6 Things You Can Do Right Now to Reduce Your Debt

If your bills are piling high and you don’t have a clue on how you are going to pay them off, take a deep breath and know that you aren’t the first or the only one struggling to clear off the mounting debt.

In fact, according to a
news report in 2016
, over 462,000 borrowers have flocked to the Credit Counselling and Debt Management Agency for counselling since its inception. From that figure, 162,000 people were enrolled in the agency’s Debt Management program. So you see, you’re not alone in your struggle, and there are plenty of tried-and-tested ways for you to pay off your debts once and for all, such as these:

1. Negotiate With Your Financier

Your first step should always be to contact your bank or financier and inform them of your repayment difficulties. Ask to renegotiate rates and repayment amounts as well as an extension on your payment due dates. It may not always work, but it is certainly worth a try.

2. Use Your Emergency Fund

If you have one, now is the time to make use of your reserves – this is, after all, one of the reasons why it was started. It’s likely the cheapest source of funds, with practically zero additional fees and interests charged.

If you’re not sure whether your situation is dire enough to warrant taking money out of this fund, ask yourself this question; will paying off this debt keep you from losing more money in the future? If the answers to this questions is ‘yes’, then you know what to do.

3. Apply for a Term Loan

If you’ve kept your emergency fund in a fixed deposit (FD) account and wish to withdraw it to pay off your debt, you may lose some of the interests you’ve earned due to penalties. To avoid this scenario, you could try applying for a term loan facility with your FD certification as collateral.

True, you will still incur interest charges for the loan, although they tend to be lower than a personal loan’s interest rates, and your FD account will remain intact.

4. Refinance Property

Owning a property – whether it’s a residential or commercial property – can provide you with a cheaper alternative to a refinancing loan. If your property has increased in market value over the years, you can ‘pull out’ cash from the equity you’ve built by refinancing it. In essence, you’ll be taking out a new mortgage on your property, higher than the balance owed. You can then use the excess cash to pay down your debt.

While refinancing rates are lower than personal loans and credit card interests, there are refinancing fees (e.g. lock-in period penalties, legal fees, etc.) to consider before you commit to it.

5. Use Retirement Savings

You can withdraw from your Employee Provident Fund (EPF) account to partially or fully settle your home loan. Thus, assuming you have various bills to pay, you can take advantage of this option to free up more of your monthly income to cover the rest of your bills, while securing your home.

Even though you will temporarily diminish your retirement fund, this is a route worth considering since it can keep your account from getting into default – or even bankruptcy. You can always rebuild – or add to – your retirement fund once you’ve settled your most pressing debts.

Read also:

Outsmarting Your Credit Card Debts

6. Balance Transfer

Zero or low-interest balance transfer programs can ease credit card debt by placing it under one card, with lower interests. This option is a good idea if the current interests applied are much higher than the balance transfer rate
and
 if you are able to pay it off within the specified repayment period.

However, do note that certain rate levels (typically the zero-interest ones) require you to make the full instalment payment every month. Paying the bare minimum will risk your interest rates to revert to the previous and undoubtedly higher rate.

If these methods aren’t readily available to help you settle your debts, don’t be shy to contact the
Credit Counselling and Debt Management Agency (AKPK)
 to counsel and advise you as well as negotiate with banks on your behalf.

Staying Away From Unmanageable Debt

One of the best ways to avoid unwanted debt is by carefully reviewing your financing decisions to make sure you are borrowing money as cheaply as possible in the first place. This often includes comparing the available financial products for the best terms and rates before you commit to any of them.

Try our comparison page to research the most affordable packages for
car
,
home loans
,
personal loans
,
credit cards
, and
more
!

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Desiree Nair

Desiree Nair

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Government Caps Prices Of Covid-19 Tests

(Image: The Edge Markets)

Health Minister Datuk Seri Dr Adham Baba said that the government has capped the prices of various Covid-19 tests in a bid to keep them at a reasonable level. These ceiling prices are gazetted under the Emergency (Essential Powers) Ordinance 2021.

“We used the Emergency Ordinance to cap the prices for such tests. If the price is more than what has been set, those responsible will have to itemise what the additional charges are for,” said the minister, adding that the public can use these caps as a guideline when paying for their Covid-19 tests.

The ceiling prices have been set in place for three Covid-19 tests – the reverse transcription polymerase chain reaction (RT-PCR) test, RTK-Antigen test, and RTK-Antibody test – as follows:

Tests
Ceiling Price
(Peninsular Malaysia)
Ceiling Price
(Sabah & Sarawak)
RT-PCR test
RM150
RM200
RTK-Antigen test
RM60
RM80
RTK-Antibody test
RM50
RM70

(Image: New Straits Times)

Dr Adham further stated that individuals who suspect that they were overcharged for their Covid-19 tests may lodge complaints with the Crisis Preparedness and Response Centre (CPRC).

Earlier in February 2021, Dr Adham had revealed in an interview that the government is seeking to
implement price controls on Covid-19 tests
 that are being sold in the private sector. He noted then that private health facilities charged between a wide range of RM240 to RM480 for RT-PCR tests. Meanwhile, RTK-antigen tests were priced between RM130 to RM180 at private hospitals, general practitioner clinics, and laboratories.

(Source:
The Star
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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TNG Offers RM5 Cashback For New RFID Tag Installations

Now that Touch ‘n Go is charging a RM35 fee for RFID tag fittings, the company has announced two concurrent campaigns to reward those who purchase an RFID tag from now until next month.

The RM5 Cashback on RFID campaign runs from now until 14 March 2020. Upon payment of your RFID installation with your Touch ‘n Go eWallet, you will be entitled to a RM5 cashback. Note that the cashback is applicable only for the first RFID fitment for each TNG eWallet account. The cashback will then be credited to your eWallet within three working days after the installation. Note that this is limited only to the first 10,000 RFID fitments during the campaign period.

The Ultimate RFID Toll Pass campaign, on the other hand, which runs between now until 15 April 2020 for 8 weeks, is essentially a weekly lucky draw where users will get a chance to win RM2,500 Touch ‘n Go eWallet credit per person. Each week, 5 winners will be randomly selected, and they will be announced six days after the end of the weekly cycle. The cash prize will then be credited into the winners’ Touch ‘n Go eWallet within three working days.

To qualify for both campaigns, you will also need to be a verified Touch ‘n Go eWallet user and must pay for the RFID installation using your Touch ‘n Go eWallet only.

Both the Ultimate RFID Toll Pass campaign and the RM5 Cashback on RFID campaign are valid alongside the ongoing The Big RM2 Million Weekly Draw campaign. However, it is not applicable with the
Shell RFID campaign
, where you can get your RFID fitted for free at 10 participating Shell stations with a minimum spend of RM50.

Touch ‘n Go began
charging for the installation of its RFID tags
 since 15 February 2020, each costing a fee of RM35 now. This comes alongside Touch ‘n Go’s announcement that it plans to expand the use of RFID technology beyond its current scope.

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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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    Sang Kancil Guru (@sangkancilguru)

    3 years ago

Lame. Such a lame company. Why should we pay RM35 for the privilege of giving these parasites even more money?

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Licensed Moneylenders And Pawnbrokers Agree To 3-Month Moratorium

(Image: EdgeProp)

The Licensed Money Lenders Association and Malaysia Pawnbrokers Association have agreed to a three-month moratorium to ease the burden on borrowers, said Housing and Local Government Minister Zuraida Kamaruddin. Licensed moneylenders registered with the ministry also agree not to impose late charges throughout the movement control order (MCO) period.

According to Zuraida, the decision was reached following Prime Minister Tan Sri Muhyiddin Yassin’s call upon licensed moneylenders during the announcement of the
additional PRIHATIN economic stimulus package
 earlier this week.

The prime minister had encouraged licensed moneylenders to offer a 6-month moratorium on the monthly credit repayments for SMEs, similar to what is currently being offered by the banks regulated under
Bank Negara Malaysia
. However, as announced by Zuraida, licensed moneylenders and pawnbrokers will only be offering the moratorium for three months as a relief measure.

During the period of moratorium, moneylenders are reminded not to charge interest rates in excess of what is stipulated under the Moneylenders Act 1951 (Act 400) – up to 12% p.a. for secured loans and 18% p.a. for unsecured loans. Meanwhile, pawnbrokers operate under different set interest rates – up to 2% interest per month.

Zuraida also stated that the premises of credit companies and pawnbrokers will be allowed to operate for two days a week from 9am to 2pm. The companies will have to comply with directives to prevent the spread of Covid-19 and should also regularly carry out disinfections of their premises.

Those with further enquiries on the Housing and Local Government Ministry’s services can call the hotline at 03-8891 3975.

(Source:
Bernama
)

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Jacie Tan

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6 Traffic Violations That May Affect Your Insurance Premium After Motor Detariffication

Gone are the days when car insurance renewals are usually dismissed as a mundane yearly chore with little to no effect on your daily life activities.

As most premium rates are usually fixed and standardized across most Malaysian car insurance policy providers, the general idea is that so long as you are not involved in a car accident (if you did, here are the things you
 will need to do
) or any other incidents that would result in you losing your NCB (no-claim bonus), you would not need to worry about being issued a higher insurance premium.

With the recently implemented motor insurance de-tariffication , it is imperative to note that traffic violations will now play a role in determining your car insurance premium. Do note that these only apply to comprehensive car insurance policies as third party car insurance will still be
 subjected to tariffs/fixed premium pricing
.

What Are the Traffic Violations That Could Affect My Car Insurance Premium?

Other than costing you a fair few hundreds for the summons you’ll undoubtedly be getting, these traffic violations will also cause your car insurance premium to hike up;

1. Running A Red Light

You may think that is a no-brainer seeing that these are among the first things that we learn during our JPJ KPP (Kursus Pendidikan Pemandu/Driver Education Course) test but unfortunately, the number of Malaysians who are committing this particular offense do not seem to wane over the last couple of years, some which even lead to the death and
 injuries
 of innocent civilians.

In addition to that, running over the red light is one of the offenses that are parked under AWAS (Automated Awareness Safety System), which will involve the deduction of your demerit points. In worst case scenarios, you may even get blacklisted by insurance providers in the future. Really, the few minutes you think you’ll be saving by running the red lights are not worth these repercussions. After you read this article, remember to
stop at red
.

2. Speeding

As of now, there are countless of road safety campaigns telling us to drive safely, coupled with the implementation of AWAS earlier this year which incorporates both Kejara (Demerit Points System) and AES (Automated Enforcement System) in Malaysia. So, if you are one of the speed daredevils who prefers to live life on the fast lane, you may want to put a brake on your activities as this could result in a heftier insurance premium with the implementation of motor insurance de-tariffication.

3. Reckless Driving

No matter what everyone says, checking for notifications on your phone while you’re driving is
not
 cool. You may be thinking how bad can it be and that everyone else that you know does it as well, but know for a fact that when you show a clear disregard for traffic rules, you are also giving off a clear message to law enforcers that you are a habitual offender.

<a href=”
https://ringgitplus.com/en/insurance/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-gen-gen-insurance&utm_content=blogcta_ins_compareinsuranceplanson_ringgitplus_mid”title=”Compare
 insurance plans”>

Habitual offenders are noted by insurance companies and you may end up with a higher insurance premium because you are deemed as an individual with a high-risk profile. To discover sure-fire ways that can help you get the best out of your car insurance, check out our
 article
 here.

4. Fleeing from the Police

Been in that situation when a figure of authority flags you down even though you are very confident that you have done nothing wrong to warrant their attention? That’s alright, if you have not committed any traffic offenses, then there is nothing to worry about.

Having said that, choosing not to stop when the police are obviously telling you to do so is a
definite
 no-no. You can be charged for felony, which in turn, will end up as a criminal record and not look good for your prospective employers as well as insurers. So, yes, resist that urge to skip that roadblock no matter how strong that urge to run away might get.

5. Driving Under Influence

Uber and Grab exists for a reason. If you can’t walk in a straight line after a couple of drinks, then what makes you think that it’s alright for you to operate a moving vehicle? Drunk driving has very serious consequences as it has paved the way to many fatal incidents in the past.

So, if you are looking to lower your motor insurance premium, avoid drinking under influence as it may not only cost you a pretty penny for your car insurance premiums, but your life as well.

6. Driving the Wrong Way

Taking a shortcut by driving against the opposite direction of traffic is never a good concept. Your brilliant idea of trying to save time and effort may even cost someone else their life! Other drivers (who are in their lane) will never expect a vehicle to be coming from the opposite direction, so chances of a car collision is
extremely
 high.

Even emergency services (i.e. the police or the ambulance) resist driving against traffic as this is a serious violation that could harm the people coming from the opposite direction, so be a considerate (and safe!) driver and
do not
 drive against the traffic. It’s as simple as that.

Whoa, What Else Do I Need to Know?

At the time of writing, the inclusion of some of these traffic violations is still under heavy debate as insurance companies would need to have access to the traffic violation database to pull the records of a potential insurance applicant. Having said that, do note that your car insurance premium is still primarily influenced by your perceived risk level as a driver.

Therefore, if your driving history consists of a list of major and minor traffic violations, there is still time to improve your driving style. After all, it’s also to help safeguard your own life! While you train yourself to be a safer driver, you may want to look for a
 comprehensive car insurance
 that fits your budget and needs through our
car insurance comparison
 tool.

Do you know of any traffic violations that could affect your car insurance premium? Feel free to share your thoughts and ideas with us in the comments section below!

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Arnie Ruxana

Arnie Ruxana

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Over 64,000 Malaysians Declared Bankrupt Since 2013

(Image: The Malaysian Reserve)

Minister in the Prime Minister’s Department, Datuk Liew Vui Keong told Parliament that a total of 64,632 Malaysians between the ages of 18 and 44 have been declared bankrupt over the last five years.

Datuk Liew Vui Keong said the statistics provided by the Insolvency Department revealed the following figures of people being declared bankrupt:

Year

People Declared Bankrupt

2013

13,036

2014

13,098

2015

11,277

2016

11,875

2017

11,106

2018 (until April)

4,240

The Minister in the Prime Minister’s Department added poor financial planning and insufficient financial management could be the reasons for the high number of bankruptcy cases in the country.

“The government, via the Insolvency Department, is committed to carrying out awareness programmes regarding bankruptcy to the people and its outreach programme with other government ministries, agencies and bodies,” he said

Datuk Liew Vui Keong said the Credit Counselling and Debt Management Agency (AKPK) would also carry out its initiatives to reduce the number of bankruptcy cases.

(Source:
The Star
)

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Brian Chung

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PruBSN Rolls Out New Affordable Protection Plan, BSN Takaful Sakinah

Prudential BSN Takaful Bhd (PruBSN) has launched BSN Takaful Sakinah, a new affordable and accessible protection plan that is aimed at helping Malaysians ease their financial burden in times of need. Branded as “The First Protection Plan”, the plan offers death benefits of up to RM30,000 (natural) and RM60,000 (accident), along with
khairat
 benefits of up to RM3,500.

BSN Takaful Sakinah is a
shariah
-compliant yearly renewable protection plan, with coverage for 12 months. Specifically, it offers three options with premiums starting from as low as RM55 per year, as shown below:

Benefits

Coverage period

Plans

Plan 1

(Premium: RM55/year)

Plan 2

(Premium: RM110/year)

Plan 3

(Premium: RM165/year)

Natural death benefit

Month 1 – 4

N/A

5
th
 month onwards

RM10,000

RM20,000

RM30,000

Accidental death benefit

Month 1 – 12

RM20,000

RM40,000

RM60,000

Khairat
 benefit

Month 1 – 12

RM1,500

RM2,500

RM3,500

Note that on top of the premium, policyholders will also be subjected to an additional
wakalah
 charge and
tabarru
 payment, so make sure to check these amounts beforehand.

BSN Takaful Sakinah is open to those who are aged between 19 to 50 years old, and does not require applicants to go through initial health checks to apply. If you’re interested, you can register for the plan either by visiting your nearest Bank Simpanan Nasional (BSN) branch or by enrolling online via the BSN website (to be launched at a later date).

Chief executive officer of PruBSN, Wan Saifulrizal Wan Ismail said that he expects the launch of BSN Takaful Sakinah to help increase Malaysia’s insurance and takaful penetration rates significantly.

(Image: The Malaysian Reserve/Muhd Amin Naharul)

“It is crucial for individuals to have a life protection plan that keeps them secure in case of unforeseen incidents. The BSN Takaful Sakinah is introduced as ‘The First Protection Plan’, designed to help the community alleviate financial difficulties of loved ones in the event of demise of the person covered,” said Saifulrizal, adding that the plan is also in support of the
Perlindungan Tenang
 initiative by Bank Negara Malaysia (BNM).

Meanwhile, the chief executive officer of BSN, Jay Khairil Jeremy Abdullah commented that the launch of BSN Takaful Sakinah is in line with the bank’s vision of ensuring that no Malaysians are left behind. “It has been a priority of ours to give all Malaysians the opportunity to enjoy a better life through an extensive network and various services. This plan is mainly targeted at more participation from the bottom 40% community to allow them to obtain takaful coverage at affordable contribution rates,” he said.

To find out more about the
BSN Takaful Sakinah plan
, head on over to the PruBSN website.

(Sources:
PruBSN
,
The Malaysian Reserve
)

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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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How To Make The Most Out Of The New Budget 2019 Incentives

As it turns out,
Budget 2019
 was not as austere and
“sacrificial”
 as it was made out to be. The allocated amount is actually higher than last year’s Budget, and with
plenty of new measures
 in place that will benefit the
rakyat
, especially those who need them.

With most of the incentives being targeted towards specific groups of the population, let’s take a look at what Malaysians can do to take advantage of the new benefits.

1.
Get life insurance.

Beginning 2019, there will be a new tax relief structure for EPF and life insurance. Where it was previously combined with a total relief of up to RM6,000 a year, the new structure will split it into RM4,000 for EPF, and RM3,000 for life insurance.
Based on our calculations
, individuals earning more than a gross income of RM3,030 monthly and don’t currently have life insurance coverage, will see their EPF tax relief reduced.

What this means is clear: if you earn more than RM3,000 a month and are not currently covered any by life insurance policies, get one. The split in tax relief means
those who are covered by life insurance policies
 can claim up to RM1,000 more than in previous years – this additional amount means you can increase the amount of coverage for your insurance plan if life takes a turn for the worse.

2. Pay off your remaining PTPTN loan before the end of 2018.

That’s right. Not only is it an obligation to pay what you owe, but the discounts for paying off your PTPTN loans will be removed from 1 January 2019. With some
RM2.74 billion still owed by 373,975 borrowers
, it’s clear that many are still not repaying their PTPTN loans.

Starting 2019, the Government will remove the three PTPTN discounts:

20% discount for those who repay their outstanding balance in full.

10% discount for those who repay at least 50% of their remaining debt in a single payment.

10% discount for those who set up scheduled salary deductions or direct debit.

These incentives will end on 31 December 2018, after which the PTPTN will put in place automatic salary deductions ranging from 2% to 15% from those who earn a minimum of RM1,000 a month.

Therefore, do yourself (and the country) a favour by paying off your PTPTN loan by the end of this year – and save thousands of Ringgit in the process.

3. Consider buying your first home in H1 2019.

In an effort to encourage home ownership, the Government has introduced
a number of measures to get Malaysians to buy their first home
. At the same time, it also looks like the Government is discouraging investors in buying homes to sell in the future.

First-time home buyers can look forward to the National Home Ownership Campaign, where unsold residential properties priced between RM300,001 and RM1 million will have their stamp duty charges waived by the Government, and the developers will offer a minimum price discount of 10%. This campaign kicks off on 1 January 2019 and will end on 30 June 2019.

For new projects, the SST waiver for construction and building materials will see developers offer a 10% discount off residential properties that are not price controlled. Meanwhile, the Government will waive stamp duty up to RM300,000 on sale and purchase agreements (SPA) as well as loan agreements until December 2020 for first-time home owners purchasing residential properties priced up to RM500,000.

Finally, the Government is also introducing a new RM1 billion home loan fund to help the lower-income group who earn less than RM2,300 a month to buy their first home priced up to RM150,000. This fund will be available starting 1 January 2019 from participating financial institutions (AmBank, BSN, CIMB Bank, Maybank, RHB Bank), offering a concessionary rate from as low as 3.5% per annum.

4. Take advantage of the increased tax relief for SSPN.

The National Education Savings Scheme (Skim Simpanan Pendidikan Nasional or SSPN) offers two savings funds for children’s future education. The savings plans not only offer high dividend rates (
in 2017 the dividend yield was 4%
), but there are also additional benefits such as income tax relief, PTPTN loan eligibility, Syariah-compliant savings that are guaranteed by the Government, and even Takaful protection for the children.

From 2019, the Government has increased the tax relief amount for SSPN deposits by parents from RM6,000 to RM8,000 a year. This is an additional RM2,000 that you can get back from the Government to offset your annual income tax from previous years, making it an extremely lucrative savings plan (provided your annual income tax is high enough to claim the full amount!) Hence, if you would rather not buy life insurance (since it would cost money) but would still want to recover the RM2,000 loss in EPF tax relief, depositing RM8,000 on SSPN would be an alternative.

5. Consider investing in an energy-efficient vehicle, or go all-in on public transportation.

With the targeted fuel subsidy coming into play from 2019, it looks like the affordable prices for petrol and diesel that Malaysians have been enjoying may come to an end for a large majority of the
rakyat.
 The scheme will kick off in the second quarter of 2019, but Finance Minister Lim Guan Eng has said that the Government will need time to iron out the mechanism. The proposed subsidy is a minimum of 30 sen per liter for cars with engine capacity of 1,500cc and below, and motorcycles with engine capacity of 125cc andbelow. The subsidy will have a monthly cap of 100 liters for cars and 40 liters for motorcycles, and will not apply for owners with multiple vehicles.

When this is implemented, petrol prices will fluctuate every week based on the Automatic Price Mechanism (APM), which is determined by the global fuel prices. Therefore, regardless of whether you qualify for the subsidy or not, Malaysians are likely to be paying more for petrol come Q2 next year. Perhaps it may make sense to invest in an energy-efficient vehicle with high fuel efficiency?

This does not mean you should get a hybrid or even an electric vehicle, of course. Any vehicle that meets the
specifications set by the Malaysian Automotive Institute
 can be classified as an energy-efficient vehicle. This includes models like the Perodua Myvi, Toyota Vios, Proton Ertiga, and of course, hybrid vehicles such as the Honda City Hybrid – these all not only are fuel efficient, but their engine capacities also qualify them for the fuel subsidy.

In the meantime, the Government has also announced that there will be
new public transportation passes
 in the Klang Valley. At RM100 (bus and rail) and RM50 (bus only), these monthly passes are exceptionally affordable. With the new MRT and expanded LRT lines covering the greater Kuala Lumpur area, those working in the Klang Valley should seriously consider switching to public transportation and remove a huge chunk off their monthly expenditure.

Take charge of your finances

Budget 2019 may not be the austere budget the Government had previously hinted, but it sure looks like one where Malaysians need to be more prudent with their money. Other new measures such as the increased gambling-related duty charges, the new
departure levy
, and even the
“soda tax”
 means Malaysians will be taxed on “non-essential” expenses.

Therefore, it literally pays for Malaysians to take charge of our finances and take a look at how Budget 2019’s new policies and incentives will affect us. Making changes today may save ourselves hundreds to even thousands of Ringgit.

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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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#YoungBrokeMillennials: How Much Does CNY Cost Me?

Chinese New Year is great. Pesky relatives and their nosy questions aside, there’s good food to be had with old friends and family. The whole of Malaysia gets two days off, and of course, there’s
ang pow
to collect. But here’s the big question: how is it that I’m receiving
ang pow
every Chinese New Year, but still come out of the festive season feeling poorer than I did before?

This year, I decide to do some self-reflection and see where my money goes during CNY.

Splurging On New Clothes (thanks, Zalora)

Everyone needs new clothes for the new year, right? They’re supposed to signify a fresh start, bringing extra luck if they come in prosperous colours. Sure, the initial plan was to buy one or two outfits for the first few days of CNY only. But then I got carried away by Zalora’s festive discount codes (extra 35% off!) and bought about four tops, three pairs of bottoms, and two pairs of shoes. They were definitely worth the price I got them for, but the haul did play its part in my trail of CNY expenses.

Damage: RM380

Travelling Home

It’s common knowledge that when CNY comes around, you simply have to make it home for the reunion dinner – or risk being disinherited. My hometown is in East Malaysia, so I have to take a flight from Kuala Lumpur. Thankfully, AirAsia added extra late-night flights for Chinese New Year at cheaper fares, so I did manage to save some money there (at the expense of my beauty sleep). Oh, and I have to Grab to and from the airport (it’s the easiest option due to the odd hours), so I should probably count that in too.

Damage: RM398 (fixed-rate late-night return flight tickets) + RM130 for Grab rides

Being A Filial Child

It’s tradition that married couples give
ang pow
 to the young and single during Chinese New Year. Growing up in a Chinese family, this means that my parents have been giving me those little red packets every year since I can remember. Now that I’m a working adult, I like to gift my parents some money for Chinese New Year as a symbolic gesture – even though there’s no tradition saying I have to. I know several of my friends who practise this as well, and there’s no strict guideline for how much we give in the
ang pow
.

Damage: About RM250 per parent (depends on how much money I made the previous year)

Miscellaneous (And Costly!) CNY Delicacies

Fortunately, other family members usually supply the festive staples like mandarin oranges, cookies, and seasonal goodies. Still, as I grow older, I feel that it’s not very nice to just turn up to gatherings empty-handed. This CNY, I bought my grandmother half a dozen bottles of essence of chicken for RM40, a box of bird’s nest for my mother for RM100, and 1 kg (RM100) worth of
bak kwa
 for my partner’s parents. If I plan to sponsor one of the many rounds of
yee sang
it’s customary to have during CNY, that sets me back at least RM88.

Damage: Upwards of RM240 (varies according to personal generosity)

Gambling Money

Clearly, this isn’t a “tradition” of Chinese New Year per se, but it’s still a common social activity during CNY gatherings among family and friends. I’m not a big gambler myself, usually opting out of serious rounds of poker and preferring to stick to friendly games of
chor dai di
and occasionally
mah jong
. I also make sure to keep my bets low, throwing in a few Ringgit just for the sake of it rather than playing with big pools. All the same, I’ve been to CNY gatherings where I see people gamble away what must be quite a big chunk of theircash.

Damage: Undisclosed

Don’t Underestimate How Much CNY Costs

After going through my CNY expenses this way, it’s no wonder that my bank account feels a bit worse for the wear once it’s all over. I guess the days where I easily made a profit from receiving all that
ang pow
 are gone – thanks to the financial responsibilities of adulting, it’s more relevant now to ask whether or not I can break even.

Do you have the same experiences during Chinese New Year? Or do you manage to celebrate the festive season without any extra spending? Share what Chinese New Year expenses are like for you!

#YoungBrokeMillennials is a column where we recount the experiences of Malaysian twenty-somethings “surviving” the real world. Want to contribute? Get in touch with us on Facebook!

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Finance Minister: Right Time To Reintroduce Previous Initiatives Like i-Sinar, Automatic Moratorium

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has commented that the time is now right for the government to reintroduce previous initiatives that were used to assist the Malaysian public, such as i-Lestari, i-Sinar, and the automatic loan moratorium. This is in line with the implementation of the National Recovery Plan (NRP).

“With the NRP, this is the right time to reintroduce such initiatives to help the people and business,” said the minister in a Facebook post, adding that he has already discussed the matter with the Employees Provident Fund (EPF) and Bank Negara Malaysia (BNM).

Tengku Zafrul further emphasised that the government is always striving to think of solutions to continuously help the people. He also said that although there were some people who initially opposed these previous initiatives, many soon came to realise the initiatives’ positive effects and began to support them.

Additionally, Tengku Zafrul stated that Malaysia was one of the earliest countries in the world to introduce such initiatives to help the people get through challenges brought on by the Covid-19 pandemic. The Malaysian government had rolled out a series of financial assistance throughout 2020 to help the people ride out the effects of the pandemic. Chief among them was a
blanket automatic moratorium
 that took place between April to September 2020 – announced by BNM in March 2020.

Meanwhile, EPF also introduced the
i-Lestari withdrawal facility
, which allowed EPF members to take out up to RM500 monthly between April 2020 to March 2021 from their Akaun 2. This is in addition to a subsequent
i-Sinar initiative
 that lets eligible EPF members withdraw money from their Akaun 1 to help with cash flow problems during the Covid-19 crisis.

(Sources:
The Star
,
The Edge Markets
)

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4 Reasons to Buy a Home Outside of Big Cities

Big cities around the world are known to brim with job opportunities and cramped office buildings. Much of this limited space in the city is occupied by office buildings but also the occasional cluster of homes, or towering condominiums, which of course, cost an arm and leg due to their strategic location.

As an effect, most millennials choose to live in rented property as they
can’t afford owning long-term homes in the big city
. But is the crowded and cramped city centers your only options? We’ve outlined 4 reasons why you should consider buying a
home in the city outskirts
 instead and possibly live comfortably with the decision in due time.

1) Cheaper and Bigger Homes

Many of the towns that line the outskirts of big cities are considered to be a little less developed than the metropolis itself.

Factors like connectivity, infrastructure and job opportunities are some of the reasons why homes and property value outside of the big city are considerably
cheaper than ones in the city
.

Despite being much lower in value, its size is no compromise if pit against homes in the city. The cost to buy a basic apartment in big cities like Damansara and Subang can cost just as much as a semi-detached home in places like Bangi or Kajang for example.

The only problem with this is commuting into big cities. If you do choose to go down this route, you might end up dealing with heavy traffic along major highways or put up with longer train rides to the city. However, if you are in the market for a larger estate with considerably lower value and don’t mind the commute, the outskirts may be the way to go.

2) Positive Home Value Projection

While the precise length of time needed for a small town to achieve ‘
city status
‘ is unknown, development around the area would be a legitimate indicator of where it is headed.

Major government projects like highways and public transportation (eg: MRT) are key factors that impose a positive value on property in its surrounding area. Other factors that aid the hike of property values include shopping malls and exclusive chain restaurants.

All of the above elements, especially infrastructure related projects, are areas of government focus to help bridge the gap between those living in the outskirts and larger cities. That said; value projection of property in these areas will eventually head upwards.

However, there may be a chance that these outskirt towns cease to develop but these factors may be a clear indication in helping you pick a location that sees development and provide just as much comfort as you would receive in the city.

If you do choose to move back into the city for personal reasons but currently live in a promising outskirt home, it would certainly fetch you a handsome return of investment upon sale to support your move.

3) Lower Cost of Living

Just as home prices in the outskirts tend to be lower; so is the cost of living.

Naturally, cost to rent out lots for business purposes reduce and remain considerably low compared to renting in the big city. This difference in cost can significantly impact the cost of living, for better or for worse.

Let’s take a
mamak
 haunt for example. One would pay a good 30% less to have a meal in a town considered to be in the outskirts compared to big cities where business overheads like rent are significantly higher.

From a business vantage, this effect is caused by the need to break even and ultimately make profit. Lower rental costs in the outskirts often result in a lower charge for services or sale of goods as businesses are able to pass this benefit on to a customer.

However, this would only concern privately owned businesses like family restaurants. Chain restaurants on the other hand have fixed prices wherever they mushroom but it is important to note that little towns in the outskirts are ubiquitously sustained by local businesses that contribute to the lower cost of living.

4) Less Cramped Living

In everything that we do, some contact with the big cities is bound to take place. Things like work, shopping, fine dining, entertainment and a myriad of other endeavours make big cities the ultimate urban playground.

As an effect, these already heavily dense big cities attract throngs of people from surrounding towns and smaller cities – especially during public holidays and festive seasons. This happens to be a huge contributor to
congested traffic in and around the city
.

Smaller cities or towns in the outskirts do not have such an immense appeal, and with considerably smaller population density, getting around will never be a problem – even on public holidays.

This of course is a welcome sight if you look forward to spending less time behind the wheel of your car when you need to make a quick run to the grocery store. You’d have a lot less vehicle-cramping to put up with on the road too.

The Verdict

No doubt big cities are the main attraction in this equation as they are equipped with almost everything one could possibly need. And there’s no surprise as to why the saying ‘live where you work’ is accepted everywhere. However, some have life goals to suit renting and living in the city, while others just can’t afford to.

It may not be something that will ever cross your mind, but with
hampering property sentiment in the country
, it’s definitely something worth considering if the above points appeal to your financial objectives and lifestyle.

If you happen to be in a limbo between the city and its outskirts, plus the whole home purchase shebang is causing you to be in a daze – use our simple
home loan calculator
 to help ease your worries in search of a place you can call home.

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BigPay Introduces New Local & International Remittance Service At Lower Rates

BigPay has launched its new international remittance service that enables Malaysians to transfer money abroad at cheaper rates. Users can now send money directly from the BigPay mobile app to bank accounts in Singapore, Thailand, Indonesia, and the Philippines, with more countries to follow suit. Alongside this, local remittance has also been enabled.

According to BigPay, users will benefit from choosing BigPay as their remittance service provider as it offers lower rates compared to banks, thus helping them save more. Users will be charged a fixed rate for each country, ranging from as low as RM7 to a maximum of RM13, compared to the average fee of 11% charged by banks for international money transfers – and almost double that rate by other remittance providers.

International remittance will take different lengths of time, depending on which country you are transferring to. Transfers to Indonesia are almost instantaneous as they only require 5 minutes. On the other hand, the longest period a transfer would take is only 2 working days if it is sent after 5pm on a working day.

Countries

Remittance Fee

Day

Duration

Singapore

RM5

Mon-Fri (Before 5pm)

1 working day

Mon-Fri (After 5pm)

Weekends & PH*

2 working days

Indonesia

RM5

Mon-Sun (incl. PH)

5 minutes

Thailand

RM13

Mon-Fri (Before 6pm)

1 working day

Mon-Fri (After 6pm)

Weekends & PH

2 working days

The Philippines

RM8

Mon-Fri (Before 12pm)

Same working day

Mon-Fri (After 12pm)

Weekends & PH

1 working day

*PH = Public Holidays

Remittance fee updated on 30 January 2020.

Transferring money abroad with BigPay can be completed in a few simple steps. Once a user has opened the app, click on the ‘Payments’ tab and select ‘International bank transfer’. After choosing their country of destination and keying in the recipient’s bank details, they will be able to review the amount they will be charged and pay right away.

Note that users will need to perform an electronic Know Your Customer (eKYC) verification process to enable the remittance feature – this will apply also to existing BigPay users.

Meanwhile, local remittance is also enabled with this new feature. BigPay users can transfer their e-wallet funds to any bank account in Malaysia at a RM0.50 fee.

There will be a limit of RM20,000 per calendar month for remittance (both local and international combined). For international remittance, the transfer limit differs based on the country, while for local transfers, there is a transfer limit of
RM5,000

(update: it’s now set at RM2,000)
 (update 26/9) RM1,000 per transfer, and a monthly limit of RM2,000.

“Financial inclusion is a cornerstone of BigPay and offering low-cost, accessible money transfers is part of that strategy,” said Christopher Davison, BigPay co-founder and CEO.

Launched in 2018, BigPay is proving to be more than just another e-wallet. It also comes with a prepaid Mastercard, tracks and categorises expenses, and
rewards users with BIG points
 for daily transactions.

(Source:
Fintech News Malaysia
,
BigPay
)

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Public Bank Credit Card Offer: 10% Off Steve Madden

Express your individuality with renowned American shoe designer

Steve

Madden
.
Shop exclusively at their first Malaysian branch at KLCC with any

Public Bank credit card or debit card and receive 10% discount off. This offer

is only applicable with purchases of at least 2 items and above.

Promotion period is valid from 10 June till 18 August 2013.

This offer is not applicable with other discount, loyalty cards, corporate, complimentary

gift vouchers, other promotions and privileges.

For further details please refer to the
Terms & Conditions
.

Can’t make up your

mind on
which Public Bank credit card to get
 ?

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How and Why You Should Open a Business Bank Account

When your side business is still small, it makes sense to funnel all your earnings into your personal bank account. But as it grows into a full-fledged SME, you might have to start thinking about opening a business account specifically for it.

What is a Business Bank Account?

It’s a current account that works much like a regular one except it also has business specific stuff that can be useful for people who have a company or are doing business, rather.

If you’re already familiar with current accounts, then you already know some of the features of a business bank account. Sometimes marketed as a corporate account, this type of account has special facilities that can help you manage your business’ finances better.

These functions include:

An Overdraft Facility

This feature allows for withdrawals that exceed your account balance within an agreed amount. It can be helpful to reduce the possibilities of bounced cheques and give flexible access to quick cash. This means you don’t have to worry about your business not having liquid cash to use during off seasons.

Issuing Cheques

Much like a regular current account, you can issue cheques. This makes for a method of paying your vendors that’s clean and official. It also makes it easier to track your expenses via the cheque book stub.

Foreign Banking Facilities

Foreign exchange rates, using your card overseas, and international transactions can be made much simpler and cheaper with a business bank account.

As with any bank account, the details of these features will vary from bank to bank, but by and large, you can expect these functionalities to be available to you via your business bank account.

Do I Really Need Another Bank Account?

Suppose you’re a judicious financial planner and you have no trouble managing the financial part of your SME. You might think that the features above are nice, but not essential. If you really
can
 handle the current volume of transactions, then that’s fine. But remember that eventually, if your business grows, you may need to open up a business bank account in the future.

If you’re unsure whether or not you should open a business bank account, here are some questions you can ask:

Is your business processing a lot of transactions?

Is your business income and expenses getting complicated and you’re concerned about accurately completing your tax return?

Do you want to take out a business loan or get a business credit card?

Do you want to take card payments from your customers?

Should you answer “yes” to three or more of those questions, it might be worth seriously considering opening a new business bank account.

How Do I Apply For a Business Bank Account?

The specific documents needed will vary between banks, but typically include the following:

Letter of introduction and recommendation from an existing customer of your chosen bank

Company rubber stamp

Photographic ID for all directors and signatories on the account

Company details such as proof of proper registration and address

Approval to open the account from all directors, confirmed in a company resolution

With this information, hopefully you can now make a more informed decisions on whether or not you should apply for a business bank account for your SME.

Ready to make that leap of faith and embark into the world of SME business opportunities? If your answer is yes, then here’s a bonus tip to help you get started on your new venture.

Learn more about the benefits of SME banking by giving
RHB SME Banking Portal
 a visit and make use of their Knowledge Center to discover the useful tips and tricks to help you achieve your aspirations as a soon-to-be franchisee. From business loans to current accounts created specifically for the fundamental needs of SME business owners, begin your journey as a franchisee with RHB SME Banking Portal today.

This article was brought to you in collaboration with RHB SME Banking.

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Spend with RHB credit cards and win movie tickets to Thor: the Dark World

Fancy a movie date with the mighty Thor?

RHB is giving away
movie

passes to Thor: The Dark World
 which starts screening in cinemas on 31 Oct.

All you need to score one of these double movie passes is to spend with either

a RHB credit card or debit card. From 1 Sept till Oct 15, 2013 RHB will be choosing

25 of the biggest spenders from each card category as daily winners.

If you are not a RHB cardholder you are still

eligible for the promotion, all you need to do is apply for a RHB credit card

or debit card. The first 250 applicants from each card category that gets

approved within the promotion period and spend at least RM50 on their first

retail spend will also be awarded with 2 movie passes.

For further details on the promotion please

refer to the
Terms

& Conditions
 page.

Want to find out more about RHB credit

cards and debit cards? We’ve got them all listed at
RinggitPlus
 for your

browsing convenience.

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How To Read Your Credit Report

Have you ever been rejected from an application for a loan or a credit card because of your poor credit score? This is the best time for you to get to the bottom of your credit rating issues by getting a credit report. Banks and companies refer to your credit report when you apply for credit or facilities with them, so it makes sense that you find out what is in your credit report too.

One of the ways you can get your credit report is through a licensed credit reporting agency (“CRA”) such as RAM Credit Information Sdn Bhd (“RAMCI”). RAMCI offers a range of credit information at your disposal, with one of them being a personal credit report service. Here’s what to expect when you receive a personal credit report from RAMCI and how to read it.

Now that you know what a credit report looks like and how to understand the various information displayed on it, you can use this knowledge for the better. Identify the areas of your finances that are affecting your credit score as shown in your report and see if there any lifestyle or financial changes you can make to fix them.
For instance, avoid maxing out your credit card when you can only afford a small percentage of the amount. Paying your bills and loan repayments on time will also go a long way towards improving your credit score.

Remember, you should also check through your credit report carefully to make sure everything is accurate, so you can raise any disputes or update your information if necessary.

You can find out more about
RAMCI and the Personal Credit Report Plus (PCRP) here
.

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Lazada Launches Hari-Harimau New Seller Kickstarter Package To Bring Local Businesses Online

E-commerce platform Lazada has rolled out a new digital onboarding package that is aimed at helping micro, small, and medium enterprises (SMEs and MSMEs) to move their businesses online as Malaysia ramps up its digital economy to recover from the economic repercussions of Covid-19. Dubbed the Hari-Harimau 2022 New Seller Kickstarter Package, it is open to sellers who are onboarded to Lazada between 22 February to 31 December 2022.

According to Lazada, this package will include a range of educational, logistics, and financial incentives to help ease business operational costs, allow new online businesses to grow their online presence, and plan for long-term growth. It will also provide onboarded entrepreneurs with full access to Lazada’s innovative technology and digital solutions, as well as hands-on support during the onboarding process and in growing their online customer base.

Specifically, key incentives offered under the Hari-Harimau 2022 New Seller Kickstarter Package include:

No set-up cost, 0% commission fee, 2% payment fee waiver, and free shipping services
Free ad credits for sponsored discovery worth RM150, and exclusive traffic and exposure on the Hari-Harimau campaign page
Training and platform support on Lazada University
Free one-month access to Lazada’s premium Customer Engagement Management (CEM) tool, which allows sellers to proactively engage with customers through customised messages and boost their branding

Sellers can unlock these incentives as they accomplish certain tasks and reach certain milestone in their onboarding journey.

“Our Hari-Harimau 2022 New Seller Kickstarter Package is designed by Lazada to aid small companies in navigating this changing landscape, as the economy continues to slowly recover and customers adapt to new buying habits and embrace digital commerce. We will continue to optimise on our technology and reach to find new ways of doing business that can inclusively support everyone,” said the chief operating officer of Lazada Malaysia, Darren Rajaratnam.

In its statement, Lazada also highlighted several other initiatives that it has ongoing to support local SMEs and MSMEs, particularly in coping with the Covid-19 pandemic. These include partnerships with the Ministry of Finance and the Malaysia Digital Economy Corporation (MDEC) in campaigns such as
Shop Malaysia Online
 and
Go-eCommerce
. Additionally, the e-commerce platform had collaborated with the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) in the
Buy Malaysia campaign
.

(Source:
Lazada
)

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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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Prudential Launches Comprehensive Five-In-One Insurance Plan For Young Adults, PRUFirst

Prudential Assurance Malaysia Berhad (PAMB) has introduced a new comprehensive five-in-one insurance plan that is targeted specifically at young adults in the country, dubbed PRUFirst. Offering medical, accident, life/total and permanent disability (TPD) and payor coverage all in one single plan, it also gives policyholders the flexibility to upgrade their plans with critical illness coverage or medical booster for better protection – if they wish it.

Specifically, there are three plans that you can choose from under PRUFirst, depending on your needs and preferences:

PRUFirst plan
Coverage/Benefits
Monthly premium
Basic
– Medical coverage starting from RM1.38 million
– Dual accident coverage with reimbursement of medical cost from RM5,000 and lump sum disability/death benefit from RM100,000
– Life or TPD coverage from RM100,000
– Payor coverage, where Prudential covers your annual premiums in the event of TPD or critical illness
RM135 per month onwards
Boost
Option 1

– PRUFirst basic plan
– Total Multi Crisis Care (critical illness rider)
Option 2

– PRUFirst basic plan
– PRUMillion Med Booster (medical booster)
RM166 per month onwards
RM183 per month onwards
Max
– PRUFirst basic plan
– Total Multi Crisis Care (critical illness rider)
– PRUMillion Med Booster (medical booster)
RM204 per month onwards

Aside from that, Prudential also revealed that the basic plan for PRUFirst is based off an earlier Prudential offering named PRUWithYou, adding that the package in PRUFirst consists of components that can be purchased separately. As such, you are not obligated to select all components in the package.

Additionally, PRUFirst comes with an automatic extension of coverage terms for the basic plan, up to the age of 100 – as long as there is sufficient value of units to pay for the relevant charges during the extended term. You may, however, request for this to be disabled. As for the riders, they can be extended up to the age of 100 or the rider’s maximum coverage term (whichever is earlier) wherever applicable.

According to the chief officer product and actuarial services of Prudential, Ankur Bassi, PRUFirst was conceived with Gen Z customers aged between 19 to 30 years old in mind, in hopes that it will empower them to live on their own terms.

“PRUFirst is a simple yet comprehensive protection plan which is scalable to meet the requirements of today’s generation who seek holistic, straightforward, and convenient solutions. With customisable options to suit their budget and needs, they can safeguard their savings and lifestyle when faced with unexpected events,” said Bassi in a statement.

(Sources:
Prudential
,
Bernama
)

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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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Citi Campaign Offers RM20 Cashback For RM200 TNG eWallet Reloads

Citibank is currently offering a reward of RM20 cashback to Citi credit cardholders who reload a minimum of RM200 into their Touch ’n Go (TNG) eWallet. This offer is applicable for every Friday, from now until 29 July 2022.

Available on a first-come-first-served basis, the cashback offer is capped at 1,000 redemptions every week. Each credit cardholder is only eligible to win the cashback reward once per week.

If you manage to earn any of the cashback rewards, it will be credited into your TNG eWallet account within 30 working days from your transaction date. Note that you are not allowed to transfer or exchange the cashback earned for cash or any other items.

This TNG eWallet offer from Citi is actually part of a larger ongoing campaign, where cardholders are treated to different deals on each day of the week (Monday to Sunday). Among others, you can earn discounts as you shop on Lazada or Shopee using your Citi cards (with a minimum spend of RM200), as well as enjoy rebates for food deliveries.

Browse through the
daily offers here
, and plan your purchases around them so that you’ll make the most out of your credit card!

(Source: Citibank [
1
,
2
])

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Nur Adilah Ramli

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    Wong Kian Pang

    1 year ago

Hi ringgit  plus

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HSBC Amanah Launches New AI-Powered US Equity 5 Index, AiPEX5

(Image: Finance Brokerage)

HSBC Amanah Malaysia has launched the new AI-powered US Equity 5 Index (AiPEX5) suite of structured products, marking the bank’s first use of artificial intelligence as a method in equity investing.

AiPEX5 is aimed at generating positive long-term returns and building wealth for investors by using the latest techniques in artificial intelligence. According to HSBC Amanah, the AI-powered US Equity Indexes are the first and only rules-based equity strategies to use IBM Watson to continuously analyse and learn from scores of data each day, turning the data to investment insight.

AiPEX5 then selects stocks by applying the AI-driven insight to improve on fundamental equity portfolio management techniques. To reduce exposure to equities when markets are unstable, it incorporates a daily volatility control mechanism.

(Image: Edward Soon)

The bank highlighted the new index’s ability to identify companies with stock prices that are poised for growth while managing draw-down risk during times of high market volatility, saying that this is especially relevant to investors in current times.

As pointed out by Alvin Kong, head of global markets at HSBC Malaysia, investors need strategies that focus on providing steady returns at a reduced risk, especially in today’s pandemic-impacted, highly volatile markets. “However, successful investment strategies must keep up with the growing amount of data being generated each day,” said Kong.

“AiPEX5 simulates a team of thousands of analysts and traders working around the clock to learn from millions of pieces of information and identify potential investment opportunities. This not only empowers clients to keep up with their investments, but thrive in an increasingly complex world of change,” Kong added.

(Source:
The Sun Daily
)

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September Unemployment Rate In Malaysia Drops Slightly To 4.6%

The unemployment rate in Malaysia has lowered slightly by 0.1% to settle at 4.6% for the month of September 2020. The number of unemployed persons declined by 0.6% to stand at 737,500 persons, according to the latest data by the Department of Statistics Malaysia (DOSM).

“In September 2020, employment continued to grow at a slower pace of 0.3% (August 2020: 0.5%) to 15.19 million persons,” the DOSM stated in its monthly labour force report. It was found that the employee’s category increased by 14,900 persons to record 11.73 million persons against the month before. Meanwhile, own-account workers continued to increase by 0.7%, registering 2.43 million workers compared to the 2.42 million in August.

A new labour force indicator was also added to the report: quarterly time-related and skill-related unemployment. In Q1 2020, the implementation of the MCO caused the number of time-related underemployed persons to increase to 383,200 persons or 2.5% of the employed workforce, compared to the 212,400 persons before. In the second quarter, time-related underemployment increased to 2.8% before reducing to 2.0% in Q3 2020.

According to DOSM, the Services and Manufacturing sectors were the main contributors of the economy, recording an increase in the number of employment compared to the month before. For the Services sector, the increase was largely seen in the wholesale and retail trade, accommodation, and food and beverage areas, as well as education activities.

“Although the Covid-19 pandemic continued to be a difficult challenge in September 2020, the Malaysia’s labour force situation was further improved as the progress of the economic sector continued to grow,” the DOSM report continued. “However, looking at the current situation with a spike of new Covid-19 cases especially in certain parts of the country since the end of September 2020, it is foreseen that the labour market will face more challenges in the forthcoming months.”

Earlier in
August
, the unemployment rate for the nation stood slightly higher at 4.7%, unchanged from the month of
July
 after a downward trend starting in the month of
June
. This came after months of record-breaking unemployment numbers in
March
,
April
, and
May
.

(Source:
DOSM
)

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Income Tax Malaysia: What’s New For YA 2021?

The government has introduced several new income tax reliefs for the new year of assessment (YA) 2021, as well as revamped some of the existing ones. There were also several special tax measures from YA 2020 – rolled out as a form of assistance during the Covid-19 pandemic – that were further extended into YA 2021 (and even beyond).

Here, we’ve listed the various updates that you will come across as you fill out your income tax for YA 2021; be sure to keep an eye out for them so that you do not miss out on them.

New tax initiatives for YA 2021

Tax reliefs

Increased tax relief for medical expenses (self)

The government has raised the total amount that you can claim for various medical expenses for yourself, spouse, or child in YA 2021 – from RM6,000 to RM8,000. This includes payments for:

Treatment of serious diseases
, including heart attack, pulmonary hypertension, cancer, Parkinson’s disease, and others
Fertility treatment for self or spouse
, including intrauterine insemination (UI) treatment, invitro fertilisation (IVF), and others
Vaccination expenses
, including pneumococcal, human papillomavirus (HPV), Covid-19, and others
Complete medical examination
 (with a new sub-limit of RM1,000)

The government has also expanded the scope of expenses that you can claim for the “Complete medical examination” category, which you can read on below.

Inclusion of Covid-19-related expenses for medical expenses (self)

(Image: The Edge Markets)

Under the “Complete medical examination” category allowed for medical expenses (self) – which has a sub-limit of RM1,000 out of the overall RM8,000 – you are now also allowed to claim Covid-19 detection test expenses. These include fees for tests conducted in clinic or hospitals, as well as the purchase of self-detection test kits at pharmacies and other permitted channels – which means this will cover both PCR and RTK tests that you may purchase over the course of the year.

This tax initiative was
announced under the PERMAI stimulus package
 back in January 2021, and has been made
effective for YA 2022 and 2023 as well
.

The sub-limit for this category used to be RM500 in previous years, but was doubled to RM1,000 under Budget 2021.

Revamped criteria under tax relief for medical, special needs, and carer expenses for parents

In YA 2020 (and previous years), individual taxpayers were allowed to claim up to RM5,000 for medical treatment, special needs, and carer expenses for their parents; or a separate RM1,500 per parent if they did not make any claims under medical expenses for parents.

For YA 2021, the government has removed this sub-criteria. Instead, you’re now allowed to claim up to RM8,000 only for medical treatment, special needs, and carer expenses incurred under your parents. These expenses include medical care and treatment provided by a nursing home, as well as non-cosmetic dental treatment.

Be sure to keep the receipts of these expenses. In the case of making claims for medical treatment, special needs, and carer expenses, you should also possess evidence from a registered medical practitioner proving that your parents are in need of such facilities. If possible, obtain a copy of the certification or work permit of the carer as well.

Upskilling courses included in tax relief for education (self)

(Image: Microsoft)

The RM7,000 tax relief for education was originally allowed for fees expended on Masters or Doctorate degrees, and any course of study up to tertiary level undertaken for law, accounting, Islamic finance, technical, vocational, industrial, as well as scientific or technological skills and qualifications. Of course, these must be offered by institutions or professional bodies that are
recognised by the Ministry of Higher Education Malaysia
.

For YA 2021, the government has expanded the qualifying expenses to also include courses that are undertaken for the purpose of upskilling or enhancing yourself, provided it is recognised by the Director General of Skills Development under the National Skills Development Act 2006 (Act 652). That said, a sub-limit applies; you can only claim a maximum of RM1,000 for this category of education in YA 2021.

The government has also stated that this sub-limit will be increased to RM2,000 for YA 2022 and YA 2023.

RM500 tax relief for sports-related expenses

(Image: AsiaOne)

An additional RM500 tax relief has been introduced for sports-related expenses, on top of the general RM2,500 lifestyle tax relief that includes the purchase of sports equipment (as well as other lifestyle expenses, such as books, electronics, and internet subscriptions). This means that you can technically claim a total tax relief of RM3,000 for sports-related expenses if you wish.

This relief is applicable to purchases made for yourself, spouse, or child that meet the following criteria:

Sports equipment for sports activities listed under the Sports Development Act 1997 (excluding motorised two-wheel bicycles)
Rental or entrance fees to any sports facilities
Registration fees for any sports competition where the organiser is approved and licenced by the Commissioner of Sports under the Sport Development Act 1997

This tax relief can be traced back to a
proposal from the Ministry of Youth and Sports
 back in 2020, who had originally asked that a dedicated tax incentive be introduced for the purchase of sports equipment and parents’ investment for their children in sports under Budget 2021.

Increased tax relief for disabled spouse

The tax relief provided for a disabled spouse has been increased from RM3,500 in YA 2020 to RM5,000 in YA 2021.

Others

Reduced income tax rate for resident taxpayers in RM50,001 to RM70,000 band

Under Budget 2021, the government has reduced the tax rate for individual taxpayers who fall under the RM50,001 – RM70,000 band (chargeable income) by one percent, from 14% to 13%. This is a move to
assist the middle-income (M40) group
, said the government – especially as households are still grappling with the economic fallout from the pandemic.

Special tax measures/incentives extended from YA 2020

Tax reliefs

Special RM2,500 relief for personal computer, smartphone, or tablet

(Image: Malay Mail/Shafwan Zaidon)

You can claim up to RM2,500 in lifestyle relief for the purchase of a personal computer, smartphone, or tablet made during 2021. This is on top of the existing RM2,500 relief offered on the purchase of a personal computer, smartphone, or tablet under the lifestyle category – which also includes purchases of books, sports equipment, and monthly internet bills.

LHDN shared an example to illustrate how this relief works: if you bought a smartphone worth RM2,000 in March and a laptop worth RM4,000 in July, you can claim up to the maximum amount offered under these two tax reliefs. Under the additional tax relief, you can claim up to RM2,500 for the purchase of the laptop. And under the general lifestyle tax relief, you can claim RM2,000 for the smartphone, and another RM500 from the purchase of the laptop – this allows you to fully utilise both reliefs. Note that since this example was shared by LHDN themselves, it is confirmation that you can indeed stack both reliefs if the electronic device purchased is priced above RM2,500.

Additionally, for both categories of relief, the device must be either for your own use or the use of your spouse or child. This relief cannot be claimed if you buy the device for business purposes, and the relief does not include any additional charges for warranty.

This additional special tax relief was initially introduced for YA 2020 as part of the government’s efforts to assist
work from home arrangements
 due to Covid-19. It was then
 extended to 31 December 2021
. During the tabling of Budget 2021, it was announced that this special relief will be
extended for a second time, until 31 December 2022
.

Special RM1,000 relief for hotel accommodation, tourist attractions, and tourism packages

You can claim up to RM1,000 in tax relief for your stay at hotels or accommodation premises and entrance fees to tourist attractions for individuals. To qualify for this relief, the accommodation premises must be registered with the Commissioner of Tourism; you can find the
list of the registered premises here
. As of January 2021, the scope of this relief has also been expanded to include expenses incurred from the purchase of tourism packages through
MOTAC-registered local travel agencies
.

Similar to several other special tax reliefs, this tax initiative was also initially announced for YA 2020 under the
Economic Stimulus Package 2020
, aimed at boosting the tourism sector. It was originally applicable only for payments made between 1 March 2020 to 31 August 2020, but was subsequently extended to 31 December 2021. Under Budget 2022, it was
extended for the second time to include YA 2022 as well
.

Increased childcare tax relief at RM3,000

The limit for income tax relief for childcare services expenses is raised from RM1,000 to RM3,000. This was also introduced much earlier for YA 2020 under the
PENJANA Economic Recovery Plan
 as an initiative to help boost work from home arrangements during the pandemic – and was eventually made available for YA 2021 as well. Under Budget 2022, it has been further extended to YA 2023.

Tax deductions/exemptions/others

Tax deductions for Covid-19 donations and contributions

Donations and contributions in kind given to fight the Covid-19 pandemic have been officially classified as tax deductible since February 2020, and will remain so until the government declares it is over. According to the
 Inland Revenue Board (LHDN),
 cash and contributions in kind to the Ministry of Health’s Covid-19 Fund, as well as cash donations to the National Disaster Management Agency’s (NADMA) Covid-19 Special Aid Fund and other approved organisations are eligible for tax deductions.

For personal income tax filing, you can claim up to 10% of your aggregate income for Covid-19 Fund contributions and other eligible donations.

RPGT exemption for sale of residential properties

(Image: The Malaysian Reserve)

Malaysians who wish to sell their residential properties during the period between 1 June 2020 to 31 December 2021 will be entitled to a real property gains tax (RPGT) exemption. This exemption is limited to three residential properties per individual for the whole exemption period. Under Budget 2022, the government took this one step further by abolishing the RPGT for the sale of properties from the sixth year onwards (originally set at 5%).

This RPGT exemption was announced as part of the
PENJANA Economic Recovery Plan
 in June 2020 to stimulate consumer sentiment in the housing market.

Increased tax exemption limit for compensation for loss of employment

(Image: Malay Mail/Shafwan Zaidon)

Individuals who received compensation due to loss of employment are also taxable, but may be exempted under two conditions:

100% tax exemption for loss of employment due to ill health
Tax exemption of RM10,000 for each full year of employment with the same employer or companies from the same group

However, for YA 2020 and YA 2021, the tax exemption of RM10,000 has been
temporarily increased to RM20,000
 for each completed year of service with the same employer (or any of its subsidiaries).

***

Now that you know what the new tax reliefs, exemptions, and deductions are – along with the extended special tax initiatives – make sure to claim for them in your income tax form if you are eligible. Stay tuned as well for our comprehensive YA 2021 guide on filing income tax, where we’ll cover all the essentials that you need to know about filing income tax. In the meantime, you can check out
all income tax-related articles 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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    Alex

    1 year ago

hi，  I would like to know if selling a piece of land, the land is more than five years holding, will the amount taxable?

I am not sure it’s the complete picture here.

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How Does JOI® Smartboard Make Learning More Engaging?

As students, we may not think of the responsibilities of our educators. To ensure students can excel in their education, educators often find new, better ways to create an interesting learning experience so students remain engaged in the classroom. If students are disinterested or are often staring into space, educators need to find a way to make them refocus and concentrate on the teaching materials.

In today’s highly digitised world, there are plenty of ways educators can help retain students’ attention. One such solution is to implement the use of a capable and versatile device, such as the JOI® Smartboard.

Read on to find out more about how JOI® Smartboard can make learning a more engaging experience.

Regardless of the education level, having an interactive device like the JOI® Smartboard can make a world of difference inside a classroom. Students are able to collaborate and engage with one another and put their ideas on the Smartboard – thanks to its 20 touch points.

Imagine having a student with more knowledge on a particular subject. Perhaps the student also has a website they often refer to when it comes to a subject matter. They can wirelessly share the link to the teacher within the classroom and the teacher can then instantly present the website to the rest of the class via the pre-installed browser.

Having apps and widgets are also very useful. For timed exercises in the classroom, the educator can use the built-in timer for students to complete their work within a stipulated time instead of relying on another device.

To learn more about JOI® Smartboard,
click here
.

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AmBank’s Dine At Home Campaign Offers RM10 Cashback For Online Food Delivery

AmBank
 is holding a “Dine At Home Campaign” which offers cashback on selected online food delivery services. AmBank Visa Credit Cardholders are entitled to RM10 worth of cashback on eligible transactions with a minimum spend of RM30. The campaign is ongoing from 21 October to 31 December 2020.

To get the RM10 cashback, all you have to do is spend a minimum of RM30 in one transaction with any of the eligible online merchants below:

dahmakan

DeliverEat

Foodpanda

Grab

Hungry2u

Each cardholder is only entitled to one round of cashback per campaign week and a maximum of 3 rounds of cashback throughout the campaign period. This means that you can earn up to RM30 worth of cashback from the whole campaign. The cashback is awarded on a first-come, first-served basis according to the table below:

Campaign Week

Period

Weekly Cashback Allocation

1

21 October 2020 – 25 October 2020

RM9,450

2

26 October 2020 – 1 November 2020

RM9,450

3

2 November 2020 – 8 November 2020

RM9,450

4

9 November 2020 – 15 November 2020

RM9,450

5

16 November 2020 – 22 November 2020

RM9,450

6

23 November 2020 – 29 November 2020

RM9,450

7

23 November 2020 – 29 November 2020

RM9,450

8

7 December 2020 – 13 December 2020

RM9,450

9

14 December 2020 – 20 December 2020

RM9,450

10

21 December 2020 – 27 December 2020

RM9,450

11

28 December 2020 – 31 December 2020

RM5,500

The cashback will be credited into your account within 12 weeks from the end of the campaign period and reflected in your monthly statement. You can participate in this campaign if you are a principal or supplementary AmBank Visa Credit Cardholder. Mastercard or UnionPay credit cardholders or those with AmBank debit or corporate cards will not be eligible for the cashback.

(Source:
AmBank
)

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Tourism Malaysia Partners With Visa To Boost Tourism Industry

International and local tourists travelling in Malaysia with Visa cards will soon be able tap into a variety of rewards and benefits as Visa Malaysia has entered a long-term partnership with Tourism Malaysia. This is to boost the country’s tourism industry and to assist in the Visit Malaysia Year 2020 (VMY2020) initiative.

According to the director-general of Tourism Malaysia, Datuk Musa Yusof, the partnership will further promote Malaysia as a popular shopping destination among international tourists, especially since shopping has been the biggest tourist expenditure in Malaysia in the last four years. According to statistics from January to September 2019, 35.2% of the total tourist receipts are shopping-related expenses, with the total amount coming up to RM23.3 billion.

“With Visa coming on board as a preferred payment partner to help promote Malaysia, we are confident that we will be able to attract more inbound tourists,” said Musa. The partnership will leverage on the Visa Preferred Merchant (VPM) programme, which offers a range of dining, shopping, entertainment, and medical wellness benefits that are popular among tourists visiting Malaysia.

Additionally, the partnership will promote domestic tourism via the Cuti-Cuti Malaysia campaign, offering deals that are relevant for local Visa cardholders.

“Domestic tourism is important. Even before the Covid-19 outbreak, we have already done our promotions for the locals to cultivate local tourism, plan vacations, and so on,” said Musa. He also cited data from 2018, saying that more than 72 million domestic tourists had generated revenue of more than RM62 billion in that year.

Musa further commented that the collaboration with Visa Malaysia will be beneficial as the payments technology company can harness its data analytics capabilities and research to help Tourism Malaysia better understand travellers’ needs.

“We need data. Technology is changing, we want insights into the expenditure pattern and before the tourists arrive (in Malaysia) we already have the data. This way, we can devise our programme more orderly with the help of industry players,” said Musa.

(Source:
The Malaysian Reserve
)

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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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Health Minister: Malaysia Cannot Afford Another Lockdown In Covid-19 Fight

(Image: Bernama)

Health Minister Khairy Jamaluddin has emphasised that Malaysia cannot afford to implement another lockdown in its battle against the spread of the Covid-19 pandemic. This is especially considering the economic and welfare consequences that will arise from the move.

In explaining himself, the minister drew some comparison between Malaysia’s Covid-19 strategy with those implemented by other countries, specifically China. He stressed that the nation cannot take a similar approach.

“There is no doubt that China’s approach [to enforce a lockdown] has been effective. However, their containment and ‘Zero Covid’ strategy also means a total lockdown [is enforced] when there are only three positive cases,” he commented via a Twitter post, where he also highlighted China’s latest lockdown of Yuzhou to contain the pandemic.

Tidak dinafikan pendekatan China berkesan. Namun strategi mereka iaitu ‘containment’ atau ‘zero COVID’ bermaksud total lockdown bila ada hanya tiga kes positif. Malaysia tidak mampu dari segi ekonomi & kebajikan rakyat untuk lockdown. Strategi kita ‘mitigation.
https://t.co/jjGXovLIJz

pic.twitter.com/Fz5pPx5huC
— Khairy Jamaluddin 🇲🇾🌺 (@Khairykj)
January 9, 2022

Instead, Khairy said that Malaysia’s approach relies on the implementation of mitigation strategies. “This means we manage positive cases effectively, increasing vaccination, adhering to the standard operating procedures, TRIIS (test, report, inform, isolate, and seek) so death rates, intensive care unit usage, and hospital admissions reduce,” he further highlighted.

Aside from that, Khairy also expressed his full support for health director-general Tan Sri Dr Noor Hisham Abdullah in carrying out his duties and leading the country’s efforts in fighting the Covid-19 Omicron variant. This is following some queries regarding Dr Noor Hisham’s medical background, who specialises in surgery instead of public health.

(Sources:
Malay Mail
,
New Straits Times
)

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S&P Global Ratings: Malaysian Banks Show Resilience After Blanket Automatic Moratorium

(Image: New Straits Times)

Credit rating agency S&P Global Ratings (S&P) said that Malaysian banks have proven their robustness by demonstrating resilient credit portfolios as they move out from the blanket automatic moratorium that ended in September.

In its statement, the agency said that the repayment rates for major banks’ retail and small and medium enterprise (SME) portfolios have significantly improved since October. “On average, the proportion of the loan books that require further repayment assistance has dropped to 8-13% for major Malaysian banks we rate, from 70-80% in the initial phase of the blanket moratorium,” it said.

That said, S&P also cautioned that this initial recovery of repayments may be an unreliable gauge of the underlying strength of affected borrowers. “However, the industry only has repayment data for one month, and we believe a longer period of observation is needed to confirm the underlying resilience of affected portfolios,” it commented.

(Image: Malay Mail/Ahmad Zamzahuri)

S&P also shared some of its other views, including the opinion that the additional three-month repayment assistance offered to B40 and SME borrowers will only affect Malaysian banks’ asset quality minimally. This is because the B40 segment makes up only 10-20% of the loan books.

“We estimate 25-40% of local banks’ gross loans are eligible for this relief, significantly lower than 70-80% of loans under the first moratorium. We expect more eligible borrowers to opt out of this moratorium, given that the deferral implies higher financing costs eventually. As a result, the final coverage of the additional three-month moratorium could be notably lower than 25% of banks’ loan books,” the agency explained.

Aside from that, S&P maintained its forecast that the net interest margin of Malaysian banks will see a compression of 15-20 basis points (bps) this year. To briefly explain, net interest margin is a measurement that compares the net interest income generated by banks from their credit products (such as loans) with the interest that they pay to their customers for other banking products (such as savings accounts). A compression of the net interest income essentially means less profitability for banks.

(Image: The Malaysian Reserve)

On top of that, the agency also predicted that sector-wide returns on asset could fall to 1-1.2% in the next one to two years, from 1.5% in 2019. Additionally, the banking industry’s gross impaired loan ratio continued to hover at 1.4-1.5% during the blanket moratorium, and is set to rise to 3.9-4% by the end of 2021.

Lastly, S&P said that it believes that the cumulative credit costs will stand at 130 bps in 2020 and 2021. These costs are defined as the annual provisions allocated for gross loans, presented in percentage.

(Source:
The Edge Markets
,
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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