AirAsia Unlimited Pass Offers One-Year Limitless Flights To Selected Destinations

AirAsia has recently launched the AirAsia Unlimited Pass, which lets you take “unlimited” flights between Kuala Lumpur and Australia, India, China, Korea, and Japan for a year at the price of RM499. Exclusive to BIG members in Malaysia, the pass is available for sale from now until 7 March 2020, with the travel period being from now until 2 March 2021.

As mind-blowing as the prospect of an “unlimited flight pass” sounds, the AirAsia Unlimited Pass comes with a pretty long list of terms and conditions. For starters, the pass is only applicable for direct long-haul AirAsia X flights exceeding 4 hours, with the carrier codes D7 (AirAsia X) and XJ (Thai AirAsia X). The pass excludes flights from Kuala Lumpur to Singapore, Denpasar (Bali), Jeddah, as well as Fly-thru routes.

Understandably, the pass is only valid for the base fare and is not inclusive of optional add-ons, airport charges, taxes and regulatory fees, or any other charges. This means that you will still have to top up a little more when booking to fly with the unlimited pass. Note, though, that you can neither earn BIG Points nor can you redeem BIG Points for the purchase of the pass.

Once you’ve purchased the pass, you will be given a unique promo code, which you can then use to redeem one-way and round-trip flights on AirAsia.com or the app, subject to seat availability. Be sure to double-check before booking round-trips because in the event there are no available seats allocated for the pass on the return flight, your pass will only apply for one way of your journey. In other words, you will still need to pay the full fare for the return journey.

All bookings must be made at least 14 days before the departure date, with the last available booking date within the travel period for the pass being 16 February 2021. Once your booking is confirmed, you will not be allowed to make any changes to the redeemed flights.

Additionally, AirAsia imposes an embargo period for the pass, stating that flight redemptions are limited and may not be available on all flights during public holidays, school breaks, and weekends. You are also entitled to a maximum of three cancellations, after which your pass may be revoked by AirAsia. In the case of no-shows, AirAsia will only refund airport charges/taxes.

According to AirAsia, the AirAsia Unlimited Pass is the company’s way of encouraging the nation to fly again, given Malaysia’s current caution about travelling amidst fears of the Covid-19 outbreak.

“This [offer] is unprecedented. However, AirAsia has always been known as the disruptor and we want to restore traveller’s confidence amid the current sentiment towards flying. Travelling is still very safe as long as everyone travels responsibly and is kept updated by World Health Organisation (WHO) or respective government’s travel advice,” said the chief executive officer of AirAsia X Malaysia, Benyamin Ismail.

If you’re interested, you can find out more about the
AirAsia Unlimited Pass
 under the
Deals
 page the AirAsia website.

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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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    Chris

    3 years ago

Now the entire AirAsia fleet is grounded, effectively renders this Unlimited Pass useless

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Hong Leong Bank First To Enable Fully Digital Account Onboarding With Apply@HLB

Hong Leong Bank (HLB) has become the first bank in the country to offer a fully digital onboarding experience for customers looking to open a bank account. This means that HLB customers will no longer need to visit a bank branch or a self-service terminal for verification procedures in order to open a bank account.

Available immediately, customers can tap into this service by downloading the Apply@HLB mobile app, after which you can open a bank account in three steps with only one required document – your MyKad:

Verify your identity with your MyKad and a selfie

Fill in your personal details

Create a username for the HLB Connect app so that you can access online and mobile banking services upon activation of your account

To use this service, you need to be 18 years of age and above, and your application will be processed within three working days after submitting it. You’ll also get an email and SMS notification once your application is approved, which will further prompt you to fund the account within 7 days. Meanwhile, your debit card will be posted to you within 14 days after you have made the first deposit into your new account.

HLB’s new service comes following the publication of the guideline on eKYC (electronic know-your-customer) by Bank Negara Malaysia (BNM) in June 2020, a technology that the
central bank requires banks to adopt
. In short, eKYC is a paperless security and verification technology used to confirm the identity of customers for all digital transactions, thereby making for a simpler and safer onboarding process.

According to the group managing director and chief executive officer of HLB, Domenic Fuda, the introduction of Apply@HLB is timely as the bank has seen a significant shift to digital banking over the past 7 months. “Expanding our digital offerings to the first of its kind digital account opening through eKYC will further propel the move to digital banking,” he said. Domenic also hopes that the new service will deliver a higher value-added customer experience, which will set a new benchmark for the banking industry.

Chief digital and innovation officer of HLB, Shailesh Grover also shared a similar sentiment, commenting that HLB has accelerated the delivery of its digital roadmap since the outbreak of Covid-19. “Whilst we had enabled online application for a bank account for some time now, customers still had to complete the process by visiting a branch in-person for identity verification. Apply@HLB closes the loop on our previous account opening process and delivers an end-to-end digital account onboarding process, which is also aligned with our digital at the core strategy,” he explained.

Meanwhile, the managing director of personal financial services of HLB, Charles Sik said that Apply@HLB is HLB’s way of adapting as the world continues to battle Covid-19. He also noted that in addition to account opening, HLB will soon activate a fully digital credit card and personal loan application.

You can find out more about
Apply@HLB
 at Hong Leong Bank’s website.

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Alex Cheong Pui Yin

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Economists: Employees’ EPF Contribution Rate Should Be Maintained At 11% Moving Forward

(Image: Bernama)

Several economists have stressed that the Employees Provident Fund (EPF) contribution rate for members – which was recently restored back to 11% – must not be lowered again. This is to ensure that they will be able to secure their retirement and cope with increasing expenses in the future, such as rising medical costs.

Specifically, associate professor from Universiti Putra Malaysia, Rusmawati Said stressed that employees must tap into the restored 11% contribution rate to boost their savings. If they are unable to do so, their retirement may be at risk. “Contributors would be ‘burdened’ by the increasing medical costs if they do not chip in more now,” she also cautioned.

For context, the government had set the
statutory employee contribution rate at 9%
 for the whole of last year under Budget 2021 – lower than the original 11% that employees typically have to pay. This was in a bid to increase the take-home pay of EPF members, thereby providing them with some extra cash flow to ease financial hardships during the government’s fight against Covid-19. The reduced rate was then
extended to mid-2022
, and eventually restored back to 11% in July.

Rusmawati further shared some calculations to underscore her message; with the restored 11% contribution rate, an individual earning RM2,000 a month will be required to contribute RM220 instead of the lower RM180 when the rate was previously set at 9%. She also stressed that although she understood the value of the additional RM40 paid, especially for those who are currently struggling with the high cost of living, there is a need to look at the long term.

(Image: The Sun Daily)

Similarly, professor at Universiti Tun Abdul Razak, Barjoyai Bardai also applauded the EPF’s decision to restore the statutory employee contribution rate to 11%. He noted, however, that it is still the lowest rate when compared to Malaysia’s neighbouring countries.

The economist also reiterated the importance of EPF contributions, despite the availability of other saving schemes provided by the government. Additionally, he urged employees to refrain from regarding the amount deducted for such contributions as a loss, as they will eventually be able to access them again – with interest.

“EPF isn’t a tax but a long-term saving scheme,” Barjoyai emphasised, adding that this return to the 11% contribution rate can limit disruptions to retirement plans.

(Source:
Free Malaysia Today
)

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Alex Cheong Pui Yin

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Affin Bank Partners With UKM To Roll Out Co-Branded Credit And Debit Cards

Affin Bank has partnered with Universiti Kebangsaan Malaysia (UKM) to launch its new co-branded Affin UKM Alumni credit and debit cards, featuring benefits that cater specifically to the needs of the UKM community. These include the university’s alumni and associate alumni.

Cardholders will be able to benefit from exclusive privileges, including up to 50% discount on the fees of selected UKM services and facilities. Specifically, they can enjoy perks such as fee reductions for graduate registration, use of sports facilities and research laboratories, as well as UKM library membership.

Additionally, cardholders will be able to earn 3x Affin Rewards Points for dining, e-commerce and online, as well as overseas transactions – and enjoy a lifetime waiver on the annual fee too. Adding to the uniqueness of these new co-branded cards, they can also affix a photo of themselves onto the card, with their faculty acronym and graduation year or matric number printed.

The president and group chief executive officer of Affin Bank, Datuk Wan Razly Abdullah said that this collaboration is one of the bank’s latest efforts to reach out to more customers, offering a more personalised and convenient banking experience.

“They could benefit from the privileges offered by these co-brand credit and debit cards, as well as our other extensive products and financial solutions which will be made available to them at a competitive rate,” Datuk Wan Razly further said.

Meanwhile, the deputy vice-chancellor student affairs of UKM, Mohd Suzeren Md Jamil stated that these cards were made specifically to honour and recognise their alumni. “It is introduced to highlight the identity of UKM alumni and to represent their life-long association with their alma mater,” he said.

In conjunction with the launch of the Affin UKM Alumni credit and debit cards, there is an ongoing campaign that will put cardholders in the running to win one of three Vespa Primavera 150 motorcycles. Each approved application for the Affin UKM Alumni credit card/-i will earn the cardholder one entry for the campaign, while Affin UKM Alumni debit cardholders will receive one entry for every five retail transactions. The campaign is set to run until 15 May 2023.

(Sources:
Affin Bank
,
Malay Mail
)

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Deputy Finance Minister: Budget 2023 To Be Dynamic And Flexible

(Image: Bernama)

Deputy Finance Minister I, Datuk Mohd Shahar Abdullah has commented that Budget 2023 will be a dynamic and flexible national budget, with the people’s welfare highlighted as a priority – as always. This is especially from the aspects of economic and social protection.

The deputy minister said that a flexible national budget will allow the government to implement improvements and adjustments if there were shortcomings or weaknesses. He also shared an example to illustrate the situation.

“In 2011, we found that the budget allocation for micro, small, and medium enterprises was not enough and needed to be increased. Even though we have tabled it [the budget], if we find that it does not meet the needs of the people, improvements can be made for the wellbeing of the people,” said Datuk Mohd Shahar.

(Image: The Malaysian Reserve)

Aside from that, Datuk Mohd Shahar also highlighted that the upcoming national budget will seek to boost the rural digital economy as well. He said that Malaysia’s e-commerce market has been expanding rapidly over the past few years, with the country recording a total sum of RM1.09 trillion in e-commerce transactions in 2021, up 21.8% from RM896.4 billion in 2020. In fact, Malaysia is on track to have an e-commerce market with the size of RM1.65 trillion by 2025. As such, rural areas, too, must be included in this advancement.

“From that sum [RM1.09 trillion], we can see a bigger opportunity through the digital economy, thus the implementation of various initiatives should be focused on and not just in the big cities. In fact, it should be widened to reach all levels of society, including the minority communities in the rural areas in tandem with the technology implemented by the Communications and Multimedia Ministry,” said Datuk Mohd Shahar.

Additionally, Datuk Mohd Shahar shared that the government foresees the country facing some economic challenges in 2023, and as such, may opt to postpone certain policy changes to Budget 2024 instead. This, in turn, will allow the government some flexibility to cater to the immediate needs of the people during 2023.

(Image: Malay Mail/Yusof Mat Isa)

“Hence, Budget 2024 will also be looking at subsidies for the consumers and some drastic measures to revive the economy, so that next year (2023), we will have enough funds to look after the welfare and health of the people. We can’t avoid the external factors, but we can make preparations with the prospective initiatives so that Budget 2023 will be able to cushion the adverse effects, if any,” the deputy minister further said.

Prior to this, Prime Minister Datuk Seri Ismail Sabri Yaakob had said that Budget 2023 – which is set to be tabled in October 2022 – will
prioritise the welfare of Keluarga Malaysia
. Meanwhile, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz noted that the national budget will focus on
sustainable subsidy management and ways to strengthen Malaysia’s resilience
 against future shocks.

(Sources:
The Edge Markets
,
Malay Mail
)

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Luno Relaunches In Malaysia, Now Fully Approved By The Securities Commission

Malaysians looking to trade and invest in cryptocurrency can now do so with Luno, the first cryptocurrency exchange in Malaysia to be fully approved by the Securities Commission (SC) in October 2019. This ultimately means that they have met all necessary security conditions and can serve as a platform to buy, sell, and store cryptocurrencies.

Luno, which currently deals exclusively with Bitcoin and Ethereum, has actually been operating in Malaysia since 2015, but was prevented from receiving new customers starting January 2019 onwards until it obtained its licence from the SC. It was then heavily involved in engagements with regulators surrounding new cryptocurrency regulations for Malaysia.

“Malaysia as a market has always been at the forefront of cryptocurrency adoption and knows the importance of digital assets in today’s global economy. By working with our clients we aim to make sure they can safely buy, sell and store Bitcoin and Ethereum, as well as future digital assets that are approved by the SC,” said Luno’s Chief Executive Officer and co-founder, Marcus Swanepoel.

While Malaysians have always had global access to cryptocurrency exchanges around the world, dealing through an SC-approved entity gives them better peace of mind with better transparency and regulatory protection.

For instance, one condition to obtain full approval from the SC includes the engagement of an independent trustee, in which the trustee is entrusted with the investor funds instead of Luno.

“It provides more confidence and security to the investor because they now know that Luno or any company cannot just run away with the funds, as they’re now with the trustee,” explained Luno’s Malaysia country manager, Aaron Tang.

Following Luno’s relaunch in late October upon obtaining their full approval, the London-based company had seen more than RM2.5 million worth of digital assets being moved and traded within the first 10 days.

The
Luno platform
 is now live for Malaysians.

(Source:
Digital News Asia
)

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Alex Cheong Pui Yin

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5 Steps to Managing Your Salary Smartly

There will come a point in life when one will come to realise that a lot of life’s greatest achievements boil down to basic management skills. And you’d be quite surprised that some of these basic skills can be traced back to managing salary wisely.

From experience which most people can certainly relate to is having bore witness to friends and members of the family who are just not able to handle their own salaries the best way possible. This is without doubt one of the biggest problems faced by many young people today.

Lucky for you, we’ve come up with simple step-by-step solution which you can begin getting into practice at any phase in your working life to keep all those salary management woes in check!

1. Tabulate All Fixed Monthly Commitments

Fixed monthly commitments are the easiest to set aside a portion of your salary for and usually include hire purchase (car loan), rent or home loan, phone bill (you should be able to roughly gauge), study loans and life premiums amongst other easily estimated variables.

The key to better managing your salary is by paying these off as quickly as possible. This means that you will have to be disciplined paymasters to as many of them as possible the moment your bank accounts inflate by the end of the month. Doing this helps you better gauge your take-home for the month.

2. Set Up a Monthly Emergency Fund

As soon as you have complied to the preceding sub-heading, the remainder of your salary would completely depend on your control of expenses and they can be regarded as spending for ‘wants’ rather than the ‘needs’ in life. This next step is needed to help regulate frivolous spending.

Though it may be a tough pill to swallow, get into the habit of setting aside an amount you know you can do without and throw it into an account dedicated for emergencies. The smallest bit of savings would add to a larger number if it remained untouched and can be of help on a rainy day.

3. Set a Savings Goal

In all honesty, most people fail at their attempt of prudent salary management because no financial or savings goal is set at this stage. Doing such helps one figure out a direction and instills healthy spending habits in the process.

Set targets that are realistic and achievable at first, because we don’t want to end up throwing in the towel half way do we? Should they be met religiously every month, challenge yourself to higher targets and you will see your savings multiply tremendously.

4. Set a Spending Limit

Spending in this category encompasses expenses that include groceries, car servicing, home up keeping, entertainment and many more. Most of which are conscious spending but some appear as though a sneak attack was being planned the whole time!

Bear in mind that this limit should not use up all of your balance after completing all the above headers because financial leeway always is a welcoming sight. Push the bar as low as you can and treat yourself to a fancy dinner from excess money that you didn’t expect to save!

If you think you’d manage better with a credit card, go ahead and capitalise on
cash back credit cards
 or
many others available for selection
 while cold hard cash stacks up in your bank accounts.

5. Lock Your Salary Savings!

Once you’ve treated yourself to a pampering spa or opulent dinner, you should have already accomplished what you set out to achieve in the beginning. One of the best ways to ensure that your effort doesn’t go to waste is to lock your savings up!

Keep the chains for something a little more exciting because we’re talking about stashing them in trusted
fixed deposit
 accounts. You’d surely dread your blood, sweat and tears go to absolute waste as you lose all gained interest if so much as a dime is withdrawn – so don’t you touch them!

Repeat Steps 1 Through 5!

Nobody says you should throw the fruits of your salary management labour into fixed deposit and lock them up for eternity. You could, but some wouldn’t because you’d have varying goals and interests in the money you’ve stashed.

This is why going on a well-deserved holiday and having some fun is of utmost importance to acknowledge your efforts in disciplined and regimented salary management. Thought it may be a tall order to achieve, but when you do – you’d be thankful you started early!

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Economists Expect Another OPR Hike In Second Half Of 2022

(Image: The Edge Markets)

Several economists have predicted a further increase in the overnight policy rate (OPR) in the second half of this year, subject to improvements in the economic growth, inflationary rate, and macroeconomic conditions. This came following the decision by Bank Negara Malaysia (BNM) to increase the OPR by 25 basis points, raising it from 1.75% to 2.00%.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that another increase of 25 basis points may be expected as BNM will exercise extreme caution in tightening its monetary policy. Referring to the
latest statement by the central bank
, he stated that BNM seemed comfortable enough with the current economic growth outlook to do so.

(Image: Focus Malaysia)

“Although the central bank continues to acknowledge the downside risks, the excessive monetary policy accommodation would need to be removed, which otherwise can cause other problems such as overheating the economy, excessive risk-taking due to low deposit rates, as well high-level of indebtedness among households and businesses,” Dr Mohd Afzanizam further commented.

OCBC Bank economist Wellian Wiranto also predicts more OPR hikes in the near future, but in “a measured and gradual manner”. He expects the next increase to come this September, noting that the interval in between will allow BNM to assess possible risks – including inflation – before making its decision.

(Image: The Star)

“The reality of higher inflation is something that BNM has to countenance on the domestic front too, noting how ‘the underlying inflation, as measured by core inflation, is expected to trend higher at between 2% and 3% in 2022’ due to economic momentum and ‘lingering cost pressures’,” Wellian said. He also added that BNM will not hastily raise the OPR, given the unpredictable growth trajectories globally.

In addition, MIDF Amanah Investment Bank (MIDF Amanah) also predicts another OPR increase by 25 basis points in the third quarter of this year, bringing the current OPR of 2.00% to 2.25%. “With the rate of inflation hovering within BNM’s forecast, we opine that there is less pressure for the central bank to adopt an aggressive policy tightening,” it added.

(Image: MIDF)

Malaysia’s OPR was slashed by a total of 125 basis points since the start of the Covid-19 pandemic in 2020. It originally stood at 3.00%, and was subsequently reduced to
2.75% in January 2020
,
2.50% in March 2020
,
2.00% in May 2020
, and finally,
1.75% in July 2020
. The rate was then held at the historical low rate until yesterday, when it was
raised
 for the first time after two years.

(Source:
The Star
)

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BNM: Reimplementing Blanket Moratorium Not A Proportionate Response

(Image: The Edge Markets)

Bank Negara Malaysia (BNM) governor, Datuk Nor Shamsiah Mohd Yunus has said that reimplementing a blanket loan moratorium is not a step that will best benefit Malaysia’s economy.

“Reimposing a blanket moratorium would not be a proportionate or responsible response in this current circumstance,” said Nor Shamsiah. She also stated that while the blanket moratorium puts money in people’s pockets in the short term, it creates a lot of economic distortions and has a negative impact on the economy.

“Those who can afford to pay should pay down their debt as this will constrain growth and hurt the economy as more borrowers struggle under the weight of higher debt,” said Nor Shamsiah, adding that a debt-driven growth is unsustainable. She also drew on statistics, saying that Malaysia’s household debt-to-GDP is currently rated at around 90% – an all-time high for the country. To clarify, a high household
debt-to-GDP
 indicates that households are not earning enough to pay off its debts, and may potentially be forced to default on it.

(Image: Mashable)

Nor Shamsiah further said that aside from increasing the overall debt levels, the blanket moratorium will also limit the capability of financial institutions to make new loans to households and businesses. This is because of depleted bank buffers, which makes banks more vulnerable to risk as well. She further stressed that it is important to preserve banks’ capital and liquidity buffers so that they can continue to lend and support economic recovery.

“While it is true that our banks currently have strong buffers, we have also seen how quickly this can turn. From our own experience in the 1990s, leading up to the Asian financial crisis and 2008 global financial crisis, given our limited resources, Malaysia – as in the case of all other countries – can ill afford a concurrent economic and financial crisis,” said Nor Shamsiah.

On top of that, Nor Shamsiah said that a blanket moratorium will undermine the interest of depositors that rely on banks to keep their money secure, as well as Malaysians who hold shares of banks via various funds. She cited examples of such funds, including Amanah Saham Bumiputera (ASB), Employees Provident Fund (EPF) retirement savings, Tabung Haji, as well as pensions in Retirement Fund (Inc) (KWAP).

(Image: The Malaysian Reserve)

“Albeit the confidence and trust in the banking system and banking sector’s stability, this is something that we must preserve and not take for granted. And not just by the impact of our actions today, but how they will shape public trust and confidence in banking system in the future. So whatever we do, we must remember that banks safeguard the hard earned savings of all Malaysians,” Nor Shamsiah expressed.

Finally, Nor Shamsiah said that 85% of borrowers have resumed their loan repayments since the country switched to
targeted repayment assistance
 after the end of the
first automatic blanket moratorium
 in September 2020. The targeted aids that were offered are meant to benefit those who have lost their source of income, as well as individuals and businesses who were severely impacted by the Covid-19 pandemic. Saying that this is an encouraging sign for the country’s economy, Nor Shamsiah also expects the number of borrowers who can resume servicing their loans to increase as the economy recovers further.

(Source:
The Edge Markets
,
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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Malaysians Are Rushing To Buy Cars This Month

Car dealers have reported an overwhelming amount of sales and bookings this month, with stocks of some models already selling out. Many dealers are attributing this to two concurrent events: the ongoing tax holiday thanks to the zero-rated GST, and the Hari Raya celebrations.

Since 1 June, car sales and bookings have surged as much as 50–100% across brands such as Kia, Toyota, Volkswagen, and Proton. Automotive dealers are seeing a marked increase in customer walk-ins at showrooms as well as roadshows, and some dealers are receiving three times as many bookings as they would on an average month.

“It is because of the tax-free period now that people are more willing to spend their money to buy a new car,” Kym Looe, executive director of car dealer Honda Ban Hoe Seng Sdn Bhd, told The Star.

On top of that, the Hari Raya promotions offered this month may also have encouraged Malaysians to take the plunge and make their purchases. Car dealers are offering discounts of anywhere from RM5,000 off the price of a Honda Accord to RM20,000 off a Kia Sorento. The festive discounts, combined with the 0% GST, would result in Malaysians saving a sizeable chunk off the price of a new car.

As a result, many car dealers are now facing supply shortages, with even reserve car stocks being almost completely sold out. Meanwhile, buyers are being put on increasingly long waiting lists for the more popular makes and colours. However, given that the concurrent promotions can save buyers thousands or even tens of thousands of Ringgit depending on the model, it is unlikely that a long wait will put them off their purchases during this period.

The Sales and Services Tax (SST) will be introduced on 1 September, ending the three-month tax holiday. Based on the general perception of Malaysians being last-minute buyers, dealers expect that sales will climb even higher during the month of August, with longer waiting lists too.

“All I can say is, if people want to buy a new car, now might be the best time to do so,” said Proton distributor sales manager Justin Ong.

(Source:
The Star
)

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Have You Taken A Look At Your Credit Score Lately?

As of now, Malaysia is facing another lockdown phase. Malaysians are now cooped up at home and coping with the lockdown in many different ways – retail therapy is now online shopping, balcony gardens are blooming, learning a new skill, and most importantly staying mentally and physically strong.

Other than that, all of us have also started to take a good look at our finances. We’ve started to budget, save, and even switched out of buying a new gadget in order to feed ourselves and our loved ones healthier home-cooked meals for the next few months.

It’s not a surprise that we are also finding ways to supplement our household income in order to financially survive this pandemic such as freelancing, investing, or even starting a small business.  But, what else can we do to keep your finances guarded and healthy?

Untangling The “Credit Score”

In 2019, Malaysians were asked whether they knew what a credit score was and if it’s important to check it regularly.
Only 32% of Malaysians
 were aware of their credit scores.

A credit score is essentially a three-digit number that banks or any financial institutions use to determine your creditworthiness which is derived from your past payment habits. On Experian’s i-SCORE, a good credit score is between 800-690, while any number below 630, calls for an improvement.

When it comes to applying for a credit card or a new loan, having a good credit score is key to getting your applications approved. You will also be given more negotiating power to request for higher credit or lower interest rates on loans.

Whether you’re in your 20s, applying for your first credit card or in your 30s, where you’re trying to get a loan for
a
 home renovation or a business start-up, it’s important to know and understand your credit score.

Small and big financial decisions can affect your credit score all the same as it determines your payment behaviour towards your debts.

Get To
No
Know Your Money, Finally

This year, Experian is back with its effort to raise awareness of the importance of credit score via its
Credit Health Month
. Happening this July, Credit Health Month is a yearly educational and awareness programme to help Malaysians understand, and improve their credit health. This year,
Know Money
 campaign was launched for Malaysians to finally say, “I know money!” instead of “no money lah!”.

Additionally, there will be a 50% off on all Experian products, such as
JagaMyID
,
JagaMyID Plus
,
MyJob
, and
MyBiz
.

Take the first step to no longer be in the dark about your financial data by getting to know your credit profile. By checking where you stand on your credit health, you can fine-tune your budget, make knowledgeable financial decisions, and improve your spending habits.

Free Personal Credit Report Plus With CCRIS & i-SCORE

All throughout the month of July, new sign-ups to Experian will get to enjoy a Free Personal Credit Report Plus (PCRP) to understand and improve their credit health.

This straightforward and uncomplicated credit management tool includes information such as:

Experian i-SCORE (Credit Score)
Banking Information (CCRIS)
Skim Potongan Gaji Angkasa (SPGA)
PTPTN
Trade References (Non-Banking Info)
Litigation History and more.

Through the PCRP report, you’ll be able to look into your banking credit information and work on areas that need improvement. The report also provides you with detailed tips on how to boost your credit health, such as keeping your balances low on credit accounts and paying your bills on time.

Check out a
sample report here
!

For existing users of Experian, you can use the promo code:
EXPCHM21
to enjoy a Personal Credit Report Plus with CCRIS info and i-SCORE for only RM9.75 (nett price: RM19.50).

Ward Off Identity Theft With JagaMyID

To further keep your credit health in check, you can also sign up for a credit monitoring subscription, JagaMyID.

JagaMyID helps users protect themselves against identity theft by sending users a notification when a credit card or loan is being applied in their name or if there are any suspicious changes in their credit profile. Moreover, JagaMyID also sends users a monthly notification on their credit profile and credit score to keep them informed.

***

With Know Money Campaign, Experian is here to help Malaysians take better control of their finances and be on their way towards financial empowerment. With a free credit report and 50% discount on all Experian products during the month of July, strengthen your financial knowledge and Go On A Journey To
Know Money.

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Sign up for a free credit report here!

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About THE AUTHOR

Katrina Balan Quiroz

Katrina Balan Quiroz

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

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    Ramlan Bakar

    2 years ago

Yes I want to know my credit score

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Public Bank Campaign Offers Up To 30% Cashback For Visa Credit Cardholders

Public Bank has launched its PB Visa Credit Card Contactless Usage campaign, which will run from June until 30 September 2021. Depending on the type of card owned, Visa credit cardholders will be able to earn either a 15% or a 30% monthly cashback when they spend a specified minimum amount in a single Visa contactless transaction (Visa payWave).

Specifically, the campaign will allow the following principal credit cardholders to get 30% cashback when they spend at least RM100 in a local or overseas retail transaction, or 15% cashback with a minimum spend of RM50:

Monthly cashback
Visa credit cards
Minimum spend requirement
Maximum cashback that can be earned per month
(Group 1) 30% cashback
–
Public Bank Visa Infinite

–
Public Bank Visa Signature

–
Public Bank Visa Platinum

–
Public Bank Mutual Gold Visa Platinum
–
Public Islamic Bank Visa Platinum-i
Spend a minimum of RM100 per Visa contactless transaction during the campaign period.
RM80
(Group 2) 15% cashback
–
Public Bank Petron Visa Gold
–
Public Bank AIA Visa Gold

–
Public Bank Visa Gold

– Public Bank Visa Classic
–
Public Islamic Bank Visa Gold-i
Spend a minimum of RM50 per Visa contactless transaction during the campaign period.
RM50

Note that expenses that earn cashback or rebates under other ongoing promotions will not be accepted as qualifying spend for this campaign. Additionally, other transactions – such as auto-debits, payments for utilities and insurance premiums, as well as government and charity-related payments – are not included as well.

As always, the cashback will be awarded on a first-come first-served basis. The rewards earned will be credited into your account within four to twelve weeks after the end of each campaign month. Public Bank has allocated a total of RM50,000 per month for this campaign, to be divided equally between both groups (RM25,000 each group).

If you’re interested in joining this campaign, go ahead and register your participation by sending an SMS (
PBPW<space>16-digit Principal PB Visa credit card number
) to 66300. You must be a principal credit cardholder in order to register; registrations from supplementary credit cardholders will not be accepted, although their expenses will contribute to your qualifying spend.

Additionally, those who have multiple Visa credit cards are only required to register for the campaign once. After that’s done, all amounts charged to your other Visa credit cards will also be automatically tracked for this campaign.

You can find out more about
Public Bank’s Visa Credit Card Contactless Usage campaign
 on the bank’s website.

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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Government Announces Electricity Rebate For Jan-June 2021, No Electricity Tariff Hike

(Image: Malay Mail)

The government has announced a rebate of 2 sen/kilowatt hour (kWh) for all Tenaga Nasional Berhad (TNB) customers – including both domestic and non-domestic accountholders – starting from 1 January to 30 June 2021. On top of that, the average base tariff rate for electricity will also be maintained at 39.45 sen/kWh next year.

With regard to the 2 sen/kWh rebate, Energy and Natural Resources Minister Datuk Dr Shamsul Anuar Nasarah said that 7.5 million domestic consumers will see a reduction of between 3.6% and 9.2% in their electricity bills. Similarly, commercial consumers can expect a discount of between 4% and 5.2%, and industrial users a reduction of between 4.6% and 6.1%.

“The rebate is due to Putrajaya’s decision to extend TNB’s Second Regulatory Period under the Incentive Based Regulation (IBR) mechanism until 31 December 2021,” said Shamsul Anuar at a press conference. He added that the government has also agreed to pass on the fuel cost savings to all TNB users following the drop in coal and gas prices in the second half of 2020. This is in line with the implementation of the Imbalance Cost Pass Through (ICPT) mechanism for the period from 1 January to 30 June 2021.

(Image: The Sun Daily)

Briefly, the
IBR
 mentioned by Shamsul Anuar is a framework that was introduced to improve transparency and accountability within TNB when calculating electricity rates. It also features the ICPT mechanism that allows adjustments to be made in consumers’ electricity bills every six months. The adjustments may include varying rates of a rebate or surcharge to reflect changes in prices of fuel for electricity generation.

“We hope that this rebate offer can help alleviate the cost of living of the people and reduce the cost to run businesses affected by the Covid-19 pandemic,” said Shamsul Anuar.

(Sources:
The Sun Daily
,
Free Malaysia Today
)

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TNB Incentive Based Regulation (IBR)

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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Malaysia Airlines Offers Up To RM200 Flight Discount With Stimulus Cuti Malaysia

Malaysia Airlines (MAS) is offering a travel incentive called Stimulus Cuti Malaysia, with a flight discount of up to RM200 and a bonus of 500 Enrich Miles. The stimulus is an initiative by the government of Malaysia to promote travel and tourism within the country.

The sales period for this campaign is between now and 8 December 2020, whereas the travel period extends from now until 30 June 2021. Eligible Malaysian nationals with a valid NRIC will be eligible for a discount of RM50 per sector/leg up to RM200, and 500 Bonus Enrich Miles. The campaign is valid for Economy and Business Class normal fares on MAS operated flights only and other promotion codes or special fares will not be applicable.

In an example given by MAS, if you book a flight from Penang to Kuantan via Kuala Lumpur, that counts as two legs which garners you a RM100 discount; if this includes a return journey, you can claim RM200. According to the terms and conditions, each passenger is only allowed to claim a discount of up to RM200 once. If the total amount payable is less than RM200, the balance amount will be forfeited.

To qualify for the stimulus, all fights must be booked through
malaysiaairlines.com/cuticutimalaysia
. Any bookings made via call centre, travel agent, mobile app, or any other website are not eligible for the campaign. The discount will be automatically applied in the fare on the flight search result page and the Bonus Enrich Miles will be credited after the flight. For the Bonus Enrich Miles, the fare must be purchased with cash or credit card in order to be qualify.

You must be logged in as an Enrich member and upload a scanned copy of your NRIC to your Enrich profile to claim the discount. If you do not have an Enrich account, you can sign up with promo code ENRNEW20 to get a welcome reward.

For more information and a closer look at the terms and conditions, you can refer to the
Malaysia Airlines website
 here.

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Save Money On Your Chinese New Year Meals With These Credit Card Deals

While ang pows, cookies, and mandarin oranges are a few of the many awesome things to look forward to during Chinese New Year, nothing beats having good food in the company of cherished family and friends.

Well, actually, that’s not true. Let us amend that: Nothing beats having good food in the company of cherished family and friends,
while
being rewarded for your dining expenses!

This Chinese New Year, tap into the benefits and promotions of your credit cards for some extra prosperity as you eat your way into the Year of the Metal Rat.

Affin Bank: Prosperity Cash Back Campaign

Campaign Period: 15 January – 29 February 2020

Earn 10% cashback when you dine with your AFFIN credit cards at 22 participating eateries, including premium dining such as Shang Palace, Lai Po Heen, and Yun House. Restaurants unaffiliated to hotels are also available, such as Dragon-i, Haidilao, and Grand Imperial Restaurant.

The
Prosperity Cash Back Campaign
 is open to all new and existing cardmembers. To qualify for the 10% cashback, you’ll have to spend at least RM500 in a single receipt. The total cashback you can earn from this campaign is capped at RM88 per cardmember.

The cashback is awarded on a first-come-first-served basis and is also subject to a maximum disbursement amount of RM18,000 for the entire campaign.

AmBank: RM88 Cashback Campaign 2020

Campaign Period: 10 January – 29 February 2020

The
RM88 Cashback Campaign
 entitles you to RM88 in cashback if you spend a minimum of RM888 in a single transaction at any eatery. There are no specified participating restaurants to be eligible for this cashback, so if you decide to host your Chinese New Year gathering at a tavern instead of a posh Chinese restaurant, you’d still be able to tap into the benefits of this campaign.

Each credit cardholder is entitled to one round of the RM88 cashback. The cashback is also offered on a first-come-first-served basis. In addition to that, it is capped at a maximum of 700 units throughout the whole campaign period, with a monthly cap of 350 units.

You can also check out other dining promotions offered by AmBank. You can use your AmBank credit card to get 15% off the Chinese New Year set menu at
Shang Place
 and receive a complimentary Morgan air fryer with a minimum spend of RM888. Other dining promotions include deals at Blossom Dynasty Kitchen at Berjaya Times Square, Lai Ching Yen at Grand Millennium KL, and Oriental Chinese Cuisine at Pullman KL Bangsar.

CIMB CNY Ong in One Dining Deals

Campaign Period: Varies according to deals

Use your CIMB cards at
selected dining places
 to get complimentary
yee sang
 or dishes, or rebates off your meals! Depending on the eatery that you choose, you may or may not have to adhere to a minimum spend condition in order to qualify for the deals offered by CIMB.

Some of the participating dining places include franchises such as The Regent Chinese Cuisine, Imbi Palace Restaurant, and Grand Imperial Restaurant – as well as selected Marriot Bonvoy hotels, such as Le Meridien, Sheraton Imperial Kuala Lumpur, and The St. Regis Kuala Lumpur.

Citi: 2020 CNY Dining Campaign

Campaign Period: 17 January – 16 February 2020

Just like AmBank’s dining promotion, Citi’s
2020 CNY Dining Campaign
 also lets you earn RM88 cashback, but the mechanics of Citi’s campaign differ slightly. To be eligible for the cashback campaign, you have to be one of the first 2,188 Citi cardmembers to accumulate a minimum dining expenditure of RM888 during the campaign period.

Citi will tabulate the dining expenditure of each eligible person at the end of the campaign period. If you qualify for the cashback, the bank will then credit it to your highest active card account within 90 days after the end of the campaign period.

The cashback is limited to a cap of RM192,544 throughout the campaign period, and will be awarded on a first-come-first-served basis.

Hong Leong Bank: Jiak-Ba-Baa Exclusive Dining Deals

Campaign Period: 1 January – 29 February 2020

Hong Leong Bank’s
Jiak-Ba-Baa dining deals
 offers a mix of complimentary dishes and rebates at various outlets. Take your pick from Chinese fare such as Dragon-i and Grand Imperial Restaurant, or other restaurants such as Naughty Nuri’s and Sakae Sushi. Do be aware that not all branches are participating in the campaign, so call in and check beforehand.

In addition to the above promotion, Hong Leong Bank cardmembers are also eligible for rebates of 20% and more on food and beverages at three major hotel chains:
Hilton Hotels & Resorts
,
Marriott Bonvoy Hotels
, and
InterContinental Kuala Lumpur
. The promotion period and conditions for these deals may differ slightly from the Jiak-Ba-Baa campaign, so look through them beforehand.

HSBC: Complimentary RM100 Dining Vouchers

Campaign Period: Now – 8 February 2020

HSBC is offering a
complimentary RM100 voucher
 when you spend RM1,188 in a single receipt at participating restaurants with their HSBC credit cards. The restaurants include Grand Imperial, Oriental Star, Ruyi, and Oriental Landmark. The voucher is given on a first-come-first-served basis, and is available only while stocks last.

Given that the voucher’s redemption period is between 1 March and 20 April 2020, you won’t be able to use this voucher for any Chinese New Year gatherings, but it would be a sweet deal if you’re celebrating other occasions. That said, don’t take things for granted – be sure to check if the participating outlets have set their own expiry date of the voucher!

It would also be a good idea to look through HSBC’s CNY dining deal page as they also have some other special discounts for restaurants such as Blossom Dynasty Kitchen, Dragon-i, and Canton-i.

Maybank: Chinese New Year dining deals

Campaign Period: Varies according to deals

Maybank is offering a variety of
dining discounts and vouchers
 at more than 30 hotels and restaurants nationwide this Chinese New Year, such as Grand Imperial, InterContinental Kuala Lumpur, and ParkRoyal Kuala Lumpur. The deals also include various hotels under Hilton Group and Marriott Bonvoy.

From Chinese New Year buffets to prosperity menu sets, there is a plethora of options for you to save up to 25% off your dining expenses. That said, each rebate comes with its own promotion period and expenditure conditions. Be sure to
check the requirements
 before making reservations.

OCBC: Dining deals

Promotion period: 1 January – 29 February 2020

Check out OCBC’s offer at
Tai Thong
, where you get 10% off Chinese New Year set menus, as well as an additional 50% off the
yee sang
 when ordered together with the Golden Opulent Poon Choi.

Public Bank: Chinese New Year dining deals

Campaign Period: Varies according to deals

Public Bank doesn’t seem to have a specific Chinese New Year dining campaign, but it does offer several exclusive dining deals for its credit and debit cardmembers.

This includes privileges, complimentary dishes, and rebates for premium eateries such as 15% discount on total bill at Yun House@Four Seasons Hotel Kuala Lumpur, 40% off dinner meals at Lai Ching Yue@Grand Millennium KL, and 15% discount for reunion meals for 10 pax at China Treasures, Sime Darby Convention Centre.

You’ll have to take some time to trawl through their
promotions page
 to find an outlet that you like, but the joy of the occasion is sure to be worth the effort.

RHB: Daily Cash Back Campaign

Campaign Period: 1 January – 29 February 2020

RHB’s
Daily Cash Back Campaign
 is essentially a lucky draw that lets you win up to RM150 cashback daily when you spend a minimum of RM50 in a single receipt on retail purchases. To be precise, you’d be getting the chance to win RM100 in cashback from Mondays to Saturdays, and RM150 on Sundays.

Your minimum expenditure will earn you one entry for the lucky draw, but there’s also one extra step to take once you’re shortlisted as a potential winner. You’ll be sent an SMS with a simple question, which you must answer correctly in order to win the cashback.  A total of 120 winners will be selected daily, and each winner is entitled to a maximum of two wins per week during the campaign.

Alternatively, you can tap into their discount deals at
Dragon-i, Canton-i, and Dragon-i Peking Duck
 outlets, where you get to enjoy RM68 off for all Prosperity Abalone Treasure Pot Feast. Valid until 8 February 2020, you need to make reservations 3 days in advance to enjoy this promotion. The offer is limited only to the first 735 customers.

Standard Chartered: Lunar New Year Campaign

Campaign Period: 1 January – 8 February 2020

Through the
Lunar New Year Campaign
, Standard Chartered cardholders can rejoice with dining discounts up to 20% at the following hotel dining spots:

Toh Yuen (Hilton PJ and Kuching)

Chynna (Hilton KL)

Red Chinese Cuisine (Pullman KLCC)

Yun House (Four Seasons KL)

Shang Palace (Shangri-La Hotel KL)

YEN (W Kuala Lumpur).

You can also receive a complimentary
yee sang
 at various
participating eateries
 – like Dragon-i Group, Grand Imperial, and Oversea Restaurant – when you order the Chinese New Year set menu, or with a minimum spend of RM688. The list includes the above hotel dining spots as well.

Again, note that each restaurant/hotel dining spot may attach its own terms and conditions for the redemption of the complimentary
yee sang
, so do check beforehand.

Additionally, if have a Priority Banking Visa Infinite credit or Priority Banking Visa debit card, you can also enjoy 50% cashback at selected partner outlets. This is subject to a maximum cap of RM400 cashback per transaction, with all eligible cardholders being able to earn a maximum cashback of RM2,000 (inclusive of spending by supplementary cardholders).

The bank has also allocated a total of RM40,000 for the whole cashback campaign, and the campaign ends once the amount has been fully awarded (on a first-come-first-served basis).

UOB Bank: Dining deals

Campaign Period: Varies according to deals

UOB, too, doesn’t appear to have run a Chinese New Year dining campaign, but you can always tap into
existing promotions
 offered by the card for your gatherings during this festive season.

Whether you’d prefer to get 20% off your total food bill at the dining venues in InterContinental Kuala Lumpur, or complimentary cash vouchers at Oversea Restaurant and Oriental Group, you’re bound to find something worthwhile. Most of the voucher promotions will end mid- or end of February 2020.

***

Now that you know of the many dining deals that you can benefit from with your credit cards this Chinese New Year, what’s stopping you from sharing such abundance with your family and friends?

(No, “I’m on a diet” is not a valid answer. It’s
Chinese New Year
, guys! Here’s to wishing all of you a very happy Chinese New Year!)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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CyberSecurity Malaysia, MX Global To Explore Security Measures For Crypto, DAX

National cybersecurity specialist agency, CyberSecurity Malaysia has signed a two-year agreement with crypto exchange MX Global to study security measures that are necessary for cryptocurrencies and digital asset exchanges (DAX).

With this, both parties will now work to develop a general framework for cooperation in various areas of the technology behind crypto and DAX. Among others, these include collaboration in research and development (R&D), joint solution development activities, as well as relevant training and awareness programmes. Both parties will also explore specific areas that are identified by CyberSecurity Malaysia’s Cryptocurrency Department, with a key focus on blockchain technology.

“The interest in cryptocurrencies is growing and the hype resulted in an increase in cybercriminal attacks on various cryptocurrency exchanges,” said the chief executive officer of CyberSecurity Malaysia, Datuk Amirudin Abdul Wahab in signing the agreement. He also said that this collaboration may help to bolster investors’ confidence in the crypto and digital assets market in Malaysia.

MX Global is one of
four DAX that are approved by the Securities Commission Malaysia
 for operation within the country – with the other three being Luno, SINEGY DAX, and Tokenize Technology. Early this year, it secured
investments from global crypto exchange Binance, as well as local digital business solutions provider, Cuscapi Berhad
.

(Source:
Malay Mail
)

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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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Financial Aids That Are Offered Under Budget 2022

(Image: Malay Mail/Shafwan Zaidon)

Guided by the 12
th
 Malaysia Plan (12MP) and the theme “Keluarga Malaysia, Makmur Sejahtera”, a big part of Budget 2022 is concerned about helping the people “regain their prosperity in these new norms”. And one of the ways this is achieved is by providing financial aids to selected groups that are truly in need of assistance.

Listed here are some key people-centric financial assistances that have been proposed under the Budget 2022 to boost the welfare of the people.

B40 Households And Other Vulnerable Groups

(Image: The Star)

Bantuan Keluarga Malaysia

The government will introduce the
Bantuan Keluarga Malaysia (BKM) scheme
 with specific enhancements to ensure that the aid will go to those who are really affected. Under BKM, Financial Minister Tengku Datuk Seri Zafrul Abdul Aziz said that eligible households – specifically single parents with three children or more – can obtain up to RM2,500 in assistance.

According to Tengku Zafrul, households with monthly income below RM2,500 with three or more children will receive cash assistance of RM2,000. Meanwhile, an additional RM500 will be provided to single mothers or fathers who have dependents and a monthly income of less than RM5,000. Another RM300 will also be given to families with senior citizens.

Post-Budget 2022 tabling session, Tengku Zafrul further clarified that
single senior citizens and bachelors earning less than RM2,500
 will also benefit from BKM.

Here’s an updated table from the Ministry of Finance to help you see how the BKM scheme allocates its cash aids (and additional household rates) according to recipients:

Households/Recipients
No. of Children
Total BKM Cash Aid
Households with monthly income of <RM2,500
3+
Up to 2
0
RM2,000
RM1,500
RM1,000
Households with monthly income between RM2,501 – RM5,000
3+
Up to 2
0
RM800
RM600
RM400

Additional assistance

Single parents with dependents
N/A
RM500
Households with senior citizens
N/A
RM300
Single senior citizens
N/A
RM600
Bachelors with monthly income of <RM2,500
N/A
RM350

Revision Of Benefits From The Social Welfare Department

The income eligibility requirement for individuals who wish to obtain welfare benefits from the Social Welfare Department (JKM) has been updated to match the revised 2019 food poverty line income, from RM980 to RM1,169. The food poverty line income (PLI) had been increased along with the
national PLI (from RM980 to RM2,208)
 during the publication of the Household Income And Basic Amenities Survey Report 2019.

With this, it is expected that more people will be able to enjoy the benefits from JKM. The government will allocate RM2.4 million for the distribution of welfare assistance to benefit more than 440,000 households in need.

Perlindungan Tenang Voucher Programme And MySalam Initiative

The Perlindungan Tenang Voucher (PTV) programme was
introduced during the tabling of Budget 2021
, allowing eligible B40 recipients to receive RM50 vouchers as financial assistance to purchase Perlindungan Tenang products, including life and personal accident takaful.

Under Budget 2022, the vouchers’ value will be increased to RM75 in 2022, and will also be applicable for the purchase of a comprehensive motorcycle insurance policy (150cc and below). On top of that, the government has also proposed to exempt stamp duty for Perlindungan Tenang products as well as other insurance or takaful with a premium or contribution value not exceeding RM150 for individuals (and RM250 for SMEs).

Meanwhile, the MySalam initiative is an insurance protection scheme for B40 group that was
introduced during Budget 2019
, and has been expanded in previous years to cover the costs of items such as stents for the heart. Under Budget 2022, it will be further expanded to cover eligible BKM recipients, and claims for medical device benefits will also be extended to dependents of eligible mySalam recipients.

Parents And Teachers

(Image: Bernama)

Early Schooling Assistance

Parents will be provided with an Early Schooling Assistance of RM150 per student, enabling them to obtain the necessary schooling supplies for the children’s education. This is an increase from the previous amount of RM100 per student. A total of RM450 million will be allocated for this initiative, and it is expected to benefit three million eligible students.

Special Incentive For Teachers

More than 400,000 teachers will be provided with a one-off RM100 Special Incentive for Teaching Aids as a token of appreciation for their services as they went the extra mile for their students during the Covid-19 pandemic. Teachers had been required to implement home-based teaching and learning during the extended movement control order (MCO) period to ensure that their students were still able to get access to formal education.

Special One-Time Payment For Islamic Education Teachers

The government has proposed to distribute a special one-time payment of RM500 for the benefit of 70,000 imams, bilal, siak, noja, marbut, takmir, as well as Quran and Fardu Ain (Kafa) teachers.

Civil Servants

(Image: Channel News Asia)

Civil Servants (Grade 56 And Below) And Govt Retirees

The government will reward as many as 1.3 million civil servants Grade 56 and below with a special finance assistance of RM700 as a show of appreciation for their efforts and sacrifices throughout the challenging year. Meanwhile, one million government retirees will be given an amount of RM350. Prime Minister Datuk Seri Ismail Sabri Yaakob later added that
non-pensionable Armed Forces veterans
 will also be eligible to receive the RM350 special financial aid.

Special Incentive For Community Development Assistants And Welfare Assistants

Also as a token of appreciation, an incentive payment of RM200 will be given to community development assistants Grade 19 and welfare assistants Grade U11 and U14 who are are working at 25 welfare institutions. They are directly involved in providing care for senior citizens and persons with disabilities, as well as mental patients.

Others/Special Assistance

e-Start Programme

Youths between the age of 18 to 20, as well as full-time students at institutions of higher learning will be given a
one-off payment of RM150
 into their e-wallet accounts. This is in a bid to encourage the adoption of cashless transactions among the younger generation, as well as to stimulate consumer spending. With an allocation of RM300 million, two million youths are expected to benefit from the programme.

Special Assistance For Tour Operators

More than 20,000 tour operators who are registered with the Ministry of Tourism, Arts, and Culture will obtain financial assistance for a period of three months (although the exact amount was not revealed as of yet). A total of RM85 million will be allocated for this.

Monsoon Season Assistance

The government will continue to provide cash aids via the Monsoon Season Assistance initiative, helping to ease the financial burden of 320,000 smallholder farmers who lost their income during the monsoon season. RM190 million will be earmarked for the initiative.

***

You can also follow our
coverage of Budget 2022 here
, or read up on the highlights of the latest national Budget via our
infographic
!

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Alex Cheong Pui Yin

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

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    Kamarulzaman Bin Mohamad

    1 year ago

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You Can't Reload Your Touch n Go Cards On The North-South Highway This Raya Holidays

PLUS Malaysia Sdn Bhd (PLUS) will close all 118 Touch ‘n Go reload lanes on the North-South Highway from 12 to 24 June to ensure smooth traffic through toll plazas during the Hari Raya holidays.

In a press statement released on 8 June, PLUS stated this move was initiated to reduce traffic congestion caused by highway users queueing up at the reload lanes.

“As such, PLUS would like to remind the public to ensure their PLUSMiles or Touch ‘n Go cards have sufficient balance at all times during this festive season.” it said.

In the meantime, the public can reload their cards at any of the over 10,000 other locations around the country. These include automated teller machines (ATMs), 24-hour convenience stores, petrol stations, and self-service kiosks at selected rest areas along the highway. PLUS will also be opening its customer service centres at selected toll plazas to help users reload their cards.

(Source: The Edge, Image: Says.com)

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Malaysia Economy For Q2 2020 Contracted By 17.1%, Worst Since 1998

Malaysia’s economy contracted by 17.1% in Q2 2020 – a worse than expected outcome and the worst contraction since the 1998 Asian Financial Crisis, where the nation’s economy shrank 11.2% in the fourth quarter.

Analysts have expected a sharp decline in the country’s GDP for Q2 2020, a period where the nation had been in multiple phases of lockdown or Movement Control Orders (MCO) in a bid to stem the spread of Covid-19. However, the contraction is worse than many analysts’ predictions, from MIDF’s -7.2% to even Bloomberg’s more pessimistic -10.2%. Quarter-on-quarter, the economy shrank by 16.5%.

In fact, Malaysia’s Q2 2020 economic contraction was even worse than neighbouring countries;
Singapore’s Q2 2020
 was recorded at -12.6% year-on-year, while the
Philippines
 also recently announced a -16.5% growth year-on-year.

(Source: DoSM)

The major production sectors were hit hard in Q2 2020, and some substantially worse than others. The construction and mining and quarrying sectors were especially hit hard in the last quarter, shrinking 44.5% and 20.0% respectively. The services industry, which makes up 57.8% of the nation’s economy, shrank 16.2%. The only sector that surprisingly recorded growth was in agriculture, with a positive 1.0% growth.

“The government’s main priority was to ensure the health and safety of the Malaysians. The implementation of the MCO, Conditional MCO and Recovery MCO in containing the widespread of Covid-19 pandemic have affected the overall Malaysia’s economic activities, ” Datuk Seri Dr Mohd Uzir Mahidin, the Chief Statistician of Malaysia said.

As a result, the economy contracted considerably but the country has largely contained the spread of Covid-19, which has allowed the country to gradually re-open the economy. The two economic stimulus packages, namely Prihatin and Penjana, have also softened the economic blow – and will likely
prevent a technical recession
 from occurring in Malaysia (which is defined as two consecutive quarters of negative growth in GDP).

Both the Department of Statistics Malaysia (DoSM) and Bank Negara Malaysia are expecting a gradual recovery of the Malaysian economy in the second half of the year. In fact, since the Conditional Movement Control Order (CMCO) was enforced, there have already been indicators of a rebound in key economic indicators.

As such, BNM is forecasting the Malaysian economy to grow between -3.5% to -5.5% in 2020, before rebounding into positive territory in the range of 5.5% to 8.0% in 2021. The central bank, however, warned that the economic outlook will still be affected by global oil and commodity prices in addition to developments around Covid-19.

(Source:
DoSM
,
BNM
)

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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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CIMB@Work Streamlines Payroll Management With Added HR And Banking Benefits

The world we live in today has changed compared to, say, 10 years ago. Instead of depending heavily on digital technology as we do today, many businesses especially SMEs were relying on getting their business done by hand or manually in their day-to-day business operation. Even in the last 2 years, the world continues to rapidly change with many more businesses who haven’t already adopted digitalisation getting on the bandwagon due to the pandemic.

This just proves that digitalisation is inevitable, and in today’s case, essential to allow Malaysians to continue their lives as normally as they can. Especially in the fast-paced environment that we live in today, technology is there to make our lives easier and more efficient.

That being said, for many of us who are salary workers and are earning monthly income – digitalisation is important too especially in the payroll sector as it will also mean more systematic book-keeping, getting paid our salary consistently on time and according to the employment regulations.

But other than that, what else can businesses gain from digitalising their payroll management? In today’s infographic, we’ll look into the benefits of digitalising your payroll management with
CIMB@Work
. Let’s find out.

Today, we live in an amazing time surrounded by digital innovations designed for convenience. CIMB@Work is one of them. So, why not embrace it and reap the full benefits that it offers, especially financially? If you are currently looking for a payroll solution for your company, check out
CIMB@Work
 and see how it will complement your company.

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AmBank AmFlexi-Pay Converts Purchases Into Affordable Monthly Payments

Simply buy with your AmBank Credit Card and SMS to arrange easy terms

AmBank’s AmFlexi-Pay let’s you spread big purchases into affordable month;y payments to better help you manage your money.

With interest rates from 3% for a 6 month loan tenure, to 6% for a 2 year loan tenure it’s not too expensive to borrow the money you need to buy that new Refrigerator, Washing Machine, TV or Sofa.

This exclusive offer is available for AmBank Credit Cards only
. If you don’t have one, you can check them out in the
RinggitPlus.com Credit Card section
.

Terms and conditions apply.

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Parliament Amends Employees’ Social Security Act, Enables Improved Protection For Eligible Employees

(Image: Bernama)

Dewan Rakyat has passed the Employees’ Social Security (Amendment) Bill 2022, which will enable improved Social Security Organisation (SOCSO) benefits for a wider group of eligible employees. This is in a bid to provide better social security coverage.

According to Human Resources Minister Datuk Seri M. Saravanan, the amendment bill will increase the maximum monthly salary ceiling limit from the existing RM4,000 to RM5,000 for contributions. With this, eligible employees in Malaysia who are earning RM5,000 and above will now be entitled to improved protection, including temporary and permanent disability benefits, disability pension, and retirement pension – attributed to higher employer-employee contribution rates.

Datuk Seri Saravanan further shared a sample calculation to better illustrate how the amendment bill may benefit employees. “For example, an employee who is 30 years old and earns more than RM5,000, the person is eligible to receive permanent disability benefits, and the calculation of the lump sum payment for that employee according to the existing salary ceiling amounts to RM177,252.30. However, based on the calculation of the new salary ceiling, the employee will receive a total of RM222,126.30,” he said, adding that this was a 25.3% increase.

(Image: The Malaysian Reserve)

The minister stressed that this amendment is timely, especially as the cost of living has now increased. It will offer wider protection to individuals who are earning salaries of RM4,000 and above to RM5,000, he said.

Aside from that, Datuk Seri Saravanan also shared that as of December 2021, there were 19.7 million Malaysian employees and 1.94 million foreign employees registered with SOCSO, while the total number of beneficiaries stood at 678,329 persons. Additionally, benefit payments amounted to RM4.334 billion as of 2021.

Meanwhile, as of May 2022, the number of beneficiaries increased to 664,265 employees with payments amounting to RM1.958 billion.

(Sources:
The Edge Markets
,
Human Resources Online
)

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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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MBF Cards credit cards will indulge your taste for Starbucks

Attention coffee lovers! MBF Cards is giving you
10% off at all Starbucks outlets nationwide
 for purchases made with your credit card.

There’s no minimum spending requirement, and the discount applies not just to food and beverages, but merchandise too.

You’ve got until 31 May to enjoy this promotion. Here are the
T&Cs
 and
FAQs
.

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Start Unboxing RM800 Cash Via DuitNow, RM600 Touch n’ Go Credit & More

Preparations for the year of the Tiger are underway and we’re roaring out loud about this week’s big rewards!

For those who are new, the Unbox This Week Campaign is a weekly campaign where we present the best deals from our featured bank partners. All you have to do is apply for selected credit cards from these banks through RinggitPlus and you’ll receive exclusively selected gifts!

For this week (10 January – 17 January 2022), our featured bank partners include
Citibank, HSBC, and Standard Chartered Bank
 – if you have considered applying for any of these banks, check out our latest deal below!

Guaranteed RM800 Cash Via DuitNow

If you didn’t know already, the number eight is one of the most auspicious numbers in Chinese numerology. Bring in more luck this year with guaranteed RM800 Cash via DuitNow  when you apply, get approved, and spend with a Citibank credit card.

To be eligible for the respective Citibank credit card rewards, applicants are required to activate and spend a minimum of 8 retail transactions on their new card within 60 days upon gaining approval.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year before this campaign do not qualify for this promotion. Otherwise,
apply for a Citi credit card here.

Guaranteed RM600 Touch n’ Go Credit

If Touch ‘n Go is your preferred e-wallet, then we’ve got just the gift for you.  Apply, get approved, and spend with a new HSBC credit card to get a guaranteed RM600 credited into your Touch n’ Go e-wallet!

Applicants are required to activate their new card upon approval and spend a minimum of RM1,000 within 60 days to be eligible.

Just remember that current cardholders and applicants who were denied or have cancelled their HSBC credit cards within 6 months before this campaign are not eligible to take part in this campaign. Otherwise, you can
apply for your HSBC credit card here.

Guaranteed Giordano Luggage Bag

Strong, expandable, and complete with a certified TSA-approved secure lock, the Giordano Luggage Bag is guaranteed for all successful applicants who apply, get approved, and activate their Standard Chartered credit card.

Applicants are still required to activate their card within 30 days upon approval to be eligible for this prize.

Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past 6 months are not eligible for this campaign. If you qualify, then you can
apply for your new Standard Chartered credit card here
.

***

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

While this week’s flash deal ends on 17 January 2022 (11am), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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Katrina Balan Quiroz

Katrina Balan Quiroz

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

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Finance Ministry: 2 Million Borrowers Contacted By Banks For Loan Extension

(Image: Bernama)

As of 28 August 2020, two million borrowers who could need help servicing their loans post-moratorium have been contacted by their banks, the Finance Ministry has revealed.

Out of the contacted borrowers, 1.1 million have given their feedback, with 300,000 confirming that they do require assistance their loan repayments. According to Deputy Finance Minister II Mohd Shahar Abdullah, the remainder are still weighing their available options.

(Image: The Star)

“These figures will continue to rise substantially with borrowers enjoying the ease of application through the various channels provided,” said Shahar in reply to a question at the Dewan Negara. “Of the total number of completed applications for assistance with loan repayments received and processed, 97% have been approved.”

The deputy minister further revealed that the application process for individual customers is expected to take between 1-5 days. For small and medium-sized enterprises (SMEs), it is expected to take between three days to two weeks. Finally, he added that the public need not worry as their application for post-moratorium loan assistance will not appear in their
 Central Credit Reference Information System (CCRIS) report.

(Source:
Malay Mail
)

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The Bank That Rewrote The Smallprint

OCBC strives to pass the Plain English Test

Have you ever read the terms and conditions of a bank account agreement or credit card application form before signing it?

Chances are most people will answer that question with a big fat no. The small print is too long and complicated, written in words only a lawyer could understand.

Overseas this has created a bit of a problem for some International banks as regulators have woken up to the perils and pitfalls of wordy contracts that customers just don’t understand. Wiser banks are now reviewing their policies and documents.

Leading the way in Asia is Singapore’s
OCBC
 who recently announced their intention to have their Product Risk Disclosure Statements approved by the
Plain English Campaign
, an organization from the UK that promotes clearly written English.

As reported in The Straits Times:

“Mr Lim Wyson, OCBC’s head of global wealth management, told a briefing yesterday: “Customers said it’s just too painful for me to find out my options for savings and investing.

“Some said it was akin to PSLE (Primary School Leaving Exam) because there was just too much information.”

Several OCBC forms and brochures have already earned the Crystal Mark, a process that can take several months to complete.”

We can’t praise OCBC highly enough for this common sense approach to consumer banking, hopefully it’s a trend that will catch on.

Image:
bplans

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BSN Launches G-Card Visa Credit Card, Available Exclusively For Civil Servants

Bank Simpanan Nasional (BSN) has rolled out a credit card specifically for Malaysian civil servants, the G-Card Visa credit card (G-Card).

The highlight of the
G-Card Visa
 is its low interest charges of 8.88% p.a., which is one of the lowest finance charge rates in the market. Previously, this rate of 8.88% per annum was only available to teachers who owned a
BSN 1 TeachersCard MasterCard
.

Other benefits of the card include zero annual fees for life, and 2x Happy Rewards Points for every RM1 spent overseas; for local spend the card offers 1 Happy Rewards Point for every RM1 spent. The G-Card is also applicable to BSN’s Balance Transfer Programme, which offers rates from as low as 0.3% per month.

To apply for the
BSN G-Card Visa credit card
, the principal cardholder must be an eligible government employee working under a Ministry, Department, statutory body, or agency. Applicants must also be at least 21 years of age and earn a minimum salary of RM2,000 per month.

The G-Card is a product of BSN’s collaboration with the Malaysian Government Servants Welfare and Sports Council (MAKSAK).

(Source:
The Edge Markets
,
BSN
)

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Economist: Govt Can Consider Implementing Tiered Pricing System For Utilities And Petrol

Economist Professor Dr Geoffrey Williams has suggested that a tiered pricing system, similar to that used for electricity charges, should be implemented for utilities and petrol prices. This is as the government continues to find the best ways to put into place a targeted fuel subsidy scheme.

Dr Williams said that with this tiered pricing system, those who use more of utilities and petrol should be made to pay more, and the subsidies provided must focus on those who use less, namely households as well as small and medium enterprises. “Those buying small amounts for their motorbike or small car should get the full subsidy, whereas those buying large amounts should get less subsidy. This will also encourage them to economise and lower their carbon footprint,” he stated.

Additionally, the economist – who hails from the Malaysia University of Science and Technology – emphasised that the system should be based on the amount of fuel purchased, instead of the car or engine size. If the subsidies were based on engine size, individuals in low-income groups with big second-hand cars may miss out on the subsidy that they are entitled to, he said.

(Image: Bernama)

“Those with big cars because they have big families will pay more even if they are poor. Rich people with small cars will still get the subsidised price. Poorer people with no car will not benefit at all, so it is not targeted at the poor,” Dr Williams explained, adding that the complete withdrawal of fuel subsidy will not work as well, since the price of fuel will likely increase in such a situation, which in turn causes inflation as costs are passed on to products and services.

“Tiered pricing will reduce this effect because the average price rise will be lower. Targeting engine size will not have the same effect. So it is a delicate balance that requires good data to get the pricing right, especially for businesses that use petrol and diesel,” said Dr Williams.

Dr William’s suggestions came following recent comments by the Domestic Trade and Cost of Living Minister, Datuk Seri Salahuddin Ayub, who said that his ministry will be tapping into the
Road Transport Department (JPJ) database to facilitate the provision of targeted fuel subsidy
. This takes over from an earlier study from the previous government that attempted to
tie the targeted fuel subsidy mechanism to e-wallets
.

(Image: Malay Mail/Yusof Mat Isa)

Aside from suggesting a tiered pricing system for fuel subsidy, Dr Williams also highlighted the benefits of a Universal Basic Income model, citing that it is more effective in assisting low-income groups. Briefly,
the Universal Basic Income model
 proposes that all citizens should be provided with periodic cash allowance (instead of a one-off grant), without any means tests to provide them with a standard of living above the poverty line.

Other experts, too, have suggested alternative methods to implement targeted subsidies. Professor Dr Chung Tin Fah from HELP University, for instance, proposed for the government to provide these assistances using income data from previous aid programmes, including Bantuan Prihatin Rakyat. “Even if they do not use it for fuel, they can use it for food,” he said, adding that the aid can be provided either via cash transfers or cash vouchers.

Sunway University economist, Professor Dr Yeah Kim Leng, meanwhile, said that the effectiveness of a new subsidy mechanism and implementation problems can only be identified once it is rolled out.

(Source:
The Star
)

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Alex Cheong Pui Yin

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

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