Several Sectors To Be Given Flexibility In Implementing New Minimum Wage

(Image: Bernama)

Human Resources Minister Datuk Seri M Saravanan has said that several sectors and entities will be allowed some flexibility when implementing the new minimum wage of RM1,500, which is set to take effect on 1 May 2022.

According to the minister, entities in the informal sector, odd-job workers, businesses with less than five employees, as well as companies that have suffered substantial losses – such as those in the hospitality and tourism industries – will be given leeway of a year to implement the new minimum wage. Additionally, the flexibility period may be extended according to the minister’s purview.

“Odd-job workers are still earning RM500 to RM600 salary. If I force companies to pay them RM1,500, they will soon be out of a job,” said Datuk Seri M Saravanan, adding that a similar approach was also adopted by the government back in 2012.

(Image: Bernama)

Earlier in March 2022, Prime Minister Datuk Seri Ismail Sabri Yaakob had announced the government’s green light to
increase the minimum wage from RM1,200 to RM1,500
. The new rate will apply first to private sector companies with at least five employees, whereas discussions will be held on delaying the implementation for small and micro companies since they may not be able to pay the new minimum wage.

The implementation of the new minimum wage is in accordance with the
National Wage Consultative Council Act 2011 (Act 732)
, which stipulates that the amount needs to be reviewed at least once every two years. Last adjusted in February 2020, the current minimum wage in urban areas is RM1,200 per month. The minimum salary in rural areas, meanwhile, is slightly lower with RM1,100 per month.

(Source:
Malay Mail
)

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Nur Adilah Ramli

Nur Adilah Ramli

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Caretaker PM: Mini Budget To Be Tabled If New Government Not Formed In Time

(Image: The Sun Daily)

Caretaker Prime Minister Datuk Seri Ismail Sabri Yaakob said that a mini budget will need to be tabled before 31 December 2022 in order to approve certain emoluments for the following year, especially payment of salaries for civil servants. This is if the new government for Malaysia cannot be formed in time, due to the lack of a simple majority from the recent general election (GE15).

The minister explained that the tabling of the mini budget does not require further debates of approval; as such, it will not be a complicated process. “There is no cause for civil servants to worry about payment of their salaries. It is just a straightforward process…it will be tabled and passed,” he further reassured.

The
national budget for 2023 (Budget 2023)
 had actually already been tabled by caretaker Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz much earlier on 7 October 2022, involving
an allocation of RM372.3 billion
. However, Dewan Rakyat were unable to debate or approve the budget as the Parliament was subsequently dissolved just three days after that.

Malaysia then went to polls on 19 November 2022, but the election outcomes resulted in a hung parliament as no single political party won enough support form a new government through simple majority.

(Source:
New Straits Times
)

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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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LHDN Service Counters To Operate By Appointment Starting From 1 July 2021

Starting from 1 July 2021, individuals who wish to visit tax service counters at Inland Revenue Board (LHDN) branch offices, satellite centres, and revenue service centres will need to set an appointment beforehand. This came following LHDN’s announcement today that they will only operate by appointment.

In its statement, LHDN said that customers can go ahead and make their appointments via the e-Janji Temu portal – which can be accessed from the
official LHDN website
. The board also clarified that the service counters will only operate between 8am to 12pm, subject to the working days in each state.

“LHDN would like to advise customers who have appointments to always update their Covid-19 risk status on the MySejahtera app and comply with every standard operating procedure (SOP) set by the government to curb the spread of the Covid-19 pandemic,” LHDN further reminded.

If you have any enquiries regarding this matter, you can contact LHDN via its HASiL Care Line at 03-8911 1000 or 603-8911 1100 (overseas). Alternatively, you can use the HASiL Live Chat or the
feedback form
.

(Source:
LHDN
)

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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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    Loh Chuan Hiong

    1 year ago

KWSP account yearly dividend is it taxable by LHDN

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    Pang Tun Yau

    1 year ago

    Reply to

        Loh Chuan Hiong

Nope, EPF dividends are tax-exempt.

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Rize Campaign Offers Samsung Devices, Up To RM500 Cash Prizes To Be Won

Digital bank Rize is currently running its Do Less, Get More campaign, where new customers will stand a chance to win a Samsung Galaxy S23 Ultra phone and a pair of Galaxy Buds2 Pro as a grand prize. Set to run until 30 November 2023, there are also weekly prizes of up to RM500 to be won via this campaign.

Open to all Malaysians who have yet to open a Rize Savings Account-i (Commodity Murabahah Savings Account-i), the campaign requires you to download the Rize banking app and sign up for the savings account. Following that, activate it with an RM20 transfer from any of your other online banking accounts during the campaign period.

Upon activation of your savings account, you’ll receive an initial RM20 cash prize from Rize (to be deposited into your account within one week), in addition to earning a chance to win a grand prize as well as weekly prizes. Here are the details of the prizes that are on offer:

Prizes
Details
Allocation/Units to be won
Grand prizes
1x Samsung Galaxy S23 Ultra (256GB) and  Galaxy Buds2 Pro
8 units throughout whole campaign period
Weekly prizes
– 1x RM500 cash prize
– 1x RM300 cash prize
– 1x RM200 cash prize
One unit of each cash prize to be won every campaign week

To choose both the grand and weekly prize winners, Rize will first create a shortlist of potential winners via a randomiser programme. If you’re one of the shortlisted weekly prize winners, you will receive a notification SMS within two weeks after the end of the campaign week, where you must answer a question correctly within three days to confirm your win. Following that, your weekly prize will be credited into your account within a week after the bank has notified you of your success.

Meanwhile, potential grand prize winners will receive their notification SMSes within four to six weeks after the end of the campaign period. They, too, are required to answer a question correctly within three days to secure their prizes. Upon winning, the grand prizes will be sent to the winners’ registered address within 16 weeks after the campaign period.

Note that each customer is only entitled to win one weekly prize and one grand prize throughout the whole campaign period.

Rize is a digital bank backed by Al Rajhi Bank Malaysia that was
launched back in December 2022
. Offering interest rates of up to 5% p.a. for your deposits, it has also recently
won the Virtual Bank of the Year for Malaysia
 in the Asian Banking and Finance Retail Banking Awards 2023.

(Source:
Rize
)

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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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    ong

    1 month ago

no so easy to open .I finally done so after more than a month with countless times reapply .

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HSBC Campaigns Offer Up To RM500 Cashback, E-Vouchers & iPad

HSBC is currently running two campaigns concurrently, namely the Spice Up Your Life and Play & Win campaigns. Ongoing from today until October 2021, both promotions will allow credit and debit cardholders to win cashback of up to RM500, as well as e-vouchers and other prizes.

Both promotions are open to all HSBC credit and debit cardholders.

HSBC Spice Up Your Life Promotion

Period: 20 July – 19 October 2021

This first campaign will allow you to earn either cashback of RM200 or RM500, depending on your accumulated spending during the promotional months. Specifically, you will be able to win cashback of RM200 when you spend between RM2,000 and RM4,999 in each promotional month, and cashback of RM500 when you spend RM5,000 or more.

Expenses that are accepted for this promotion include online transactions, local and overseas retail transaction, 0% instalment plans, and e-wallet payments. Meanwhile, other transactions such as cash advances, cash instalment plans, balance transfers, and auto-billings do not qualify for it.

Note that each cardholder will only be entitled to one award of either RM200 or RM500 cashback throughout the whole campaign period. The prizes will be provided on a first-come first-served basis, with the following allocation:

Cashback rewards
Maximum number of cashback per month
Total number of cashback throughout campaign
Total cashback allocation
HSBC Credit Card/-i (RM200 cashback)
150
450
RM90,000
HSBC Credit Card/-i (RM500 cashback)
90
270
RM135,000
HSBC Debit Card/-i (RM200 cashback)
93
279
RM55,800
HSBC Debit Card/-i (RM500 cashback)
36
108
RM54,000
Total
369
1,107
RM334,800

Winners will receive their cashback within 10 to 16 weeks after the promotion period. The bank will send an SMS notification once it has been credited into your account, and the amount will also be reflected in your monthly statement.

If you’re interested in joining this campaign, you’ll need to register your participation by sending a text message to 66300. Depending on your credit or debit card, the content of your text message should be as follows:

HSBC credit card: J1<space>last 6 digits of your card number
HSBC debit card: J2<space>last 6 digits of your card number
HSBC Everyday Global Account debit card: J3<space>last 6 digits of your card number

Note that if you have more than one HSBC card, you will only need to register once. Upon successful registration, all expenses on the primary and supplementary card will be consolidated and taken into account to meet the eligible spend criteria of the promotion.

HSBC Play & Win Promotion

Period: 20 July – 19 October (spending period)/31 October 2021 (gaming period)

Aside from getting cashback, you can also earn entries to play a game by spending with your HSBC credit or debit card, as well as transacting via online or mobile banking. Through the game, you will be able to collect points to win a grand prize of an iPad, as well as monthly and daily prizes in the form of e-vouchers from Lazada, Shopee, and Grab (GrabFood and GrabMart).

Essentially, you will gain a specific number of game entries when you carry out a certain action or transaction:

Action/Transaction
Number of entries
Spend RM100 in a single transaction with your credit/debit card
1
Spend RM100 in a single transaction (Premier Mastercard credit card only)
3
Spend a minimum of RM10 in an eligible online transaction:
– DuitNow pay-to-account
– DuitNow pay-to-proxy
– DuitNow QR merchant
– FPX
– JomPAY
– Term deposit/-i
– Payment for HSBC credit cards/-i
– EZInvest
1
Obtain approval for cash instalment plans and balance conversion plans via participating credit cards
10
Apply and activate primary & supplementary credit cards
10

Once you gain the entries, you can then use them to play games and collect points during the promotion period to win prizes. The 10 top monthly scorers will be able get a RM100 Lazada e-voucher, whereas the overall top scorer at the end of the whole campaign will win an iPad. Aside from collecting points, you can also tap on Gift Boxes within the game itself to win daily e-vouchers from Shopee and Grab worth RM5 and RM10.

Note that all participants will only be allowed to win one iPad as the overall top scorer, and one RM100 Lazada e-voucher as a monthly top scorer throughout the whole campaign. Meanwhile, you can win up to 10 Shopee and Grab e-vouchers. The allocation of the prizes is as such:

Winners
Game prizes
Total units provided throughout the promotion
Overall top scorer
iPad
1
Monthly top scorers
RM100 Lazada e-vouchers
30
Daily e-vouchers
RM5, RM10 (Shopee and Grab e-vouchers)
27,560
– 50 units of RM10 e-voucher/day
– 215 units of RM5 e-voucher/day

To join in this campaign and to start playing, go ahead and scan this dedicated QR code with your mobile device:

Alternatively, HSBC will also send you an SMS containing a unique login ID to play when you make an eligible transaction. If you are unable to participate via either of the above methods, however, it is also possible for you to register by sending an SMS to 66300, containing the following details:

HSBC credit card: G6<space>last 6 digits of your card number
HSBC debit card: G7<space>last 6 digits of your card number
HSBC Everyday Global Account debit card: G8<space>last 6 digits of your card number

Finally, do note that the game entries will only be sent to you after 5 or 10 working days from the posting date of your eligible spend, depending on whether you are a debit or credit cardholder (or both).

***

You can find out more about HSBC’s
Spice Up Your Life
 and
Play & Win
 campaigns on the bank’s website.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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Standard Credit Cards: 15% Discount at Watchshoppe

Enjoy 15% discount on watches at
Watchshoppe
, Gurney Plaza and receive a complimentary mystery gift with your purchase. All you need is a Standard Chartered credit card or debit card.

This promotion runs till 31 December 2013 and is valid only at Watchshoppe, Gurney Plaza. Offer is not applicable with other promotions, discounts or vouchers. Please read the
Terms & Conditions
 of this promotion for more details.

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Enhanced TNG Card Now Officially Available On TNG eWallet's Lazada Flagship Store

Touch ‘n Go (TNG) eWallet has launched its flagship store on Lazada to host the sales of its enhanced TNG card, making the e-commerce platform the only online marketplace thus far to officially offer the sought-after card. The launch is also made in conjunction with Lazada’s ongoing 9.9 Brands & Beyond Sale.

Starting from today, individuals who are interested in purchasing
the enhanced TNG card
 can head on over to
TNG eWallet’s store on LazMall
 to make their orders, with each card priced at RM10 each. As you can see in the images below, the card is currently up for pre-order, with deliveries to be made within 14 days due to overwhelming orders.

Note as well that each user is limited only to one enhanced TNG card within six months from the date of purchase. Additionally, the cards will be released in batches, and you can follow TNG eWallet’s flagship store to get alerts for each batch release.

Of course, purchasing the enhanced TNG card via TNG eWallet’s official Lazada store gives you the assurance of its authenticity; TNG has previously
warned buyers of non-genuine (cloned, counterfeit, or hacked) cards
 that were sold by unauthorised sellers or scammers. Aside from Lazada, other channels where you can officially buy the card include the TNG eWallet app as well as
selected petrol stations
.

The enhanced TNG card was officially rolled out back in April 2022, and offers users the convenience of being able to reload their cards straight from their TNG eWallet via near-field communication (NFC) capability. This means you no longer have to visit specific stores or reload kiosks to do so.

Since its launch, the card has constantly been in high demand, often
selling out quickly after each restock batch
, and ultimately leading to a
significant level of frustration among consumers
. It is likely that TNG eWallet hopes to ease the process through the launch of its flagship store on Lazada. Finally, there is an ongoing promo that provides customers with a discount of RM2 when they spend a minimum of RM20 on the purchase of their enhanced TNG cards.

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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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FOMCA: Borrowers Should Reach Out To Banks Quickly About Loan Repayment Difficulties

(Image: New Straits Times)

The Federation of Malaysian Consumers Associations (FOMCA) has advised borrowers to liaise with their respective banks for negotiations as soon as possible if they are unable to repay their loans when the moratorium ends on 30 September 2020.

“If you have genuine concerns about not being able to make the payments after 30 September, contact the banks as soon as possible to explain your situation and seek to renegotiate your loan. Don’t wait for September to communicate with the banks or wait for the banks to communicate with you,” said the president of FOMCA, Datuk Dr Marimuthu Nadason.

Datuk Marimuthu further encouraged those who are saddled with several loans from a few banks to seek aid from the Credit Counselling and Debt management Agency (AKPK). The agency will provide aid in the form
of counselling or loan restructuring
 to safeguard the borrowers’ welfare.

(Image: The Star)

That said, Datuk Marimuthu also reminded borrowers that they should not hesitate to file an official complaint with Bank Negara Malaysia (BNM) if they feel that their banks are being unreasonable during negotiations. “Where there is a genuine case of badly affected consumers not getting a fair and compassionate deal with the banks, the central bank must act to protect the consumers and ensure their financial wellbeing,” he said.

Datuk Marimuthu emphasised that the current economic situation, with issues such as job and income loss, has made it especially challenging for many Malaysians to keep their loan obligations. “This is certainly not a time for lending institutions to carry out business as usual. Banks need to play a more compassionate role in helping consumers facing genuine problems to go through this difficult period,” said Datuk Marimuthu.

The ongoing six-month automatic moratorium is slated to end on 30 September with
no likelihood of a blanket extension
, although some banks – like
CIMB
 and
AmBank
 – have mentioned that they may consider a
targeted moratorium
 instead. In light of this, entities such as
AKPK
 have begun urging the public to start planning and preparing for possible post-moratorium financial challenges instead of waiting until the last minute.

You can read
Datuk Marimuthu’s full statement
 here.

(Source:
The Sun Daily
)

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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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Standard Chartered Becomes First Bank In Malaysia To Adopt DuitNow Request

Standard Chartered Malaysia has rolled out the DuitNow Request feature on its mobile banking app, allowing customers to send payment requests to another person by keying in their mobile or MyKad number. It is the first bank in the country to adopt the latest DuitNow service.

According to Standard Chartered, the person requesting for payment (payee) can submit a request by tapping on the DuitNow Request tile – which can be found on the login page of the mobile app or in the Transfer & Payment tab. From there, go ahead and input the payer’s information, as well as the amount that they wish to collect. Once the request is submitted, they will receive a confirmation SMS, containing the reference number of their transaction and transaction details.

Meanwhile, on the payer’s end, they will need to approve the DuitNow Requests that are sent to them. This can be done by heading to the Inward Request section, found in the DuitNow Request tab. Payers can approve the requests by making the necessary payments, and they are also allowed to edit selected details if need be.

Standard Chartered further emphasised that the DuitNow Request service is free, and that no additional registrations are required. Customers will only need to download the Standard Charterd mobile banking app to use it. Note as well that each payee is only allowed to send out 20 active requests at any one time. Meanwhile, payers who are approving their DuitNow Requests will be limited by their daily DuitNow Mobile limit.

The head of consumer, private, and business banking of Standard Chartered Malaysia, Lai Pei Si said that the DuitNow Request feature will provide a more seamless payment and collection process for the bank’s customers. It will also contribute to the government’s push for the people and public sector agencies to adopt cashless transactions.

“With digital payments recording exponential growth, services such as DuitNow Request will be crucial in enabling real-time payments and high-volume transactions. We’ve witnessed an 87% year-on-year growth in digital payments and found that four out of every five Malaysians expect the nation to go fully cashless,” said Lai.

(Image: The Star)

Standard Chartered also said that it expects the DuitNow Request feature to be adopted by more financial institutions soon; at present, only two institutions have enabled support for the DuitNow Request feature: Standard Chartered and Standard Chartered Saadiq. The widespread usage of the feature will allow for a better ease of reconciliation for users, whereas payers will be notified of successful transactions in real time.

For context,
DuitNow
 is an umbrella service that aims to simplify the process of transferring funds by utilising details that are easy to remember. Instead of using your bank account number to transfer money – which you often don’t remember – DuitNow lets you use your mobile or MyKad number instead. Under DuitNow, there are several features that cater to various banking needs, such as DuitNow Transfer and DuitNow QR. DuitNow Request is the latest to be launched.

To find out more about Standard Chartered’s adoption of
DuitNow Request
, head on over to the bank’s website. Alternatively, you can check out the
FAQ for the feature here
.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

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

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Insurance Basics

What Is Insurance & Why Do You Need It?

Insurance acts as your financial shield against risks. You can insure anything that you wish to protect, be it your car, house, your health, life, as well as your loved ones, in return for paying insurance premiums.

For instance:

If you fall down a set of stairs and injure your back, you’ll need a personal accident or a medical insurance to help pay for your medical bills.

If you get into a car accident, you will need financial assistance from your insurance provider to pay for the damages done to your and the involved party’s car.

In other words, an insurance policy provides compensation to you or your loved ones should things go wrong, be it a specific loss, illness, damage, disability, or even death.

Here are the most common ways insurance can help you:

Maintain your
current style and standard of living
 if you suddenly face a disability or a critical illness.

Help your family cover the costs of your funeral and provide financial assistance
 to them in the event of your death.

Drive vehicles with confidence
 knowing that you’re covered by your insurer should you get injured or can’t afford to pay for the cost of the repairs in the event of a vehicle collision.

Own a property
, because mortgage lenders need to know that your home or property is protected against major risks.

Cover your medical costs
 if you’re diagnosed with critical illnesses such as cancer, heart diseases, or kidney failure.

Go on vacations without having to worry
 about flight cancellations or if you fall ill during your travels.

How Does Insurance Work?

After you’ve chosen the type of insurance you need and what you want to be insured against, the insurer will analyse the risks that may apply based on a range of different factors and from there, determine the insurance premium you need to pay.

Once both parties have agreed to a policy contract, you are protected against the predetermined risks in the form that the insurer will compensate or cover your loss.

Here are the three important things you need to know about insurance:

Make sure you understand your policy and coverage before you buy
. You can find all the information about your coverage in your policy document. It also includes a complete list of what you’re protected against and what is excluded.

For instance, your car insurance may cover the damages done to your car in the case of a car accident, but not your personal belongings that may have been damaged during said accident – such as your smartphone or laptop.

Remember to pay your insurance premium.
Depending on the type of the insurance, you may opt to pay the premium on a monthly or yearly basis. The amount of the premium is determined on the risk and the value of what you’re insuring against at the time and may be subject to changes (e.g. at the end of the term). Remember to make prompt payments to your insurer, otherwise you’ll lose your insurance cover!

Make your claim.
 If you encounter a misfortune that is covered under your insurance policy, don’t hesitate to put in a claim to your insurer. If you are unsure, refer to your policy document or contact your agent or the insurer directly if you bought your policy online. Provide all the necessary documents and follow the claims procedure set by your insurer, and they’ll pay you as agreed once the claim has been processed.

There are definitely more things that you should know before buying an insurance policy. Read our guides below to learn more about insurance:

The Ultimate Guide On Buying Your First Insurance Plan

Should You Buy More Than One Medical Policy?

What Are The Different Types Of Insurance?

It’s very unlikely for you to need every type of insurance in the market, even if you can afford all of them. But how will you know the exact type of insurance that you need most? Have a look at the table below to help you choose the most suitable policy for your needs.

Protection

Insurance Policy Type

What It Covers

Medical Insurance

Covers and reimburses the costs of your medical bills, inpatient treatments and more.

Term Life, Critical Illness, and Income Protection Insurance

Provide a lump sum or regular payment to you and your beneficiaries in the event of a critical illness, disability, or death.

Personal Accident Insurance

Provides coverage against injuries, disability, and death caused by accidents.

Car Insurance

There are three types of coverage available:

Third Party – it provides coverage to your passengers who may be involved in your car accident, damages to other people’s property or another car, but if your car gets damaged or stolen you’ll have to bear the costs yourself.

Third Party, Fire, and Theft – similar to Third Party, but this policy covers the costs incurred if your car gets stolen or suffers fire damage.

Comprehensive – covers all the above and the damages done to your car.

Home Insurance

Covers the costs of your home repairs if the damages were due to flood, fire, storm, and any other causes stated on your policy.

Travel Insurance

Provides coverage over a range of thing when you travel, such as emergency medical expenses, cancelled or delayed flights, lost or stolen luggage, and personal liabilities should you cause damage to a property or injuries to a person.

Savings & Investment

Insurance Policy Type

What It Covers

Investment-Linked Life Insurance

It’s a

life insurance plan that combines investment and protection elements. It provides total and permanent disability cover (TPD), death benefit, as well as investment benefits.

Savings Plan Life Insurance

This is typically a savings plan that is tied with life insurance benefits. It allows you to save for your retirement or even fund for your child’s education, while having total and permanent disability cover (TPD) and death benefit.

If you aren’t sure on how each type of insurance listed above can help protect you and your dependents, here are some of our guides that can help you make an informed decision:

Term Life Insurance

Car Insurance

Critical Illness Insurance

Personal Accident Insurance

Medical Insurance

Travel Insurance

How And Where Can You Buy Insurance?

Traditionally, you can purchase an insurance policy from agents or directly from the insurer. Nowadays, it is becoming more common to use more convenient channels such as online comparison websites like

RinggitPlus.com
, or even on insurance websites.

What Are The Important Insurance Terms I Should Know About?

Insurance Term

Definition

Death benefit

Usually seen in a term-life or other life insurance policy, it refers to the amount paid out by the insurer to the beneficiary if you or the person insured) dies when the policy is still active.

Beneficiary

The person that you’ve nominated to receive your insurance pay-out in the event of your death. It can be anyone from your spouse, children, to your parents.

Premium

This is the amount that you pay each month or year for your insurance.

The insured

This typically means you, or a person who is insured under an insurance policy.

Policyholder

The owner of the policy and is responsible for the premium payments. The policyholder is the only person who can authorise changes to the policy, such as changing the name of the beneficiary.

Policy length

The duration of time of which you’ll be protected under an insurance policy.

Excess

An excess is the amount of money that you’ll have to pay out of your own pocket if you make a claim.

For example, let’s say the excess set by your insurer is RM200 per claim. If you’re putting in a claim of RM5,000 for the cost of your car repairs due to an accident, you’ll need to pay RM200 and the insurer will pay the remaining RM4,800

Waiting period

Some policies have a waiting period, which means that you’ll have to wait for a certain period of time after you’ve purchased it before you’re allowed to make a claim.

Exclusions

Exclusions refer to the things that are not covered by your policy, which also means that the insurer will not cover the costs incurred if they happen to you.

Value

This refers to the value of what you’re insuring. Simply put, it is the maximum amount that your insurer will pay you when you make a claim. There are two types of value:

Agreed value – is the amount that the insurer will pay you as per your policy. This amount is subject to some deductions such as excess.

Market/Time value – means that the insurer will pay the value of the insured item based on its condition and age at the time of loss.

Replacement cost – means that the insurer will pay for the costs of replacing the item entirely.

For more terms and definitions not listed here, you can check out our:

Insurance Terms and Definitions

How Do You Submit A Claim?

Unlike before, submitting a claim today is a lot easier and faster. All you need to do is get all the documents right. Here are some of the basic steps to making a claim:

Make a police report.
This only applies to car accidents, burglary, snatch theft, or stolen items. There is a time limit to make a police report, so it’s advisable for you to lodge a police report as soon as possible.

Check your policy with your agent or insurer
if the event is insured. Seek advice from them on the steps that you need to take to submit your claim. If you get into a car accident for example, you need to check the nearest panel workshop to you. Otherwise, your claim may not be approved. Sometimes the insurer will even make all the arrangements for you.

Keep all the documents in one folder
 for easy reference. Prepare all the required documents to submit your claim, such as a copy of the police report, receipts, and your policy document to speed up the process.

Document the damages
done to your property or car by taking pictures of the damages. Note down all the important details that may help your claim, such as the date, time, and the exact sequence of the events. Avoid exaggeration and emotional narrative.

For more information on how you can submit a claim, read our guides below:

Motor Vehicle Insurance Claim Made Simple

What To Do When The Airline Loses Your Luggage

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Government To Provide Covid-19 Care Package For B40 Households

(Image: The Star)

The government has announced a Covid-19 Care Package (PPC), which is intended to assist approximately 3.6 million B40 households as Malaysia prepares to treat Covid-19 as an endemic disease starting from the following month.

With an allocation of over RM471.6 million, the initiative will provide each B40 household with items such as four reusable face masks and four Covid-19 self-test kits. This is in addition to a pulse oximeter, thermometer, user guidelines and health brochures.

“This effort, among others, aims at easing the financial burden of B40 households and preparing them towards new normal practices as well as helping them in protecting their families from Covid-19 infection,” said Prime Minister Datuk Seri Ismail Sabri Yaakob in a statement.

The prime minister added that this aid will be provided first to Bantuan Prihatin Rakyat (BPR) recipients with families. These comprise those who are married with or without children, or single parents with children. To date, there are 8.4 million BPR recipients.

(Image: Malay Mail/Ahmad Zamzahuri)

Further details on the implementation of the PPC will be revealed by the Health Minister, Khairy Jamaluddin in the upcoming days.

Aside from announcing the PPC, Datuk Seri Ismail Sabri also shared that the government has agreed to administer Covid-19 vaccine booster shots in a bid to increase protection among vulnerable groups against the virus. Priority will be given first to high-risk groups, such as healthcare frontliners, immunocompromised patients, senior citizens with comorbidities, and individuals who work or stay at long-term care facilities. These booster shots will be administered once the adult population vaccination rate has exceeded 80%

(Sources:
PMO
,
The Star
)

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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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    Beh Hock Lim,

    1 year ago

Very caring for the B40 families. I believe all will appreciate this goodwill gesture. Thank you

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Exploring Alternative Spots for The School Holidays

As parents, you would always want your children to have a good school holiday which includes a good level of productivity. That does not have to mean sending them for tuition from 9am till the evening and making them prepare for the next semester’s exam.

Since they have a little bit of time now, wouldn’t it be great to take them for some “out of the classroom” learning? Let’s expand one’s horizons beyond what books have to offer.

Open-Mics

Let your children explore their creativity and talent with some open-mic events. If they are willing to participate, by all means encourage them to shine. If they prefer to spectate, it could open their mind to great experiences. It could even spark interest in something that was never there before. Instead of spending hours playing computer games, won’t it be better if they were spending hours in front of a piano or writing poetry so they can get in front of a microphone instead?

Taking your kids for a stand up comedy show could be equally educational for those who wish to pursue a career on stage. Who says you can’t learn while you laugh? Some comedians are so good at turning everyday political, economical, and other current issues into jokes which not only create awareness but put a lighter touch which people can relate to. Although some of the jokes may be deemed inappropriate, it would be advisable that parents ensure their children are at least in their teenage years before you take them for some of these shows.

Art Museums

The minute people think of the museum, they think it is just a display of old things. Why not try going to our
Islamic Arts Museum
, view the wonderful architecture, go through the displays with a guided audio tour or join a seminar and possibly find new appreciation for art such as origami or even painting.

If that does not tickle your fancy, how about taking a tour at the
Bank Negara Museum
? Did you know there was one? This museum offers free guided tours and there is no entrance charge into their galleries.

It is a great place to learn about some financial education, history, and current landmarks that make our economy unique. It even offers a special session for kids to learn how to make a paper money box “Jom Buat Tabung” so that they are able to learn to make money choices and have some fun while doing so.

University Visits

For some of the older kids, maybe a visit to a university could be educational and fun. Aside from checking out the hotties, they should be Inspired to look beyond finishing and getting good grades for SPM (Sijil Pelajaran Malaysia). Plans do not end after SPM. Even for students who are in form three and sitting for PT3 (Pentaksiran Tingkatan Tiga) this year, in their next year they will need to start deciding if they would like to pursue something in science or art stream.

Having a glimpse of what they would like to pursue could help them make decisions. However, deciding on something for their future could be a little stressful. Perhaps, taking an aptitude test offered at these universities will help uncover what their real interest is. Of course these test come with a little fee but it is a great way to help your kids uncover their interest.

Enjoy The Holidays!

While most of these spots cost you nothing to visit, some of them require a nominal fee for entrance. None the less, how could we put a price on something educational. An educational trip does not always have to mean it is boring. Expand your children’s horizons by showing there is more fun to be had out there rather than in front of a screen. If none of these options seem like a suitable, fun yet educational experience for your kids, maybe you may prefer to head on overseas for all types of fun and educational experiences. When you do book your holiday, be sure to have a
travel credit card
 to enjoy the most benefits for all future travels.

If you have any other great ideas on educational yet fun spots for the holidays, tell us in the comments below.

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Gavin Pereira

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How HUAWEI Cloud Can Enhance Your Business’ Digital Journey

After the pandemic, it became clear that digitalisation is no longer an option, but more of an essential step most businesses have to take. From adopting digital payments to automating certain human resources and accounting tasks, businesses are relying more on online services to increase efficiency, reduce costs, and more. Now that we’re slowly moving on from the pandemic, digital technologies have become a crucial component in navigating the new normal as well.

During the HUAWEI Cloud Summit in Malaysia, HUAWEI Malaysia’s Chief Executive Officer Michael Yuan said, “Information Technology is no longer a supporting system today, but the engine for the transformation of traditional industries, and this is not possible without cloud computing.” With over 30 years of expertise in the Information and Communication Technologies (ICT) field, HUAWEI Cloud offers more than 4,500 products and solutions that utilise new technologies like Artificial Intelligence (AI), Big Data, and more. The leading innovator in cloud technology has helped many businesses around the world transform digitally with more than 2.3 million developers, 14,000 consulting partners and 6,000 technology partners.

Here’s how HUAWEI Cloud can enhance your digital journey.

Increase Productivity With Leading Technology

Although many have adopted digitalisation in Malaysia, only a small minority pursue advanced technologies that significantly takes their businesses to the next level. To stay relevant in the new normal and beyond, businesses have to leverage on the innovative offerings of technologies like cloud computing.

“When it comes to innovation, our aim is to provide businesses with technology capabilities as a service. In fact, ‘Everything as a Service’ is the goal of HUAWEI Cloud. We aim at providing infrastructures as a service, technologies as a service, and expertise as a service. Currently, we provide customers with cloud native, AI, data analytics, and security cloud services,” said Huawei Malaysia Vice President of Cloud & AI Lim Chee Siong.

HUAWEI Cloud has full-stack AI capabilities to suit organizations of all sizes and its clientele comprises companies from various industries including media, automobile, manufacturing, gene sequencing, finance, and more.

One such local company that is benefitting from HUAWEI’s technologies is Hexa Food which produces spices, herbs, and seasoning products. Using ModelArts – a one-stop AI development platform that enables developers and data scientists of any skill level to rapidly build, train, and deploy models anywhere – Hexa Food managed to automate the process of sorting out good and bad chilies that used to be done manually by its workers. The intelligent device Atlas 500 is then able to quickly and accurately identify the quality of chilies, distinguishes the good chilies from the bad, and hence, improving production efficiency and consistency in the quality of the spices.

In addition, HUAWEI Cloud’s FunctionGraph works with multiple cloud services (such as SMN, OBS, DIS, and DMS) in an event-based triggering mechanism to help businesses meet diverse service requirements and improve development efficiency. “In the Internet era, data volume and types increase rapidly and the costs of a Big Data platform can go up to 40% of a client’s total cloud investment. Many businesses are facing a huge challenge in trying to balance performance and cost. FunctionGraph helps businesses save up to 90% of the costs, reduce 85% of implementation time, and increase 10 times of expansion agility,” explained Lim.

Huawei Malaysia and Media Prima Omnia have recently signed a memorandum to cooperate in strategic partnership programmes that will focus on planning, developing, and implementing digital solutions for next generation digital platforms for the digital education industry and precision advertising.

During the press signing, Lim rationalised how Cloud Technology can help to significantly reduce storage costs, eliminate the need to move assets between locations and organize seamless internal and external workflows, complete with robust network security, data encryption and access management. He reiterated that 5G, Cloud and AI technologies provide agility to media and entertainment sectors and will help Media Prima to monitor their OPEX and CAPEX costs, maintain backup and recovery to ensure a satisfactory consumer’s user experience.

Facilitate Remote Operations Seamlessly

Nowadays, more of us are working from home as we practise social distancing measures and minimise traveling to curb the spread of the Covid virus. Hence, our work arrangements have become more flexible with most of us requiring just a laptop to complete our tasks. Cloud computing gives users on-demand access to various resources including data storage, servers, softwares, and more online.

HUAWEI’s Elastic Cloud Server (ECS) provides secure, scalable, on-demand computing resources, enabling you to flexibly deploy applications and workloads. The enterprise-grade cloud computing is powered by HUAWEI’s cutting-edge hardware and virtualisation technology. When it comes to data storage and management, security is a priority, which is why the ECS offers fast, stable, and secure dedicated network transmission channels.

Lim shares that HUAWEI Cloud counts Sunway Group, a conglomerate with 13 business divisions and a staff strength of 16000, as one of its clients in Malaysia. Sunway has adopted HUAWEI Cloud services on the PaaS and IaaS architecture allowing it to maintain a robust data and application security across the cloud infrastructure, and to serve as an extension of the Corporate Data Centre. Currently, more than 20 applications are running on HUAWEI Cloud. Sunway has also selected HUAWEI as its strategic partner for development of smart solutions in public safety and security, tele-health, e-learning, etc.

“Cloud technology has become vital for organisations and businesses to build resilience, especially in this post pandemic era. It is a critical enabler for businesses to embrace the workplaces of the future by reimagining new products, services, and processes,” said HUAWEI Malaysia CEO Michael Yuan.

Global Infrastructures Ready To Be Deployed

The focus today has shifted from whether to digitalise or not to how to enhance your digital journey. HUAWEI Cloud is committed to helping companies grow through cutting-edge technologies, whether it’s building and hosting e-commerce websites or providing a smarter, more personalised retail experience to your consumers.

HUAWEI Cloud has infrastructures around the world, providing fully connected, high-speed, and stable networks and services closest to your location. In fact, Lim shared that HUAWEI has deployed over 2500 Content Delivery Network (CDN) nodes in more than 170 countries. Huawei Cloud provides cloud connection between regions and customers can benefit from low-latency, high-quality cross-region communication. “Today, enterprises don’t need to build their own data center infrastructure as they can directly obtain infrastructure services from HUAWEI Cloud,” continues Lim.

***

In today’s digitally-driven world, exploring frontier technologies could be a worthy investment in order to stay ahead. If you’re looking to discover the potential of applying new technologies to your business, you can consider HUAWEI Cloud, a one-stop platform for your business needs, offering corporate-grade technologies, global infrastructures, compliant and secure solutions.

Learn more about
HUAWEI Cloud
.

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Maybankard Credit Card + Morgan DeToi = Free Bag

One of the hottest brands in fashion, Morgan De Toi has opened a new store in Midvalley Megamall. To celebrate the French label is teaming up with
Maybank
 to offer cardholders a chance to snare a complimentary limited edition SPOT.A Handbag worth RM399 when they spend more than RM500 on a single receipt.

This promotion is only valid in Morgan De Toi, Midvalley and expires on 31 May 2013 or while stocks last. Offer is not applicable with other on-going promotions and discounts. Purchases must be made with a Maybankard Visa or MasterCard credit card.

Would you like to get yourself a Maybankard? Find the right one for you at RinggitPlus.com

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Brendon Lee

Brendon Lee

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Exclusive For RinggitPlus Readers: Enjoy Cashback Up To RM100 For New Versa Users!

RinggitPlus is joining hands with digital wealth management service provider Versa to bring an exclusive offer just for our readers, consisting of instant cashback of up to RM100 for new Versa Cash users!

Versa is on a mission to empower Malaysians to achieve financial wellness and to make saving and investing easy and accessible for everyone, thanks to its two products, Versa Cash and Versa Invest. More importantly, it is also recognised and regulated by Securities Commission of Malaysia (SC).

Versa Cash
 is Versa’s digital cash management platform, which caters to the needs of those who are looking for an alternative to fixed deposit accounts with better rates and flexibility. Versa Cash taps into the low-risk Affin Hwang Enhanced Deposit Fund – offered by
AHAM Capital Asset Management (formerly known as Affin Hwang Asset Management)
 – with projected net returns of 2.75% p.a.. Versa also regularly offers promotions for new and existing users with higher net returns – currently there is an ongoing promotion that enables you to
 earn 4% p.a. until 31 January 2023
!

In addition to that, Versa Cash also boasts a low entry requirement; unlike many conventional investment channels which require a starting capital of RM100 or more, Versa Cash users can begin investing with just RM1. In short, this means
everyone
 can save with Versa Cash! There are also no lock-in periods and withdrawal penalties, making them suited as an FD alternative.

Meanwhile,
Versa Invest
 is Versa’s investment solution that complements Versa Cash, offering users the ability to diversify and invest in portfolios consisting of top-class global companies, such as Apple, Google, and Tesla. Users are able to choose from either a balanced or aggressive portfolio – dubbed Versa Moderate and Versa Growth, respectively – to suit their investment goals and risk appetite. More funds are also expected to be introduced soon, all of which will be managed by multiple global fund managers with a proven track record, including Baillie Gifford and BlackRock!

As for fees, there are no sales and exit fees – which means you will be able to enjoy returns on your full investment. Minimum entry requirement for Versa Invest stands at only RM100.

Thanks to our partnership with Versa, RinggitPlus readers who wish to sign up as a new Versa user will be able to enjoy an exclusive Versa Cash promotion, where they’ll earn some cashback when they’ve deposited a specified amount – specified as below:

RM15 cashback with a single deposit of RM100 in Versa Cash

RM30 cashback with a single deposit RM1,000 in Versa Cash

RM100 cashback with a single deposit RM10,000 in Versa Cash

To be eligible for the campaign – which is set to run from today until 31 January 2023 – just enter the promo code
VERSARP
 when you register for a new Versa account. The cashback reward will be deposited into your Versa Cash account within 30 days.

Ready to start your journey with Versa? Just
download the Versa app here
 to enjoy our exclusive promo now – on top of the chance to earn a return of 4% p.a. via Versa Cash.

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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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What are Your Costs as a Landlord in Malaysia?

Are you ready to disembark into property renting and earn yourself some extra money? Many people like the income but few realise what a commitment and a responsibility being a landlord is. But if you think finding a mere decent tenant is all it takes to start earning bucks off your property investment; that’s just the tip of the iceberg.

Being a landlord comes with quite a few costs and responsibilities. Here are the most common few and a look at how much this may cost you.

Prior to Tenancy

Before you rent out your house to potential tenants, you need to make sure that your house fit for use and attractive enough to score a good rent and renter. Here are some of the initial things you will need to fork out for prior to putting a house on the market.

Fresh Paint

A fresh coat of paint will make a house look fresh and new, which is especially important for older houses. For a tenant to even want to consider your home; it will need basic sprucing up. A do-it-yourself job will only cost you money for paint but a single can of good quality paint costs between RM110-RM180. Depending on the size of your house; you will need anywhere between 5-20 cans. To have a basic contractor to paint for you; painting services start at RM100 per day. The total add up will depends on how long it takes and type of paint needed to complete your work.

Assuming that it would take 10 days to finish the painting works on your medium sized two-storey home, the total cost is: RM1000 (painting service) + RM720 (8 cans of RM110 per can paint) + RM500 (2 cans of RM250 exterior paint) = RM2,220.

Total cost: RM2,220.

New locks and Optional Security System

This is optional; as some tenants prefer using their own locks (to prevent nosy landlords from coming in unannounced!). But upgrading a few less used padlocks such as window grills and inner sliding door locks should not cause harm. Locks can rust with wear, so it’s good to have them replaced periodically. Locks can cost anywhere between RM40-RM200 depending on type and grade. You will most likely need 4-5 around the house.

Total cost: RM200 (min).

Cleaning

After painting, you’ll need to make the place spotless. Doing it yourself will of course save you money: you could existing cleaning tools you have at home unless you ran out of detergent. But if you do decide to hire a cleaning service – you’re be looking on an average rate of RM15 an hour. Depending how long it will take to clean your house, it will cost you around RM60 for 4 hours but remember that vacant houses generally take longer to clean because the dust and debris from either renovation or tenants moving out lingers. Expect the first clean to take a full 6 hours or more and some cleaners charge a flat RM100 for empty house/unit cleans.

Total cost: RM100 (min).

Fixtures

If you are providing a partially furnished unit which includes air-conditioner, washing machine and fridge; you will need to ensure that all your appliances are running smoothly. So, call in the maintenance man for servicing beforehand. An air-con servicing costs RM60- RM160 depending on the service required and the particular handyman called; whilst a fridge servicing can cost anywhere between RM60-RM500 depending on whether parts need replacing (however, at RM500; you might be better off buying a new mini-fridge unless your old one was a gigantic double-door unit with super storage abilities and functions). Washing machines also cost RM70 to service and up to RM200 if parts are required.

Also, it’s important to note than depending on details in your tenancy agreement – you may be required to continue fixing and servicing these fixtures if they’ve been considered in the rental charge. This means that if a house rental is ordinarily RM1,000 in that particular area and you charge your tenant and additional RM400 for the furnishing you provide – this means you would need to pay for the repairs and servicing yourself.

Total minimum service costs: RM170.

Tenancy Agreement

Your house is done and dusted and you have found a keen tenant. A first look at the tenancy agreement may seem tricky for those who’ve just jump into the property bandwagon but it’s true that it all pretty much follows a template. What it does is it seals the rental deal between you and your lodger and keeps both parties informed about their roles and responsibilities. It’s important to remember though that most people do not realise they have the right to peruse and object to any clauses they believe are unfair in the agreement and this goes for both the landlord and tenant. However, since these agreements are based on template and are probably similar across the board; there is rarely a dispute.

For instance, tenant must agree to keep the house in tip-top condition, pay for all utilities (unless agreed otherwise) and pay rent on time. On the other hand, it’s the landlord’s responsibility to handle all maintenance, repairs and replacing of fixtures and furniture (if any). Unless the damages is done by the tenant, he will have to take responsibility for the repair costs.

If you have an agent or lawyer; there will be more fees incurred.

During Tenancy

Maintenance (if/when necessary)

During the course of time, wear and tear does cause things to unexpectedly break down from time to time . A light bulb will go out; faucets will leak or a furniture will get infested with dust mites. Whilst a good tenant will probably not call you for the minor things he can do himself; leaky roofs; piping and any other fixture problems are yours to fix – and pay for!

Quit rent and assessment rate

Quit rent is a form of land tax paid to the government. It can range from RM70 to RM5,000 depending on the size of the housing development. Assessment rates, on the other hand, are paid towards a local authority such as DBKL, MPSJ and MBPJ. You’ll be charged property tax of 6% annually rental value. Tenants aren’t responsible for paying the local authorities for these form of taxes. Such taxes and charges could total up more than RM5,000 each year.

Lease renewals on leasehold property

Although, there remains few properties in the Klang Valley on leasehold titles; if yours is and you need to renew this during the time of tenancy; it will cost you around RM1,000 and up. The RM1,000 was a
minimal amount specifically for Selangor based property
 but it was tied to the condition that you do not sell the house within a locked in period. Usually, renewals of leases are very expensive; costing 1/4 of the market price of the property.

When Tenancy Ends

Before tenants leave, they have to clean the house ensuring it looks just as it was when it was handed over to them. However, do expect a few nicks and tears on the walls or furniture- your house may not look as fit as before even for you or any new tenants. Paint will definitely need a new coating and if you yourself have neglected to fix some things that were your responsibility as landlord – now is the time it will all come back to ‘haunt’ you. Depending on the extent of the wear and tear, you will likely to repeat a full cycle of sprucing-up.

A Costly Affair

You may find yourself constantly going through a cycle from signing on a tenancy agreement, renovating to looking for new tenant. Ideally, a long term tenancy could save you from this repetitive cycle. However, finding a suitable and trustworthy tenant is a mixture of both effort and luck. Good tenants will take care of your house leaving minimal costs to you but a bad one will cause a wreckage to your home. But either way, maintaining a house remotely is always tricky.

At a superficial level, one may think that being a landlord is an easy task as the responsibilities are quite often overlooked. Now that you know what to expect on the prices and duties, you’ll set yourself the right path and enjoy the fruit of your hard work each month from receiving your rent.

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Denise Chan

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5 Nifty Tricks To Avoid Overspending

Every month, you diligently draw up a budget to keep track of your spending. You may be aware of what goes in and what goes out but that doesn’t stop you from finding yourself emptying your bank account before your next pay. Maybe your budget isn’t the best or maybe, you’re simply overspending.

The truth is, having a budget alone doesn’t always stop you from wasting money. But there are other ways to deal with the addiction to spend. Here are 5 tricks you can try to avoid being broke once again.

1. Limit the Cash in Your Wallet

When you know you have a few hundred ringgit sitting in your wallet, it makes it so much easier to spend without thinking. We’re a generally lazy lot and trekking to the ATM to withdraw makes everyone think twice about wanting to buy an item. In fact, the trip to the bank may even give you time to talk yourself out of an impulsive purchase.

So the next time you head down to the mall, make it inconvenient for yourself to shop. By having less money in your wallet, you’d be able to limit your spending and eventually learn to optimise what you have in hand. Before making any purchase, you’d be forced to consider if the walk to the ATM is worth the effort; and if it isn’t worth the effort to withdraw the money – it certainly isn’t worth the money spent!

2. Bring an ATM Card From a Bank with Limited ATMs

It’s convenient to have an ATM card to easily make cash withdrawals especially at places where they only take cash payment. If you have a few bank cards available, try bringing the one from the bank with the fewest ATMs in town and keep the rest at home.

The purpose of doing this is to stop you from spending. Combined with tip no 1; it will be seriously difficult for you to overspend during shopping trips if you practice this. Having to launch an ATM ‘treasure hunt’ will give you more time to consider and when you really want an item, you will come back for it the next time you have enough cash.

3. Don’t Hang Out at Malls

Has hanging out at the mall become your favorite pastime? If it is, perhaps it’s time to find a new one. There is no harm going to the mall; to enjoy free air-conditioning and get a bite to eat with your mates. The problem is when you can’t keep your wallet shut.

If resistance is futile, try avoiding the shops altogether. An alcoholic giving up drink will not be sitting at a bar and looking at others chug away so don’t torture yourself that way either.

There are plenty of fun things you can do with your free time. Why not adopt a healthier past time such as reading a book, jogging at the park or cooking? There are plenty of things you can do; just as long as you are not shopping.

4. Don’t Succumb to Sales Persuasion

The helpful and friendly sales assistant is great; she advises you about what works for you and tells you the benefits of each product. In fact, she’s so helpful and likeable; you feel bad turning her down. But here’s when your emotions will end up costing you more than you bargained.

Be firm with the ‘no’ if you encounter a salesperson. They can usually smell hesitation so you need to be calm and sure, telling them you’re not interested.

It’s great to be so sensitive that you want to help every struggling retailer make a sale but not when it costs you 50% of your pay for items you have no real need nor use.

5. Beware of Sale Fever

We all can relate to the excitement of seeing the promotion signage on the window display of our favourite stores. Spending during promotional periods is the best time to buy more at lower prices.

However, paying a cheap price for an item you didn’t need in the first place is not saving money.

The sale fever can get to you. What’s worse is when all your friends and relatives have succumbed to it too. Break the cycle by opting out. Avoid following them to the mall and try your hand at other pastimes. You’ll never know what you might find enjoyable that costs a lot less money.

We all love to treat ourselves from time to time. However, as much as we understand, the urge to spend can get out of control. But you don’t have to rely on willpower alone. The above tricks will help you spend less by leveraging off the things you already know about the modern shopping experience.

As much as it’s important to not overspend; it’s also important to save every month, with the right savings account for your purposes (re: lesser ATMs!). Since no one has the time to go to every bank searching for the best interest rates, fret not we’ve done the work for you. Head over to our
savings account
 page for more details.

Good luck!

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Budget 2021: BSH Revamped To Bantuan Prihatin Rakyat (BPR) For 2021

Finance Minister Tengku Zafrul Abdul Aziz has announced that the government will replace the existing Bantuan Sara Hidup (BSH) assistance with an enhanced Bantuan Prihatin Rakyat (BPR) as a means of assisting the B40 households.

Along with the change in name, the new BPR programme will also feature new conditions and amount of financial assistance in comparison to the BSH programme. Here’s what you can expect from the BPR programme once it begins.

Monthly household income

Number of children

Cash aid provided

Less than RM2,500

One child

RM1,200

Two or more children

RM1,800

Between RM2,501 to RM4,000

One child

RM800

Two or more children

RM1,200

Between RM4,001 to RM5,000

One child

RM500

Two or more children

RM750

Singles aged 21 and above earning < RM2,500

–

RM350

Compared to the BSH programme which was introduced in
Budget 2019
 and then
expanded during Budget 2020
, the BPR programme offers a higher amount of cash aid, but it is also more specific and targeted in terms of eligibility.

A total of RM6.5 billion has been allocated for the BPR programme, and it is expected to benefit 8.1 million people. This is in comparison with the RM5 billion previously set aside for 4.3 million recipients under the BSH programme.

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Maybank Implements Secure2u For Online Transactions Over RM3,000

Maybank customers who perform online transactions of more than RM3,000 will now need to use Secure2u via the Maybank2u mobile app to authorise their payments. According to the bank, Secure2u will be the only authorisation option accepted for such transactions, and it will replace the existing SMS TAC as a safer and more convenient authentication method.

“Register for Secure2u today to ensure smoother transactions! Starting from today, Secure2u will be the only method to approve M2U transactions of RM3,000 and above. If you have already enrolled for the service, Secure2u will be the default method to approve ALL transactions, rather than TAC,” said the bank in a
Facebook post yesterday
.

Secure2u is deemed to be an improved security feature compared to the SMS TAC because it is linked only to a single device and username. It provides two different ways to authorise your transactions, depending on your preferences:

Secure Verification
: A one-tap approval method, where you approve your online transactions by responding to a push notification from the bank’s mobile app.

Secure TAC
: Generates a six-digit authorisation code (TAC) on Maybank’s mobile app, which you use to authenticate your online transactions.

Secure TAC is essentially an “upgraded” version of the SMS TAC; both employ the use of the TAC, except Secure TAC is generated from Maybank’s mobile app whereas the SMS TAC is sent via a telco. With the Secure TAC, you can do away with the wait that sometimes happens with slow SMS TAC messages.

(Image: New Straits Times)

Following this latest update for transactions of RM3,000 and above, make sure to register for the Secure2u feature so that your transactions do not get disrupted. You can do so on the Maybank2u mobile app, which can be downloaded from
Google Play
 and the
App Store
.

Ever since Maybank rolled out its Secure2u security feature in 2017, the bank had been
gradually enabling it for various online banking transactions
, including mobile app transactions such as interbank transfers to non-favourite accounts, bill payments, and prepaid reloads (since January 2019). Earlier this year, Maybank also began enabling Secure2u for online transactions of RM5,000 and above starting on 16 February, before doing the same for transactions of RM4,000 and above on 23 February.

You can find out more about
Maybank’s Secure2u security feature
 on the bank’s website.

(Source:
Maybank
)

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Hi WEALTH Opens Its Doors For Registrations Once Again, Batch 6 Slots Now Open

Hi WEALTH, the digital wealth creation accelerator, is back from its break and is now open for registrations for its latest batch of participants. Its 3-month programme will start from 5 March for Batch 6.

For those who haven’t heard of Hi WEALTH before, it was created to assist the middle class with a holistic three-month programme covering various aspects of personal finance and investments. It offers a mix of theory and workshop sessions and handholding practicals with monitoring from industry experts. Hi WEALTH participants will not only learn the ins and outs of investing in both stocks and cryptocurrencies, but also meet high-profile figures in exclusive networking classes.

Its comprehensive modules engages participants to dive deep into financial and debt management as well as cash flow via the Financial Module taught by RinggitPlus, while the Stocks Module and Crypto Module will see participants understand the various ways to trade and earn passive income, and the Financing Module teaches participants how to raise capital through financing. Classes are conducted live in Bahasa Malaysia, and participants are encouraged to engage with the experts.

All in all, each Hi Wealth participant will undergo 78 classes totaling 134 hours and learn from industry experts. Participants can track their progress via the Hi Wealth dashboard and watch previous video classes if they wish to do so. Participants can also discuss with each other via a dedicated Telegram group.

Registrations are now open for Batch 6 but for a limited time only with a fee of RM2,999. Visit
Hi WEALTH’s Batch 6 landing page
 to find out more about the programme.

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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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Luno Malaysia Rolls Out Multiple Coins Feature For Easier Diversification Of Portfolio

Luno has rolled out a new Multiple Coins feature that allows customers to buy several – or all – of the platform’s supported coins in one single transaction, at a reduced fee of 1.75%. This is with the aim of enabling cryptocurrency investors to diversify their portfolio more conveniently.

In a statement, Luno explained that customers will be able to tap into the Multiple Coins feature via three options:

Multiple Coins options
Types of crypto involved
Details
Most popular coins
Invest in Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) only
Amount invested will be split equally across all three cryptocurrencies
A piece of every coin
Invest in all nine cryptocurrencies that are available on Luno:
– Bitcoin (BTC)
– Ethereum (ETH)
– Ripple (XRP)
– Solana (SOL)
– Cardano (ADA)
– Chainlink (LINK)
– Uniswap (UNI)
– Litecoin (LTC)
– Bitcoin Cash (BCH)
Amount invested will be split equally across all nine cryptocurrencies
Choose your own combo
Invest in a combination of your own selected coins
Investors will have the option to tailor the combination to their own preference

Meanwhile, the purchase fee for the Multiple Coins feature is reduced to 1.75% (whenever you buy multiple coins in a single purchase), as compared to the 2% typically charged for each purchase made using Luno Wallet or Instant Buy. So as you can see, this option will not only simplify the process of diversifying your crypto portfolio – allowing you to buy several coins at one go – but also help you save during the process.

To use the Multiple Coins feature, launch your Luno app, and tap on the “Buy” button on your Wallets screen. From there, you will see all three Multiple Coins options offered under the “Reduced Fee Combos” section. Enter the total amount that you’d like to invest, proceed with your payment – and you’re done!

Luno is one of the four digital asset exchanges that are recognised by Securities Commission Malaysia, and has had an
official presence within the country since 2019
. Since then, it has increased its range of offerings to include various alternative coins – such as
Chainlink, Uniswap
,
Cardano and Solana
 – in addition to the usual options of Bitcoin, Ethereum, and Ripple.

(Source:
Luno
)

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Maybank’s Campaign Offers Cashback Rewards, Lucky Draw Prizes Of Proton X50

Maybank is currently running its Scan, Pay & Drive It Away Campaign 2022 to offer monthly lucky draw prizes of Proton X50, for up to three months. This is on top of cashback rewards of up to RM3, which can be earned by eligible Maybank customers when they spend a specified minimum amount in a single transaction.

Under this campaign, the monthly lucky draw prizes are applicable to both MAE by Maybank2u (MAE) and Maybank2u app users, while the cashback rewards are available exclusively to MAE app users. Note that you must have an active MAE or Maybank2u account, and are registered to use the Scan & Pay feature to be eligible for this campaign. Additionally, you must set the source of funds for Scan & Pay to your Maybank current, savings, or MAE account (not your credit or debit card).

If you meet these criteria, you can go ahead and try your luck at winning the following prizes offered via this campaign:

Monthly Lucky Draw

MAE and Maybank2u app users who win the monthly lucky draw will drive home a Proton X50 1.5T Premium. There are three units to be won throughout the entire campaign (one per month).

To stand a chance to win these prizes, you will need to perform Scan & Pay transactions – with no minimum spend required – via your MAE or Maybank2u app at all participating MAE and DuitNow QR merchants. Each transaction will then earn you one entry to the lucky draw; you can collect as many entries as you like as there is no limit on how many you can earn – as long as you earn them as per the following schedule:

Campaign month
Eligible transaction period
Lucky draw date
Month 1
16 June – 16 July 2022
On/before 16 August 2022
Month 2
17 July – 16 August 2022
On/before 16 September 2022
Month 3
17 August – 16 September 2022
On/before 16 October 2022

After selecting the winners on the lucky draw dates, the winners will then be announced on
Maybank’s official Facebook page
, as well as the
campaign page
. They will also be notified via the MAE or Maybank2u app.

The winners will then receive the prizes within 90 working days from the draw dates, or as may be determined by the bank. Note that each user is only eligible to win one monthly lucky draw prize during the whole campaign.

Cashback Reward

Aside from the monthly lucky draw prizes, Maybank’s Scan, Pay & Drive It Away Campaign 2022 also offers another prize: cashback rewards of a random value, ranging between RM0.10 to RM3. As mentioned, this is specifically open only to MAE app users.

To participate in the cashback offer, you will simply need to spend a minimum of RM20 with eligible MAE and DuitNow merchants via the Scan & Pay feature, during the following campaign period:

Campaign month
Eligible transaction period
Month 1
16 June – 16 July 2022
Month 2
17 July – 16 August 2022
Month 3
17 August – 16 September 2022

Note that Maybank has allocated a total of RM100,000 for the campaign. Subject to availability, each user can earn up to three cashback rewards per month throughout the entire campaign period.

If you earn any cashback rewards, it will be credited into your Scan & Pay current, savings, or MAE account within seven working days from each eligible transaction. You will also be notified of your win through your MAE app.

***

Maybank’s Scan, Pay & Drive It Away Campaign 2022 is already ongoing and is slated to run until 16 September 2022. To tap into this offer, you can spend with
over 350,000 participating merchants
 available nationwide using either your MAE or Maybank2u app.

(Source:
Maybank
)

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Nur Adilah Ramli

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TNG eWallet Reduces Maximum Reload Limit For Top-Ups Using Reload PINs To RM1,500

Touch n’ Go (TNG) eWallet is revising the maximum monthly limit allowed for eWallet top-ups using reload PINs, reducing it from the current RM5,000 per month to RM1,500 per month. This new cap is slated to take effect starting from 14 April 2022.

TNG eWallet’s existing
RM5,000 limit for PIN reloads
 was itself introduced just at the end of 2021. Prior to that, users were not limited by any monthly caps when reloading their TNG eWallet using reload PINs; they could purchase as many reload PINs as they wished, and reload as frequently as they wanted.

Meanwhile, other manual reload methods will continue to maintain the same maximum limits that they always have. The maximum reload amount via debit and credit cards, as well as online banking via FPX will be restricted by the users’ banking limits and the size of their eWallet size.

That said, this latest revision of the maximum monthly limit allowed for top-ups via reload PINs will affect users’ experience in utilising the eWallet, especially when paired with another recent TNG eWallet update which splits users’ eWallet balance into two categories:
transferable and non-transferable balance
.

To note, transferable balance is described as any eWallet balance that does not come from a credit card cash in or reload (such as, balance that is reloaded via online banking or TNG reload PINs). Non-transferable balance, meanwhile, refers to any top-up amount that comes from a credit card or government initiatives. In turn, these categories will determine the types of transactions that you can perform.

With the maximum limit for reload PINs now reduced to RM1,500 per month, users will have to rely more often on other permitted top-up methods if they wish to top up their transferable balance.

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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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    Anonymous

    1 year ago

Good advise.  Many thanks

1

Reply

    Anonymous

    13 days ago

not happy with it’s 1% charge on reload from credit card.

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TM Customers Now Need To Send 30-Day Notice For Broadband Plan Termination

Unifi and Streamyx customers are now required to provide an early notice to Telekom Malaysia (TM) if they want to terminate their broadband plans. TM has updated its plan termination policy, which now requires customers to notify the company 30 days in advance.

In a pop-up message that appears on Unifi’s official website, TM states the policy has has gone into effect starting this month. Customers can send their notice via the website and its live chat, its social media channel (Facebook and Twitter) or email. However, customers are still required to head to the nearest TMpoint to complete the termination process one month after they send their notice.

While the announcement may seem troublesome, this is not the first time a broadband provider requires an early termination notice. SoyaCincau notes that one of
Time’s terms and conditions
 requires its customers to provide a 30-day notice to terminate their broadband plans as well.

(Source:
SoyaCincau
)

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Are You Financially Ready to Freelance Full Time?

Tired of getting stuck in gridlocked traffic and clocking more than 8 hours a day at the office? Whether you’re juggling both your career and family; or are simply someone who wants more time to themselves; working as a freelancer may seem like a feasible option, which gives more freedom and flexibility than the average workplace.

But opting to work from home isn’t just about whether you want it. You also need to be financially ready for the leaner months in between jobs.

Savings Matter

It’s important to have a good store of back-up savings before embarking on a freelance career. This is to keep you going when you are in between projects and waiting for pay cheques. The recommended reserve sum is 6 months of your current salary but having more always helps.

If you haven’t save enough; it’s best to put off your freelancing dreams until you have.

Budgeting

Having the right set of skills in a chosen field isn’t the only important skills to have. To have great money management skills are equally as important. No matter how much you earn; budgeting isn’t something you can forego.

If you are working full-time, you can still get away with living paycheque to paycheque, but freelancers don’t get that privilege as monthly income isn’t guaranteed and you will never know when you will get paid next. Being able to budget and live within your means will go a long way. It also helps if you aren’t saddled with large commitments like home and car loans – unless you’re a highly paid, veteran freelancer.

With an unpredictable income flow in the beginning, adopting a frugal lifestyle is the best way to go about it. Cutting things down to the bare minimum will be required until you are comfortably on your feet. Allocating a maximum amount to spend each month while keeping track of your spending will allow you to make adjustments as you go along the way.

Are You Sale-able Yet?

Wanting to freelance and actually being wanted as a freelancer by a company are two very different things. Many young graduates assume freelancing is a valid career option the minute they graduate but this isn’t so. A company wanting to trust a freelancer who is not within their control and supervision will need to be adequately sure they can trust the freelancer to produce work to the quality required. How are they to know this if you have not worked enough?

How sale-able you are will not only decide whether you get the job; it will also determine how much you are paid. Seasoned freelancers with quality track records are able to demand higher pay but not for a novice seeking to learn. Even if you are lucky enough to secure a first job; bad quality work will ensure you aren’t called a second time.

Have a Plan B

Let’s say you are ready to take on this venture; being your own boss and savouring the benefits of working from home and having your own leisure time. But that’s just one side of a coin.

On the flipside, you risk not getting any jobs on certain months but could get a few the month after. Freelancing jobs are often seasonal so what will you do when the offers aren’t pouring in?

Have a blog, and publish some of your works. Whether you are a writer, photographer or graphic artist; blogs are a great way to advertise your talents.

If you are an illustrator, you can showcase some of your artworks online along with an e-store that allows your audience to buy your illustrations. Never settle for one plan. Having a back-up plan to fall back on could save you in case there’s no job coming your way.

Saving for Retirement

When you’re a full-time employee, your EPF contribution will be paid automatically. As a freelancer, you can work without making any EPF contribution but you will risk having no financial support to fall back on when you retire. Instead of taking the risk, you can make your own personal contribution and deposit as much as you like.

Granted you may not have as much in your account as there isn’t a contribution from employer; something is always better than nothing at all!

A freelance career sounds like a dream come true but it isn’t without the right conditions and money managing skills. You can then brace yourself for the possibility of late payments; or for any unavailable projects. In other words, be financially ready.

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CIMB Campaign Offers Coldplay’s Concert Tickets As Prizes

If you’re a fan of Coldplay but were unable to purchase the tickets to their Music of the Spheres (MOTS) concert
when it went on sale earlier this year
, then here’s some great news for you! CIMB Bank has launched a CIMB x Coldplay MOTS campaign where you can win yourself a pair of the concert tickets after all, and it is set to run all the way up until 19 October 2023.

According to CIMB, this campaign is open to all new and existing CIMB customers, and you’ll be required to perform specified banking transactions in order to earn qualifying entries. These entries earned will then put you in the running to win a pair of Coldplay tickets – either as monthly winners or as highest entries winners.

Here are the details regarding the prizes that can be won:

Prize category
Details
Number of winners each campaign month
Total number of winners throughout the campaign period
Monthly prizes (3 campaign months)
2x Coldplay MOTS concert tickets (Category 3)
5 winners
15 winners
Highest entries prizes
– 2x Coldplay MOTS concert tickets (My Universe VIP Package)
– 2x Coldplay MOTS concert tickets (Category 2)
N/A
5 winners
5 winners

Meanwhile, here’s how you can start earning qualifying entries to join the campaign and win these coveted Coldplay tickets:

Spend categories
Transactions
Number of entries
Save
Every RM500 monthly incremental balance in your CIMB current or savings account
5x
Spend (debit & credit card)
– Spend a minimum of RM100 with your CIMB cards at
eligible sustainable lifestyle retailers

– Spend a minimum of RM100 with your CIMB cards at eligible retail merchants (including overseas spend)
5x
1x
Transact
Spend a minimum of RM30 per transaction on prepaid top-up, JomPAY, or FPX via CIMB Clicks
1x

To select the monthly prize winners, the bank will shortlist five potential winners and send an SMS – which contains a question – to these individuals within four weeks from the end of each campaign month. You’re then required to answer the question within eight hours; if you do so correctly, then you will win yourself a pair of Coldplay tickets.

A somewhat similar process is also adopted in selecting the winners for the highest entries prizes. Ten potential winners with the highest total accumulated entries during the entire campaign period will be shortlisted, after which they’ll receive an SMS from CIMB within four weeks from the end of the campaign period. Following that, they’ll need to answer two questions correctly to confirm their win.

If you do win, the prizes will be sent to your registered email within four weeks after the end of the campaign period. CIMB also highlighted that each individual can only win one monthly prize and one highest entries prize throughout the whole campaign.

Finally, no enrolment or registration is required for you to participate in this campaign. Simply go ahead and perform any of the eligible transactions highlighted above to earn entries, and you’ll be in the running to win yourself a pair of Coldplay MOTS tickets!

For context, Coldplay is set to perform in Malaysia in November 2023, with CIMB serving as the official sponsor for the band’s KL concert. Earlier, in May 2023, the bank held an
exclusive pre-sale event for its customers
 one day before opening up sale to the general public.

(Source:
CIMB
)

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Maybank Announces Maybank Manchester United Visa Credit Card With New Design, Coming In 2022

Maybank has revealed that it will be rolling out a Maybank Manchester United Visa credit card with a new design, in conjunction with the bank’s 10-year partnership with the football club. The new design is expected to be launched in early 2022.

According to a statement, Maybank “will be revamping the design with a limited edition 10 Years United Anniversary Edition Maybank Credit Card, which features forwards Cristiano Ronaldo, Marcus Rashford, and Mason Greenwood, as well as introducing new exciting offerings to reward its cardmembers further.” Based on the statement, it does appear that Maybank may tweak the current Maybank Manchester United Visa credit card’s features alongside the new design.

Interestingly, Maybank has shared visuals of the updated credit card, revealing the three featured Manchester United players set against a solid black background – a nice contrast to the
new limited edition white Manchester United debit card it launched recently
. Additionally, the card will highlight the 10
th
 anniversary between Maybank and Manchester United. For comparison, the regular Maybank Manchester United Visa credit card looks this:

Maybank also has a Manchester United Visa Infinite credit card, which features a monochromatic colour scheme and various famous architectures:

On top of that, there is also an ongoing
Maybank-Manchester United 10
th
 Anniversary umbrella campaign
, which you can tap into for a range of promos until 2022. These include a 10x TreatsPoints and 10% cashback offer for Maybank Manchester United Visa credit cardholders, exclusive discounts at selected merchants, as well as the chance to win official signed merchandises and 5x all-paid trip to Manchester United’s home ground Old Trafford.

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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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