Common Challenges And Solutions In Preparing For Your Retirement

Building a retirement nest egg is important without which could lead us to not being able to enjoy our golden years or worse, be in an unfavourable financial situation. However, due to certain circumstances like high cost of living, inflation, and lifestyle changes, many Malaysians are finding it difficult to save sufficiently for their retirement.

With these challenges in mind, Maybank Flexible Retirement Solution offers a new way to supplement your savings at a pace you’re comfortable with. It features two Shariah-compliant funds –
Maybank Global Wealth Moderate-I Fund and Maybank Global Wealth Growth-I Fund
 – that work together to reach your retirement goals. As you go through each life stage, you can adjust your plans and optimise the potential of your investments to better suit your needs.

Find out how you can navigate and prepare for your retirement with this solution.

Inflationary pressure

Many Malaysians have been feeling the pinch of recent price increases for several foods such as rice, flour, and even our favourite Malaysian breakfast dish combo,
roti canai
with
 teh tarik.
 As our living cost increases, our savings need to keep up as well, otherwise they would lose their value.

For example, you have deposited RM100 into your bank account with 1% interest. This means, after a year, you would have RM101. But, what if inflation has crept up to 2%? Now, prices of items have increased by 2% and the growth rate of your savings of 1% would not be able to cover the rising inflation – cutting into your buying power.

Hence, it’s important to hedge against inflation and grow your savings at a rate that is higher than inflation. Maybank’s retirement solution has projected target returns of 6% to 8% per annum with the two complementary global Shariah-compliant mixed asset funds –
Maybank Global Wealth Moderate-I Fund and Maybank Global Wealth Growth-I Fund
. The target returns are above the average inflation rate projected by Bank Negara Malaysia of
between 2.2% and 3.2%
.

Prepare for the unexpected

Many people spend their whole working life, which could span from 30 to 40 years, to build a sufficient retirement fund. It’s important to consider possible incidents that could impact your income such as health issues or loss of employment and build a financial safety net for when such unexpected situations occur.

One way to minimise the impact of the unexpected is by preparing an emergency fund for rainy days, which you can put in a low-risk fund. A highlight feature of the Maybank Flexible Retirement Solution is that you have the freedom to choose and switch between the Moderate or Growth portfolio and share classes.

According to Maybank’s website, the Moderate portfolio can potentially give you returns that outpace inflation at moderate risk.

It is noted that, based on the
2022 Global Medical Trend Rates Report by Aon
, the medical inflation rate in Malaysia is six times (6x) greater than the general inflation rate, so it may be worthwhile to consider purchasing a comprehensive medical insurance. This gives you more options for treatments and services at private hospitals.

Priority changes and how you can invest and earn

At every life stage, we have different needs and priorities. When you’re in your 20s and early 30s, you have a longer investment horizon and a higher tolerance for market volatility. The Growth portfolio can help to provide potentially higher capital appreciation with a more aggressive investment strategy.

As you proceed through life stages, you may want to maintain potentially good returns but not at high levels of risk. The Moderate portfolio helps you attain this. Aside from the flexibility of switching between these two funds, you can also combine them at any time you wish.

Additionally, you can choose and switch between the Accumulation class and Distribution class, which is basically how you want your earned income to be treated.

For example, in your 30s, you’ve just bought your dream home. You could opt for the Distribution class and receive cash payouts to make repayments for your home. As you become a parent, you think of your children’s education fund. You can then choose Accumulation class to compound long-term growth of savings.

***

Many people understand the importance of preparing for their retirement but they also want to have control over their money. Maybank Flexible Retirement Solution lets you build your retirement fund at your own pace.

Designed to help Malaysians plan for their golden years, Maybank’s retirement solution not only lets you supplement your savings, but also flexibly choose and switch between Moderate and Growth Portfolio as well as share classes according to your needs and risk affordability, to enjoy target returns of 6% to 8% per annum.

Find out more
here
.

The contents of this article do not constitute financial advice by RinggitPlus and
Maybank
. Readers should conduct their own research before making a financial decision.

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Maybank2u 2B hacked?

After
Google Malaysia was hacked
 by Pakistani pranksters last week, it’s been rumoured that
the next target will be the online banking site Maybank2u.com.my
. The attack was meant to happen last night. A text message spread across Facebook and Whatsapp with the message:

“Salam..pastikan tiada yang buat transaction ataupun online banking sehingga isnin pagi ye…terima kasih.pastikan anda tahu baki akaun anda semua. Ada attack besar besaran mlm ni terutama maybank. Dari kawan TM Cite yg dbritakan olh kengkwan utk dkongsi Last week google kne hack oleh siapa xdktahui Jd pkhidmatan online spt traksaksi akaun o etc dnchatkan utk dkurangkan klu bly elak,elakkan dlu smentara.. Hacker dari pakistan yg hack google last week Ini maklumat yg diterima… copy paste dr whatapps IPK”

(Greetings…please be sure no online banking transaction is done until Monday morning. Thank you. Make sure you know your account balance. There will be a major attack tonight especially on Maybank. Friends from TM said told told me the recent attack on Google website may trigger this attack. Avoid online transaction for a while. Pakistani hackers attacked Google last week. Message from PDRM)

It all turned out to be a hoax.
CyberSecurity Malaysia
 has given assurance that the Internet in Malaysia is safe and there have been no Internet Security sites that have issued any alerts about a possible hacking threat. As stated on Maybank’s Facebook page:

We are aware of a hoax circulating on social media and messaging tools (i.e. email, SMS, WhatsApp, etc) regarding hacking attempts on Maybank2u. Please be assured that Maybank2u is secure and under constant monitoring. Please share this with your family and friends. Thank you.

While it’s good to know that Maybank is keeping their site secure, it’s still important to play it safe at all times. Ensure your accounts are protected with a strong password, keep track of your money and do not divulge your account information to anyone, anywhere.

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Protect Yourself And Your Family With Zurich Takaful’s Guaranteed Acceptance Plan

By now, many of us have realised the importance of health insurance or takaful to cover the rising medical expenses. However, the number of people who have a life protection plan is
still relatively low
.

It’s crucial to safeguard you and your family’s financial future should misfortune strike. A family takaful plan is a practical way of doing so as it provides a lump sum amount to you or your beneficiaries in the event of total and permanent disability (TPD) or death. Without it, your family may be left with debts to pay or face endless worries due to inadequate savings for education and their future.

One such plan is Zurich Takaful’s new family takaful plan – Takaful Al-Shams. With an affordable contribution, this plan offers guaranteed acceptance to anyone up to age 70 with no medical check-ups required. This ensures you and your family are well-protected.

If you’re looking to sign up for a family takaful plan, read on to discover the 8 key features of Takaful Al-Shams.

***

Now that you’ve read about Takaful Al-Shams, you can consider it as a way to ensure you and your family’s financial future are protected in the event of a misfortune while in compliance with Shariah law.

Fun fact – a takaful plan is available for everyone and not just Muslims! It’s also beneficial to note that contributions made for Takaful Al-Shams are eligible for
income tax relief
, as part of the government’s efforts to encourage Malaysians to be covered under a protection plan.

Find out more
here
.

*The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

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BigPay Reduces Credit Card Top Ups Again, Now To Just RM1,000 A Month

BigPay has announced yet another reduction to its wallet reloads via credit card top-ups. The amount now stands at RM1,000 per month, and is effective immediately from today.

This is the third reduction in credit card top-ups for BigPay since the start of the year. Back in March 2020, the maximum reload amount via credit cards was
reduced from RM10,000 to RM5,000
. This was
further reduced in June to RM2,500
. Today it’s down to RM1,000 – one tenth of what it was seven months ago.

It also appears that BigPay made the change even before sending the email notification to its users. While the email was sent out at 8am this morning, users were already unable to top up more than RM1,000 via credit cards hours before that. Unlike credit cards, where banks are required to inform its users of any changes to its T&Cs with a minimum 21 days notice, e-wallets do not have this requirement, blindsiding its users in the process.

(Image: FintechNews Malaysia)

The email itself is a carbon copy of previous updates. It again refers to “new top up methods in the coming weeks” that it first mentioned back in March. It’s likely referring to DuitNow QR, but it’s best not to hold your breath about its immediate arrival – this is the third time we’ve seen that email.

Finally, BigPay also stated that debit card and online bank transfers will remain unchanged, with no transfer limit.

Here’s the email in full:

Dear Pang,

We are changing our fair usage policy for top-ups using credit cards.
From October 8th, we will be reducing the monthly limit for credit card top-ups to RM 1,000.

Topping up via debit cards and online banking will remain unlimited and we encourage you to continue using these sources. We’re also working to introduce new top-up methods in the coming weeks so you can have more choice when topping up your BigPay.

At BigPay, we’re committed to offering you fair financial services. We do this by keeping our costs low and passing the savings onto you. However, credit card companies charge us fees – that we absorb – so that our customers can have more options for top-ups.

We will continue to do this to make it fair for all our customers to use our basic products and services at low / no fees.

Thank you for your support.

Team BigPay

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Pang Tun Yau

Pang Tun Yau

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

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    fREsUB

    2 years ago

BigPay not dead yet?

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Luno: Bitcoin Will Play A Role In The Future Of Renewable Energy

Cryptocurrency exchange Luno has said that Bitcoin will have a valuable role to play in the future of renewable energy usage, especially as it gets more energy efficient over time. This is because it possesses the potential to replace and combine many existing financial systems in a way that could help to reduce global carbon emissions.

“Currently, 39% of Bitcoin mining is performed with renewable energy and 76% of miners use renewables as part of their energy mix, far more than in other industries. This is because renewable energy is currently cheaper than non-renewable energy. Bitcoin miners will go wherever they can use the cheapest power, and because they are so mobile, they move to regions where power is cheap and clean,” Luno explained in a statement following a virtual media session where its country manager, Aaron Tang dispelled some of the most common myths regarding Bitcoin.

(Image: The Star)

Luno also drew comparisons between the amount of energy used by Bitcoin minors and the financial sector, saying that Bitcoin mining actually consumes only a tiny portion of energy that is currently used by financial institutions.

During the virtual session, Aaron further shed some light on several other Bitcoin myths, including Bitcoin’s lack of intrinsic value, volatility, and potential as an instrument for cybercrimes. “In the past year, cryptocurrencies such as Bitcoin have experienced significant boosts in popularity. This is encouraging to see, but there are persistent misconceptions about Bitcoin, which makes it difficult for new investors to understand this asset class,” he said.

Aaron also commented that Luno is committed to educating the public about cryptocurrency so that they are equipped with the necessary knowledge to invest. He emphasised that the platform is more than just an exchange – it is also a resource to learn about cryptocurrency. “Ultimately, we want to make cryptocurrency accessible to everyone as we believe it has the potential to revolutionise the way the world views and uses money,” he said.

Luno – which is headquartered in London – is the first digital asset exchange (DAX) to be
fully approved by the Securities Commission (SC)
 in 2019. To date, it has achieved a total of eight million users globally.

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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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Unlock Up To 2.5% Guaranteed Cash Payout with Etiqa e-Treasure 3 Insurance Savings Plan

Saving money is one of the keys to financial independence and we all wish we had bountiful accounts with plenty socked away for a rainy day. But the truth is, for many people saving money can be a “difficult” task and many of us need a little motivation to kickstart our savings journey.

As such, Etiqa has introduced the e-Treasure 3, an insurance savings plan that motivates you to save with yearly deposits over a 3-year journey. Throughout the journey, you’ll also pick up various “treasures” (benefits) to add to your prosperity.

Discover how Etiqa’s unique 3-year insurance savings plan can help grow your savings in the infographic below.

So, if you’re looking for that extra push to start saving, take a closer look at Etiqa’s e-Treasure 3. This short-term insurance savings plan guarantees up to 2.5% annual cash payout while providing life insurance coverage over the 3-year policy period. What’s more, signing up for this limited-time offer is fast and convenient with a minimum deposit starting from RM10,000 required and no medical examination needed.

Apply online for Etiqa’s e-Treasure 3 here.

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StashAway Introduces Flexible Portfolios, Currently In Beta Phase

StashAway investors may soon be able to enjoy greater flexibility in setting up their investment portfolios as the robo-advisor is introducing a new feature called Flexible Portfolios. At present, the feature is in its beta phase, and only selected investors have been invited for early access to it.

In a notice sent to these selected investors, StashAway noted that Flexible Portfolios will allow them various flexibilities that are not achievable via its existing investment offerings. With Flexible Portfolios, you’ll be able to customise your own unique portfolio by adding or removing asset classes, as well as adjusting asset allocations.

StashAway’s current investment offerings – including General/Goal-Based Investing,
Thematic Portfolios
, and
Responsible Investing
 – do not give you the ability to tailor your portfolio to this degree. Instead, you are only able to select your portfolio based on your risk tolerance (determined through the StashAway Risk Index (SRI)).

Aside from that, Flexible Portfolios will also share a similar fee structure as the other StashAway investment portfolios. The annual management fee ranges between 0.2% p.a. to 0.8% p.a., depending on your investment amount, with no setup, withdrawal, or exit fees.

If you’re one of the lucky ones to gain access to this feature ahead of its official roll-out, there is also a promo offered by StashAway. You’ll get to enjoy free investing until 30 June 2023 for any new deposits that you make into Flexible Portfolios that you create.

While StashAway did not reveal when the Flexible Portfolios feature will be fully launched for all users in Malaysia, we believe it should not take too long. This feature has already been made available for
its investors in Singapore
.

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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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Economists Suggest Tax Solutions To Steer Country From Future Economic Downturn

(Image: The Malaysian Reserve)

Some economists have called for tax-related solutions in a bid to steer the nation away from another economic downturn in the future. These include the introduction of new taxes and the restructuring of tax schemes.

Economist Barjoyai Bardai from Universiti Tun Abdul Razak said that new tax schemes should be launched by 2022 as there are predictions of an economic boom in 2025. He commented that Malaysia may “miss the boat” if the government does not act swiftly enough. “We may then have to face another market downturn and wait another 10 years for another boom,” he said.

(Image: The Sun Daily)

Barjoyai – who was commenting on Finance Minister Tengku Zafrul Abdul Aziz’s statement that the
government will not introduce new taxes for now
 – also noted that Malaysia’s tax-to-Gross Domestic Product (GDP) ratio stands at 12%. It is lower compared to most of the nation’s neighbouring countries, except for Indonesia.

That said, Barjoyai clarified that the government should also be selective about the types of taxes to be imposed. The Goods And Services Tax (GST) should be avoided as it is “burdensome” to most taxpayers. Instead, the government could increase taxes on those in the T20 income group, or tighten the income tax structure by taxing dividends, profits from personal or private share transactions, and internet transactions.

Meanwhile, the chief executive officer of the Centre for Market Education, Carmelo Ferlito recommended for the government to improve tax schemes instead of introducing more taxes. “With new taxes, you simply add to existing ones. With new schemes, you change the tax composition,” he said, adding that the government can strike a balance by introducing a reformed GST accompanied by slightly lower income taxes for individuals and corporations.

(Image: The Star)

Carmelo also remarked that the government should have thought about the issue of debt and revenue before deciding to implement expansive fiscal policies and injections. “It will be the future generations who will pay with lower purchasing power and higher unemployment. Let’s also not forget the aggressive reduction of interest rates that could lead to an asset bubble and to a boom-and-bust crisis,” he said.

Ultimately, Carmelo said that the best strategy to increase revenues is to create conditions for the economy to grow soundly – which means being driven by private investments and savings. “WIth more economic growth, revenue will grow too,” he explained.

(Source:
Free Malaysia Today
)

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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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PTPTN Savings Campaign Exceeds Target By Almost 37%

PTPTN has announced that its annual Bulan Menabung SSPN event has exceeded its RM110 million deposit target by 36.73% at a total of RM150.4 million, thus meeting its target of increasing public awareness of Skim Simpanan Pendidikan Nasional (SSPN) and the importance of saving for future educational purposes, especially among parents.

This year, the Bulan Menabung SSPN event took place between 1 to 31 October 2020 via PTPTN’s official Facebook page, running on the tagline of “Jom Jadi Superhero Anak Anda”. Meanwhile, the SSPN is syariah-compliant savings scheme introduced by PTPTN that allows parents to save for their children’s future education.

The chairman of PTPTN, Wan Saiful Wan Jan said that the Bulan Menabung SSPN 2020 event has successfully encouraged a habit of saving money among Malaysians. “The increased amount of savings in the same period compared to last year clearly showed that more parents are realising the importance of saving and planning for their children’s future education. This is the uniqueness of the SSPN scheme, which also enables nation building,” he said.

The chief executive officer of PTPTN, Ahmad Dasuki Abdul Majid further commented that the SSPN scheme can help with financial planning, as well as offer various privileges to its depositors. Among some
incentives offered via the SSPN scheme
 include a maximum income tax relief of up to RM8,000 annually and free takaful coverage for eligible depositors.

“The Malaysian public is encouraged to continue saving through SSPN even during the Covid-19 pandemic as it offers various multiplied benefits to the depositors. You can also open SSPN accounts or deposit more money into your account through online channels, thereby making it more convenient, faster, and safer. Available channels include
www.lovesspn.com
 or other internet banking avenues,” said Ahmad Dasuki.

2020 marks the third year that PTPTN is organising the
Bulan Menabung SSPN
 event. PTPTN also said that it is committed to increasing public awareness so that Malaysians will save for their children’s education via SSPN instead of depending only on loans. It also hopes to turn PTPTN into an “education savings fund” and aims to achieve a target of RM1.5 billion in deposit by 2020.

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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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Shopee: Co-existence Between Online And Offline Businesses Crucial In Economic Recovery

Shopee has emphasised that the co-existence between e-commerce and brick-and-mortar businesses is crucial in helping Malaysia on its path to recovery in the following year.

During the virtual launch of Shopee’s 12.12 Birthday Sale, the e-commerce platform’s guest speaker, senior economist from UOB Malaysia Julia Goh said that the country’s economy has suffered projected losses of up to RM67 billion due to the emergency MCO (EMCO) and conditional MCO (CMCO).

However, the economy is also expected to rebound at a rate of 6.5% to 7.5% in 2021, although the recovery is likely to be a rough one, depending on the resurgence of Covid-19 cases. The key driver of this growth lies in private consumption, which accounts for up to 60% of Malaysia’s GDP.

“Therefore, offline retail and service sectors must find ways to thrive in a post-pandemic environment whereby higher unemployment levels may spiral into weaker purchasing power. One way is for businesses to integrate offline and online strategies to cope with the changes brought about by the new norm and tap onto the growing potential of the digital economy,” said Goh.

In light of the circumstance, Shopee has taken several steps to address this growing need for the cooperation between online and offline businesses. “We asked ourselves what we could do to contribute towards business continuity of traditionally offline players, and saw the opportunity to convert our high traffic into footfall for them. Additionally, consumers can also do their part in helping their favourite establishments maintain steadier cash flow by buying their deals online ahead of their visit to the stores,” said the head of seller management for Shopee Malaysia, Zed Li.

One of Shopee’s initiatives include the onboarding of more than 1,000 traditionally brick-and-mortar businesses, including malls, cinemas, F&B outlets, petrol stations, and beauty salons. It also struck new collaborations with various partners in conjunction with its 12.12 Birthday Sale, enabling them to instantly engage with consumers online and to encourage the purchase of products, merchandise, deals, and cash vouchers. On top of that, offline retailers can encourage more people to their stores by tapping into a daily cashback offer of up to RM8 when users transact with the ShopeePay e-wallet.

Shopee further commented that it will continue to support the business community with seller incentives and e-commerce education, such as the recent 12.12 free e-commerce workshops on digital literacy, ways to boost sales, exposure during campaigns, and so on.

“2020 has opened our eyes and shown us the importance and capability of technology to truly enable positive change,” said Li. He added that Shopee is committed to powering the growth of e-commerce in 2021 and beyond by bringing the human touch to online shopping, personalising and creating a seamless customer journey.

Shopee is slated to celebrate its fifth birthday with the 12.12 Birthday Sale, which will see a variety of deals and initiatives being carried out. These include the #ShopeeGivesBack Charity Initiative, Shocking Sale with RM1 deals, live game shows, as well as a countdown live show. For more information about the e-commerce platform’s 12.12 Birthday Sale, you can head on over to
Shopee’s website
 here.

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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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How to Build Good Credit With or Without a Credit Card

Building credit can be tricky. If you don’t have a credit history, it’s hard to get a loan, a credit card or even a house. But how are you supposed to show a history of responsible repayment if no one will give you credit in the first place?

While it does require some time and patience, it isn’t too difficult if you know how to go about it. Here’s how you can build credit history, even if you’re starting from the

very beginning.

How to Build Credit with a Credit Card

Credit cards are a very useful type of credit tool, and when used wisely, they can help you build your credit. However, it’s important to manage credit card use, because credit cards can also be a route to debt if you misuse them.

Here’s how to build credit with a credit card:

Get a secured credit card
. If you have little or negative credit history, it may be difficult to get a regular credit card. A secured credit card may be an option. Secured credit cards are usually tied to a savings account, and the limit on the card is typically the amount in the account or a percentage of it. Just as with a regular credit card, you build credit with a secured card by making responsible charges, keeping your balance low or at zero, and paying on time every month. Not all lenders report secured credit cards to the credit reporting companies, but the lender may be willing to convert the account to a traditional credit card after a certain period of time. You should ask these questions prior to deciding whether to open any account.

Ensure there’s activity on your card
. In order to have a credit score, you must have activity on your credit card in the last six months. Activity does not mean you need to go into debt. You can make a single purchase every month (even for just RM1) and that is considered activity. The best strategy is to select one small, recurring transaction and automate it. For example, use your secured credit card for your monthly phone, Astro, or Netflix bill.

How to Build Credit without a Credit Card

Credit cards aren’t the only option for building credit. Remember, your credit report is a snapshot of how well you manage what you owe. Whenever you use credit wisely,

that information can be included in your credit report.

Here’s how to build credit without a credit card:

Pay student loans diligently
. If you’ve got a college degree, you probably have at least some student loan debt. Student loans are reported to the credit bureaus, so making your student loan payment on time every month can help build your credit.

Take out an auto instalment loan
. Auto loans are among the easiest types of loans to obtain, although the interest rate and terms can vary greatly depending on who underwrites the loan for you. If you are planning to buy a vehicle, shop around for the best possible deal, secure the loan, and make the agreed-upon payments on time every month. If you have trouble finding a loan on your own, you may need a co-signer to share responsibility for the payments. Other types of instalment loans will also help you with building credit history, such as mortgages and personal loans.

Best Practices

While those are the moves you can make, here are the habits you should consistently practice so you can build good credit:

Make payments on time.
 Being a good paymaster means paying your bills and commitments punctually. Ideally, well before it’s due.

Make 100% of your payments, not just the minimum.
 While in some tricky circumstances you might only be able to pay the minimum, it’s good to aim for as much as you can afford to.

Don’t apply for too many cards or loans at once.
 Doing so might signal that you are in need of more credit than you can afford to have.

Check your reports and score regularly.
 Doing this helps you know where you stand as far as your credit health goes and how good your score is.

MyCTOS Score Report

If you aren’t familiar with CTOS, it’s a credit reporting agency that helps to compile and provide credit information in Malaysia. It offers the MyCTOS Score report – a comprehensive credit report that can help you understand your credit health better and help identify the areas you need to work on to improve your creditworthiness. The most convenient way to get your full MyCTOS Score report is to
visit the CTOS website
 and sign up for a CTOS User ID online (or via their mobile app).

A MyCTOS Score report contains your personal details, CCRIS records, directorships, legal action records, the number of times you’ve been searched, as well as your CTOS Score – a credit score that ranges between 300 (lowest) and 850 (highest).

You can find out more about MyCTOS Score report and sign up for your CTOS User ID at
ctoscredit.com.my
.

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AirAsia Allows Passengers 2 Pieces Of Cabin Baggage Once More

(Image: The Edge Markets)

AirAsia has changed its cabin baggage policy back to its pre-Covid-19 allowances. Effective 7 July, passengers are once more allowed one piece of cabin baggage and another laptop or small bag, not exceeding a total of 7kg in weight.

Earlier on 27 April 2020, AirAsia sent out an email stating that it would be
reducing its cabin baggage allowance from 7kg to 5kg
, as well as limiting each guest to only one small bag not bigger than 40cm x 30cm x 10cm. The budget airline explained that this change was intended to facilitate social distancing, especially during embarkation and disembarkation.

However, on the following day, AirAsia released a statement saying that the
cabin baggage allowance would be maintained at 7kg
 after all, although passengers were still only allowed one piece of carry-on luggage under the smaller size restrictions; this was the cabin baggage policy in place until the latest change today.

Under the newly reinstated cabin baggage allowance, you will be allowed to carry one cabin bag of dimensions 56cm x 36cm x 23cm and one laptop bag or small bag not exceeding the size of 40cm x 30cm x 10cm. According to AirAsia, this update to its cabin baggage allowance comes as the demand for air travel has picked up.

(Source:
AirAsia
)

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AirAsia Extends Unlimited Pass Travel Period To 30 June 2021

AirAsia has extended the validity of its AirAsia Unlimited Pass to 30 June 2021. Prior to this, the pass was deemed valid for travel until 2 March 2021, so the new expiry date has extended the validity of the unlimited pass by about four months.

The
AirAsia Unlimited Pass
 allows customers to take “unlimited” flights between Kuala Lumpur and Australia, India, China, Korea, and Japan for a year. The pass is only valid for the base fare and isn’t inclusive of optional add-ons, airport charges, taxes and regulatory fees, or any other charges. The terms and conditions also state that flight redemptions could be unavailable on public holidays, school breaks, and weekends.

Priced at RM499, the pass went on sale earlier in March this year – before Malaysia banned international travel with the enforcement of the movement control order (MCO) on 18 March. International flights are still currently prohibited. It is not known when the Malaysian government will allow overseas travel to resume.

In its
statement on Facebook
, AirAsia said that the updated travel period should be reflected on the “AirAsia Deals” page under the “My Purchases” tab for those who have purchased the pass. “We hope this gives you more time to plan your travels to your favourite destination when the time is right,” said the airline.

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Would You Take a Home Loan or Pay Cash?

If you were cash rich and had RM1,000,000 (although not everyone considers this cash rich) sitting in the bank – would it better to save on all interest by paying for a piece of property in cash or take a loan and stretch out payments while maintaining cash in hand?

Based on a verbal survey performed by this writer on about 15 respondents (mostly friends), 36% of people choose to buy cash to avoid loan interests; 54% choose to pay a higher down payment and take shorter term or smaller loans; whilst a small 9% choose to go with the longest possible tenure.

None of the above options are wrong, as they each have their own financial benefits. Let’s now assume you do have the privilege of having loads of money (may apply if you have saved up just shy of a million too) and we’ll explore what your best options are in a little more detail.

Full Cash Payments

When you buy a property with cash, the main thing you end up saving on, is the possible interest that would accrue over the years.

If you let a housing loan stretch out for a total of 30 years, with a loan amount of RM450,000 at 4.25% p.a. interest rate, you would end up paying an approximate total of RM347,000 in interest.

Comparing the initial loan amount against total interest paid, it almost sounds ludicrous not to go with this option. But some may have other ideas with the disposable money they have, let’s see how those options weigh out instead.

The Full and Partial Loans Option

If you opt for a property loan instead, be sure to factor in additional costs of housing loan agreements and lawyer fees. Along with these initial costs, interest charges could be heavy and can cause monthly commitments to skyrocket.

But you would have excess money to invest elsewhere. Rather than buying two properties at RM500,000 cash each (considering there were no additional costs), it may be a lot better to invest in three or four properties by financing it via home loans instead.

This allows an individual to earn rental income to cushion and pay for the housing loan while allowing the investment property value to grow over the span of a few years. When it hits the desired benchmark, you can sell and expand that investment portfolio with the profits made.

All this with excess money from the million still in hand. But are there other options to our million Ringgit scenario?

Flexi Home Loan

If you did have a lot of cash in the bank, a smart option would definitely be to explore a flexi home loan. A flexi home loan allows you to deposit extra savings or cash in hand into an account, which off sets the interest. Best part is, this account can be treated like a savings account, we’ll show you how.

For example, if your home loan has a balance of RM400,000 and you deposit RM350,000 into the account, interest will only be charged onto the remaining balance of RM50,000.

Excess cash (RM350,000) that you have deposited into the account could be easily be withdrawn when ever you feel the need to dip into your savings for things like a new investment opportunity, medical emergency, or require big movements in cash (usually the businessmen).

Your other option would be to take the full loan of RM450,000 (90% of RM500,000) and choose to deposit an equal amount into the flexi account to avoid interest charges completely.

Some prefer having this flexibility with their loan. It allows them to easily access the exceeding amount in the account rather than having to sell or re-mortgage the house that was earlier paid for in cash.

However, most banks charge a monthly fee for maintenance of the current account, ranging from RM5–RM10 per month. In addition, banks may offer better interest rates for term loans, so be sure to do your homework before investing time and money.

So, Which Option is Better?

Paying for a home loan in cash allows you to save a lot on interest, whilst taking a loan allows you to have more freedom to move your money around. There is no foolproof method that proves either one method to be better than the other – it all depends on an individual’s situation.

Some simply prefer to secure their family home with cash rather than taking risk with the money, whilst others prefer to play the investment game. A certain group may not even be able to stretch a loan’s term due to old age.

Whatever your needs or restrictions may be, some of the above options may be worth considering if you did have loads of money stashed up. If you’re looking for a dream home or would like to expand your investment portfolio, be sure to check out our wide range of
home loans
 available.

Which option would you go for – cash or loan? Tell us in the comments section below.

Image sources: Image 2 from
The Rakyat Post

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Budget 2021: EPF Employee Contribution Rate Set At 9% Starting January 2021

The minimum employee contribution rate for the Employees Provident Fund (EPF) will be set at 9%, starting from January 2021 for a period of 12 months. The announcement was made by Finance Minister Tengku Zafrul Aziz today during the tabling of Budget 2021.

Previously, the statutory employee contribution rate was set at 11% for EPF members below the age of 60. Then, in February of this year, this rate was
reduced to 7%
 for the duration of 1 April to 31 December 2020 as part of the Economic Stimulus Package. Thus, come January of next year, EPF contributors will be contributing more than the current 7% rate, but less than the 11% that was set before.

According to the finance minister, this initiative is introduced to increase the take-home pay of EPF members. The value of this initiative is estimated to be about RM9.3 billion.

In addition to the change in contribution rate, Tengku Zafrul Aziz also announced that the government will be allowing targeted EPF members to withdraw funds from their
EPF Akaun 1
 next year.

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Some Malaysian Families Only Have RM76 Disposable Income Every Month

(Image: Malay Mail/Firdaus Latif)

A study has revealed some worrying insights on the financial state of Malaysians. Khazanah Research Institute’s “
The State of Households 2018 – Different Realities
” has revealed a widening disparity between the low- and high-income households in the country, and its potential ramifications.

According to the study, the median household income in Malaysia is RM5,228. However, a vast majority of districts in the country have households earning less than that – the average income level in the Kuala Lumpur area is almost twice as high than the rest of the nation, indicating a broadening income gap. The study revealed some concerning trends among households earning below RM2,000 a month.

Tight squeezes for the under-RM2,000 households

The most shocking finding from the study comes from the lower-income group. The study revealed that households earning below RM2,000 in Malaysia spend a whopping 95% of their income on basic consumption items, rendering this group extremely vulnerable to economic shocks or emergencies. After deducting the expenditure on consumption goods, a typical household in this category would be left with just RM76 to spare at the end of the month.

Worse, this remaining balance would still have to be used for purposes such as tax or compulsory social security schemes. In 2014, this figure was RM124, signalling a worrying drop in residual income for these lower-income households.

Lower-income households cut back on consumption

The rising cost of living has affected the spending patterns of households earning under RM5,000 as well. This can be clearly seen when we look at their expenditure on food. It was found that consumption of food in these households has reduced for both food prepared at home and consumed dining out. At the same time, households are forced to fork out more money on groceries and eating out than before due to rising prices.

The unfortunate situation here is that Malaysians in the below-RM5,000 income group are consuming less food overall, but still have to pay a larger amount of money for it due to the inflation of food prices.

Aside from food, these households have also reduced types of consumption that fall under recreation and culture. This reduction makes sense as this sort of spending is generally viewed as discretionary in nature, and something you can more easily cut down on if you need to make ends meet. However, households earning below RM3,000 have been seen to cut back on how much they spend on transportation, which isn’t necessarily a discretionary expense. This decrease in use has been noted despite an overall decline in prices for the transport category.

The higher-income lifestyle and rising disparity

Meanwhile, higher-income households earning above RM5,000 display a very different spending pattern. This group spend less on food at home and instead eat out more at cafés and restaurants – and they also spend more on recreation and culture activities. Furthermore, the decline in petrol prices can be said to have served this group of households well as they have been able to use transportation more frequently while spending a lesser amount on transport overall.

This difference in spending patterns is in line with the study’s findings on the absolute income gap between higher- and lower-income households. Despite the Gini coefficient measure of economic inequality showing that income inequality in Malaysia is improving, the real-number statistics show that the absolute income gap is actually increasing. In the past two decades, the absolute differences in income between the top 20% of households (T20) and bottom 40% of households (B40) have almost doubled.

Another instance of the reality being more sobering than overall rates can be seen in the level of poverty in the country. The poverty rate in Malaysia may have decreased in the last decade, but the number of poor households in the country has actually increased due to population growth. The growing number of poor households is visible to the public, and this is what fuels a negative sentiment surrounding inequality – regardless of what the official poverty rate in the country has been calculated to be.

A case for more relatable figures

In its conclusion, the Khazanah Research Institute said that economic inequality and the poverty rate are only two examples of official statistics not accurately reflecting what is really being faced by Malaysian households. It states that “it is essential to complement national-level economic assessments with analyses that are sensitive to differences at a more refined level”.

This statement does echo the sentiment of this report’s title – namely that different households in Malaysia are facing different realities. Sadly, we now know that some of these households are facing a reality as harsh as a meagre balance of just RM76 in income by the end of the month.

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RHB will help you own an iPad on 0% Interest Smart Instalment

If you’ve been craving for an iPad with Retina Display, RHB is putting it closer within your reach with
its 9 month 0% Interest Smart Instalment.

Choose from six different models, and black or white colours. You even have a ten day cooling-off period should you suddenly suffer from a bad case of buyer’s remorse.

Do take note that delivery charges per unit are RM65 for West Malaysia and RM85 for East Malaysia.

Offer is valid till 30 June.
Terms and conditions
 apply, as always.

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Moving Forward with Visa payWave

Let’s face it, when the world moves as fast as it does, nobody wants to be the one that’s left behind. So how do we keep up with this quick pace? We can do it by changing one very small routine part of our everyday lives, by using Visa payWave.

With Visa payWave, it’s as simple as waving your card or phone when you’re making a payment. Wouldn’t it be just great if everyone had one of these? Making a transaction has never been easier; it takes less than a second and you’re on your way to your next appointment. Apart from the fact that it’s the fastest way to pay, it has a host of other benefits too!

No Hassles When You Pay

We’ve all been in the situation of not having enough cash with us and not having an ATM machine nearby. Rummaging through your wallet and making sure you have enough cash should be the least of your worries. With Visa payWave, you can forget about all that and just pay without having to bring any cash.

No Signature Required for Quick Shopping Trips

When using Visa payWave, you don’t even have to sign or enter your pin for your purchases for total amounts below RM250. If your amount purchased is above the limit, your signature or 6-digit pin will be required. Even with these additional steps, it is still the quickest and most convenient way to pay, just Wave & Go.

Spend Less Time in Queues.

Spend more time shopping! As a modern urbanite, queuing shouldn’t even be on your mind as you breeze through your paying process with Visa payWave.

Save Time with Visa payWave !

There is no way payments could be easier and quicker than Visa payWave, unless you get the exact amount of cash ready in advance of course.

Not only is it less of a hassle for you when making a payment, it’s also easier for the cashiers who serve you. All they need to do is key in the amount of your total bill, let you wave your Visa payWave card against the contactless terminal and you’re all set!

Stay in Trend with Visa payWave!

The days of carrying huge wads of cash to make payments are long gone. Not only are we going cashless for convenience, Visa payWave makes the card transaction process as easy and secure as possible. Don’t fall behind, get yours today, right here on RinggitPlus.

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10 Tips to Writing the Perfect Will

Okay, so perfection doesn’t really exist but let’s see if we can’t get you at least thisclose to it. If you’ve clicked on this link, you’re one of two groups of people: 1) people serious about making a will or 2) people who will read anything in list form – “5 things to train my cat to do”; “3 reasons Putin could be your best friend” or even “10 ways to make something racist when it actually isn’t” are all fair game.

If you fall in group 1, we hope you take something useful from this. If you fall in group 2; we hope you’re at least entertained.

But on to the topic at hand – why should you be interested in making a will? Is it to stop Aunty Clara and Cousin Norma from fighting over the Iranian carpet? Or is it to make sure they know where to find the money for your funeral so you don’t end up in a plywood box in the outskirts? Whilst these are both pretty solid reasons, perhaps the kicker should be this: do you want your hard-earned money and accumulated assets to revert to the government?

If that doesn’t get you moving, we don’t know what will. But before you sit down with your freshly downloaded will template; read through our list of must-knows.

But wait! First, some Will-y Words

Before you get you started, familiarise yourself with these will-y words:

Beneficiary: people on the receiving end of the stuff you are listing. As the name suggests; people who benefit from your will.

Administrator: the person you choose to handle your will and get the things listed inside, done!

Trustee: If you create a trust, the trustee is the person in charge of managing the trust.

The 10 Things You Need to Know to Create a Kick-ass Will

1. Everything including the kitchen sink:
 Don’t feel self-conscious if some items in your list of ‘assets’ seem petty; like your China teacup collection or Nintendo Wii game stash. If it’s important to you; it should be included. Don’t worry about the length of your will either. If your beneficiaries really want what’s coming to them; they should be able to sit through the reading of your will. All 596 pages of it.

2. Be specific:
There’s nothing worse than finding someone’s will isn’t as clear as it needs to be but there’s just no way to ask them to clarify (we don’t recommend the use of Ouija boards for this purpose). It is also possible that even within your family alone; there are 2-3 people with the same names. List beneficiary and other parties’ names in your will in full and include IC numbers for even more accurate identification. Also, provide complete details of bank account numbers, branches, security boxes and just everything a person will need to access your assets and liabilities. Imagine that you are going away (which you are) and leaving the managing of your affairs to a third party – how much information do you think they will need to ensure they don’t call you 50 times for clarification?

3. Remember, this isn’t a scavenger hunt.
 As far as possible, state clearly where everything can be found. Nothing is worse than having your valuables kept in such a ‘safe place’ that even the people who should find it, can’t get to it.

4. Keep it together.
 As in all the requisite and related documents. Bequeathing a house to your children? Keep the deeds close by. Insurance policies? Stick them in the file too. Again, the last thing anyone wants is a document treasure hunt.

5. Unlike in crime; make sure you have credible witnesses.
As most people know, your will needs to be witnessed. This means, two people must sign the document once you’re done to attest that it was written by you and you really did intend for it to be the way it is (make sure there aren’t any sneaky guns pointing at your head by beneficiaries). Witnesses are required by law to be three things: not a beneficiary; not mentally-incapacitated; and not under-aged.

6. Save the poetry; be clear in your instructions.
You’re not writing Shakespearean prose so save the flowery descriptions and unnecessary rhetoric. Get to the point; list your assets and liabilities; what you want done with them and who is to benefit or make arrangements.

7. There are always ‘leftovers’:
 Known in formal terms as ‘residual’, there will often be assets that for some reason could not be distributed. Perhaps a beneficiary has passed away or one provision wasn’t clear enough to enable distribution. Or maybe you’re so stinking loaded; you forgot you had a stash of money in a bank account somewhere (one can dream). This may result in some assets be unaccounted for and these will then revert to your estate and become your residual assets, which if not distributed, may end up with the unclaimed monies pile (ie. the government). So make a provision for these leftovers. The clause can be a simple: “All residual assets will be given to my son, John Low (IC no xxxx-xx-xxxx) to be distributed as he sees fit.” This becomes a catch-all for anything you may have forgotten to include as well.

8. Update; update often.
 Just like a news site, gossip rag and traffic report; wills are only useful when updated accordingly. How often should you update your will? Unlike TMZ, your will only needs to be updated when you undergo a major life event such as marriage, a death of a beneficiary or a change in asset composition (sale of property, stocks, etc.) and not every time Kim Kardashian wears a bikini (phew!).

9. Get a legal eagle’s once over.
 Though many would tell you that you don’t need a lawyer to write a will (and they’d be perfectly right); it helps to have one. An experienced lawyer in matters of inheritance will be able to advise you on the best methods for disbursement (a trust or a power of attorney) depending on the asset and the beneficiary; what your beneficiaries can expect at the courts of probate and what you can do to speed things up. Such advice you won’t get from an internet template.

10. Guard it in life and death.
 ‘Over my dead body’ is not a sufficient standard to set when safe-guarding a will. Because essentially, people will be tussling over your dead body for it. Make copies and keep them safely – either with your lawyer; a bank safe deposit box; a trustee or even a copy in all three places. You may think missing wills only happen in movies but you never can guess when life will imitate art.

Did we miss something that caused your beneficiaries to swear a blood feud for the rest of their days? As always; tell us!

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Public Holidays And Long Weekends In Malaysia 2019

If there’s anything Malaysians love more than a public holiday, it’s a public holiday that falls near the weekend. 2019 has been a really good year for both long holidays and extended weekend getaways, with many public holidays falling close to the weekend. Find out which days you should be applying for leave to make the most of the public holidays and long weekends in Malaysia for 2019.

If you’re looking to go off on a long holiday, you might want to do it in May because you can get an entire
NINE days off in a row
 by applying for only three days of leave. For shorter getaways, keep your eyes set on August, September, and October because you’ll get as many as
five three-day weekends
 during these months without having to apply for any leave at all.

Most importantly, those who want to
balik kampung
for Chinese New Year or Hari Raya Aidilfitri will be getting at least
five days off for each festive season
 with just one day of leave application.

Now that you’ve taken a look at the generous public holidays in Malaysia for 2019, do plan ahead and use your annual leave wisely. But before you head off, make sure that you’ve got the right insurance plan to ensure that you have a well-protected and stress-free holiday. Find the best insurance policy for you using our
RinggitPlus travel insurance comparison tool
.

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Finance Ministry Begins Budget 2021 Consultation Roadshow

(Image: Bernama)

The Finance Ministry has launched its Budget 2021 consultation roadshow in a bid to gather insights into the Malaysian public’s views and plights, particularly those affected by the Covid-19 pandemic.

According to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, the roadshow will ensure that Budget 2021 covers the four main themes that it aims to focus on. The themes include caring for the people, steering the economy, sustainable living, and enhancing public service delivery. Additionally, the upcoming national Budget also intends to look for ways to alleviate the impact from the movement control order (MCO).

“I hope through the consultation approach, we can get the views of all quarters before Budget 2021 is tabled. This marks the first time a Budget consultation is made starting with the states – previously it began at the Finance Ministry level – and Melaka is the first state,” said Tengku Zafrul.

(Image: Malay Mail/Miera Zulyana)

Tengku Zafrul also commented that the consultation roadshow is the best time for the government to go on the ground and listen to the problems faced by the people, industries, and associations. The views and feedback gathered will be submitted to the relevant ministries for further action, and no effort will be spared to consider the public’s recommendations.

The Budget 2021 consultation roadshow is expected to end in October. Meanwhile, Budget 2021 is scheduled to be tabled on 6 November 2020, after having been
postponed from 2 October
 following a revision to the meeting schedules in the third term for the 14
th
 Parliament. Tengku Zafrul had also previously assured that the upcoming national Budget will
take into account current Covid-19 economic factors
.

(Source:
The Edge Markets
)

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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6 Completely “Auntie” Ways Malaysians Maximise Credit Card Cashback Benefits

Cashback credit cards
 are great. You get a portion back of what you paid for, and over the course of a year this can add up to more than RM1,000! But of course, this is dependent on fulfilling the cards’ cashback conditions. This raises the question: how far would one go to fully make use of their cashback credit cards’ benefits?

We asked friends, colleagues, and family members to come forth and tell us of their experience. We came across several “techniques” that they stand by to ensure they hit their cards’ cashback caps each month. Some were rather tedious, while others are genuinely “auntie-level”. Here are some of the best we came across.

(Note: Names and images have been changed as the interviewees requested to remain anonymous.)

I applied for a credit card specifically for date nights – Mr A, 27

Eating out in KL is great. There are plenty of really good places to eat, with an equally wide selection of cuisines. My girlfriend and I have our date nights once a week, where we eat somewhere nice and have a relaxing evening.

Eating out in KL is also
expensive.
 Even at our “cheap but good” places, a meal for two can easily go close to RM200 – that adds up to about RM800 a month! So after some researching, I got the
Hong Leong Wise
 card which offered 10% cashback for dining, and been helping me save about RM80 every month – that’s almost RM1,000 in a year!

My girlfriend would sometimes offer to split the bill, but I’d insist to pay with my card first to earn the cashback. Double win! (shh don’t tell her)

OK lah, the RM2,000 minimum spending requirement for cashback is steep, but I pay the utility and smartphone bills for my parents, so the monthly total adds up to more than RM2,000. I also get cashback for these transactions too, so I’m pretty stoked I got this card.

I top up my Touch N Go card only at a grocery store chain – Ms N, 31

Some friends say it’s odd that I refuse to top up my TnG card at petrol stations or kiosks that don’t impose a reload charge. But they don’t know that I can save more than that measly 50 sen charge by topping up at grocery chains that accept credit cards to pay for TnG top ups.

Once a month I’ll top up my card with my
Maybank 2 American Express
 card when doing my grocery run. The card gives 5% cashback on weekends for all retail spend, so I basically get a discount on both TnG credit and groceries. I spend about RM180 in tolls per month on my commute to and from work alone, so every bit of saving helps! I heard that there are some cards that offer greater cashback rates for groceries though, so I might switch soon.

I once paid RM5 for petrol for my car that was running out of fuel – Ms J, 25

My “peak Auntie” moment came when my car was running out of fuel on a Thursday night. Before heading to work the next day I pumped RM5 to my car – the people working at the petrol station were giving me weird stares! To “cover malu”, I said that I was rushing.

In reality, I refused to pump a full tank because my
Maybank Islamic Petronas Ikhwan Visa Gold Card-i
 gives 8% cashback, but only on weekends! I spend close to RM200 a month on petrol alone, and this card gives me around RM16 each month. It doesn’t sound like a lot, but I calculated that the cashback savings would cover one full tank every 4-5 months!

I volunteered to pay for office expenses – Mr P, 38

I work in a small company that involves a bit of travelling. Once, the company admin forgot to arrange for a trip I had, so I offered to skip the hassle and do it myself. Then it hit me: if I paid for these expenses which need to be claimed back from the company anyway, I could earn some cashback without actually spending money!

Since my company doesn’t have a policy of using company credit cards, I could use my own and claim the amount later. I’ve been using the
Standard Chartered JustONE Platinum
 which gives 15% cashback on 3 categories that’s capped at RM85 a month. I just make sure I pay for the expenses online to qualify for cashback. The RM2,500 spending requirement to “unlock” the 15% rate is redundant, as the flight and accommodation costs are usually more than that amount.

I *religiously* pay my bills on the 1
st
 of every month – Mrs K, 52

You see, I pay my utility and smartphone bills on the first of every month simply because my
UOB YOLO credit card
 has a cashback pool that is given out on a first come, first served basis. From experience, I’ve found that this cashback pool is usually depleted within the first two weeks, which is really the main reason why I settle my bills as early as possible.

The UOB YOLO’s requirement of performing at least 16 transactions to activate the 8% cashback is easily achievable – just split the payments in multiple transactions, and I get RM50 in cashback each month just by paying for my bills.

When I told my son about this, he said I found a “life hack” to get free money every month. We both laughed, even though I wasn’t sure what “life hack” meant. Actually, I don’t even know what YOLO means either.

I have a specific credit card for EVERY expense – Mr T, 32

People used to think that I’m saddled with debt when they see how many credit cards I own. I used to tell them I own different credit cards for different expenses, but most of the time, they don’t get it. These days I just laugh and say “yeah I really need to have some restraint!”

Pfft. My six credit cards earn me more than RM2,000 a year in cashback just by paying for the essentials for my family: utility bills, mobile data plan, insurance premiums, groceries, AND petrol. One card also gives me access to airport lounges when I need to travel, while two of the six also gives cashback for online shopping and “general use”.

Sometimes, it’s easier to just agree with the norm rather than explain why having a different mindset sets you apart.

——————

Honestly, we were surprised at some of the responses that we got. While we found that most people don’t really care about the benefits of their credit cards, some were willing to go to great lengths to take full advantage of every card they own.

Do you have any tips for maximising cashback credit cards? Share them in the comments section below!

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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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Standard Chartered Partners With PPZ-MAIWP To Offer Online Zakat Collection Services

Standard Chartered Saadiq Malaysia has partnered with Pusat Pungutan Zakat Majlis Agama Islam Wilayah Persekutuan (PPZ-MAIWP) to provide zakat collection services via the bank’s digital banking platform.

The digital service, which is immediately available to the bank’s Muslim customers around the world, aims to provide convenience as the global community practises minimal physical engagement and travel restrictions amidst the Covid-19 pandemic. At the same time, it also enables Muslims who are working overseas to channel their zakat contributions back to Malaysia.

“Standard Chartered Saadiq is the only international Islamic bank which has physical presence in multiple markets – namely Malaysia, UAE, Saudi Arabia, Bahrain, Pakistan, Bangladesh, and Kenya – and our extensive network allows clients who are working overseas to easily, at the click of a button, channel their zakat back to Malaysia,” said the chief executive officer of Standard Chartered Saadiq Malaysia, Mohd Suhaimi Abdul Hamid.

(Image: The Sun Daily)

Mohd Suhaimi also stressed that Standard Chartered has always emphasised on improving its digital adoption even before the pandemic, citing that close to 45% of the bank’s retail clients use digital banking, of which 95% of transactions are performed digitally. “We plan to strengthen our digital offerings and to further position Standard Chartered Saadiq as the best Islamic digital bank in Malaysia – a recognition we have received from Global Finance for three consecutive years,” he added.

Meanwhile, the chief executive officer of PPZ-MAIWP, Tuan Haji Ahmad Shukri Yusoff, said that the organisation continually seeks collaboration with various partners and channels, especially digital ones, to help Malaysian Muslims fulfil their zakat obligations conveniently. “We have seen a huge jump in the number of contributors who made payment for zakat fitrah via online channels this year due to Covid-19, and we believe that the number will increase even after the pandemic,” he said.

You can access the zakat collection services offered by Standard Chartered via the bank’s
mobile banking app
 or
website
.

(Source:
Standard Chartered Saadiq
)

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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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Grab Users May Now Tip Drivers

Grab Malaysia has announced a new feature that allows riders to leave a tip for Grab drivers after their ride, which is a convenient way for riders to show appreciation for a driver’s excellent service.

The tipping amount is currently set to RM2, RM3 or RM5 and it will appear after the rider gives a five-star rating to the driver. If you forgot to tip right after the ride, it is accessible via the
History
 tab in the app for up to 72 hours.

Currently, the feature only applies to Grab rides and for customers who make payments via GrabPay. Unlike the ride fare, 100% of the tips will go to the drivers as a way to thank them for the experience. Should the rider wish to tip more than the offered options, they are welcome to do so with cash. Grab did state that it is looking to offer the option to edit the tip amount in the future.

However, this feature is not mandatory so if a driver forces you to leave a tip, you may submit a report
here
.

(Source:
Grab
)

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Hayatun Razak

Hayatun Razak

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How Much Do The Most Common Critical Illnesses In Malaysia Cost?

How much do you really know about critical illnesses? For those of us who haven’t had a direct encounter with critical illness, our knowledge may be limited to dramatic depictions on TV or a brochure passed to you at the LRT station. But what does it really mean to have a critical illness? Read on to learn more about the three most common critical illnesses in Malaysia and how they affect you and your wallet.

1) Cancer

Cancer is a disease caused by the uncontrollable division of abnormal cells in a certain part of your body. Cancerous cells can spread and form solid growths of tissue called tumours. According to the
National Cancer Registry Report
, the most common types of cancer in Malaysia are lung cancer and nasopharyngeal (nose) cancer for males, breast and cervical cancer for females, along with colorectal cancer which is prevalent in both sexes.

Common treatments for cancer include surgery, chemotherapy, and radiation therapy, and they don’t come cheap.
One session of chemotherapy
 can cost up to RM200 in a government hospital, and a patient may have to undergo any number of sessions throughout their battle against cancer. The
overall cost of treatment varies
 according to the type of cancer; it can cost up to RM56,000 for lung cancer and up to a whopping total of RM395,000 for breast cancer.

2) Heart attack and coronary artery disease

A heart attack occurs when the blood supply to the heart is severely reduced or stopped. Coronary heart disease is when plaque builds up inside the arteries leading to your heart, which can result in a heart attack. According to the
Department of Statistics Malaysia
, coronary heart diseases were the principal cause of death for Malaysian males in 2016, and the second-highest cause of death for Malaysian females. You are at higher risk of developing this critical illness if you smoke, have high blood pressure and high blood cholesterol, and don’t exercise regularly.

Treatment for heart diseases involves many different types of medicines aimed at reducing blood pressure or widening your arteries. In more severe cases, you may have to undergo surgical procedures such as a coronary angioplasty to open your clogged heart arteries, or a heart bypass surgery which is used to replace damaged coronary arteries.
A coronary angioplasty in Malaysia
 can easily cost you around RM30,000 whereas
a heart bypass surgery can cost
 you up to RM70,000. The costs of these procedures vary from institution to institution, but hospitals rarely display their pricing on their websites outright.

3) Stroke

Strokes occur when blood flow to the brain is cut off, causing brain cells to be deprived of oxygen. When this happens, brain cells are in danger of dying, leading to abilities controlled by that area of the brain to be lost. Total recovery from stroke is possible, but
over two-thirds of stroke survivors
 are left with some form of disability. This could be paralysis, memory loss, or impaired ability to speak, depending on the affected area of the brain.
Research shows that stroke
 is the third leading cause of death in Malaysia, with the mean age of stroke patients ranging between 54 and 63 years of age. However, strokes can occur to anyone regardless of their age.

In a similar vein to heart attacks, stroke patients are prescribed medication and may need to undergo surgical procedures to alleviate their condition. Brain aneurysm surgery and carotid artery surgery can correct aneurysms (swelling of an artery wall) and restore proper blood flow to the brain respectively, and yes, you guessed it – they cost a lot of money.
Treatment for stroke can cost
 anywhere between RM35,000–RM75,000.

It Could Happen To You – So Prepare For It

Too many Malaysians fail to prepare themselves for the financial burden that comes with being a critical illness patient. According to the
Credit Counselling and Debt Management Agency (AKPK)
, 11.5% of those seeking counselling cited high medical expenses as the reason behind their debt.

Even though critical illnesses have become more successfully treatable, they can still be expensive. Along with the treatment costs of a critical illness, there are also the indirect costs such as medications, follow-ups, tests and consultations. However, the biggest financial strain will arise from loss of income. The recovery journey can be very draining which could make it difficult to work for a living. All the day-to-day expenses can really add up and the illness-related bills are only going to bring additional emotional and mental strain into the mix. Which leads us to the question: what can be done about this?

Prime Care+: The Financial Protection You Need

Prime Care+ by Allianz gives you the financial support you need so you can focus on your recovery and lifestyle changes when dealing with a critical illness. Under Prime Care+, you get coverage for a range of critical illness conditions that include heart attack, cancer, and stroke, as well as Alzheimer’s, kidney disease, and Parkinson’s, which are also common critical illnesses in Malaysia. All in all, Prime Care+ offers protection for over 150 forms of illnesses in its plan.

Make sure you have a critical illness insurance plan that gives you the financial support to seek early treatment and provide you with income replacement while on your road to recovery. Get yourself protected with
Prime Care+
 and prepare yourself for tomorrow, today.

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ringgitplus

ringgitplus

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4 Things to Know About EPF Withdrawals

While your Employee Provident Fund (EPF) savings are no doubt very important for retirement, there may be times in life when having access to a large amount of money may make it just as important to withdraw it earlier.

If you have considered withdrawing your EPF money for prior use before the age of 50, 55, or 60, here are some fast facts you should know to help you along.

1. What are the EPF withdrawal rules?

Do you know just how many things you can withdraw your EPF for beyond retirement? There are actually a total of 15, which covers a wide range of situations.

Age 50/55/60 withdrawal

Withdrawal to reduce/redeem housing loan

Incapacitation withdrawal

Leaving country withdrawal

Education withdrawal

Pensionable Employees Withdrawal And Optional Retirement Withdrawal

Members’ Investment Scheme

Withdrawal to purchase/build a house

Withdrawal of savings of more than RM1 million

Housing loan monthly instalment withdrawal

Death withdrawal

Health withdrawal

Hajj withdrawal

Flexible housing withdrawal

PR1MA housing withdrawal

There sure is a lot of reasons the EPF allows you to withdraw, simply because the situations above regularly requires a large sum of money upfront. For most Malaysians, there are several types of EPF withdrawals to highlight.

Age 50/55/60 Withdrawal
: This is the most common form of EPF withdrawal. When you reach a certain age, the EPF allows you to withdraw (partially or in full) the savings in Account 2. You have the option to withdraw EPF savings at age 50 or 55 (either partially or fully), or at age 60, when you can then withdraw any amount at any time.

EPF Withdrawals for Housing
: When you reach a certain age, owning your own home will be high on your list of things to do. You can withdraw from your EPF to cover
house down payments
,
principal repayments
, and even
building a house from scratch
. You can also withdraw EPF for
monthly home instalments
. An important note: you cannot withdraw EPF funds for house renovation – it isn’t listed in the
types of withdrawals
.

EPF Withdrawals for Medical Payments and Equipment
: Subject to the list of
approved critical illnesses
 by the EPF board, you can make
withdrawals to cover the cost of treatment and buying approved medical equipment
 not just for yourself but also close family members. While we cannot stress enough the importance of having a
medical insurance policy
, this should at least help if you do not.

EPF Withdrawal for Education Including PTPTN
: Tertiary education is exceptionally expensive these days, and while PTPTN has done a good job of assisting those who need help with paying for tuition fees, it may be difficult to immediately repay your study loan in the years after you start working. With that in mind, the EPF allows you to withdraw your EPF savings to partially pay for your PTPTN loan. Of course,
EPF’s education withdrawal
 is allowed for more than just PTPTN. Recognised institution tuition fees and other study loans are also allowed.

Withdrawals for Those Leaving the Country
: If you are planning to migrate and renounce your citizenship, the EPF allows you to
withdraw your entire EPF savings
. The same applies to foreigners who have worked in Malaysia but are returning to their home country. Whilst the requirement to renounce citizenship is a big decision, if you have made it – more money is always good to have.

2. Procedures for Withdrawal Are No Longer Lengthy

Although the exact procedure for each withdrawal and the documents required may be different, withdrawal of your EPF money is no longer an arduous process of days spent in the EPF office.

Check
their website
 to find out just what you need to prepare and pay close attention to the terms of each withdrawal. The reason some withdrawals become multi-part sagas is because people go in without first knowing what is required of them. In the dawn of the internet, most information is available to you just a click or two away.

In fact, with the EPF i-Akaun, you can even request for a withdrawal online via e-Pengeluaran. Otherwise, you can head to the
nearest EPF office or send it in via post
 with the necessary documentation. You can also do so by post, but we recommend going to the counter to avoid postal complications with your sensitive data!

3. Web Forms Are Available for Select Withdrawals

For some of the most common withdrawals such as education and housing, you don’t even need to move from your computer. EPF has invested in the creation of web forms for your ease of use.

Check out the
main page of listed forms
 and you’ll notice a bracketed indication of which withdrawal comes with a web form. It’s as simple as filling in the details online.

Once you’ve done that, EPF will credit the money within the stipulated 2 weeks.

4. There is a Time and Amount Cap on (Most) Early Withdrawals

Save for selected withdrawals that involve permanent, life changing events, such as the one for leaving the country for good, there is a cap to how much you can withdraw from EPF – and when.

For example, housing loan withdrawals are only allowed once a year and only from your Account 2 funds. This means that if you applied on, say, 16 April 2018, you cannot apply to withdraw again until 16 April 2019.

The amount is also limited to what you have in your Account 2 and subject to a minimum. These requirements may differ for each withdrawal so do check with EPF before taking the day off to head to the branch (yes, we speak from experience).

If you’re thinking of withdrawing, remember that EPF is important for your retirement and however much you can afford to leave in there will be helpful.

That said, it is also helpful to have a roof over your head in old age. If you’re now ready with withdrawal forms to buy the house of your dreams – you’ll need a good home loan to get you through. We’ve got a
home loan calculator and home loan comparison list
 to find you the best one!

Have we missed anything? Let us know in the comments!

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About THE AUTHOR

Diana Chai

Diana Chai

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    Javed Ali Ali

    3 years ago

I am pakistani and i am need my EPF .please answer me ….

71

Reply

    Peng App

    3 years ago

I am 55 years old, can I make multiple partial withdarwal from age 55 to 59? Let say my total EPF is 600k, plan to withdraw 100K in 2020, 200k in 2021 and 100k in 2022.

445

Reply

    Sharon Soo

    3 years ago

How do I secure an appointment to apply for dividend withdrawal over 12 months installment

51

Reply

    AH Lum

    3 years ago

你好，我想请问。我可不可以拿epf里的钱来付家里的维修费和管理费？

37

Reply

    LEONIE LEE

    3 years ago

Good afternoon. I am 55 years old and I would like to withdraw partial amount every six months. Is it possible.. I have bank account problem as someone has used my account and my account is blocked. Can I withdraw using my one of my children’s name.  Tq

42

Reply

    Md Azizy Taha

    2 years ago

Nak guna dalam RM 2000 sekarang tapi umur cukup 55 pada 29 / 10 / 2020. Boleh bagi cadangan

21

Reply

    Dr. MOlla Abdul Wahab

    2 years ago

I worked in SABAH  under ministry of health  in a hospital for 6 month  then left  in 2003  but my my EPF was  taken from my salary . Now can I withdraw my EPF if so how  I get it?

2

Reply

    Pang Tun Yau

    2 years ago

    Reply to

        Dr. MOlla Abdul Wahab

EPF withdrawals, regardless of employer and duration of employment, follow the standard rules as described in the article.

0

Reply

    Along

    1 year ago

If I were to keep the balance in my EPF account, is there a maximum number of days/year I can keep my EPF account after I renounced my Malaysian citizenship?

0

Reply

    Anonymous

    3 months ago

    Reply to

        Along

You can hold for many years, my friend renounced many years ago and he just withdrawn recently

0

Reply

    Jason

    1 year ago

Can I withdraw my full amount of 350,000 via online? I am 70 years old.

9

Reply

    Chan

    1 year ago

I am age 53 jobless since 2018 , age 50 already withdraw my account 2 money . Now can I apply o with EPFO ?

23

Reply

    Vince

    8 months ago

I’m 38 now, can I withdraw my EPF now? Coz I’m jod less now already few months, I plan to other countries to work, but I have to get ready some budget for my self.

0

Reply

    Dickson

    3 months ago

I have excess over RM1 million in EPF account 1 plus account 2.  Can I made a request via i-akuan to withdraw any surplus over RM 1 million and how long it takes for the money to be bank into my bank account

1

Reply

    ken

    1 month ago

I’m not sure what happened.  it took two month to receive my bank draft for leaving country withdrawal as they call it.  EPF deducted 6.5% from my EPF balance without explaining why.   Even if they explained that its processing charges due to foreign currency exchange and bank charges, 6.5% is excessive.  And they did not warn me in advance of any such prohibitive charges.  I hope it’s an error.

0

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10 Non-Money Perks at Work We'd Like to See

The year is almost at an end and whilst some employees may be skipping with joy over the yearly bonus; some may not be so lucky. To level with you; even us minions at RinggitPlus don’t know if we’ll be hitting the bonus paydirt but we remain ever optimistic (we promise, we’ve been good this year; bosses are you reading?).

But money isn’t the only way to a loyal employees’ heart, as we found out. We asked around and compiled some of the perks you could give your loyal staff this Christmas that isn’t a raise or bonus (although, we’re not saying it isn’t going to cost you some money!)

1. I-Just-Don’t-Want-to-Work-Days

We have leave days and we have medical leave days but what about those days when you’re just
meh
 about coming to work? Maybe your pet cat died; your boyfriend dumped you; or you’re just having a bad day because they just cancelled *
Franklin and Bash
*. Whichever the non-reason, there are some days you just don’t want to work and it has nothing to do with being ill or knowing enough beforehand to take a leave day.

Unrecorded leave days are fantastic things to have and you don’t even need to give that many. Five a year would be pretty great. Now, excuse me while I cry over the cancelling of *
Perception
*.

2. Ah-Ma-Zing Rec Rooms

Some companies in Malaysia have already caught on that what millennial creative thinkers need is a little unwinding in the middle of the day. They provide fully stocked rec rooms with pool tables; console games; TVs, beanbags, sofas, foosball tables and all kinds of beverages and snacks. We’re not going to mention the companies with these rooms but there are quite a few already in the Klang Valley.

Rec Rooms cost a bit of money to start but can be an awesome selling point to attract young talent as well as investors keen to see how you take care of your people. Come on, guys, employee perks you can actually show off! Sounds like an idea where everyone wins.

3. Through the Stomach

Surprisingly, many workers would appreciate the availability of some free food. Whilst supplying lunches everyday may end up with a lot of food wastage; it doesn’t hurt to keep a fully stocked pantry of nibbles, drinks and even some solid food for employees who are working late or a little short on cash for the month.

4. Gym-tastic Hours

Are your hours a fixed 9-5 or 9-6? Do you make your staff sit in gridlocked traffic every morning and evening with fixed hours; forcing them to use up annual leave days to do anything that needs to be done during the workday?

Flexi-hours can go a long way for a mum who needs to pick her kids; people who just can’t wake up early; or those who want to start the day at the crack of dawn. As long as people are clocking their 8-a-day; maybe it isn’t so bad an idea to let them decide what time (within reason of course!) is best for them.

5. A Change of Scene

There isn’t an office employee on earth who hasn’t at least one day in his work life wished that he didn’t have to see his cubicle walls or the side of his colleague’s face when he wanted to do work. Office environments can sometimes be monotonous and a bigger killer of dreams than insomnia. Why not allow employees, who can be afforded the leeway of working from outside the office, do so?

Even if it is as far as the coffee place across the road from the office; the change of scene could be the reinvigorating thing he/she needs to get those creative juices flowing. Again, it doesn’t have to be often; maybe just an out-of-office workday a month. Since it is a discretion and not a right; employers can always revoke the privilege if the employee abuses it (such as, by going on dates instead of working!).

6. Free Parking

KL work districts aren’t known for their abundance of affordable parking options. If you have inside parking facilities at the office building; why not offer this to the staff who work so hard for your establishment instead of reserving it for the one-off guest who may or may not swing by?

If there isn’t place inside an office building; footing the bill for staff to park nearby won’t dent the company exchequer as much as some raises but will make a tonne of daily commuting workers happy. It doesn’t do the company any favours if a staff member comes in grumpy from circling 30 mins looking for a spot. You’ve both lost valuable time and employee motivation!

7. Just the Right Ambience

The entire
Dilbert
 series is like a tribute to the soul-crushing thing that is the cubicle system most offices employ. Whilst it’s easy, uniformed and takes about zero interior designer creativity; it also doesn’t muster a whole lot of motivation nor creativity.

You don’t have to employ an interior designing expert; some cheery coloured walls; a hint of classy furnishings and maybe a deco item or two goes a long way if placed right. Setting a pretty interior just makes people happier to spend their time at the office. It’s the same concept as a restaurant with a nice ambience. Why do you pay more for a
nasi lemak
 at Madam Kwan’s than you would at the
gerai
 by the street? For the ambience, of course! Your employees will be more than willing to ‘invest’ their time at the workplace if the setting is just right.

8. Room Service! (or Office Service)

A place where one of our writers’ used to work would have a luxe food cart go around the office floor making tea, coffee or cocoa along with serving a host of pastries, cakes and bites. The offerings were cafe quality food at company subsidised prices so it all felt just a little pampering. Now these weren’t free; employees had to pay but they were glad for the service. On those really busy days, it’s the ultimate luxury to have someone bring food and drink right to your desk.

The worst thing about working late in some offices is the unavailability of food nearby. That will never be a problem with the foodcart service.

9. Get them Squeaky Clean

Build shower stalls. We’re not kidding. A lot of employees would like to go for a run before work or after but the time it takes to do it, go home to shower and then get to work takes up so much time that they don’t bother. On rainy days in Malaysia, people could get grimy and drenched running in the rain to get back to the office after lunch so a shower is just what the doctor ordered.

In fact, on those days when working late (
Malaysians do tend to do a lot of that
); a shower will be a godsend.

10. Don’t Be a Douche

Saved the best for last. This one actually doesn’t cost a cent but it means having managers and bosses taking it down a notch and treating staff like people; with respect. It is a lot harder for some bosses than you think. You’re paying the worker a salary; but he’s in return giving you his talents and time. It’s a fair trade off by any means and the hard worker deserves respect.

Believe it or not; employees are actually more often motivated to leave or stay in a company based on the attitude and treatment from their bosses rather than their salary. Treating your employees like equals and human beings should be a given and shouldn’t even be considered a perk, so it’s sad that so many bosses made it necessary for us to include this.

Do you agree with the perks or is there more you’d like to see? Tell us in the comments.

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Employee Perks

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Perks At Work

About THE AUTHOR

Diana Chai

Diana Chai

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