need to prioritise regaining their employment and recouping income losses. Those who are nearing the mandatory retirement age may also need to consider postponing their retirement. Retirees without sufficient savings, too, will need to rejoin the workforce.

Also, the government needs find ways to forestall a crisis of old age poverty. One possibility is to increase social and development spending to boost job and income opportunities. “The government will also need to focus on keeping the cost of living low and stable, and expand financial literacy programmes to encourage higher savings,” said Prof Yeah.

(Source:
The Star
)

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i-Sinar Withdrawal Scheme

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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The Unexpected Costs of Owning a Pet

We’ve covered the
costs of owning a pet before
, where we’ve included the usual costs such as food, medicine, and grooming. While that list of costs and items make sense for your day-to-day budgeting, there are still a few more ways that owning a pet can add to your expenses.

We didn’t include these new expenses as part of your regular pet budget because these particular ones only come up during special circumstances. What sort of special circumstances? Let’s find out:

Pet-Related Damage

How many times has your pet chewed on your shoes? Or soiled the carpet? Or tore a hole in your curtains? As much as we care and love our furry friends we can’t take their animal instincts away from them. These types of damages and the cost of fixing them should be kept in mind if you own a pet. Especially if you have a home office with sensitive documents or equipment that can be expensive to repair or replace.

Be aware of the types of damage your pets might be capable of. Check their claws or nails and be sure to keep them sectioned off of areas you don’t want them to have too much fun in.

Fur and Allergies

While damage to items are deliberate, shedding of fur isn’t. It’s still potentially damaging to your house, though. Some vacuum cleaners can’t quite get rid of certain types of fur or your fancy extensions might not reach the areas their fur ends up in. This might mean getting specialised equipment to deal with the problem. If their fur gets into sensitive equipment that’s expensive to replace, that makes it even worse.

Some people are also deathly allergic to fur. Hosting a party or open house with guests who might suffer from this unknowingly may spell a pricey trip to the doctor. However, as long as you’re vigilant about cleaning up fur and you make known that your house is home to little fuzzy critters, you should be okay.

Travelling With (or Without) Your Pet

Travelling already carries with it a set of expenses you need to worry about. Travelling with your pet is a completely different matter altogether. You have to pay extra for transporting your little companion as well as for immunisation shots where applicable.

If you
don’t plan to bring them along
, then you need to pay a sitter to take care of them while you’re away. If sitters aren’t available, you may have to consider the services of a pet hotel. Depending on how good the hotel is and how long their stay would be, this cost is definitely something you need to pay attention to.

Injuries, Accidents, or Medical Anomalies

A good pet owner like yourself would already have a budget for veterinary checkups and dietary supplements. However, your pet’s health (just like your own) can’t always be 100% guaranteed with a good diet and exercise. If your pet gets into a scuffle with the neighbourhood cats or dogs, it might come home with injuries that might lead to infection if not treated with medicine.

As your pet ages, it might also contract different types of illnesses like kidney failure or heartworm. These diseases need to be treated early and with specialised drugs to ensure your pet stays fit and healthy.

We would very much like to include real-life Ringgit values to each of these expenses but the costs really do depend on specific cases. As a rule of thumb, we recommend you give your pet its own emergency fund worth 3 or 4 months of its own expenses to prepare for such eventualities.

Now that you know of the different unexpected costs of owning a pet, we hope you can use this information to prepare a better budget for yourself and your fuzzy friends. Have anything else to add to this article? Do share your thoughts and ideas with us in the comments section down below!

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GoodKredit Offers Up To RM10,000 In Microloans Within 24 Hours; Aims To Serve The Underserved

The escalating cost of living has hit the lower-income groups in Malaysia the hardest, where even a minor unanticipated expense can mean financial trouble. GoodKredit, Malaysia’s first automated short-term microloan provider, aims to provide those in need with financial assistance as quickly as 24 hours.

The B40 group in Malaysia is fairly large, with an estimated 10 million Malaysians earn a monthly income of RM3,500 and below. This group are caught in a financially vulnerable position, as traditional banks are less likely to provide financial assistance even as the cost of living continues to rise.

With this in mind, GoodKredit was launched as a means to offer eligible Malaysians with
a short-term microloan
 when they need it most. Powered by an internally-developed credit scoring technology in partnership with CTOS, the system is capable of knowing whether a microloan application is approved or rejected within 30 minutes. Approved applications will have their loans disbursed within one working day.

Licensed under the umbrella of Credit Community by the Ministry of Housing and Local Government (KPKT), and governed by the Moneylenders Act 1951, GoodKredit aims to serve the underserved who are unable to be assisted by the traditional financial system. “GoodKredit is here to make lending more efficient, scalable, and an option to those truly in need,” said GoodKredit CEO Cheok Tuan Oon.

GoodKredit offers microloans
 between RM1,000 to RM10,000, with a repayment tenure of either six, 12, or 18 months with no guarantor or collateral required. Its annual percentage rate of 18% p.a. is also significantly lower than most licensed moneylenders in Malaysia.

The GoodKredit app allows users to easily apply for a microloan, as the entire application process is conducted within the app. Users would need to provide their identification details and submit the requisite documents via the app. Loan repayments are also made easier with GoodKredit, which offers online repayments using FPX and JomPAY.

In addition, the GoodKredit app also has an e-wallet component, allowing users to scan and pay for goods via QR codes at over 4,500 merchants nationwide, pay bills on the go, and buy mobile credit anytime. Like other e-wallets, GoodKredit also allows users to send money among GoodKredit users.

The GoodKredit app is now available on both the
Google Play Store
 and the
Apple App Store
. As part of an exclusive partnership, you can also
apply for a GoodKredit microloan from RinggitPlus
. Check out the
official website
 to find out more about the microloan application process.

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5 Free Things That Used To Cost Money

‘Wah! So expensive! Back in the day, this used to cost only RM
x
!” This is a complaint that we have surely all heard before. Nobody is happy about the rising cost of living, and there are plenty of things that used to be cheaper back then.

On the flip side, however, there are also many different things we can now enjoy without paying a single cent.

 #1 Reading the news

Before, people had to pay for news. The newspaper was the go-to resource for reliable news and current affairs. People would fork out money to buy a copy to read about what is going on in Malaysia and around the world.

Although we still do have newspapers, there are plenty of other sources where we can consume news without paying for it. With the emergence of the Internet and social media, you can read or watch the news free of charge with a simple click.

Several newspaper publications have also launched their own free online news portals so that readers can get news as soon as it happens.

#2 Photography

Photography used to be an expensive hobby. You previously had to fork out money to pay for each roll of film, then more money to get the film developed to see the photographs you captured. On top of that, good cameras and lenses were also expensive.

Now, it is so easy to capture memories with a single click from your smartphone. Not only is the quality of smartphone photos better than some entry-level cameras in the market, smartphones are also easy to carry around and can fit right in your pocket.

On top of that, there is a whole bunch of photo editing applications available for instant download, and yes, most of them are free.

#3 Voice calls

Remember the days of pay phones and rotary dial phones? Or the days of you worrying about racking up a hefty phone bill after talking to your high school sweetheart all night?

Voice calls back in the day were expensive, especially if it was long-distance calls. But now, distance is hardly a factor. You can call your friend all the way in the UK for no extra cost, thanks to platforms such as WhatsApp, Skype, and Facebook.

All you need is a smartphone, tablet, or computer with a stable Internet connection to make a voice call – at any time of the day to any place in the world.

#4 Navigation

Back in the day when you got lost, you would refer to a map or ask a stranger for directions. Later, technology in the form of navigational GPS devices was introduced to the market. However, it came with a hefty price tag.

Now, purchasing a GPS navigation device would be foolish. Applications such as Google Maps and Waze help to map your route and bring you to your location in the fastest possible time.

#5 Movies and TV

Back in the day, when you wanted to watch a movie, you were limited to what was showing at your local cinema and you had to buy a ticket for it. With television shows, your only option was to watch what was showing on free television channels or paid cable television.

Now, it is possible for you to choose what you want to watch, when you want to watch it, and all for free. With iflix Free, you can stream a variety of TV shows, movies, sports, and entertaining programmes, with zero subscription fees. You have a host of local and international programmes to choose from and watch on your devices.

There are no hidden costs or limited time periods for this free video-on-demand service – just sign up and you can start watching for free.

Learn more about iflix Free

One of the features you can find on iflix Free is iflix Originals, which are original programmes exclusive only to iflix. You can catch exciting programmes like the
KL Gangster: Underworld
 action series, docu-series, and stand-up comedies.

For those who prefer shorter videos rather than full-length shows or movies, iflix has bite-sized videos that are easy to consume. iflix Snacks are perfect for getting your entertainment fix when you don’t have much time to spare.

Football fans can also catch the latest football matches live on iflix. Not only does iflix stream all Malaysian football matches live, you can also catch up on the match at a later time to ensure you don’t miss a single moment.

Yes, it may be hard to believe – but not only is all of this free, it’s unlimited too.

However, if you want to spend just a bit more to get even more value out of your video-on-demand experience, you can unlock iflix VIP. You’ll get full access to all of iflix’s movies and shows – and of course, with zero advertisements.

Whether you opt for a free or paid subscription, you can visit
the iflix website
 to browse through their programmes and start watching instantly.

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Grab Launches Beta Version Of Live Shopping Feature, GrabLive, For Malaysian Users

Grab has rolled out the beta version of its live shopping feature for Malaysian users, dubbed simply GrabLive (BETA). Launched in collaboration with BeLive Technology, a Singapore-based livestreaming solutions provider, the new function will enable merchants on Grab’s platform to have real-time engagement with their customers.

Like other livestreaming services, GrabLive comes with a chat function and a virtual gifting function that allow consumers to show their support for the merchants on air. You can also tap on a button to the bottom right that shows you available promo codes that you can take advantage off when making purchases during live shows.

To access GrabLive, just scroll all the way down to the “Keep Discovering” section in your Grab app, and tap on the GrabLive (BETA) tile. If this is your first time accessing GrabLive, you’ll be prompted to key in your mobile number, after which you’re required to verify your identity with a six-digit verification code sent via SMS. Once done, you’ll be able to access the new feature and watch any live shows that are ongoing.

As of today, GrabLive has run several local livestreams in conjunction with the upcoming Ramadan celebrations, collaborating with well-known brands – namely LILIT and Zalora – to do so. The highlights of these streams included showcases of the latest fashion for Hari Raya, as well as exclusive one-day deals and giveaways. There are no upcoming livestreams scheduled as of yet, but more is expected to come soon.

Prior to its launch in Malaysia, Grab had
debuted GrabLive in both Thailand and Vietnam
. It was made available to those markets back in early March 2022.

(Source:
Grab
)

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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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Facebook Will Start Charging 6% Digital Tax For Ads From 1 January 2020

Facebook has announced that it will begin charging a 6% digital tax for advertisements on its platform in Malaysia starting from 1 January 2020. This is in compliance with the government’s revised Service Tax (Amendment) 2019 Bill.

Facebook
 clarified that this will affect advertisers who set Malaysia as the “Sold To” country in their business or personal address. The tax is added regardless of whether the Facebook ads are purchased for business or personal purposes.

The social media giant also mentioned that if the advertisers are making manual payments for their ads, the tax will be applied when their ad account is funded.

“As an example, let’s say you were recently charged $100 because you reached your $100 billing threshold. The subtotal for the charge will be for $100 in ad costs, and then a 6% service tax will be added on top of that, so you’ll pay $106 in total for that charge ($100 + $6 = $106),” said Facebook.

Facebook further explained that because the service tax is added on top of the charges, it means advertisers will not reach their billing threshold faster, but may incur a higher billing threshold amount instead. The billing threshold is essentially a billing system that gives the advertisers a set amount to spend on their ads before Facebook charges them for it.

Facebook’s notice comes following similar announcements from
Google and Amazon
 earlier this month.

The Malaysian government first announced the introduction of a 6% digital tax last year before
approving it in April 2019
. It is imposed on all foreign digital service providers, and is expected to affect streaming services, digital advertising services, and digital game distribution companies.

The tax was meant as an instrument to create equal opportunities between foreign and local players, as well as to generate more revenue for the Malaysian government.

(Source:
The Star
)

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BNM: Standardised Base Rate To Replace Base Rate For Floating-Rate Loans Next Year

(Image: The Star)

Bank Negara Malaysia (BNM) has determined that the Standardised Base Rate will replace the Base Rate (BR) as the reference rate for new retail floating-rate loans for individuals, effective 1 August 2022. This comes under the revised Reference Rate Framework that has been released by the central bank.

The Standardised Base Rate will be used as the common reference rate for all financial institutions for their new retail floating-rate loans and the refinancing of existing loans from 1 August next year. According to Bank Negara, this date will provide sufficient time for financial institutions to undertake the necessary preparations and system enhancements to ensure a smooth implementation of the revised framework.

The Standardised Base Rate is linked solely to the overnight policy rate (OPR), and therefore changes to it will only occur following changes in the OPR. BNM governor Datuk Nor Shamsiah Mohd Yunus said that consumers will find it easier to understand changes in their loan repayments since the OPR is the only driver of the Standardised Base Rate. The move improves comparability and is more transparent to consumers.

“The Standardised Base Rate will also facilitate effective monetary policy transmission as complete adjustments to retail loan repayments will take effect following a change in the OPR,” she said. However, the move towards the Standardised Base Rate does not represent a change in the monetary policy stance of BNM’s monetary policy committee.

Bank Negara said that the new shift will have no impact on the effective lending rates of existing retail loans, which will continue to be referenced against the Base Rate (BR) and Base Lending Rate (BLR). After the effective date, the BR and BLR will move exactly in tandem with the Standardised Base Rate as any adjustments will be simultaneously reflected in corresponding adjustments to BR and BLR. As such, financial institutions will continue to display the BR and BLR in addition to the Standardised Base Rate for customers’ reference.

“New retail borrowers should also be largely unaffected by this revision, as effective lending rates for new borrowers would continue to be competitively determined and influenced by multiple factors, including a financial institution’s assessment of a borrower’s credit standing, funding conditions and business strategies,” BNM said in its statement. “Other components of loan pricing such as borrower’s credit risk, liquidity risk premium, operating costs, profit margin, and other costs will continue to be reflected in the spread above the Standardised Base Rate.”

(Source:
Malay Mail
,
BNM
)

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Jacie Tan

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