Boost Introduces New Micro-Insurance Plans That You Can Purchase With Boost Coins

Boost has added two new micro-insurance plans to its
existing offerings
, namely GeneralProtect and LifeProtect. Intended as an extension to the #BoostGotYou “Stay At Home” edition campaign which was launched last month, the plans also comes with a unique payment feature, allowing you to purchase them with Boost Coins instead of actual currency.

Boost’s new GeneralProtect and LifeProtect micro-insurance plans – which are underwritten by Great Eastern – come in Basic and Advanced packages.

The GeneralProtect plan is a monthly policy that provides 24-hour worldwide personal accident coverage. Open to individuals aged between 18 to 65 years old, the benefits of the Basic and Advanced packages for the GeneralProtect Plan include:

GeneralProtect Basic

GeneralProtect Advanced

– Sum insured of RM5,000 upon accidental death

– Sum insured of RM5,000 in the event of permanent disablement due to accident

– Sum insured of RM10,000 for accidental death while travelling in public transportation

– Sum insured of RM15,000 upon accidental death

– Sum insured of RM15,000 in the event of permanent disablement due to accident

– Sum insured of RM30,000 for accidental death while travelling in public transportation

– Reimbursement of up to RM200 for in the event of snatch theft

Meanwhile, the LifeProtect plan is a one-year term policy available to those between the age of 18 to 59 years old, with the following benefits:

LifeProtect Basic

LifeProtect Advanced

– Sum assured of RM30,000 in the event of major head trauma, coma, blindness, and loss of speech and hearing

– Sum assured of RM30,000 upon accidental death

– Sum assured of RM60,000 for accidental death while travelling in private transportation

– Reimbursement of up to RM1,000 for medical expenses incurred due to accident

– Sum assured of RM100,000 in the event of major head trauma, coma, blindness, and loss of speech and hearing

– Sum assured of RM100,000 upon accidental death

– Sum assured of RM200,000 for accidental death while travelling in private transportation

– Reimbursement of up to RM2,500 for medical expenses incurred due to accident

Both plans also come with the additional Covid-19 Assist coverage, a bonus protection that entitles you to RM200 daily hospitalisation cash per day (up to 60 days) if you’re diagnosed with Covid-19. You will also get a death benefit of RM20,000 upon death due to the coronavirus.

Most interesting of all, though, is that you can purchase these plans by exchanging Boost Coins for them instead of using actual currency – which is a first for this e-wallet. In fact, Boost is currently offering a discounted rate for users who purchase the new plans from now until 31 December 2020, with the following “prices”:

GeneralProtect Basic: 450 Boost Coins per month (Normal: 600 Boost Coins)

GeneralProtect Advanced: 1,500 Boost Coins per month (Normal: 2,000 Boost Coins)

LifeProtect Basic: 6,600 Boost Coins (Normal: 8,800 Boost Coins)

LifeProtect Advanced: 22,800 Boost Coins (Normal: 30,000 Boost Coins)

Note that the prices listed above for the LifeProtect plan (Basic and Advanced) include an advanced payment of the first three months of premium. The LifeProtect plan itself is subject to a monthly payment of Boost Coins subsequently (2,200 and 7,600 Boost Coins per month for Basic and Advanced, respectively).

(Image: The Star)

The chief executive officer of Boost, Mohd Khairil Abdullah commented that Boost is committed to do what it can to contribute to the Malaysian society during the current challenging period. “The provision of micro-insurance coverage is just the start of what we plan to do with digital financial services through our e-wallet platform. We have bigger plans to further expand on this service over the next couple of years,” he said.

To check out these new micro-insurance plans by Boost, you can tap into the “Insurance” tile in the app, or head on over to the BoostUP Rewards section.

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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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Lazada, Aspirasi Offer Micro-Financing Loans For Your Lazada Wallet

Lazada has partnered with Axiata Digital’s fintech platform, Aspirasi, to offer micro-financing loans of up to RM2,500, which will be credited straight into the customer’s Lazada Wallet. The shariah-compliant service, Aspirasi CashNow, has a repayment tenure of between 6 to 12 months with a profit rate of 1.25% per month, and it also comes with a free personal accident insurance plan.

Specifically, Aspirasi CashNow allows you to apply for loans of between RM500 to RM2,500 (in multiples of RM500 only), which you can then repay through instalments of 6, 9 or 12 months. No guarantor or collateral will be required to take up this loan, although there are some additional fees that you will need to pay to apply (such as a wakalah fee of RM5, Sales and Services Tax (SST), and stamping fees). If your application is successful, the money will be directly credited into your registered Lazada Wallet within 2 working days.

Meanwhile, the free insurance plan provided through the Aspirasi CashNow microfinancing service is underwritten by Great Eastern General Insurance, with a coverage duration of between 6 to 12 months – depending on your loan tenure. Simply dubbed Aspirasi CashNow Protect, it offers three key benefits:

Coverage for accidental death with sum insured of RM2,000

Coverage for permanent disablement with sum insured of RM1,000

Reimbursement on online bills of up to RM1,000 for charges incurred on Lazada purchases (granted under selected conditions)

To be eligible for the Aspirasi CashNow micro-financing aid, you must be a Malaysian or a MyKad holder aged between 18 to 65 years old, with a verified Lazada Wallet account. Applications can be made via Lazada’s website and mobile app. If you plan to apply soon, you may also benefit from an ongoing campaign by the e-commerce platform, where the first 1,000 successful applicants will be able to win RM50 worth of Lazada vouchers.

To find out more about
Aspirasi CashNow
, you can head on over to Lazada’s website. Alternatively, if you’re ready to apply, go on ahead and
start the process here
.

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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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Bank Islam Launches New Debit Card Offering, Be U Visa Debit Card-i

Bank Islam has launched a new debit card offering, dubbed the Be U by Bank Islam Visa debit card-i, which will be complemented by a range of features housed within the bank’s existing Be U digital banking app. These include a built-in expense tracker, as well as the ability to conveniently manage the card’s limits and security settings from the Be U app.

Available in five eye-catching designs, Bank Islam said that the Be U by Bank Islam Visa debit card-i is aimed at catering to its customers’ evolving needs, especially digital natives who are seeking cutting-edge
shariah
-compliant solutions that resonate with their modern lifestyle.

On top of being able to make payments at 100 million Visa merchants worldwide, the card also comes with an expense tracker – housed within the Be U digital banking app – which allows consumers to monitor their spending habits. This, in turn, enables them to plan their budget more accurately as they work towards achieving their financial goals.

Additionally, cardholders can manage the various settings for their Be U by Bank Islam Visa debit card-i easily through the Be U app, including changing your PINs as well as adjusting your security settings and spend limits. In the event of suspected fraud – or if you believe that your personal data has been compromised – you can freeze and unfreeze your card from the app as well.

Bank Islam further noted that its customers can easily apply for the card online via the Be U app, after which the card will be delivered to their doorsteps within 10 working days – you will not have to go through the hassle of visiting a bank branch at all. In terms of fees, there is a one-off charge of RM12 for every successful application, in addition to an annual fee of RM10.

“Be U by Bank Islam Visa debit card-i extends and complements Be U’s customer-centric mission of building products that delight and surpass customer expectations. The entire user experience within the Be U app has been realised through the unwavering dedication of the teams to ensure customer delight. In doing so, each iteration and release of the app has consistently leveraged customer insights and user research,” said the group chief digital officer of Bank Islam, Noor Farilla Abdullah.

Noor Farilla further said that the
Be U app
 and debit card-i combo is meant to change how customers interact with their banking apps, consequently shaping the way they integrate financial management with their existing lifestyle. On top of the usual banking functions like being able to open a savings account and transfer funds, the Be U app also supports features like Nest, an automated goal-savings feature to help customers achieve short-term goals.

Meanwhile, the group chief executive officer of Bank Islam, Mohd Muazzam Mohamed noted that the Be U app and debit card-i combo represents the bank’s commitment in transforming the Islamic banking experience by leveraging on advanced technology. “The payment methods available within the app is envisioned to propel the
shariah
 lifestyle of spending responsibly,” he said, adding that the bank also aims to help develop sectors like Islamic banking and ethical investments via its Be U app.

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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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5 Life-Changing Moments When A Financial Planner Can Make A Difference

Most of the time, you don’t need a financial planner. Like other professions like a doctor or a lawyer, you only need to meet one when the situation arises and their counsel and professional recommendations can make a real difference.

But, when should you speak to a financial planner? In essence, you should consult one whenever you are facing or planning something that will affect your financial situation. If that sounds confusing, here are the most common scenarios when you should make an appointment with your financial planner.

Marriage Or Starting A Family

One of the biggest life-changing moments is committing your life to someone. It is also the moment when every financial decision should be made as a couple – especially when there will be bigger financial decisions to be made down the line.

Assessing both your financial situations as a married couple is actually a very important task (some may argue this should actually be done before tying the knot!). Knowing what you have and what you can afford to spend are just the tip of the crucial information to help make married life that little bit smoother. On top of that, not many are aware of the financial burden of having children, and as a result, it can be a cause for disagreements.

A financial planner can independently assess both the husband and the wife’s financial states, and help chart out a path to reach their collective financial goals. Whether it is a new home, having children, retiring comfortably, or all three, a financial planner can share their recommendations to hit the couple’s financial goals within a stipulated time frame.

At the same time, having an unbiased consultation from a third party can also ease any potential friction when there is a difference in opinion. Hopefully.

Getting A New Job (Or Losing One)

At any point in your professional career, you may receive new job offers. When you decide to accept it, it is a good time to set a meeting with your financial planner. Why?

Your financial circumstances would change. That means your current financial plan (if you have one) would need to be tweaked. There may be an increment involved, or additional benefits that may be tax deductible (which you may not be aware of). The new role could also involve outstation travel. Or, with the additional income, you could have new goals, such as upgrading your car. Either way, a financial planner would be able to optimise your current plan to fit the new job or any short-term goals you may have. They could recommend how you could benefit from the potential tax benefits or even from the outstation travel, for example.

Likewise, a financial planner’s services would also be crucial if you ever lose your job. The uncertainty and emotion surrounding any job loss could cloud an individual’s judgment – which could make matters worse.

Just like getting a new one, losing your job means a change in financial circumstances. Sure, you could plan out how to reduce expenses and cutting unnecessary costs. A financial planner could go further, offering recommendations on getting temporary financial relief that you may not be aware of such as the Employees Insurance Scheme (EIS), and helping to tweak your cash flow to ensure you’re not overburdened.

Deep In Debt

This might sound counter-intuitive, but spending money to engage with a financial planner when you’re mired in debt could be one of the best things you can do in this situation.

Whether it is a bad business decision, a family medical emergency, or simply a reckless spending spree, there are many ways you could end up uncomfortably in debt and struggling to repay them. Add in clouded judgment or worse, bad advice from friends and family, this debt could end up crippling your life.

In this case, a financial planner could first help you assess how much debt you have before crafting a plan to tackle it. Depending on the type of debt (credit cards, personal loans, etc) the financial planner could recommend several options, such as a debt consolidation loan, debt restructuring, as well as some tried and tested debt reduction strategies like the avalanche or snowball methods.

When You’re Under 30 Years Old

Engaging with a financial planner before 30 years old? Is that even remotely necessary?

In reality, one should consult a financial planner as early as possible in their working life, because it extends the “runway” with which you can achieve your financial goals – regardless of how much you may be earning at the time.

It may sound excessive, but some financial experts have recommended that first-jobbers meet a financial planner as a means to help them understand their finances better and be more disciplined in the process. More importantly, starting early also means it’s easier to hit your long-term financial goals.

Think about it. Without any compounding effect, if you’re 25 and saving RM300 a month, you’d have RM90,000 when you reach 50 years old. But if you’re 40 and set aside the same amount, you’d only have saved RM36,000. The difference becomes much more apparent if the saved amount goes to some form of investment, as well as the effects of compounding interest, which you can find an example in a previous article.

This also applies if you’ve made some rash money decisions in your youth (don’t worry, we’ve all been there). A financial planner, without judgment, can set a path to help “fix” the situation and set you on your way. The earlier you do this, the longer your runway becomes and the easier it is to achieve your financial goals.

Financial Planning Is For All

As you can see in the examples above, the services of a financial planner isn’t reserved only to the wealthy. This is actually one of the biggest misconceptions of financial planners – and it is partly due to the costs involved with engaging one.

That said, RinggitPlus believes that financial planning should be both accessible and affordable. As such, the newly launched RinggitPlus Financial Planner aims to provide professional financial planning services at up to 83% lower rates* than the market. For Muslim clients, RinggitPlus Financial Planner also offers licensed Islamic Financial Planners. Everything is conducted online, too, so you can meet your Licensed Financial Planner anywhere.

Interested to know more? Find out more about RinggitPlus Financial Planner and our Licensed Financial Planners at
our official website
.

* Benchmarked to 27 licensed planners in KL listed in Smartfinance.my

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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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Big Savings from Guardians and Public Bank Credit Cards

Enjoy loads of savings this May at your local Guardians Pharmacy. Enjoy up to
15% cashback
 when you purchase with a Public Bank credit or debit card. Starting 1 May 2013 spending of at least RM150 in a single receipt on a Saturday and Sunday entitles Public Bank cardholders 10% cashback. This offer is subject to a weekly RM8000 cap.

On the 1
st
, 25
th
 and 26
th
 of May 2013 only there will be a special 15% cashback offer for Public Bank cardholders who spend at least RM150 in a single receipt. A maximum of RM10,000 cashback will be allocated each day for this special offer.

Public Bank cardholders are subject to a RM30 cashback cap per month on a first-come-first serve basis. This promotion is in addition to the Cash Mega Bonus payment and/or Reward Points for Public Bank cardholders. It is not however applicable to other on-going cashback programmes that are also running during this promotion period. Both cashback offers are valid from 1 May till 31 May 2013.

As a bonus Public Bank cardholders who spend a minimum of at least RM120 on any Monday from 1 May to 30 June 2013 are entitled to receive a complimentary RM5 Guardian voucher.

Click here for additional information and
Terms & Conditions
.

Thinking of getting a Public Bank credit card to cash in on these savings? Find card that suits you on
RinggitPlus.com’s
 credit card aggregator.

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May Unemployment Rate In Malaysia Soars To 5.3%

Malaysia’s unemployment rate escalated to 5.3% in May 2020, up 0.3% from the
unemployment rate in April
. The number of unemployed persons for the month of May stood at 826,100 individuals, increasing by 47,300 from the previous month.

Similar to previous months, the most affected employed persons for the month of May were in the services sector, mainly in industries related to tourism, accommodation, event management and arts, entertainment, sports, and recreational activities.

The number of own-account workers also continued on a downward trend since
March 2020
, dropping by 161,500 individuals from April to May 2020. Specifically for the month of May, a noticeable decline was recorded for employed persons in the construction sector as well, with the increased detection of Covid-19 clusters among foreign workers in this industry.

A positive observation pointed out by DOSM was that the monthly change in unemployed persons in May was very much lower than the change registered moving from March to April; unemployment increased by 168,300 between March and April but only 47,300 from April to May.

This reduction could be partly due to the implementation of numerous stimulus packages reaching their intended targets – as well as the additional factor of more businesses being allowed to operate following the conditional phase of the movement control order (MCO).

Overall, DOSM affirmed that the economic indicators for May showed improvement as compared to April 2020 and that the labour force situation in June is expected to improve slightly.

“As the Recovery MCO took effect on 10 June 2020 onwards, the business conditions would gradually recover as more sectors are allowed to open with strict standard operating procedures,” the report stated. “This implementation may allow businesses to regain their momentum, while new business opportunities emerge as demand changes amidst the new norm. This in turn is expected to retain employment, create new jobs and spur hiring.”

(Source:
DOSM
)

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Last-Minute Tax Reliefs - Have You Maximised Your Returns For 2021?

With the end of 2021 just around the corner, financially savvy Malaysians will know that it’s time to review their assets and accounts for any remaining tax reliefs that they can tap into to further reduce their taxable income. After all, isn’t this the reason why we carefully stow away our receipts throughout the year?

With that in mind, let me share a concise checklist that you can quickly refer to for some last-minute tax reliefs that you can still claim before 2021 bows out for 2022; it’s a legitimate list that we licensed financial planners often share with our clients as a reminder at the end of every year. With some days more to go, it’s not too late yet to carry out the some purchases or transactions that will let you save a bit more money.

Here we go.

Private Retirement Schemes

Private Retirement Schemes (PRS) are a voluntary long-term savings and investment scheme designed to help you save more for your retirement, on top of the mandatory Employees Provident Fund (EPF) contributions. If you’ve invested in PRS any time before the end of 2021, you’ll be entitled to a tax relief of up to RM3,000 when you file your taxes next year.

Life Insurance

If you’re a pensionable public servant, then you’re allowed to claim up to RM7,000 for life insurance, but you do not qualify for EPF contribution reliefs. Meanwhile, private sector employees and public servants with no pension are eligible for a tax relief of up to RM3,000 for life insurance (along with a tax relief of up to RM4,000 allocated for EPF).

Note that this tax relief applies for insurance premiums paid for your own life and your spouse only.

Education & Medical Insurance

On top of life insurance, you can also claim up to RM3,000 in tax relief on premiums paid for education insurance plans and medical insurance. This is applicable for yourself, as well as your spouse and child.

Lifestyle (Additional Allowance For Laptops, Smartphones, Or Tablets)

Another popular tax relief that you can easily take advantage of is the lifestyle category. For YA2021, you are allowed to claim up to RM5,000 in tax relief under this category (instead of the usual RM2,500 allocated in previous years), but there are conditions to it.

The first RM2,500 of the amount is claimable for purchases of lifestyle equipment for personal use by you and your family, including:

Reading materials like books, journals, magazines, printed newspapers, and other publications (not including e-newspapers)
Gym memberships and purchase of sports equipment
Internet subscription fees
Personal computers, laptops, smartphones, or tablets

(Image: Malay Mail/Shafwan Zaidon)

The remaining RM2,500, meanwhile, can only be claimed for the purchase of tech gadgets like laptops, smartphones, and tablets that are made between 1 June to 31 December 2021. This special tax relief was
first introduced in the middle of 2020
 under the PENJANA economic recovery plan to facilitate the implementation of a work-from-home policy in the government’s fight against Covid-19. It was then
extended to 31 December 2021
 under the Permai stimulus package (and until
31 December 2022 under Budget 2022
).

Local Tourism

There is also a tax relief for local tourism, which the government has given to help stimulate the domestic tourism sector. You can claim up to RM 1,000 for domestic travel expenses if you stay at a registered accommodation or purchase entrance fees to registered tourist attractions. This scheme was rolled out under the
Economic Stimulus Package 2020
 and has since been extended until 31 December 2021 as well. (Under Budget 2022, this special tax relief has also been
further extended for YA2022
, but that’s a concern for another day!)

Keep in mind, this tax relief is only applicable for
accommodations that are officially registered
 with the Ministry of Tourism, Arts, and Culture Malaysia – which you can check via the
ministry’s website here
.

Education Fees (Self)

You can claim up to RM7,000 as tax relief if you pay for your own further education courses in a recognised higher learning institution – but do also make sure to read the fine print. If you’re taking a Masters or Doctorate degree, then any course of study is eligible for this tax relief. Otherwise, any course of study up to tertiary level in law, accounting, Islamic finance, technical, vocational, industrial, as well as scientific or technology can be used to claim this tax relief.

For YA2021, the government has also allowed Malaysians to claim this tax relief for any course of studies undertaken to upskill or enhance themselves, as long as they are
recognised by the Director-General of Skills Development
 under the National Skills Development Act 2006.

Medical Expenses

Overall, you can claim a tax relief of up to RM8,000 for medical expenses that you’ve spent on yourself, spouse, and child. Again, however, there are some criteria that you need to take note of. Firstly, the amount is applicable to medical expenses for selected serious diseases for yourself, spouse, or child, as well as medical costs for fertility treatment for yourself or spouse.

Aside from that, you can also tap into it for a complete medical examination of yourself, spouse and child – but this is only restricted to a sub-limit of RM1,000. This sub-limit is also
inclusive of Covid-19 detection tests
, permitted under the Permai stimulus package announced back in January. And finally, this sub-limit has also been expanded to cover vaccination expenses for yourself, spouse, and child – also including Covid-19 shots.

Skim Simpanan Pendidikan Nasional (SSPN)

If you have a child, you can get up to RM 8,000 tax relief on your net deposit in Skim Simpanan Pendidikan Nasional (SSPN). The SSPN is a government-backed savings plan that encourages parents to invest in their children’s higher education. Parents who have contributed can get a relief of up to RM 8,000 for their annual net deposits. So far, the dividend or return rate in the last few years has been recorded at about 4%.

***

And there we have it. But before I leave off, I’d like to emphasise that tax reliefs should not be treated as a license to spend. For instance, if you’re investing RM3,000 in PRS because it has always been your intention to do so, then good on you! But
if
 you’re only investing just to get the tax relief, and as a result, suffer from cash flow difficulties – then that’s a problem. Your decisions should be based on your needs and financial capability, not spending for the sake of maximising the tax reliefs.

Ultimately, my point is this: don’t simply spend just because you can, or you may end up buying something you don’t need or overspend in general. You can catch my full discussion on this topic here:

This article was contributed by Roshan Kanesan, a licensed financial planner with
RinggitPlus Financial Planner
, a 1-to-1 financial planning service. RinggitPlus Financial Planner covers your everything from tax efficiency all the way down to wealth planning and retirement savings.

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    Don

    1 year ago

Very informative & valuable information.

1

Reply

    Srn

    1 year ago

Hi I’m giving Rm300 a month to my sister which take care of my sick mom. Can I claim it as tax relief ?

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    Anonymous

    10 months ago

    Reply to

        Srn

how can you justify that though, its tough

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The Ethereum Network's EIP 1559 Upgrade Goes Live Without A Hitch

(Image: Getty Images)

Over the past few weeks, Ether investors have been hotly anticipating the rollout of a new upgrade by the name of Ethereum Improvement Protocol 1559 (EIP 1559) – expected to improve the user experience and value proposition of the Ethereum network. Happily, the EIP 1559 upgrade – which is also dubbed the London hard fork – has been successfully activated as of yesterday, with the price of Ethereum holding steady post-upgrade.

Interestingly, the price of Ether hiked jumped slightly prior to the upgrade, trading at around USD$2,630 (approximately RM11,103) and is now holding steady around the USD$2,700 mark.

The EIP 1559 upgrade was first proposed by a
group of individuals
 that included the founder of Ethereum, Vitalik Buterin back in 2019, and it sought to change and improve the basic approach for processing transactions in the network.

The key benefit to EIP 1559 is that it aims to reduce network fee volatility and increase market efficiency – and by extension, make the network better to use. At present, this fee is highly volatile primarily because the Ethereum network runs on an auction system where users bid against each other to have their transactions approved and verified by other users (aka miners). As such, the concept of demand/supply kicks in here; transaction fees can soar when the network is busy, but drop tremendously during low-demand periods.

This type of blind auction presents a sort of unpredictability in the way transaction fees are charged. With EIP 1559, the fees can be somewhat “regulated” through the payment of a base fee, which is determined through algorithm programming based on how busy the network is. On top of that, investors will also be allowed to “tip” a miner to request for them to prioritise their transactions. This base fee is then burned, where previously they were given to the miners.

(Image:
Medium
)

The introduction of the base fee is also expected to inject some form of transparency into the pricing process. Network users will always be informed as to what the base fee is at any given moment, and the price will not spike or tumble abruptly – unlike during bids.

Of course, this is only one of the enhancements that is expected from the rollout of EIP 1559; other supposed benefits include boosting the value of Ether by diminishing the supply of the cryptocurrency.

The full magnitude of the impact from EIP 1559 is still unknown, but this upgrade precedes an upcoming major upgrade: Ethereum 2.0 – an overhaul of the network’s entire infrastructure that is likely to take place by early 2022. Without a doubt, there will be plenty to look forward to in the area of cryptocurrency investment, especially as
more people get onboard the cryptocurrency train
.

(Sources:
Ma
r
kets Insider
,
CNBC
)

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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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UDA Holdings And Maybank Islamic Offer HouzKEY Financing For Evoke Residence

Government-linked company and urban developer UDA Holdings Bhd has partnered with Maybank Islamic to begin offering the bank’s HouzKEY home financing solution for its Evoke Residence condominium units.

UDA Holdings emphasised that this move is in line with the company’s commitment to introduce initiatives that promote and facilitate home ownership. It also hopes that this collaboration will ease the burden and provide alternative financial aid for its interested buyers.

To clarify, Maybank Islamic’s HouzKEY is an alternative home financing solution that caters to aspiring homeowners who are unable to purchase houses due to the high initial cost. Essentially a rent-to-own scheme, the solution allows individuals to rent their desired property for a specified period before having the option to purchase it at a pre-agreed price. It also offers other additional perks, including having to pay only three months’ worth of refundable deposit to secure your property, as well as getting to enjoy 100% financing.

(Image: The Star)

The president and chief executive officer of UDA Holdings, Mohd Salem Kailany, commented that Maybank Islamic’s HouzKEY solution will allow individuals to own a home without having to save long for a high down payment. “As property prices increase from time to time, HouzKEY is the best option, especially for young people who are still renting or for first-time home buyers who find it difficult to provide a 10% down payment,” he said.

Meanwhile, the managing direct of Maybank Real Estate Ventures, Sally Lye, noted that the collaboration will help more Malaysians to own properties without having to worry about the high upfront costs. “We want to be the game changer in the market, and Maybank will continue to lend its support in home ownership programmes in Malaysia, in line with the bank’s mission in humanising financial services,” she added.

UDA Holdings’ Evoke Residence is a 35-storey condominium project located in Seberang Perai, and is priced between RM494,648 and RM541,380. With the HouzKEY financing solution, home buyers get to rent the units for five years before eventually purchasing the property.

(Sources:
The Sun Daily
,
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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AEON Group Malaysia Introduces Its Own Mobile Wallet: AEON E-Wallet

(Image:
AEON Asean
)

The adoption of cashless transactions in Malaysia is gathering momentum after another company introduced its mobile wallet to the country. AEON Group Malaysia unveiled its e-wallet platform, the AEON E-Wallet, as part of the company’s digitisation initiative, and expects to launch in August.

According to AEON Asia Sdn Bhd Managing Director, Shinobu Washizawa, the company introduced the AEON E-Wallet with the intention of providing its customers with a secure and convenient payment system. Just like other e-wallet systems, customers can pay for their purchases at any merchant with the AEON Pay acceptance mark by simply scanning the designated QR code with the mobile wallet.

Shinobu Washizawa added the e-wallet also allows customers to keep their payment cards digitally in their phone, thus enhancing the customers’ shopping experience.

With the emergence of the AEON E-Wallet, Malaysians are given plenty of options when it comes to choosing a mobile wallet. Besides that, the introduction of the mobile wallet also shows how cashless transactions is fast becoming the norm.

(Sources:
The Malaysian Reserve
,
AEON Asean
 and
The Sun Daily
)

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AirAsia Now Charges Increased Passengers Service Fee While Holding Petition Protesting It

(Image: Nikkei Asian Review)

AirAsia is now collecting an additional RM23 in passenger service charge (PSC) from all passengers flying to non-ASEAN countries via klia2. The PSC would now be RM73 instead of the RM50 passengers have been paying previously.

The PSC is a tax imposed by Malaysia Airports Holdings Berhad (MAHB) on departing passengers for utilising airport facilities, and it is collected by airlines on behalf of the airport operator. Previously, passengers flying to non-ASEAN countries were paying RM32 per person up to December 2016. Then in January 2017, MAHB increased this fee to RM50 per passenger. However, the most recent increase was in July 2018 when the PSC went up to RM73, the same fee those flying from KLIA are subjected to. In less than three years, the PSC has more than doubled for klia2 passengers from RM32 to RM73.

(Image: Berita Harian)

The budget airline has said that it would clearly itemise this increased amount in the fare as PSC (Under Protest). “Itemising the additional PSC will allow our 5.5 million guests departing from klia2 for non-ASEAN destinations annually to see how much they’re paying for inferior facilities,” AirAsia CEO Riad Asmat commented.

“I believe many will agree with us that they’re not getting their money’s worth, especially when compared to the far superior facilities at KLIA,” he added. As klia2 was meant to be a low-cost carrier terminal (LCCT), to reflect this, passengers have always paid a lower PSC until July 2018.

In an act of protest against the increased PSC, AirAsia has
launched a petition
 gathering signatures of those opposed to it. At the time of writing, AirAsia has obtained more than 65,000 signatures. In its petition, AirAsia states that it opposed this increase because it wanted to keep flights affordable for its passengers.

This increase in fee follows on from
AirAsia losing its court case against MAHB
 for the outstanding PSC of RM40.6 million that it owes the airport operator. This outstanding fee is due to the airline refusing to charge passengers the differential sum of RM23 that MAHB imposed on all international passengers flying from klia2 since July last year.

(Source:
The Star
,
The Sun
)

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Christine Tay

Christine Tay

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Government To Maintain Base Electricity Tariff For Households Until End Of 2024

(Image: Malay Mail)

The government has announced that it will be maintaining the base electricity tariff at the current 39.45 sen/kilowatt hour (kWh) for all electricity users in Peninsular Malaysia, starting from 1 February 2022 to 31 December 2024. This follows recent predictions that a new tariff may be implemented come 1 February 2022.

Aside from that, the Energy Commission (EC) also said that residential users in the peninsula will continue to receive a rebate of 2 sen/kWj, with no surcharge imposed from 1 February to 30 June 2022. This
2-sen rebate was initially announced
 back in December 2020 for the period of January to June 2021 for both domestic and non-domestic users, and was later
extended to 31 December 2021
.

A total allocation of RM715 million from Kumpulan Wang Industri Elektrik fund (KWIE) will be provided to cover the full cost of the rebate and the absorption of surcharge for all domestic users.

Meanwhile, non-domestic users – including commercial and industrial consumers – will no longer be able to enjoy the 2-sen rebate that previously included them, and will also see the implementation of a 3.7 sen/kWh surcharge between February to June 2022. According to the EC, this surcharge – which is to be carried out via the Imbalance Cost Pass-Through (ICPT) mechanism – is imposed due to the sharp increase in fuel costs from between July to December 2021, amounting to RM1.67 billion.

“The sharp rise in coal prices in the market resulted in power generation costs rising by 45%, and caused a big impact on electricity tariff in the peninsula as coal makes up 59% of power generation fuel source. The rise in coal prices is out of the government’s control as it is based on global prices,” the EC explained.

To clarify, the ICPT is a mechanism that allows Tenaga Nasional Berhad (TNB) to review the electricity tariff every six months, so that it reflects the changes in fuel and other generation-related costs. Currently, the ICPT mechanism has been approved for continued implementation until 30 June this year.

Finally, TNB reassured customers that the implementation of the ICPT mechanism is “neutral on TNB” and will not have any effect on its business operations and financial position.

(Sources:
New Straits Times
,
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

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

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BigPay Is Introducing New Virtual Cards

It looks like BigPay is introducing new virtual cards to be used alongside their signature blue-hued physical cards. Some users have received notifications to get their virtual card, and BigPay has posted a
new FAQ page dedicated to virtual cards.

“The BigPay virtual card gives you an easy and safe way to shop online. Never worry about losing your card again!” read the notification screenshotted by a user on Lowyat.NET forum. “You have 1 remaining virtual card this month.”

It is currently unclear why BigPay has chosen to allocate virtual card applications to users on a per-month basis. According to the FAQ, users can delete and create a new virtual card up to once a month, and are allowed to have only one virtual card at any given time.

(Image: forum.lowyat.net)

BigPay states that the virtual card can be used anywhere that doesn’t require the presence of your physical card, such as online shopping, food delivery apps, and digital purchases in general. It is not intended to replace the existing physical BigPay card, but meant to be used alongside it with both virtual and physical cards being linked to the same BigPay e-wallet balance.

“If you’re a new user, creating a virtual card allows you to start spending online while waiting for your physical card. If you’re an existing user, virtual cards are a great way to keep your physical and digital spendings separate,” said BigPay in its FAQ. “You’ll be able to filter your transactions on your home screen and see where you spent with which card. If you’re replacing your physical card, having a virtual card will allow you to keep using your BigPay account during the process.”

On the question of whether the virtual card will be a Mastercard or Visa, BigPay stated that the virtual card will match your physical card; users will not be given the option to choose. While all BigPay cards used to be Mastercard-branded from the inception of the BigPay e-wallet, newer BigPay users or those whose older cards have expired have since begun to receive BigPay Visa cards over the last few months.

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    Kam

    1 year ago

I hate the visa exchange rate. Prefer the old mastercard. Bigpay Shall at least give a choice to choose between visa or mastercard

7

Reply

    Seeto

    1 year ago

whats the point of having a virtual card when u can make payments online by entering your physical card details for transacting?

0

Reply

    Ken

    1 year ago

    Reply to

        Seeto

i think its meant for security purpose if you do online shopping or pay for a subscription services which you only do 1 time purchase on that certain website. As security breach has become so common these days, many people do not want to store their credit card details in their website. So this is another option which we can use temporally credit card number which we can cancel and regenerate new one after use or anytime without giving our actual credit card number. US has similar card product called Privacy, which you can create as many as 12 cards
…
Read more »

1

Reply

    Seeto

    1 year ago

    Reply to

        Ken

oh ok, so it becomes like a one time pin number system where u dont use your actual pin to login to a certain website but request for a one time pin kind of situation? thank you for clarifying. so in this case bigpay only allows virtual card to be issued per month, so does that mean i can only make 1 transaction on that month with the virtual card and then the other transactions have to be done by entering my physical card?

0

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    Ken

    1 year ago

    Reply to

        Seeto

actually, you can use the virtual card as many transaction as you want. At any given time you wish to delete your virtual credit card number you can do so at anytime and regenerate new number. But they limit one time per month to generate new virtual credit card number. I think this is to prevent abuse use of credit card regeneration.

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Lazada And Shopee 11.11 Bank Credit Card Promo Codes

Lazada’s 11.11 Biggest One-Day Sale and Shopee’s 11.11 Big Sale are both kicking off soon, and that means plenty of special deals once again to commemorate this year’s Singles’ Day! As you can expect, there will be plenty to look forward to: free shipping vouchers, flash sales, and special events with generous rebates.

Of course, don’t forget to also tap into the various bank partner vouchers to enjoy additional savings, provided specifically for each bank’s cardholders. Here are the bank partner vouchers that you can redeem for Lazada’s and Shopee’s upcoming double-date sale, compiled for your ease.

Lazada 11.11 Bank Vouchers

Lazada’s bank promo codes and vouchers will only be released at the start of the event (midnight of 11 November), so be ready to claim your preferred bank vouchers quickly
before
you start shopping. Don’t forget to also collect other seller vouchers,
Lazada Bonus
, and
free shipping vouchers
 – all of which you can stack together with your bank vouchers to earn maximum savings.

If you’re not yet aware, Lazada typically lets you stack up to
five
 vouchers for each of your purchase order on its platform: Lazada Bonus + platform voucher + bank voucher + store voucher +
free shipping voucher
 – so don’t miss out! In some cases, some stores even let you use your Lazada Coins to further offset your cost, and there are also LazMall membership vouchers (for selected stores) as well as special surprise vouchers worth RM10 that are randomly awarded for certain products.

For bank vouchers, specifically, don’t forget to claim and use these during
Lazada’s 11.11 sale
:

AEON Credit

Promo code:
collect here
Discount: RM15 off minimum spend of RM120
Quantity: 1,000 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Additionally, those who top up their Lazada Wallet with a minimum of RM250 via their AEON credit cards can also get a cashback reward of RM28. This special offer is valid from 8 to 11 November 2022, while the cashback reward has a validity of 60 days once credited into your account.

Affin Bank

Promo code:
collect here
Discount: RM18 off minimum spend of RM150
Quantity: 350 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Promo code:
collect here
Discount: RM12 off minimum spend of RM120
Quantity: 200 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Alliance Bank

Promo code:
ALBLAZ15
Discount: RM15 off minimum spend of RM150
Quantity: 1,750 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Promo code:
ALBLAZ50
Discount: RM50 off minimum spend of RM500
Quantity: 250 redemptions (collect from midnight 11 November, may replenish at different times of the day)

AmBank (debit card)

Promo code:
AMBLAZ11
Discount: RM11 off minimum spend of RM100
Quantity: 800 redemptions (collect from midnight 11 November, may replenish at different times of the day)

There is also another promo that rewards AmBank debit cardholders with an RM10 voucher when they save their cards on Lazada for the very first time. This can be done anytime between 1 to 11 November 2022. Note the voucher’s usage terms, though; it has a seven-day validity period, and can only be redeemed with a minimum spend of RM80.

AmBank (credit card, new users only)

Promo code:
Collect here
Discount: RM18 off minimum spend of RM18
Quantity: 1,500 redemptions

Bank Islam

Promo code:
collect here
Discount: RM20 off minimum spend of RM150
Quantity: 1,317 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Bank Simpanan Nasional

Promo code:
BSNLAZ11
Discount: RM20 off minimum spend of RM150
Quantity: 180 redemptions (collect from midnight 11 November, may replenish at different times of the day)

CIMB Bank

Promo code:
collect here
Discount: RM15 off minimum spend of RM150
Quantity: 2,000 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Promo code:
collect here
Discount: RM50 off minimum spend of RM580
Quantity: 100 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Citibank (Citi Lazada Credit Card Only)

Promo code:
collect here
Discount: RM22 off minimum spend of RM150
Quantity: 3,500 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Meanwhile, other Citi credit cardholders can tap into a separate deal that offers RM18 cashback when they use their cards to top up a minimum of RM200 into their Lazada Wallet. Only reloads made on 11 November are valid for this promo, limited to the first 600 redemptions. The cashback rewards will have a validity period of 30 days once it is credited into your Lazada Wallet, after which it will automatically expire.

HSBC Bank

Promo code:
collect here
Discount: RM25 off minimum spend of RM200
Quantity: 1,800 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Promo code:
collect here
Discount: RM50 off minimum spend of RM600
Quantity: 800 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Promo code:
collect here
Discount: RM100 off minimum spend of RM1,200
Quantity: 400 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Mastercard

Promo code:
collect here
Discount: 11% off with no minimum spend, capped at RM11
Quantity: 11,000 redemptions (collect from midnight 11 November, may replenish at different times of the day)

In addition to that, there is another ongoing promo for users who top up their Lazada Wallet using a Mastercard card, which is set to run until 10 November (excluding 8 November):

Offer
Cashback reward cap per day
Redemption
Validity period of cashback reward (once credited into Lazada Wallet)
11% cashback when you top up and save your Mastercard card for the first time on Lazada Wallet
RM11
11,000
60 days
9% cashback when you top up Lazada Wallet with a saved Mastercard card
RM9
6,000
60 days

Again, remember to note the usage terms of these cashback rewards; you are required to activate and select Lazada Wallet as the payment option for your future purchases in order to utilise them.

Maybank

Promo code:
collect here
Discount: RM15 off minimum spend of RM130 (Visa, Mastercard, & AMEX)
Quantity: 3,160 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Promo code:
collect here
Discount: RM18 off minimum spend of RM150 (AMEX only)
Quantity: 2,800 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Public Bank

Promo code:
PBLAZ11
Discount: RM20 off minimum spend of RM150
Quantity: 1900 redemptions (collect from midnight 11 November, may replenish at different times of the day)

RHB Bank

Promo code:
collect here
Discount: RM20 off minimum spend of RM150
Quantity: 3,800 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Standard Chartered Bank

Promo code:
collect here
Discount: RM20 off minimum spend of RM150
Quantity: 950 redemptions (collect from midnight 11 November, may replenish at different times of the day)

UOB Bank

Promo code:
collect here
Discount: RM18 off minimum spend of RM150
Quantity: 3,477 redemptions (collect from midnight 11 November, may replenish at different times of the day)

Shopee 11.11 Bank Vouchers

Shopee’s bank partner vouchers, meanwhile, can already be claimed as of today, but there is a caveat to its redemption mechanics, which differs from Lazada’s; we will shed more light on this in a later section of this article, so hang on! For now, remember to also check out the special
11% rebate voucher
 (exclusively for the 11.11 Big Sale), as well as the usual
10% instant rebate
,
10% coin cashback
, and
free shipping vouchers
.

Unlike Lazada, however,  Shopee is more restrained in its allowance of voucher stacking; you are now only allowed to apply up to two vouchers for every Shopee purchase that you make (shop voucher + discount/platform OR free shipping). This means you will have to be more selective as to which vouchers to use, tapping into those that will get you the most savings.

In the meantime, start claiming the bank vouchers for Shopee’s 11.11 Big Sale here and use them on 11 November 2022:

AEON Credit

Promo code:
collect here
Discount: RM15 off minimum spend of RM120
Quantity: 1,000 redemptions

There is also another offer where you can earn RM28 cashback by reloading a minimum of RM250 into your ShopeePay via your AEON credit card. Limited to 952 redemptions, the reloads can be done between today until 9 November 2022.

Alliance Bank

Promo code:
collect here
Discount: RM15 off minimum spend of RM150
Quantity: N/A

Promo code:
collect here
Discount: RM50 off minimum spend of RM500
Quantity: N/A

AmBank (debit only)

Promo code:
collect here
Discount: RM11 off minimum spend of RM100
Quantity: 800 redemptions

AmBank (credit card only, new users only)

Promo code:
NEWAMB
Discount: RM18 off minimum spend of RM20
Quantity: 100 redemptions/week until 30 November 2022

Bank Islam

Promo code:
collect here
Discount: RM20 off minimum spend of RM150
Quantity: 1,317 redemptions

Bank Simpanan Nasional

Promo code:
collect here
Discount: RM11off minimum spend of RM111
Quantity: 100 redemptions

CIMB Bank

Promo code:
collect here
Discount: RM15 off minimum spend of RM150
Quantity: 1,660

Promo code:
collect here
Discount: RM50 off minimum spend of RM580
Quantity: 400

HSBC Bank

Promo code:
collect here
Discount: RM25 off minimum spend of RM200
Quantity: 2,920 redemptions

Promo code:
collect here
Discount: RM50 off minimum spend of RM600
Quantity: 1,020 redemptions

Promo code:
collect here
Discount: RM100 off minimum spend of RM1200
Quantity: 510 redemptions

Maybank

Promo code:
collect here
 (Maybank Shopee Visa Platinum only)
Discount: RM28 off minimum spend of RM150
Quantity: 1,200 redemptions

Promo code:
collect here
 (Visa, Mastercard, & AMEX)
Discount: RM20 off minimum spend of RM150
Quantity: 4,280 redemptions

Promo code:
collect here
 (AMEX only)
Discount: RM20 off minimum spend of RM150
Quantity: 1,260 redemptions

RHB Bank

Promo code:
collect here
Discount: RM20 off minimum spend of RM150
Quantity: 1,050 redemptions

Promo code:
collect here
Discount: RM60 off minimum spend of RM500
Quantity: 220 redemptions

Public Bank

Promo code:
PBB11
Discount: RM18 off minimum spend of RM150
Quantity: 900 redemptions

Standard Chartered Bank

Promo code:
collect here
Discount: RM20 off minimum spend of RM150
Quantity: N/A

UOB Bank

Promo code:
collect here
Discount: RM14 off minimum spend of RM120
Quantity: 1,000 redemptions

***

Before you rush off on your shopping spree, it’s worth reminding again the difference in the voucher redemption mechanics between Lazada and Shopee. Lazada’s voucher redemption mechanics is based on a “first claim” basis, whereas Shopee’s is based on a “first redemption” basis.

Essentially, this means that once you’ve claimed a Lazada bank voucher, it is yours – and you’re free to use it whenever you want during the 11.11 sale event. However, this does not apply to Shopee bank vouchers (or any Shopee platform voucher, actually). Claiming a Shopee bank voucher only puts it on your voucher list so that you can find it easily come 11 November, but you will still need to utilise them quickly on the actual day itself before they run out.

Meanwhile if you’re
shopping on Lazada
, be sure to
keep collecting Lazada Bonus
! It lets you take RM10 off every RM100 in your order, and since it stacks with every other voucher on the platform, it’s essentially an extra 10% off!

And last but not least, remember to use your cashback credit cards to shop on 11 November so that you reap extra benefits. Here’s our updated list of
best cashback credit cards for online shopping
 – and with that, happy shopping!

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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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HR Ministry To Seek Additional Funds For Housewives’ Welfare Under Budget 2023

(Image: Malay Mail/Yusof Mat Isa)

Minister of Human Resources, Datuk Seri M. Saravanan said that his ministry (MOHR) has proposed for additional funds in the upcoming Budget 2023 to secure the welfare of housewives under the Social Security Organisation (SOCSO).

The proposal was made in a bid to further widen the safety net for housewives and to protect their wellbeing in the event of unfortunate incidents. The additional funds are expected to enhance or complement MOHR’s existing initiative, the
Housewife Social Security Scheme (SKSSR)
 provided under the Housewives’ Social Security Bill. The scheme – which is set to be made available in December 2022 – will provide housewives with a range of benefits under SOCSO, including coverage of up to RM30,000 for permanent disability and up to RM50,000 for physical rehabilitation.

(Image: Utusan/Muhamad Iqbal Rosli)

“Many families faced problems during the movement control order (MCO) when their husbands, as the sole breadwinners, suffered from chronic illness. So with the approval of the ministry, we will implement a safety net for 50,000 housewives this year,” said Datuk Seri Saravanan.

The minister also said that this initiative is part of the ministry’s efforts to focus on challenges faced globally, in line with the development of the Industrial Revolution 4.0 (IR4.0). Ultimately, it is hoped that IR4.0 will contribute to the creation of competitive human capital within Malaysia – especially in terms of digital talent – and also to focus on reskilling and upskilling the national workforce.

(Source:
The Edge Markets
)

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SOCSO

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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Tourists Visiting China Can Now Pay Using Alipay E-Wallet

Tourists who are visiting China can now use Alipay to make payments with their smartphones, just like the locals do. With the introduction of the Alipay Tour Pass, foreign visitors can make use of Alipay for 90 days without the need to own a Chinese bank account or phone number.

With the new feature, all you need is your existing mobile phone number, a valid Chinese visa, and a debit or credit card to sign up for the Alipay e-wallet. Once you are successfully registered as an international user, you can then enable the Tour Pass – which will provide you with a local virtual prepaid card issued by the Bank of Shanghai that is valid for the next 90 days.

You can top up your Alipay e-wallet with your debit or credit card – Visa, Mastercard, Diners Club, and JBC cards are accepted. The minimum top up amount is 100 yuan (about RM59) and the e-wallet has a maximum limit of 2,000 yuan (about RM1,179). Users can top up their e-wallet multiple times up to an undisclosed but “reasonable” ceiling. If you still have money in your e-wallet after your 90 days are up, the balance will be refunded to your registered card.

China received 30.5 million foreign visitors in 2018, a 4.7% increase from the previous year. Ant Financial, the company behind Alipay, estimated that these visitors spent about US$73.1 billion on lodging, food, shopping, and more. The move to open the app to foreign tourists will allow Alipay to tap into the growing tourism sector of the Chinese economy.

You can download Alipay on
Google Play
 or the
App Store
.

(Source:
South China Morning Post
)

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Built For Everyone: Where Performance Meets Visual Quality

We are often so preoccupied with meeting deadlines, racing through tasks, taking care of our families, and crossing off the next item on our endless to-do list that we forget to prioritise activities that bring us joy. When global lockdowns took place,
many found solace in watching TV
– perhaps enjoying the beauty of film, catching up on new tv series, or binge-watching videos from their favourite YouTubers.

Watching television is a favourite pastime for a lot of people for many reasons, namely the ability to sit or lay down comfortably while being entertained and having a handy remote to maneuver between different kinds of content. If you too find enjoyment in watching TV, owning a television that with the ability to deliver a gratifying experience is of utmost importance.

Not everyone looks for the same features. Some are interested in magnetic colours while others may be looking for speedy responsiveness. The good news is there is a range designed specifically to offer a sharp picture, swift response, and smooth motion in an ultra-cool slim design.

Meet LG OLED TVs.

Offering a plethora of impressive features, the LG OLED range has been listed as some of
the best TVs of 2021
. Find out how LG OLED TVs serve different kinds of people a great viewing experience.

The Visual Visionary

For people who love vivid colours and can tell different hues of the same colour apart, the OLED system is one that they may appreciate. OLED stands for organic light-emitting diode, which simply means it has a remarkable property of producing colour and light in and of itself. Unlike other TVs, they are self-emitting and do not require a separate backlight, significantly reducing the problem of light bleed and halo.

LG OLED TVs’ ability to pack a whole lot of contrast and accurate colours has been acknowledged by Hollywood film experts and won itself a Technology & Engineering Emmy® Awards.

Movie buffs would enjoy HDR 10 Pro, a technology that intensifies regular HDR content using metadata, thus making everything more dynamic and vibrant; as well as the Filmmaker Mode where processing settings are preserved to deliver the director’s original intent, allowing users to experience the film the way they intended.

The Competitive Gamer

Those who live to immerse themselves in an alternate reality would appreciate the swift 1ms response time. The low input lag allows players to instantly see movements on screen with every turn of the controller, no matter the console. The TVs also have easy access to Twitch, making your experience all the more integrated.

Throughout a game, frame rates can fluctuate a lot and when a TV can’t keep up, image tearing occurs. LG OLED TVs are equipped with HDMI 2.1 ports, Variable Refresh Rates of up to 120Hz, Auto Low Latency Mode, and Enhanced Audio Return Channel – a combination that can reduce motion blur and ghosting to hardly-noticeable levels.

To deliver a gaming experience unlike any other, LG joins forces with big names like NVIDIA, AMD, and HGiG. In fact, LG OLED TV is the only one that has both Nvidia G-Sync and AMD Free Sync Premium. G-SYNC’s ability to combat stuttering coupled with the precision and individual self-lit pixels of the OLED TV doesn’t just make gaming fun, but also reliable.

Whether you’re sitting at the edge of your seat watching your favourite livestreamer play or prefer being the main character of the game, the high responsiveness of LG OLED TVs is something all gamers can benefit from.

The Sports Enthusiast

While many have grown interest in e-sports, lovers of more traditional sports like football, golf, and tennis remain consistent. For those who enjoy watching replays of the latest matches, keeping tabs on game scores, and knowing the latest news about their favourite team, they’d enjoy the LG OLED TVs‘ many features catered to sports enthusiasts.

OLED Motion Pro keeps fast-moving sports less blurry and instead, delivers a smoother and clearer display so viewers can witness the quick and subtle detail of every match in all its glory. On the other hand, Sports Alert keeps you notified of results, fixtures, and start times so you can automatically keep track of your favourite teams once you’ve registered.

When you’re watching a nerve-racking game, sound plays a vital role. Bluetooth Surround Ready can create an immersive three-dimensional sporting atmosphere in the comfort of your own home. Just connect two identical Bluetooth speakers to an LG OLED TV and position them as rear speakers. Together, you and your best buddies can enjoy that familiar big-game feeling.

LG OLED TVs come in a variety of options from 48, 55, 65, 77, and 88-inch screens.

The Aesthetics Aficionado

For some, buying a TV may be just another household necessity that requires no second thought but for others, it’s an accessory that must complement the overall mood and design language of the room. As LG OLED TVs require no backlights, the tv has more flexibility in terms of design. They are ultra-slim, have almost no bezels, and even more impressively.

The LG OLED Gallery Design TVs can look like a piece of art hung flushed against a wall, similar to one of a framed painting. Turn Gallery Mode on when the TV isn’t in use and watch your home turn into a gallery that displays curated works of art and famous sceneries from LG’s image library or even your own photo selections.

While it is easy to admire, the installation is also fairly easy and can be hung with a specially designed wall mount to have it flush to the wall. For those who appreciate the minimalist appeal, cables can be concealed simply so the setup doesn’t create any visual clutter. To better match the colour palette of your home, choose from a variety of finishes: Vanilla White, Meteor Titan, Moonstone Blue, or Dark Steel Silver.

***

LG OLED TVs make a great option for those who are interested in realising a cinematic experience at home. Its infinite contrast along with low lag and swift responsiveness also makes gaming enjoyable. Besides that, those who spend a lot of time watching sports would benefit from the many features catered to keep them updated and not miss any detail. Not forgetting the ultra-slim design that can help elevate the ambiance of any given room.

Explore the many sizes and models available within the OLED series and if you’re looking to purchase an affordable OLED Series, consider the new A-series that’s part of the 2021 lineup.

From 15 November 2021 to 31 December 2021, LG will be having their year-end LG Trio Bonanza Sale-brations where purchasers of LG selected products get cash rebates up to RM1,000 Touch ‘n Go eWallet credits, double Touch ‘n Go eWallet credits when mix and match any 2 or more LG products, stand a chance to win RM1,000 Touch ‘n Go eWallet credits, and enjoy RM100 Touch ‘n Go eWallet credits when purchasing any LG PuriCare™ products and LG selected products.

For more information on LG Trio Bonanza Sale-brations,
click here
.

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Lisa Ameera Azman

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    Anonymous

    1 year ago

Where the price ?

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Budget 2014 Expectations

Budget 2014 will be announced this Friday, October 25 2013
 and as we count down the hours to the announcement, many are already posting their expectations for the budget. Since August this year, the Prime Minister has been
 requesting for public feedback via the #Bajet2014 campaign
.

The expectations have been the same
. The people of Malaysia would like Budget 2014 to focus on policies that will help both the lower and middle-class groups. A young married couple of 25 and 27 have been searching for a suitable house for over a year but current real estate prices are beyond their planned budget. A homemaker hopes the Government will work together with Bank Negara to come up with realistic financial policies for young wage earners to buy their first properties, as it’s still difficult to obtain a loan. A Technical marketing engineer said he would like for the lowering of income taxes to counter the current cost of living.

But for CIMB Group Holdings Bhd group chief executive Datuk Seri Nazir Razak, Budget 2014 should
emphasize on rejuvenating the health of the country’s fiscal condition
. It is vital for the Government to get the budget right, stressing that the health of the Government’s financial position would determine the country’s sovereign rating.

“Budget 2014 is going to be the most challenging budget so far in terms of Government spend management and introducing new initiatives to increase Government revenues,” he said.

Because of this, he believes that
Malaysians should not hope for additional incentives or handouts in the upcoming budget
. He said now is the time for financial institutions as well as the people to give priority to the government’s agenda in managing the budget deficit.

So who’s expectations will be fulfilled for Budget 2014? We can only wait patiently for the day it will be announced, and we can all only hope that Budget 2014 will see us through the storm and towards the rainbow.

*Picture courtesy of freemalaysiatoday.com

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Malaysia Is The Unhappiest Country When It Comes To Salaries In Asia

Malaysian employees are the most unhappy in Asia when it comes to their salaries, according to a study by recruitment agency Hays. 46% of Malaysians surveyed were either “dissatisfied” or “very dissatisfied” with their pay.

The survey also found that at 24%, Malaysia reported the highest number of employees in Asia who asked for a pay raise but did not receive one in the last year. The majority of workers were expecting increases of between 3-6%, while others were expecting increases of more than 10%.

At the same time, 20% of Malaysian employers said that they did not expect employees’ salaries to change at all – again, the highest percentage in Asia to say so. 39% of employers in Malaysia were expecting to give out increments of between 3-6%, but only 4% of employers were looking at increases above 10%.

According to Hays Asia, the dissatisfaction amongst Malaysian workers is “likely a compounding factor in high salary expectations from employees that differ from that of employers, creating the potential for mismatched salary expectations in 2020.”

Unsurprisingly, Malaysia also has the highest number of respondents in Asia who are actively seeking a new job at 52%. 67% of these respondents cite compensation as their main reason for doing so.

That said, the study revealed that salaries are not the biggest factor behind why employees remain with a company. 41% identify work-life balance as their deciding factor, while only 38% cited salary or benefit package as the reason. Work location followed closely at 37%, along with management style and company culture at 36%.

Lastly, Malaysians also regard training and development opportunities as more important compared to all other Asian markets, at 26% of all total respondents surveyed. “This shows that while Malaysian professionals may be attracted by higher pay, benefits that ease work-life balance and difficulties like travel to work or aid in upskilling would be key in retaining them over pay,” said Hays.

In light of Malaysia’s ongoing brain drain phenomenon, Hays Malaysia managing director Tom Osborne said that it was vital for organisations to offer more incentives to attract and retain the best talent. “These can be either monetary or non-monetary as with a mismatch in salary expectations imminent, organisations could turn the focus on more holistic benefit packages that can plug the gap by easing other areas of concern for employees.”

The survey was conducted on 900 Malaysian respondents from August to October 2019 as part Hays’ annual Asia Salary Guide. A total of 6,000 respondents were surveyed altogether, including participants from China, Singapore, and Japan.

(Source:
The Malay Mail
,
Free Malaysia Today
)

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    Sam Media recruiter

    3 years ago

Hello. Interesting findings. Would be nice to see the research to see how the other countries are scoring.

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Which Malaysian State is The Cheapest to Live In?

The grass is not always greener on the other side, or is it? We might often wonder how much our fellow Malaysians are spending on utilities and rent. To find out, we’ve analysed three important utility costs; electricity, water, and house rentals. These are the essential living costs that every working adult will have to pay.

Note that our table does not cover meals, transportation, or other living expenses, which while also significant, are highly variable.

So from the perspective of these vital expenses, which state or territory in Malaysia is the cheapest to live in?

No

State

Power Consumption Per 500 kWh (RM)

Average Monthly Water Bill (RM)

Average Housing Rental Per 1,000 sq. ft. (RM)

Total (RM)

1

Perlis

178.61

11.30

400.00

589.91

2

Kelantan

178.61

11.40

450.00

640.01

3

Kedah

178.61

12.25

500.00

690.86

4

Terengganu

178.61

10.00

600.00

788.61

5

Perak

178.61

12.60

650.00

841.21

6

Sarawak

147.50

12.60

700.00

860.10

7

Malacca

178.61

14.40

700.00

873.01

8

Pahang

178.61

10.22

750.00

938.83

9

Negeri Sembilan

178.61

13.00

750.00

941.61

10

Sabah (And Federal Territory of Labuan)

157.20

11.80

800.00

969.00

11

Johor

178.61

21.00

1,000.00

1,199.61

12

Selangor

178.61

13.98

1,100.00

1,292.59

13

Penang

178.61

5.50

1,200.00

1,384.16

14

Federal Territory of Putrajaya

178.61

13.98

1,500.00

1,692.59

15

Federal Territory of Kuala Lumpur

178.61

13.98

1,700.00

1,892.59

What the Table Tells Us

It is quite clear that Perlis, Kelantan, and Kedah are three of the cheapest states to live in if we only factor in the costs for housing, electricity, and water. However, these states also report a
lower median household income
.

Also, the states with the highest level of expenses also report a higher median household income, namely the Federal Territories of Kuala Lumpur and Putrajaya, Selangor and Johor. In other words, just because a place has cheaper rent and expenses, doesn’t mean it’s a good idea for you to move there, thinking that it will cost you a smaller percentage of your income.

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Power Consumption

Electricity rates depend on the tariff imposed by the energy supplier. In Peninsula Malaysia,
Tenaga Nasional Berhad
 has standardised fees for domestic usage, thus the majority of states in Malaysia are paying the same rate. East Malaysia however, has two main suppliers that charge differently.

Sabah Electricity
 (SESB) generates power to Sabah and the federal territory of Labuan while
Sarawak Energy
provides the lowest domestic electricity rate in Malaysia to Sarawak.

Water Bills

Water tariffs differ from state to state
, and when compared does not vary by a lot save for two states, Penang and Johor. Based on our table, Penang has the lowest monthly water usage rate, averaging at only RM5.55 per month. Johor residents, on the other hand are paying some of the highest rates with an average monthly bill of RM21 – this represents a 26% tariff difference between the states.

Average House Rent

Rental costs vary in each state based on the type of home, location, furnishing, and nearby amenities, among others. So it goes without saying, the figures presented aren’t exact. We used the size of the home as a base metric in addition to the number of times these rental prices were advertised on property sites. Note that the four most expensive housing rentals are in Kuala Lumpur, Putrajaya, Penang, Selangor and Johor.

These states also represent some of the most costly states to reside in; this means, housing prices have potentially, the biggest hold on whether or not a state is considered expensive.

While we try to make our estimations as close to real life costs as possible at the time of writing, this doesn’t mean that you won’t find places that are cheaper or more expensive than what our research suggested. But hey, if you’re looking for a rough guide, this is a good place to start.

If you are thinking of settling down in a home of your own soon, you’ll want to find ways to save more money and reduce your overall costs. One such way is to choose a loan package with a nice, low interest rate. To discover home financing with the most attractive rates, come on and check out our
comparison page
.

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Maybank Scan & Pay Ramadan Campaign Offers Up To RM100 Cashback

Maybank is currently organising the Scan & Pay Earn Up To RM100 Cashback Every Day campaign, in conjunction with the upcoming Ramadan celebration. Ongoing until 31 May 2022, customers will be able to win up to RM100 cashback daily when they spend at least RM30 via the Scan & Pay function on the Maybank2u or MAE by Maybank2u app with participating merchants.

Open to those who have an active bank account with Maybank and are registered to use the Scan & Pay function, the cashback rewards offered can value between RM0.10 to RM100 – with each customer allowed to win one cashback reward per day. The amount will be determined by a randomiser programme used by the bank.

There are more than 300,000 participating merchants that you can shop with in order to benefit from this campaign – from grocery and convenience stores to fashion, to restaurants and pharmacies. Major participating brands include Aeon and Aeon BiG, Lotus’s, Village Grocer, Starbucks, as well as Guardian and Caring Pharmacy.

As you tap into the campaign perks, note that the funds for your Scan & Pay function must come from your Maybank current, savings, or MAE account, and not other source of funds. If your Scan & Pay is funded from a Maybank debit or credit card, then your transaction will not qualify for the campaign, and you will not earn any cashback. Additionally, you are not allowed to split your bills in order to redeem multiple cashback rewards.

Aside from that, make sure to update your Maybank2u and MAE app to the latest version before you begin shopping. Maybank clarified that only payments made via the Maybank2u app (version 8.7 and above) and MAE app (version 0.8.5) will be eligible for the campaign.

All cashback rewards earned will be credited into your account within seven working days from each eligible transaction, and you will also be notified of your win through your app. A total of RM2 million has been earmarked for the entire campaign.

(Source:
Maybank
)

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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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What Car Can You Afford Based On Your Salary?

Buying a car is, without doubt, a big investment; for many Malaysians, it’s quite likely the second most expensive thing that we’ll buy after a house. But more than that, vehicle purchases are also frequently motivated by emotional factors – I’m sure you had a dream car that stays rent-free at the back of your mind!

There are other factors, too. Some people prefer a certain carmaker because of its
 perceived association with success and wealth
, some for their perceived resale value, while others prefer electric vehicles (EVs) because of their personal beliefs. As a result, some people may end up purchasing a car that they cannot actually afford, which inevitably leads to financial distress.

So, how would you know whether you can actually afford the car that you’ve got your eyes on? As it turns out, there are some guidelines that can help you make an informed estimation. Let us get right down to them.

Guideline 1: Price of the car should be equivalent to your gross annual salary

(Image: AFP)

This “rule” is fairly straightforward; essentially, you can afford vehicles priced at approximately your gross annual income (in other words, your gross monthly salary x 12 months). So for example, if you are earning RM5,000 per month, then you can afford to purchase a car that costs about RM60,000. Being a rough estimate, you can always be flexible with the figure.

Based on this guideline, here are some cars that you can afford based on your salary:

Monthly salary
Annual salary
Cars that you can afford
Price
RM5,000
RM60,000
Perodua MyVi 1.5 AV (CVT)
Perodua Alza 1.5 X (CVT)
Proton Persona 1.6L Premium (CVT)
Proton Iriz 1.6L Active CVT
RM61,900
RM64,474
RM58,300
RM57,300
RM7,000
RM84,000
Proton X50 1.5T Standard
Honda City 1.5L E
Honda WR-V 1.5L S
Toyota Vios 1.5E AT
Nissan Almera 1.0L Turbo VL
RM86,300
RM85,600
RM89,900
RM89,600
RM83,888
RM10,000
RM120,000
Proton X70 1.5 TGDi Premium 2WD
Proton X90 1.5 TGDi BSG Standard
Toyota HR-V 1.5L S
BYD Dolphin Premium Extended Range
RM123,800
RM123,800
RM115,900
RM125,530
RM17,000
RM204,000
Tesla Model Y
Subaru Forester 2.0i-S EyeSight GT
Honda Accord 1.5 TC-P
Volkswagen Tiguan All-Space Elegance
RM199,999
RM197,788
RM197,400
RM195,590
RM20,000
RM240,000
Volkswagen Tiguan All-Space R-Line
Mercedes Benz A 200 Progressive Line
BMW X1 sDrive 20i M Sport
RM247,073
RM238,618
RM243,800

The simplicity and uncomplicated calculations of this rule is one reason why RinggitPlus co-founder and licensed financial planner, Hann Liew, thinks it’s a good guideline that Malaysians can rely on when deciding on whether they can afford the purchase of a car. “I love this rule – it’s pretty clear-cut and very easy to remember and calculate when you’re looking for a new car,” he said.

(Image: Paul Tan’s Automotive News)

On the other hand, this simplicity means it does not take into consideration the
cost of loan or financing
, namely the interest/profit charged on the loan/financing that you take. So for example, if you were to purchase a car priced at RM60,000, and would like to take a loan of RM48,000 (5 years, at 3% p.a.), this means that your cost of loan will stand at RM7,200 (RM48,000 x 3% x 5 years).

It’s also important to remember that the
cost of loan will increase in tandem with the tenure of your loan
; the longer your tenure, the higher the cost. To illustrate this, let’s reuse our example in the previous paragraph (car priced at RM60,000, with you taking a loan of RM48,000 at 3% p.a. interest rate). If you decide to opt for a seven-year loan or a nine-year loan, the cost of loan will come up to RM10,080 and RM12,960, respectively – even though the amount that you borrow is unchanged (RM48,000).

As you can see from our example, the cost of the vehicle shoots up considerably when we take the cost of loan/financing into account. Naturally, there’s a second “rule” that helps you better calculate car affordability based on salary.

Guideline 2: Rule 20/7/20

(Image: Reuters)

Like the first guideline, Rule 20/7/20 is also a popular guideline, and takes slightly more effort to digest because it requires more calculations from your end. Essentially, the rule translates to the following:

Put down a deposit of 20%

Opt for a seven-year loan tenure at most (assuming 3% p.a. interest rate)

Allocate no more than 20% of your net monthly salary for loan instalments

To illustrate how this rule works, let’s say you’re interested in purchasing a
 2023 Perodua Myvi 1.5 Advance (CVT)
 priced approximately at RM61,900 (on-the-road). But can you afford it if you have a monthly salary of RM5,000 – which gives you a net salary of approximately RM4,305.00, after deducting your EPF, SOCSO, and EIS contributions?

Let’s find out by applying Rule 20/7/20.

Rule 20/7/20
Calculations
20% deposit
RM61,900 x 20%
= RM12,380
Seven-year loan (3% p.a. interest rate)
RM61,900 – RM12,380
= RM49,520
Take a seven-year loan of RM49,520 from the bank (3% p.a. interest rate)
Monthly instalment = RM713.32
20% of your net monthly salary (allocation for monthly instalment)
RM4,305 x 20%
= RM861.00

From this calculation, you can clearly see that you are, in fact, able to comfortably afford the Perodua Myvi that you’ve been eyeing, given that the monthly instalment is RM713, whereas your allocated budget is RM861.

(Image: The Star)

And if you’re interested, we’ve also done the math on the estimated monthly instalments for the list of cars that we’ve shared in the previous section – calculated based on Rule 20/7/20 – along with the net monthly salary that is required in order to afford the specified car:

Gross monthly salary
20% of net monthly salary (approximate)
Car models
Car prices
Estimated monthly instalments
RM5,000
RM861
Perodua MyVi 1.5 AV (CVT)
Perodua Alza 1.5 X (CVT)
Proton Persona 1.6L Premium (CVT)
Proton Iriz 1.6L Active CVT
RM61,900
RM64,474
RM58,300
RM57,300
RM713
RM742
RM671
RM660
RM7,000
RM1,174
Proton X50 1.5T Standard
Honda City 1.5L E
Honda WR-V 1.5L S
Toyota Vios 1.5E AT
Nissan Almera 1.0L Turbo VL
RM86,300
RM85,600
RM89,900
RM89,600
RM83,888
RM994
RM986
RM1,035
RM1,032
RM966
RM10,000
RM1,587
Proton X70 1.5 TGDi Premium 2WD
Proton X90 1.5 TGDi BSG Standard
Toyota HR-V 1.5L S
BYD Dolphin Premium Extended Range
RM123,800
RM123,800
RM115,900
RM125,530
RM1,426
RM1,426
RM1,335
RM1,446
RM17,000
RM2,483
Tesla Model Y
Subaru Forester 2.0i-S EyeSight GT
Honda Accord 1.5 TC-P
Volkswagen Tiguan All-Space Elegance
RM199,000
RM197,788
RM197,400
RM195,590
RM2,293
RM2,279
RM2,274
RM2,253
RM20,000
RM2,867
Volkswagen Tiguan All-Space R-Line
Mercedes Benz A 200 Progressive Line
BMW X1 sDrive 20i M Sport
RM247,073
RM238,618
RM243,800
RM2,847
RM2,749
RM2,809

Commenting on this guideline, Hann admits that this second rule can seem pretty complicated to the average individual, but he highlighted that it can also be more useful compared to the first rule. “It doesn’t just calculate the cost of the car, but the cost of the car
and
 the cost of the loan that you need to take out to purchase the car. It’ll also let you see how much you need to pay on a month-to-month basis, and as such, give you a more concrete and accurate sense as to whether you can really afford that particular car,” he said.

Hann also stressed that like any other “rules” in personal finance, there’s always some wiggle room if you wish to adapt Rule 20/7/20 slightly to meet your needs or preferences.

“Let’s say you find out that your dream car has a monthly instalment 25% of your net monthly income or you are a few thousand Ringgit short of the 20% downpayment, you can still make it work. Take a look at your monthly spending and commitments, and see if you can make some adjustments to accommodate the slight additional expense. But it’s really important that you are honest with yourself when you do this, because this is a medium term commitment,” said Hann.

Do the two guidelines complement each other?

(Image: Focus Malaysia)

Interestingly, the 20/7/20 Rule works well with the first guideline (price of your car = your gross annual salary), and is mathematically a continuation of it. To help you understand what we mean, let’s take a step back and do a little comparison.

Under Guideline 1, it’s said that your car price should not exceed your gross annual salary. So as per our example earlier, if your gross monthly salary stands at RM5,000, then you should do your best to purchase cars that are priced around RM60,000.

This is essentially confirmed in the calculations shown under Guideline 2 (Rule 20/7/20), where it’s shown that you’re able to comfortably afford a Perodua Myvi priced at RM61,900 (i.e. around RM60,000) if you’re earning a gross salary of RM5,000 per month. In fact, your allocated budget from your net monthly salary for car loan instalment (RM861) is even slightly higher than the estimated instalment amount (RM713) – which gives you an excess of about RM140. This excess can then be used for the one-off payments for your car, such as the car insurance and regular servicing.

Therefore, the next time you’re planning to buy a new vehicle, your thought process can be a lot smoother:

Is the car’s price equal to or less than your annual salary?

Do I have enough savings to pay for a 20% downpayment?

Is the estimated monthly instalment less than 20% of my take home pay?

If the answer is “yes” to all the above, then you can indeed afford the car!

***

With this, we hope that you’ll have an easier time deciding whether you’re financially capable to purchase your dream car (like that
 Tesla Model Y that was just launched
…). Ultimately, make sure to be honest with yourself because car purchases are medium-term commitments that can significantly impact your financial wellbeing for up to nine years (depending on the tenure of your loan).

Lastly, we should also remind you that the rules mentioned here are only meant to serve as a general guide, helping you to establish a ballpark figure of what you can afford and allowing you to make informed decisions. If you need detailed or specific advice, or if you have a somewhat complex financial situation, then it might be a good idea to
consult a licensed financial planner
before making any plans or decisions.

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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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    A.H.

    12 days ago

Great guidelines!

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