EPF: Latest Special RM10,000 Withdrawal Should Be The Last

(Image: Sinar Harian)

The Employees Provident Fund (EPF) has stressed that the
latest special RM10,000 withdrawal facility
 should be the final Covid-19-related withdrawal allowed as it is concerned about its members’ depleting retirement savings.

“The EPF would like to reiterate its concerns around members’ retirement adequacy and hopes this will be a precursor towards the rebuilding of retirement savings and reforming of the nation’s social security system,” the provident fund stated, adding that a whopping sum of
RM101 billion of EPF savings has already been withdrawn
 under
i-Lestari
,
i-Sinar
, and
i-Citra
 as of the end of 2021.

The EPF further commented that another withdrawal facility should not be necessary given that the nation is already on the road to economic recovery. “As the country rebuilds the economy and more people have returned to work, the EPF believes that this should be the last facility allowed under the special withdrawal initiative,” it said.

During his announcement yesterday, Prime Minister Dato’ Seri Ismail Sabri Yaakob had said that the decision to allow the latest withdrawal was a difficult one, but it was made after considering requests from all parties. Over the past months,
several parties have pushed for a “last withdrawal”
 – including the
Federation of Malaysian Consumers Associations (FOMCA
) – while others were against it.

Ultimately, Dato’ Seri Ismail Sabri said that EPF contributors must weigh their decisions carefully, and only withdraw their savings if they must. Members can start
applying for the special RM10,000 withdrawal facility from 1 April 2022
.

(Source:
The Star
)

5

1

vote

Article Rating

SHARE

TAGS:

Employees Provident Fund (EPF)

EPF

EPF Withdrawals

Retirement

Special EPF Withdrawal

About THE AUTHOR

Nur Adilah Ramli

Nur Adilah Ramli

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


TNG eWallet’s ePemula Extra Incentives Include Reward Vouchers Worth More Than RM200

Eligible youths who register for the ePemula programme with Touch ‘n Go (TNG) eWallet will be entitled to reward vouchers worth more than RM200 as extra incentives, on top of the one-off RM150 ePemula credit provided.

Under TNG eWallet’s ePemula offerings, those enrolled in the ePemula initiative will be able to access two voucher bundles once their applications are approved and they have received their ePemula credit, namely:

TNG eWallet voucher bundle (worth up to RM200)
Alipay+ Rewards partner voucher bundle (worth up to RM100)

As expected, each bundle offers varying benefits. The TNG eWallet voucher bundle, for instance, contains cashback or discount vouchers that you can use with the eWallet’s merchant partners, including 7 Eleven, myNews, Starbucks, and Tealive. Meanwhile, the Alipay+ Rewards bundle offers a set of discount vouchers that you can use to shop specifically on the eWallet’s in-app feature,
Alipay+ Rewards
.

Note that all the vouchers are provided on a first-come first-served basis, and must be utilised by 10 June 2022 – which is also the deadline applicable to the RM150 ePemula credit.

If you’re keen to register for ePemula with TNG eWallet, go ahead and tap on the ePemula banner that you see within the app, followed by “Claim Now!”. Once done, you’ll be directed to the official ePemula page, and then prompted to key in some necessary personal details, including your name and MyKad number. Submit your application when you’re done, and you’ll receive an in-app push notification and email once your application is approved!

Do also be aware that if you have not verified your TNG eWallet account, you will not be able to proceed with your ePemula registration. As such, you’ll be prompted to do so first; the verification process involves taking a picture of your MyKad and selfie, and will take a separate 48 hours for approval. Once that’s done, you can resume your registration for the ePemula programme.

Your ePemula credit will be credited into your account within three days from the application date. Meanwhile, your additional vouchers from TNG eWallet will be provided three days after your ePemula claim is approved; make sure to update your TNG eWallet to the latest version of v1.7.70 to receive the vouchers.

Furthermore, TNG eWallet clarified that the ePemula credit can only be used for in-store retail payments. It is not applicable for transactions such as online purchases, eWallet credit transfers, toll payments via RFID and PayDirect, as well as payments for bills, prepaid, postpaid, and game credits. As ePemula is a government initiative, the e-credits provided through it is classified as
non-transferable balance
.

Aside from TNG eWallet, youths who are eligible for the ePemula programme can also apply for their e-credits with
other e-wallet partners that were chosen for the initiative
 as well, namely
BigPay
,
GrabPay
, and
ShopeePay
. Each e-wallet service provider offers additional incentives too, although the value varies depending on their policies.

Introduced during Budget 2022, the ePemula initiative –
which kickstarted today
 – hopes to encourage cashless transactions among youths. It is expected to benefit approximately two million youths.

(Source:
TNG eWallet
)

0

0

votes

Article Rating

SHARE

TAGS:

Alipay+ Rewards

ePemula

TNG eWallet

Touch 'n Go

Touch 'n Go eWallet

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Allianz Introduces Enhanced Smart Home Cover, Covers Covid-19 Disinfection Costs

Allianz has revamped its home insurance plan, Smart Home Cover to include a wider scope of coverage. The plan’s HomeFix module now covers pest control expenses as well as the cost of home disinfection for cases of Covid-19 diagnosis.

“Our Smart Home Cover aims to address all housing insurance issues, especially during times of uncertainty such as the current Covid-19 pandemic,” said Allianz General chief sales officer Horst Habbig. “The Smart Home Cover policy covers home disinfection if a member of the household is diagnosed with Covid-19.”

Habbig added that Allianz was the first company in Malaysia to include pest control and Covid-19 disinfection in its home insurance plan.

The
Allianz Smart Home Cover
 is a flexible home insurance plan that consists of five components; in addition to the HomeFix module, there are the HouseOwner (Building), HouseHolder (Content), Mortgage Loan Instalment Protection, and Landlord Insurance components. Insurance buyers are free to add and select the different modules based on their needs and wants, with the premiums being adjusted accordingly.

The premium for just the HomeFix component is priced between RM50 and RM100 per year, depending on the maximum benefit amount offered. The circumstances covered are as follows:

Repair of burst pipe

Repair or replacement of doors, locks, and windows arising from theft

Domestic help allowance

Home repair or service (air conditioner, plumbing, electrical wiring, painting, roofing, and locksmith)

Home care (termites or bed bugs pest control, and disinfection service)

You can find out more about the
Allianz Smart Home Cover
 here.

(Source:
The Star
,
Allianz
)

0

0

votes

Article Rating

SHARE

TAGS:

Allianz

Allianz Home Insurance

Allianz Smart Home Cover

Covid-19

Covid-19 Disinfection

Home Insurance

HomeFix

Pest Control

Smart Home Cover

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


PM: Government Seeking Solutions To Help People Without Resorting To More EPF Withdrawals

(Image: Financial Times)

Prime Minister Datuk Seri Anwar Ibrahim has reiterated that the government is looking for better solutions to help alleviate the people’s financial stress, without resorting to yet another withdrawal from their Employees Provident Fund (EPF) savings.

The prime minister said that a majority of EPF members’ funds meant for retirement have already dwindled down to a worrying amount due to the various special withdrawal facilities that were permitted before. As such, a different route needs to be considered in resolving the situation.

“In the past, we asked to be allowed to withdraw some money from their EPF savings, but what if they now only have RM10,000 or RM5,000 left? Should they still withdraw? What happens in three to five years, when they retire, reach pension age? I know it’s their money, but if you were to take all the money out, then what about the kids and your future?” said Datuk Seri Anwar.

(Image: The Malaysian Reserve/Razak Ghazali

For context, the government had already allowed as many as four special EPF withdrawals between 2020 to 2022 – namely
i-Lestari
,
i-Sinar
,
i-Citra
, and a final
RM10,000 withdrawal facility
 – to sustain those who struggled financially during the Covid-19 pandemic and subsequent lockdowns. As a result, the EPF savings of many contributors have dipped, with EPF highlighting that 52% of the total 12.78 million EPF members aged under 55 had
savings of less than RM10,000
 (as of June 2022).

The sovereign fund, too, had previously cautioned that the RM10,000 special withdrawal should be
the last to be allowed
, especially as the nation could be facing a crisis where citizens lack enough money for their golden years. Similarly, Datuk Seri Anwar, too, has recently voiced his concern regarding the state of the people’s retirement savings, stating that they
just don’t have enough for another withdrawal
.

Given the situation, the prime minister – who is also the finance minister – has reassured that the revised Budget 2023, which is set to be
re-tabled on 24 February 2023
, will contain efforts to address key issues like the rising cost of living. This is in addition to steps to overcome other problems, including the national deficit, digitalisation issues, and food safety.

(Source:
Malay Mail
)

0

0

votes

Article Rating

SHARE

TAGS:

Budget 2023

Budget 2023 Re-Tabling

Datuk Seri Anwar Ibrahim

Employees Provident Fund (EPF)

EPF

EPF i-Citra

EPF i-Sinar

i-Citra

i-Lestari

i-Lestari Withdrawal Scheme

i-Sinar

i-Sinar Withdrawal Scheme

Special EPF Withdrawal

Special Withdrawal Facility

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Do You Have a Friend Who is Draining Your Finances?

Socialising, no doubt, costs money. When we go out to meet our friends or have them over at our homes – this invariably costs us. But this cost is a necessary part of everyday life and it is not what we mean by a money draining friendship.

Sometimes, however, a friendly relationship can turn into something much more dire for your finances if one or all of these friends start affecting your financial decisions.

1. The Friend Who Always Has “This Great New Investment…”

There’s nothing wrong with having a little bit of friendly advice with regards to the stock exchange. The problem begins with the friend who is always looking for the ‘new’ or ‘avant garde’ way of investing in schemes that are either just a little shady or outright pyramid schemes.

Friends like these aren’t bad people – they really do want money pretty badly and are usually easily persuaded by the lure of great riches. You want to trust and believe ‘this time will be different’ but the past 28 times you invested in his proposed ideas came to naught.

Fix
: Keep the friendship alive and your finances intact by keeping your wallet shut. If a new investment
does
 appear legitimate; speak to a personal finance advisor or stock broker about this option and see what a neutral party has to say.

2. The Friend Who Always Wants the Fine Dining Approach

As mentioned, socialising will naturally come with costs but it should not be a case of
Marini’s on 57
 every time you want to have a quick catch-up. The ‘Fine Dining Approach’ doesn’t just mean food of course; it can even mean the kind of accommodation during a joint holiday or the gift expectations during a birthday.

This is difficult because peer pressure is real – no matter how old you may be.

Fix
: Honesty is certainly the best policy so don’t be afraid to speak up when you believe you cannot afford the next luxury junket. Sometimes, more affluent friends simply don’t realise when their tastes are imposing on those with realistic budgets so speaking up may help keep everyone in the green and in each other’s good books. A good friend will understand that not everyone’s paycheque and commitments come in the same sizes and thus – some compromise is in order for a healthy friendship.

3. The Friend Who’s Always Trying to Sell You Something

They don’t mean it – really they don’t. They just took the part in the salesman’s handbook about approaching your friends first a mite too seriously. The problem arises when you feel obliged to buy what they peddle – whether it’s a new MLM (multi-level marketing) product or an insurance product (yup, sure we all have that
one
 overzealous insurance agent friend) simply to show your support to a good friend. It doesn’t help when they make it a point to bring up the topic
every
 time you meet.

Fix
: Sometimes, the zombie salesman approach isn’t meant and the friend may not be aware of the strain he/she is putting on the friendship. Again – calling them out on it is the only way to keep good ties to both your friend and your banker. Of course, be the supportive friend and assure them that if you
do
 need whatever they are selling in future – you will be sure to contact them.

If the honest approach doesn’t work – call a communication time-out until they decide to respect the fact that your friendship does not equate constant access to purse strings.

4. The Friend Who Knows the Best Banking Product For You

It’s a regular occurrence to have our friends and family help us to choose a banking product. This is because of the level of trust. The problem arises however, when one blindly trusts every recommendation without first checking the options available.

In every category of banking product, be it a
personal loan
,
credit card
 or
home loan
 – variances exist in the type of product and how it caters to each customer. For example, you have flexi loans, fixed loans, Islamic loans – plenty in the market to suit different needs. The product that suits a friend or family member – may not necessarily suit you.

Fix
: These friends mean well and in fact – are the kind of friends to keep around as they may one day bring you news of a fantastic new bank promotion. The problem however, arises when we take every recommendation without first checking the suitability for ourselves. It is always imperative to make your own enquiries, check the available products and consider your own financial status and needs before selecting.

Have you been told of a great banking product? Look it up on our
product pages
 to find out if it is the goods or if there is something better for you out there.

Friends are an important part of life but that means they can also directly influence a lot of the big decisions we make in life. It’s imperative to ensure that whatever our emotional attachments; we keep a cool head and weigh the pros and cons when it comes to making financial decisions.

0

0

votes

Article Rating

SHARE

TAGS:

Dining

Financial Management

Saving

Spending

About THE AUTHOR

Diana Chai

Diana Chai

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


AmBank Partners With Merchantrade Asia To Introduce First-Of-Its-Kind Hybrid E-Wallet

AmBank has partnered with Merchantrade Asia to roll out a hybrid e-wallet that offers a larger capacity and the ability to tap into the benefits of the bank’s Current Account-i. This is intended to provide a more convenient and cost-effective user experience for eligible customers, reducing the hassle of having to constantly top up their e-wallets.

According to a joint statement by the two parties, the hybrid e-wallet boasts the largest wallet size of RM50,000, and is described as the first of its kind.

“We are indeed very pleased to partner with Merchantrade, as part of our fintech collaboration agendas to develop the first-in-the-market cross-border, multi-currency payment solutions by leveraging on cutting-edge technology and an innate understanding of the market and fast-paced environment we operate in,” said the group chief executive officer of AmBank Group, Dato’ Sulaiman Mohd Tahir.

(Image: The Star)

Sulaiman also added that digitalisation has recently gained a lot of ground because of the Covid-19 pandemic. With various physical distancing and travel restrictions in place, AmBank is striving to transform anything that can be done online or virtually.

The managing director of wholesale banking for AmBank Group, Raja Teh Maimunah Raja Abdul Aziz further said that the bank is highly committed in supporting the digital transformation of the financial and technology sectors. This is in line with Bank Negara Malaysia’s (BNM) endeavour to promote the fintech agenda.

(Image: Malay Mail)

Meanwhile, the managing director of Merchantrade Asia, Ramasamy K. Veeran commented that the company prides itself on offering a more efficient and safer payments experience for customers via innovative tech solutions. “It [the hybrid e-wallet] will allow us to expand Merchantrade’s offering, giving our loyal customers even greater benefits and rewards than ever before. We’re delighted to be partnering with AmBank to enable us to bring this latest in a long run of Merchantrade innovations,” he said.

(Source:
AmBank
)

4.5

2

votes

Article Rating

SHARE

TAGS:

AmBank

AmBank Current Account-i

Bank Negara Malaysia

BNM

Covid-19

Datuk Sulaiman Mohd Tahir

Fintech

Hybrid E-Wallets

Merchantrade

Merchantrade Asia Sdn Bhd

Raja Teh Maimunah Raja Abdul Aziz

Ramasamy K Veeran

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Affin Bank Teases Launch Of New Product, Affin DUO

It looks like Affin Bank will be launching a new product called the “Affin DUO” soon, judging by a cryptic teaser posted on its website.

The bank did not give any hint of what type of product the Affin DUO might be, simply stating that it was geared for the customer’s “duo realities”. Even the short video teaser did not spare any further details on the upcoming product.

Teaser posted on the
AffinOnline
 website.

The teaser poster on Affin’s online banking website also reveals very little – though one may speculate that the image shows the corners of two cards…could it be that Affin will launch its own dual-card product like the popular
Maybank 2 Cards
 and
Public Bank Quantum
? That said, the teaser video shows the lady holding up something thicker than a card, so it may be a totally different product altogether.

Affin DUO will be revealed to the public this Friday on 28 August 2020.

0

0

votes

Article Rating

SHARE

TAGS:

Affin

Affin Bank

Affin Duo

Product Launch

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


EPF 2017 Dividend - Everything That You Need To Know

Employee’s Provident Fund (EPF) have recently announced the dividend for 2017 at 6.9%, an amount that is significantly higher than 2016 which saw EPF giving out a dividend of 5.7 %. The dividend was the highest since the EPF announced a 7.7% payout to members for 1996. As of 2017, 50.45% of EPF’s investment assets are in fixed-income instruments with the EPF’s investment asset value touching RM771.20 billion, a whopping RM40.09 billion higher than the RM731.11 billion which was announced in 2016.

#What Are the Dividend Rates of Previous Years Announced By EPF?

As we can see over the past 10 years, the lowest EPF dividend was announced back in 2008 at 4.5 %. In this particular year, the 2008 financial crisis is said to have started in the United States due to the excessive use of credit. Even though the impact on the local economy was not as shocking as the one that occurred in 1997-1998, it is noted that the dividend rates for EPF have never gone past 7% again.

Prior to the dividend rate for 2017, the highest rate announced for EPF’s dividend was in 2014 which saw an increase of 2.25% from the dividend rate announced 6 years ago. In general, the dividend rate for most years (2011 – 2015) remained at a constant 6 percentile and this was often compared to 2016’s dividend rate which was 5.70%. To quote Chairman Tan Sri Samsudin Osman, EPF faced a challenging investment climate due to unsettling events such as Brexit and the US Presidential elections.

For the year of 2016, EPF attributed their lower dividend rate due to the slower global growth while navigating between changes in the monetary policies in major economies, the slump in crude oil prices and weaker domestic currency. This has then improved in 2017 as the performance for equity and overseas investment has performed remarkably well, thus leading to the current year dividend rate of 6.9% for conventional savings and 6.4% for sharia savings.

 Average EPF dividend over the past 10 years

#How EPF Dividends Are Calculated

Under Section 27 of the EPF Act 1991, the guaranteed minimum dividend rate is 2.5% per year on members’ savings. As such, members are guaranteed to receive the minimum dividend rate in any situation. As for how the dividend rates are decided, you may be interested to know that the rate of dividend is proposed by the EPF Management to the EPF Board. Prior to receiving the endorsement by the EPF Board, the EPF management will seek the Minister of Finance’s approval for the declaration of the dividend rate.

Here’s the formula that has been provided by EPF :

 Dividend Rate = Net income (a) x 1% Total for a 1% dividend (b)

Investment income + Non-investment income – Expenses

Total for a 1% dividend is based on:

Opening balance of contribution (after withdrawal) that obtain dividend for a 12-month period, and

Monthly contribution that obtain pro-rated dividend i.e. dividend for the n-month will get (12-n) month dividend. For example, the September contribution (n=9) will obtain a 3 months dividend.

Generally, dividends are separated into two types of calculations, the former being the annual compounded dividend and the later being a pro-rated monthly dividend. Bear in mind that your dividend will always be calculated based on the previous day’s outstanding balance.

#What Are the Things That You Can Do With Your EPF?

Buying a House

You can withdraw from your EPF to service a home loan if you’re purchasing residential property. There are many circumstances and conditions for the maximum amount allowed but the withdrawal guideline is either 10% of the house price or all of Account 2. To qualify, you would need to provide the Sale and Purchase Agreement which is not more than 3 years from the date of application among other related documents as listed in EPF’s website.

Pursue Your Studies (Education)

Planning to settle your PTPTN loan but don’t have the means to do so? You can make a withdrawal request from EPF to repay your loans in full or in part using your available balance in Account 2. Just like your housing loan repayments; you will need to apply for a balance report from PTPTN and submit this along with the relevant documentation as required by EPF.

If you are gainfully employed and working, you can do this for yourself or if you have any children that you are currently supporting, you can also make an EPF withdrawal for your children’s education.

If you are planning to pursue your post-graduate studies, you can also rely on your EPF to finance your education fees. You can opt to withdraw once per academic year or each semester. Be aware though that you will need to provide the original offer letter from your university as well as a letter of confirmation from your university. You will need to pass this letter to KWSP so that they can deduct the payment from your account for your education-related fees.

Just visit KWSP’s website to cross-check and see if the education institution and course you are enrolling in qualifies for EPF withdrawals. The amount you are able to withdraw will be limited to either the number of fees or the amount you have available in Account 2, whichever is lower.

Settling Existing Home Loans

If you have an existing house loan, you can lighten the load with your EPF savings. You could either choose to settle a lump sum payment (capital repayment) or opt to have EPF service the monthly repayment. For a lump sum payment, the amount depends on how much you have available in account 2 or the total balance of your loan whichever is lower.

For monthly repayments; you will also only be allowed to take out the available balance from account 2. Calculate how many payments you can make with the available balance and fill in the form accordingly. EPF will block the entire amount and make the payments every month automatically.

However, this means that the full amount is removed from your EPF account and you will not be receiving any interest from EPF on it. As such; many customers prefer to take out lump sum amounts and have their banks convert it into advance payments.

To perform either withdrawal method, you will need to request a balance statement from your bank. The statement is specifically for EPF purposes and will contain details of the property as per your Sale and Purchase Agreement as well as your loan details.

The amount withdrawn from EPF will then be credited directly to your home loan account. Your Account 2 funds can also be used to reduce/redeem a housing loan on behalf of a spouse or immediate family member. All withdrawals are subject to a minimum withdrawal of RM500 or all of Account 2 savings.

Get Medical Treatment/Aids

Yes, you can seek for medical help too by making a request for health withdrawal. For this type of withdrawal, you can get EPF to help cover the medical expenses for critical illnesses and/or to buy healthcare equipment. Do note that you will need to refer to the list of approved critical illnesses and medical equipment at the EPF official website or EPF office.

Upon approval, EPF will cover the medical expenses and this includes all charges by the hospital / medical center for the treatment given to the patient, including the cost of equipment to treat the approved illness.

Members may withdraw all savings in Account 2 OR according to actual medical cost, whichever is lower. Should the situation in which the medical cost has been partially paid for by the member’s / patient’s employer occurs, the withdrawal amount should only cover the remaining balance of the medical costs that are not covered, subject to the balance of savings in member’s Account 2.

Having said that, there are clauses to this withdrawal in which you will not qualify for the withdrawal if:

-The illness is not stated in the EPF’s list of approved critical illnesses

-The medical aid equipment is not approved by the EPF

The cost of medical treatment is fully covered by the member’s/patient’s employer or any family members’ employer

The member/patient is receiving alternative treatments such as acupuncture or any other traditional medication.

Read Also :
 Should You Pay Off Your PTPTN Debt With Your EPF Money

Participate in an Investment Scheme

The scheme allows members to transfer a portion of their savings from Account 1 for investments in order to enhance their retirement savings. Members may invest no more than 30% from the savings in excess of the Basic Savings Amount in Account 1 through appointed Fund Management Institutions (FMIs).

Approved FMIs under the scheme includes Unit Trust Management Companies (including Amanah Saham Nasional Bhd), Asset Management Companies and Lembaga Tabung Haji. Unit Trust Management Companies provide members the option for their investment to be invested in Unit Trusts. Members may elect for their investment to be managed by Asset Management Companies through a private mandate.

Interested to start investing? Well, keep in mind that all investments must be made through the appointed FMIs. You can refer to a list of approved FMIs from the EPF website. Apart from that, even though these investments are allowed by EPF, you are fully responsible for the investments that you participate in and EPF claims no liability for any losses incurred.

You are also reminded to scrutinise and comprehend all Fund Prospectuses before proceeding to make any investment decisions.

In the situation that your investments are able to churn a profit, it is expected for you to return all amounts to the EPF (including profits made) upon liquidation of investments. The money will then be credited into the members’ Account 1.

You will not be allowed to withdraw any amount from the money invested through the FMIs to ensure that there are no leakages in funds.

#What Are the Advantages of Using EPF for Private Retirement Scheme?

 Private retirement scheme
allows you more flexibility in managing your investment and deciding every month, how much you would like to contribute. The EPF scheme requires a form filled and the new additional amount will stay until you request in writing to remove it.

EPF will also decide where to invest your money and will manage the fund for you. Many of those who have some knowledge investments and yields may want to have more say in how their funds are invested. Read here to learn more on private retirement schemes and how it can help you in your investment portfolio.

From 2014 to 2018, the government announced they would be giving PRS members between 20 to 30 years old a one-off incentive of RM500 to purchase units of PRS funds to encourage young people to start saving more for their retirement.

#What Are the Disadvantages of Using EPF for Private Retirement Scheme?

You may have more flexibility in the investment side of things, but you have less flexibility in partial withdrawals prior to your retirement age.

70% of your PRS contribution is placed in sub-account A and the other 30% in sub-account B. Withdrawals are only restricted to sub-account B, which you could only withdraw from once a year and an 8% penalty would be incurred.

#What Are the Advantages of Using EPF for Investment Schemes?

Get an upper hand in managing your investment portfolio

You will be offered the chance to plan on how you want to invest your savings, all of which that will rely heavily on your comfort level with financial risk. If you are looking to make full use of your EPF contributions throughout the years to select funds and diversify their portfolio, then this is something that you should definitely look into.

Stand a chance to yield higher returns

The EPF has returned dividends averaging from 5% to 6% between 2009 and 2017, but you could certainly earn more through unit trust investments if you are a savvy investor. If you make a profit, you can simply reinvest the sum and start building a strong portfolio.

No need to touch your savings or other liquid assets

Your savings will be used to invest instead of your EPF. As such, trying to build your nest egg through this method will not affect your current circumstances and savings expectations. Also, do note that by investing in an EPF scheme, you will gain access to funds that will not charge any interests and best of all, you will only need to a minimum fee to do so.

#What Are the Disadvantages of Using EPF for Investment Schemes?

All investments come with a risk tag attached to it

Succinct to say, although unit trusts are viewed in general as a safe investment for beginners, do note that your returns aren’t actually guaranteed. As a matter of fact, this can greatly detrimental to your retirement fund and if you do not have any other passive income after retirement, you will definitely have lesser to spend in your sunset years. All investments come with risk and this can range from poor fund management, geopolitical factors, inflation and more.

** You will need to pay fees to be able to invest **

As, your investment will be subjected to service, transfer, and management fees, all of which that’s understandable as you are after all paying for a service to help your money grow. And in the situation that you do not want to be in an investment scheme anymore, you will be charged exit fees as well and this could be from 2% to 4% of your investment fund, all of which that relies greatly on the fund management institute. As it is, if your dividend earnings are not exactly sufficient, you might not see as big a profit as you’d like.

*
Your profits may be subject to tax *

Bear in mind that investment schemes such as Amanah Saham Wawasan may be approved by the Ministry of Finance to be tax-exempted, the same can’t be said for all other incidentals such as dividends. As such, do look into the funds that are you are planning to invest into, discover their overall costs so that you can maximise your investment to harness its full potential for your return of investment.

#Are There Any Other Things That I Should Know?

Whatever your investment preferences or decisions may be, some of the above options may be worth considering if you would like to put your retirement savings to work. After all, you definitely want to ensure that this money is safely stowed in your account for those occasions when you need to withdraw it.

On the other hand, if you do have some extra money stashed up and would like to make full use of it to earn safely with guaranteed returns, do consider a high-interest savings account. To maximise the potential of your hard earned cash, just head over to our
 comparison tool
 and we’ll help you find an account just right for you.

Which option would you go for – private retirement scheme, ASB loan, unit trusts or perhaps you would prefer to maintain your EPF account until your golden years? Tell us in the comments section below.

0

0

votes

Article Rating

SHARE

TAGS:

EPF

Financial Management

Financial Planning

PRS

PTPTN

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Travel Insurance Explained

Have you ever fallen

sick while on vacation? Or had your luggage “lost” by the

airline?

Traveling to a foreign country for the very first time can be an exhilarating yet

dangerous experience. Accidents can happen

at any time and while the fault may not always lie with you, the

consequences and subsequent expenses will be yours to bear. Travel insurance

however, can provide you with a sort of cushion against the costs

associated with travel related mishaps. So take a break from packing

your underwear and read on for our ultimate, all-inclusive, first class

guide on travel insurance.

How Much Does Travel Insurance Cost?

Travel insurance isn’t as expensive as many people think. Considering the amount of coverage and payouts, it is almost a no-brainer to spend a little more into travel insurance. Travel insurance policy premiums are largely dictated by duration of travel (discussed in the next section), and more importantly, the coverage you would like. In this instance, “coverage” refers to two things: the amount you are insured for while you are travelling, as well as geographical location of your destination (domestic, Asia, and worldwide). In Malaysia, travel insurance premiums can range from
as low as RM15
 all the way
to RM67
 per individual per trip, and higher for family travel insurance. However, if you travel frequently, annual travel insurance policies can work out to be cheaper. Annual premiums start from
around RM220
 and depending on coverage, can go
above the RM500 mark
.

Today, there are dozens of travel insurance policies available, with varying levels of coverage and corresponding premiums. Travel insurance premiums are calculated based on several factors: duration, destination, and individual/family travel insurance.

Duration of travel

Travel insurance policies are charged based on the duration of the trip. But instead of charging by the total number of days, insurance companies makes it easier for customers by charging policies based on duration blocks, such as 1-5 days, 6-10 days, and so forth up to a full 30 days; some policies only last for 30 days at a time, while others can be extended with subsequent one-week blocks.

But, if you are a serial traveler or have a job that requires you to travel constantly, it may be better to opt for an annual travel insurance policy. In the long run, this adds up to better savings compared to ad-hoc policies purchased ahead of each trip.

Domestic vs international travel insurance

Bangkok? New York? Paris? Penang!?

This probably shouldn’t shock you but your travel insurance premium depends hugely on where you plan on traveling. But before we get into that, let’s define how travel insurance companies sort out their regions.

Domestic travel insurance covers all travel within Peninsular and East Malaysia. But before you get too excited, you should probably know that claims can only be made at least 50km away from the insured person’s place of residence. So if you live in Kuala Lumpur and plan on making a travel insurance claim for your “staycation” in Subang Jaya, the insurance company will not only flat out deny you, they’ll probably laugh at you as well.

Likewise, international travel insurance covers travel outside Peninsular and East Malaysia. Most travel companies usually split their international regions of coverage by geographic location. For example, the company could consider all countries in South East Asia to be region A and all countries in Europe to be region B. Premiums for coverage in region A would be much different than coverage in region B, with B naturally being the more expensive of the two due to distance.

In addition, the travel insurance company might also offer world-wide travel insurance coverage packages. But does this mean every single country in the world is covered? No! To minimize risk, countries that are currently experiencing civil war or any other forms of social instability will not be covered by the insurance company.

Family vs individual travel insurance

Most travel

insurance companies in Malaysia separate their packages into two

distinct categories: family and individual. The premiums of

these two categories are priced differently with the family package

usually being significantly more expensive than the individual one.

The individual

package offers coverage for one person aged 18 and above. Family

insurance, on the other hand, is designed to offer protection to the

insured person, his/her spouse and/or all of their children. There is

generally no limit as to how many children the family insurance

package can cover, so even if the insured couple has 20 children

(gasp!), all of them will be entitled to some degree of coverage.

Wait! My wife and my

children are covered, but will my parents be covered by family travel insurance? If you’re planning

a big fat family reunion holiday trip then you would most likely have

to buy either an additional family package or multiple individual

packages to cover all your immediate family members. Let’s face it, the risk exposure for a family travel insurance package that

covered your entire bloodline would be simply too high to consider being introduced.

What

Does Travel Insurance Cover You For?

1. Accidental

death or permanent disablement

Example:

While

touring Mexico, Tom was seriously injured in an unfortunate hit and

run accident. He was rushed into emergency surgery but it was too

late to repair the damage and he ended up paralyzed from the waist

down.

If Tom is covered

under travel Insurance, can he make a claim?

Yes. Since the

unfortunate incident that disabled poor Tom was a legitimate

accident, he should be eligible to receive a one-time lump sum

payment for his disability as well as coverage for all his hospital

fees. In addition, if Tom has to cut his trip short because of his

accident, his travel insurance company will also cover his lost hotel

bookings and other travel arrangements.

When Tom returns to

Malaysia, he will most likely need to attend several follow-up

appointments with a doctor or physiotherapist. Unfortunately, his

travel insurance package might not cover the cost of these

appointments (because they obviously already gave him a huge

payout!). However, if Tom has local medical insurance on top of his

travel insurance, he might be able to make a claim through his

medical insurance coverage instead.

What if Tom has

both Travel Insurance and international Medical Insurance? Can he get

paid twice for his disablement?

First things first,

it is illegal to receive an insurance payout for the same item/event

twice. This is called insurance fraud. As nice as it would sound, you

cannot buy 10 different insurance policies, break your leg and expect

to get 10 difference payouts for the same leg break.

In the event that

Tom has purchased both travel insurance and medical insurance with

international coverage. His permanent disablement claim can only be

made from the insurance package that was purchased first. So if he

purchased his international medical insurance before his travel

insurance then he can only claim his permanent disability payout from

the former and not the latter.

What about travel medical insurance? How does travel medical insurance work? Is it the same as standard travel insurance?

No, travel medical insurance is different from standard travel insurance. Travel medical insurance can be seen as a sub-section of travel insurance, because its scope of coverage is only for medical expenses incurred if you fall into an accident while traveling. It will not cover for things like trip cancellation, flight delays, lost luggage, and other travel inconveniences that standard travel insurance would cover. But, because of that, travel medical insurance is more affordable. However, because of the fact that standard travel insurance is already quite affordable, travel medical insurance policies are rarely offered in Malaysia.

2. Medical

expenses arising from accident or illness

Example:

While

Kate was traveling around Mumbai, she fell ill with a nasty case of

food poisoning. Unfamiliar with the environment, she frantically

searched for the nearest hospital for hours. Eventually she gave up

and called an ambulance because she was in so much pain. But the pain

she suffered was nothing compared to the agony on her face when she

saw the hospital bill.

If Kate is

covered under travel insurance, can she make a claim?

Yes! Her travel

insurance coverage will not only cover all her medical consultation

and drug costs but in the case of some travel insurance companies,

also provide her with 24 hour telephone assistance. Rather than run

out on the street in panic mode, Kate could instead call the

insurance company’s helpline to get directions to the location of

the nearest medical facility. Note that in this case, travel medical insurance would also cover the costs.

One important thing to note: most travel insurance policies run on a “pay first, claim after” policy. This means that you will need to foot the medical bills first, and claim it back from the insurance company when you return home. This is usually stated in your insurance policy terms, so do keep this in mind. There are, however, policies that cover the costs upfront, but those policies may be costlier.

What if Kate got

sick a few days after she returned home from Mumbai? Can she still

make a claim?

Certain diseases

like dengue fever for example, have an incubation period of a few

days before symptoms start to show. Hence, it is entirely possible

for Kate to have been bitten by a dengue mosquito in Mumbai and only

start feeling sick when she already returned home to Malaysia.

Unfortunately, while

Kate did technically get infected during her holiday, she will not be

able to make any claims on her medical expenses. Since she’ll be

visiting a doctor in Malaysia, her medical expenses are not

classified as expenses incurred while traveling. Hence her travel

insurance package will not cover these costs.

3. Unplanned

Travel inconveniences

Example:

When Jake arrived in

Shanghai, he realized that the airline had lost his baggage. Because

of the unfortunately mishap, Jake ended up arriving to his

destination with no clothes.

If Jake is

covered under travel insurance, can he make a claim?

Yes! Travel

insurance covers all incidences of travel inconvenience from lost

baggage to canceled flights to overbooked hotels. If an unfortunate

mishap has made your traveling experience undesirable, then your travel

insurance should cover it (and turn that frown upside-down).

4. Emergency trip cancellation

Example:

Two days before her holiday trip to Taipei, Sophia develops a severe cough that not only left her exhausted, but also strained her voice box. The chesty coughs continue to the day before departure, and with no signs of recovery there was no way she would be able to go for the trip.

If Sophia is covered under medical insurance, can she make a claim?

This is quite complicated to answer, and may vary from policy to policy. But, in general, travel insurance does cover trip cancellations due to illness as well as for sudden and unforeseen circumstances. There are some caveats, however. For example, for insurance companies to honor claims for trip cancellations due to illness, they may require that the policy holder sees a doctor
before
cancelling the trip; other companies may require a visit to the doctor not more than 72 hours after the cancellation. Insurance companies will always want to see that the policy holder had no other choice before making the decision to cancel the trip, and not because of some flaky excuse.

What Doesn’t Travel Insurance Cover?

Just as with life insurance, there are fine prints to look through. There is always a list of exclusions that travel insurance will not cover for. Some are common, such as pre-existing medical conditions, while others like losses incurred while legally drunk may be less well-known. We have a whole other article on the
things that travel insurance does not cover
, so do check that out.

Should I Always Buy Travel Insurance?

Buying travel

insurance is like rolling a dice. If you buy insurance and nothing

happens, then you just spent money – however little it may be – to pay for the premium for nought. However, if you

don’t buy insurance and a random act of God happens, then you’ll

be stuck smacking your forehead with your palm in disbelief. All things considered, travel insurance should be seen as a necessary expense – you can decide how much premium to pay thanks to the diverse range of policies available, and then select the one that has the best balance between coverage and premium cost. That way, the cost to insure your trip is entirely in your hands.

Our
travel insurance page
 has an extensive list of travel insurance policies available in Malaysia, and it’s sorted by premium price, so that’s always a good place to start.

5

1

vote

Article Rating

SHARE

TAGS:

Domestic Travels

International Travels

Trips

Vacations

About THE AUTHOR

Joshua Ong

Joshua Ong

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    Aneil Kumar

    3 years ago

Does the travel insurance covers the wallet stolen during the trip, and contents inside the wallet such as dollars, credit cards, debit cards, forex card which  might be misused.

0

Reply


Versa Lets You Earn Daily Returns And For Limited Time, Rewards Up To RM88,888

Saving money is generally a good habit to instil for people of all ages from all walks of life. Especially for those with long-term financial goals in plan, growing the money with accrued interest is one of the best ways to put the money to work. And this can be achieved in several ways with one being low-risk savings such as your regular savings account, high-interest savings account, and Fixed Deposit (FD), while another way is by investing in funds, stocks, and many more which promise higher returns but with varying risk levels.

For those with a low-risk appetite
, a regular savings account – not including high-yield savings account that demands higher requirements – does offer interest returns, although at generally low rates at 0.05% – 0.25% p.a., which may vary according to banks. Besides that, a popular option to grow money among Malaysians is the FD account which could yield up to 1.85% p.a. for a 12-month tenure period.

Having said that, while FD offers higher interest rates than a regular savings account, you will be required to leave your money untouched in your account, typically for 3 months to 5 years depending on the bank for you to enjoy the accrued interest. A regular savings account may offer you lower interest rate returns, but it is liquid – which means you can easily and conveniently withdraw your savings at any time.

Having to choose
between enjoying higher interest rates
 out of your savings versus the
flexibility to withdraw your savings
 in case of emergency can be dividing, as we cannot predict when the money is needed.

What if you can now enjoy the benefits of both, with just a single mobile app?

Save & Grow Your Money Up To 2.4%* With No “Lock-Down”

Introducing Versa, a recently launched brand-new cash management platform that offers Malaysians a new savvy way to save and enjoy interest returns up to 2.4%*, comparable to that of FD completely through the convenience of
a mobile app
.

*As of 31 December 2020

And the best part? Versa lets you save and grow your money,
but without tenure
. This means that besides offering high-interest returns, Versa also offers you the flexibility to withdraw your savings in only one day, without having to forfeit your potential accrued interest returns.

This is possible as Versa’s interest returns are calculated daily with pay-out every 2 weeks, instead of monthly or yearly which allows you to withdraw your savings, plus its accrued daily interest. To start saving with Versa, you only need a
minimum deposit of RM1 and are a Malaysian of at least 18 years old.

So, How Does Versa Work?

When you save with Versa, your money will be placed in the money market funds that are generally low risk, managed by a trusted and award-winning asset management company – Affin Hwang Asset Management. Besides lower risk, market funds are also highly liquid, which explains why Versa’s users can enjoy fast withdrawals of their savings together with its returns.

Furthermore, Versa is also licensed by the
Securities Commission (SC) Malaysia
 so you can save and grow your money at ease. However, do keep in mind that while market funds are lower in risk, there is still a risk but otherwise, are considered as a safer option just like FD.

Never Have To Miss On A Really Great Deal With Versa!

Growing your savings doesn’t mean you have to miss out on a really good deal you have been waiting for anymore. As there is no tenure period with Versa, you
will not be penalised for early withdrawal
. This means that you can withdraw your savings with Versa – when an emergency requires the money or even when your dream home goes on sale – and still get to keep the interest without any penalty fees.

Besides that, Versa is a mobile app-based money management platform – which means that you can sign up, save, track, and withdraw your money 100% online with just your smartphone! Moreover, Versa is also supported with FPX service, allowing you to conveniently transfer your money from any bank in Malaysia into Versa, anytime and anywhere.

In summary, here are all the benefits that you can enjoy if you choose to save and grow your money with Versa.

Features

Benefits

Low upfront deposit

Start saving with as low as RM1

High-interest returns

Up to 2.4*%

*
as of 31 December 2020

No withdrawal penalty

No “lock-down” period to grow your money

Flexible withdrawal inclusive of your accrued interest

Versa’s interest returns are calculated daily with pay-out every 2 weeks

Mobile app-based, supported by FPX

Conveniently save & grow your money with your smartphone with no charges apply

To sign up and start saving with Versa, you can simply download the app via the App Store or Google Play and follow these easy instructions to get started.

Stand To Win Rewards Up To RM88,888 And More When You Save With Versa Today!

But hang on before you head on to your Google Play Store or App Store – to celebrate its official launch, Versa is excited to collaborate with RinggitPlus to reward readers with credit worth up to RM88,888 with its Save, Earn & Win campaign! But that’s not all, as RinggitPlus will also be rewarding savers with prizes worth over RM300,000!

Happening from today until 28 April 2021
, participants who successfully signed up for a Versa account through RinggitPlus and deposited a certain amount of savings into their account will be in the running to receive some of the rewards offered, with
terms and conditions apply
.

Here’s what you can stand to win with VersaxRinggitPlus Save, Earn & Win:

9x Grand Prizes

Up to RM88,888 to be deposited into 9x verified Versa accounts, with the breakdown as below:

1st Prize
 for highest depositor – RM8,888

2nd Prize
 for 2nd highest depositor – RM3,888

3rd Prize
 for 3rd highest depositor – RM1,888

4th-9th Prize
 for respective 4th-9th highest depositors – RM888/each

10x
RinggitPlus Financial Planner
 Financial Planning Service

Digital one-on-one financial planning service, worth RM600/pax with a minimum deposit of RM2,000

1000x
RinggitPlus Academy
 Financial Masterclass

Online masterclass for financial management, worth RM300/pax with a minimum deposit of only RM1

25x Apple Airpods

Worth RM699/each, with a minimum deposit of RM1,500

25x Samsung Galaxy Bud+

Worth RM599/each, with a minimum deposit of RM1,000

How To Participate?

Simply click on
this link here to visit the VersaxRinggitPlus page
 to sign up via RinggitPlus. You will be directed to download the Versa mobile app, and once you’ve successfully verified your Versa account – you only need to start saving with Versa to be in the run to win exciting rewards! The terms and conditions are also available for further reading on the page for those who are interested to participate.

***

Versa believes that Malaysians should have the opportunity to save and grow their savings, while still being in control of their money. If you would like to know more about Versa, you can
visit their website here
.

3.8

4

votes

Article Rating

SHARE

TAGS:

Cash Management App

Duit Your Way

Versa

About THE AUTHOR

Sharon Bentley

Sharon Bentley

See all articles

Comments

 (1)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

1
 Comment

 Inline Feedbacks

View all comments

    SK

    2 years ago

Where is the contest Terms & Condition pls

5

Reply


Cuepacs: 95% Of Civil Servants Below 30 Do Not Own A House

(Image: Free Malaysia Today
)

Almost 95% of civil servants below the age of 30 are unable to own houses because prices are too high, said the president of Congress of Unions of Employees in the Public and Civil Services Malaysia (Cuepacs) Datuk Azih Muda. As for civil servants aged 40 and below, the Cuepacs president said that only 25% are able to buy a house.

Azih said that many civil servants earn RM4,000 and below per month and could only afford to buy houses priced at RM250,000 and below. “The price of affordable homes set by the ministry is too high,” he said. Although there were reports of many unsold units, he said, these homes were priced at RM300,000 and above and thus out of reach of civil servants.

(Image: The Malaysian Reserve
)

Deputy Housing and Local Government Minister Datuk Raja Kamarul Bahrin Shah responded to the issue following the statement made by Cuepacs. He said that civil servants are unable to buy houses not because the houses are priced too high, but because banks have strict conditions for home loan applications. According to him, the banks’ rejection rate for loans is “too high” even for houses priced at RM80,000.

“We have worked hard to reduce the price of houses, but banks have their own criteria and this makes it hard for people to obtain loans,” said Raja Kamarul. He highlighted that there were those who earned RM7,000 a month but still had trouble obtaining loans, as banks take into account other commitments like credit cards and car loans when approving home loan applications.

Raja Kamarul said the ministry has consulted with banks, urging for a more flexible approach to approving loans – but not all banks were cooperating. However, the government will continue to study the matter to offer more assistance to homebuyers to obtain house loans.

(Source: Free Malaysia Today (
1
), (
2
))

0

0

votes

Article Rating

SHARE

TAGS:

Civil Servants

Cuepacs

Home Ownership

Housing

Ministry of Housing and Local Government

Property Prices

About THE AUTHOR

Hayatun Razak

Hayatun Razak

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Expert: Government Should Establish Stores Selling Affordable Items To Help B40, M40 Groups

(Image: Bernama)

Economic analyst Assoc Prof Dr Yusof Saari has proposed for the government to establish stores that offer daily essentials at affordable prices. This is especially to help the B40 and M40 income groups cope with the rising cost of living in the country.

According to Assoc Prof Dr Yusof, such stores can be set up near B40 and M40 residential areas. “To ensure that these benefits are received by the target group, the government can provide a special card, and only individuals with this card can make purchases at the store,“ he further proposed.

(Image: Malay Mail/Sayuti Zainudin)

Aside from that, Assoc Prof Dr Yusof also suggested that the government should conduct surveys on the subsidies that are currently being provided, such as the subsidy for cooking oil in 1kg polybag packages. This is to determine whether the subsidies have been effective in helping those in need.

Earlier this week, Prime Minister Datuk Seri Ismail Sabri Yaakob reaffirmed the
government’s commitment to address the issue of increasing prices of goods
 within the country. This includes implementing initiatives such as providing continuous subsidies for various commodities, including chicken, eggs, cooking oil, fuel, and water. The government had also
reversed its decision to float the price of chickens
, and established a special task force,
Jihad Tangani Inflasi
, to tackle inflation issues.

(Source:
The Sun Daily
)

5

1

vote

Article Rating

SHARE

TAGS:

Assoc Prof Dr Yusof Saari

B40

B40 Households

Bottled Cooking Oil Subsidies

Chicken Ceiling Price

Cooking Oil Subsidy

Datuk Seri Ismail Sabri Yaakob

Inflation

Jihad Tangani Inflasi

M40

M40 Households

About THE AUTHOR

Nur Adilah Ramli

Nur Adilah Ramli

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Scams Targeting the Elderly and How to Protect Our Parents From Them

Your parents and elderly relatives may often attract the attention of scam artists for a number of reasons. First off, your folks may be perceived to have big retirement funds and this will instantly make them an attractive target for fraudsters. But more importantly, scammers play on the sentiments of retired seniors who want to gain more financial stature or contribute something more to the family.

Here’s a list of scams that tend to target your parents and what you can do to shield them from it.

1. Pyramid Schemes

While there are legitimate multi-level marketing (MLM) businesses in operation, some are actually more similar to pyramid schemes. Parents and elderly relatives who are hoping to still earn or are bored and looking for profitable activities may become involved in scammy MLM-type businesses.

Your parents may be asked to buy unsellable products at hefty prices, pay a large sign-up fee for materials and selling tools, or attend special and expensive training.

It’s likely that you’ll be alerted to scams like these because your folks and others involved in these types of ventures will often sell the products to those they know first. Unfortunately, at this point, it’ll probably be too late to get their money back. Thus, it might be a better idea to inform your parents about these potential scams now to help them avoid getting tangled up later on.

2. Hajj And Umrah Scams

Muslims both young and old who seek to perform Umrah and Hajj are at risk of scam packages. The scams operate by offering very cheap packages for the pilgrimage that turn out to be non-existent. According to the
Tourism and Culture Ministry
, there have been a total of 359 reported cases of umrah fraud since 2012, with total losses of RM12.4 million.

What you can do to help your parents is to check for them with the Saudi Haj ministry on the approved list of travel agents in Malaysia or the Tabung Haji list before buying a package. You can also assist with travel plans and check out the standard rate for these packages by shopping around. Advise your parents against choosing packages that offer discounts of 40% or more than the norm – unless under a government subsidy.

3. Sweepstakes Or Contest Scams

These scams often pop up on the Internet, or via email and text messages. They usually work by asking the intended target to send upfront payments to redeem their lottery or sweepstake winnings. Some scammers even use popular company names to gain the trust of their intended targets, attempt to steal private banking information through the Internet, or install viruses.

The offered “prizes” can appear so appealing that they may be hard for your elderly parents to turn down, especially if they are facing financial difficulties. The potential to win big is tempting to anyone regardless of age. Do guide your folks on safe Internet and smartphone usage to keep them from falling prey to such scams.

4. Real Estate Scams

This is an old school scam which targets the elderly and young alike. But the difference is that your parents may not have access to conduct the necessary searches to determine if a deal is real or fake. It usually involves a plan to sell a piece of land that the conman (or woman) has no right to sell. It’s also possible that the land does not exist and that titles have been forged altogether.

Note that it is very difficult to recoup losses because these operations are so slick that the perpetrators are almost impossible to locate and prosecute once the bad deed is done.

Thus, it’s best to let your parents know that you are there to help them look into any potential investment ideas that they may have. Help them do their homework before forking out any money, make an enquiry with the Land Office to check if the title is genuine, and do hire a lawyer when conducting land purchases.

5. Medical Supplement And Healthcare Scams

As they age, your parents will likely not be as healthy as they used to be. They may suffer from aches and pains, be tired, and easily fall ill. So naturally, if a scammer approaches them with a miraculous pill or doctor that can heal or make them younger, you can’t fault them for wanting to buy what is being sold.

These supplements and remedies can be very expensive, but even worse, detrimental to one’s health. Advise your parents to buy medical insurance or buy it for them to help improve their health via certified doctors and top hospitals without having to worry about the costs.

6. Macau Scam

The Macau scam is one of the most widespread types of scams to afflict members of the Malaysian public. Despite numerous warnings issued by the police, many Malaysians fall for these schemes and lose large amounts of money to the scammers – up to a six-digit sum at a time. The Macau scam losses in Selangor for the first six months of 2018 itself
have amounted up to RM16 million.

Macau scams start with a phone call by someone who is pretending to be a bank officer, police officer, a representative from a government agency, or debt collector. The scammer will convince their victims that they owe money or are being investigated for money laundering. Victims end up transferring large sums of money in to the scammer’s account to supposedly avoid being blacklisted or having their bank accounts frozen.

How To Shield Your Parents From Potential Scams

Although this seems like more work for you, know that your parents and elderly relatives certainly do need the help. Here’s what to do:

Advise your parents not to make their financial situation known. Ask them to refrain from informing friends and even other relatives about their retirement money or stipends.

Ask them to come to you or a trusted family member if they intend to open a business or spend large amounts of money. Your parents might not appreciate being monitored, so just let them know that you are there to talk if they need you.

Be open and understanding and don’t shame them when they come to you. If they are embarrassed, they may not approach you anymore and fall prey again in the future.

Consider hiring an executor or licensed financial planner for your parents if you feel they need one to protect their money.

5

1

vote

Article Rating

SHARE

TAGS:

Financial Advice

Financial Planning

Financial Scams

Public Safety

About THE AUTHOR

Desiree Nair

Desiree Nair

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Awesome State Benefits in Malaysia Your Newborn Kid is Entitled To

As an extension to the Transformasi Nasional 2050 (TN50) plan, all Malaysians born on January 1, 2018, to 2022 period will receive RM200 which will be allocated through
Permodalan Nasional Berhad
’s Amanah Saham Unit Trust.

Announced first at last year’s Budget 2018, the
Amanah Dana Anak Malaysia
 (ADAM50) scheme is said to be the first of such scheme announced in Malaysia and was meant as a gift for the future generation, encouraging new parents to invest in their children’s future.

This scheme had garnered different reactions from individuals with conflicting opinions. Some are thankful for the extra RM200 while others felt that the amount is inferior as opposed to the state-driven benefits. We have done our research to find out what are the other type of benefits that are offered by other states in Malaysia so read on to find out what we have discovered.

If you are from Selangor…

TAWAS

The Selangor Children’s Heritage Fund, otherwise known TAWAS, is one of the key programs derived from Phase 1 of
Merakyatkan Ekonomi Selangor
 (MES) which is parked under the Selangor state-supported Inisiatif Peduli Rakyat (IPR). Launched in August 30, 2008, TAWAS is open to qualified children who fulfill the criteria set by
Yayasan Warisan Anak Selangor
 (YAWAS).

How Do I Qualify for TAWAS?

To qualify for TAWAS, your child must meet the following conditions set by the Selangor state. There are 3 ways that your child can qualify for TAWAS:

Condition 1

Be a Malaysian citizen that’s born in (or outside of) the state of Selangor from 1st January 2008

Have a mother/father who was born in Selangor or Federal Territory of Kuala Lumpur before 1st February 1974

Condition 2

Be a Malaysian citizen that’s born in (or outside of) the state of Selangor from 1st January 2008

Parents who are not born in Selangor but have been residing in Selangor for a minimum of 5 years

Have been officially certified as a Selangor resident.

Condition 3

Be a Malaysian citizen that’s born outside the state of Selangor but within the same district that borders the Selangor state from 1st January 2008

Parents who are residing within the same district that borders the state of Selangor (Negeri Sembilan, Perak dan Wilayah Pesekutuan Kuala Lumpur) and is certified a permanent resident of Selangor.

Receive an official certification from the
Ketua Kampung
,
Penghulu
 and
Pengerusi Taman Perumahan
 of the area, certifying the parents as official Selangor residents.

By fulfilling one of the three conditions stated above, your child will be eligible for RM1,500 upon reaching the age of 18 years old. In addition to that, there’s also the TAWAS Mortality Scheme of RM 1,500.00 which will be awarded to TAWAS member’s survivor if the member dies before reaching the age of 18. Do note that this must be done before your child reaches the age of 3.

Moving on to the state of Penang…

Program Anak Emas Pulau Pinang

Introduced by the Penang state government to alleviate the plight of Penangites, the Anak Emas program promises a one-off help of RM200. In order to qualify for this, the requirements are:

Child must be born a Malaysian citizen

Either mother/father of the child must be a registered voter whose voting district is located in Penang

Application must be made with number from MyKid which is obtained from your child’s birth certificate(12 digits)

Online applicants must print the completed online form on i-Sejahtera and submit it to selected district and land office in Penang. The physical copy of the application form must be submitted within 30 days from the application date along with the supporting documents.

If you fulfill all the requirements above, that’s great. Do note that upon the birth of your child, you will have 2 years to apply for this program as applications after your child’s second birthday would not be approved.

Read Also:
 4 Must Have Items for Every Mum-to-Be

Onwards to the state of Kedah…

Skim Insentif Kelahiran Anak

Designed to help ease the financial burden of parents preparing for the
 birth of their child

, this scheme consists of a financial aid amounting to RM100 (RM80 voucher + RM20 contribution to National Education Savings Scheme account (SSPN-i) ). SSPN-I is a saving instrument created specifically by
Perbadanan Tabung Pendidikan Tinggi Nasional
 (PTPTN) for the purpose of helping families fund for their child’s higher education. Apart from that, new parents will also receive a package of consisting of maternal care products as a token of appreciation.

To qualify for this scheme, your child must:

Be a Malaysian citizen who is born in Kedah; or

The parents of the child must be born Kedah and reside in the State of Kedah, with an official certification of the residency from the JKK / Penghulu; or

A parent who is not originally from Kedah but has resided for more than 5 years and is a registered voter who’s voting district is in Kedah.

If all the things that are stated above apply to you, you can apply via the
Skim Insentif Kelahiran Anak
 Form which is available at these locations stated below:

District Office in Kedah

Regional Social Welfare Office in Kedah

Penghulu Office in Kedah

ADUN / Parliamentary Service Center in Kedah

We hope that you have found our findings useful for your future planning. If you do not live in any of the states mentioned above, fret not! The best thing you can do right now is to create a savings account for your future child as a part of your plan to provide them a better financial future.

In this instance, it’s best to select a junior account with extra special benefits like bonus interest earnings, free insurance and more from our
 comparison tool
. Happy hunting!

Are there any other state benefit schemes that we have missed out on? Share with us your thoughts and ideas in the comment section below.

0

0

votes

Article Rating

SHARE

TAGS:

ADAM50

Amanah Dana Anak Malaysia

Amanah Saham Unit Trust

Budget 2018

Permodalan Nasional Berhad

Program Anak Emas Pulau Pinang

Selangor Children's Heritage Fund

Skim Insentif Kelahiran Anak

TAWAS

TN50

Transformasi Nasional 2050

About THE AUTHOR

Arnie Ruxana

Arnie Ruxana

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


E-Tunai Rakyat: 380,000 Applications On First Day, Guan Eng Assures All Eligible Malaysians Will Receive RM30 Credit

(Image: The Star)

Yesterday marked the launch of the e-Tunai Rakyat initiative, which saw 380,000 applications made to the three e-wallet partners – Touch ‘n Go eWallet, Boost, and GrabPay – by 10 p.m.. The spike in applications from Malaysians resulted in unexpected downtime for some of the e-wallets.

Of all the applications, 320,000 have been approved. This translates to a disbursement of more than RM10 million, which Finance Minister Lim Guan Eng said is an overwhelming response from the public.

“We expect more to come on board and adopt e-wallet and apply for the initiative before it ends later,” he said.

A downtime notice posted on TNG eWallet’s Facebook page. The e-wallet app was down for several hours on 15 January.

Guan Eng also announced that all eligible applicants will get the RM30 incentive as long as they apply within the initiative period, reassuring the public that this will not be a “first come, first served” affair.

He added that the government may consider topping up the initial RM450 million allocated for the
e-Tunai Rakyat initiative
 if the number of applicants were to increase. “Malaysians who have registered need not worry they may lose out should the initial allocation be met. We have room to accommodate the increase.”

“All Malaysians aged 18 and above and earning below RM100,000 per annum are eligible. No one will be left out,” said Guan Eng. He urged Malaysians to
claim their RM30 credit
 if they have yet to do so, especially since each e-wallet partner are also boosting the incentive with
extra bonuses
.

(Image: The Malaysian Insight)

Guan Eng also addressed the public’s concern about privacy issues and data breaches, promising that the applicants’ personal details will not be shared with third parties as these details are protected under the Personal Data Protection Act 2012.

“We understand the public is worried that their consumption pattern will be misused by the third party but we are not running a business so we will not allow any organisation to profit from that,” said Guan Eng.

(Source:
New Straits Times
,
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

Boost

E-Tunai Rakyat

Grab

GrabPay

Lim Guan Eng

Minister of Finance

TNG eWallet

Touch 'n Go

Touch 'n Go eWallet

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


How Critical Illness Insurance Provides Protection During Uncertain Times

Do you remember the first time you learned how to ride a bicycle? Wearing a helmet was a must, but for added safety, there were also elbow guards and training wheels. All the extra protective gear probably gave you (and your parents) a sense of security knowing that even if you fell, you would still be okay.

Insurance is like your protective gear.
It’s a cushion that reduces the impact of your fall and protects your loved ones during uncertain times.

One familiar cushion is medical insurance. With the sharp
increase of medical and hospitalisation costs over the years
, medical insurance has become the go-to protection to provide peace of mind during emergencies. However, medical insurance only covers the direct costs of in-hospital treatments, admittance, and surgery. What happens if you are diagnosed with a critical illness such as cancer which may require additional long-term treatments or more financial support – which are not covered by medical insurance?

To illustrate better on how critical illness insurance assists you during your time of need and how it differs from medical insurance,  let’s join Amy* in her journey to surviving leukaemia with the help of
PRU
My Critical Care – a critical illness protection solution.

*a fictional character for demonstration purposes

Having financial protection has helped Amy, Jared Lee, Emily Tan, and countless others with critical illness get back on their feet.

(Learn more about
Jared Lee’s journey
 and
Emily Tan’s journey
 here)

Critical illness does not discriminate by age or gender or fitness level – so it’s better to plan ahead and be prepared. Do something about it to gain peace of mind and be prepared for the unexpected by optimising your protection with a critical illness insurance solution, like
PRU
My Critical Care. For more information on
PRU
My Critical Care,
speak to a Prudential Wealth Planner or visit the Prudential website
. Additionally, to participate in the #StepUpAgainstCancer Challenge,
 you can click here.

0

0

votes

Article Rating

SHARE

TAGS:

Covid-19 Medical Coverage

Prudential Malaysia

Prudential Pulse

PRUMy Critical Care

Special Covid-19 Coverage

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


U Mobile And ZTE Sign MoU To Conduct 5G Live Tests In Kuala Lumpur

(Image: SoyaCincau)

U Mobile Sdn Bhd and ZTE Corporation have both signed a Memorandum of Understanding (MoU) to accelerate 5G deployment in Malaysia. This collaboration will see both companies working on various 5G related developments including 5G live testing, 5G showcases, and the implementation of Massive MIMO. A Massive MIMO essentially groups together antennas at the transmitter and receiver to provide better throughput and better spectrum efficiency.

CEO of U Mobile, Wong Heang Tuck, mentioned that its partnership with ZTE is the logical step to collaborate on 5G related initiatives, and then conduct live tests around Kuala Lumpur for Malaysians to experience the power of 5G. The Chief Technology Officer of U Mobile, Woon Ooi Yuen also said that the company has been aggressively expanding its networks across East and West Malaysia, plotting its journey towards 5G.

(Image: Malay Mail)

U Mobile has plans to implement huge MIMO antennas in specific locations throughout Kuala Lumpur to enhance the 5G experience by leveraging the wider bandwidths. ZTE added that it has 5G end-to-end solution capabilities and has maintained a leader position in commercial network practices in 5G technologies that could potentially benefit Malaysians and both companies.

Lastly, U Mobile announced another partnership with Razer to conduct an eSports-related 5G trial where the telco company could look into leveraging future eSports events for 5G testbeds in Malaysia.

U Mobile is currently not the first or only telco that has begun adopting and transiting towards the 5G medium, Celcom will also be conducting live 5G trials starting April this year in Cyberjaya. It will continue to adopt a multi-vendor strategy while working together with Ericsson and Huawei to develop its 5G testbed.

In collaboration with Huawei, Maxis also commenced the first 5G live trials in Malaysia which will be conducted over six months in Cyberjaya. The trials will include the use of spectrum in higher bands, co-existence with current services, and use cases like Gigabit high speed Mobile Internet and Ultra High-Definition Virtual Reality applications.

(Source:
SoyaCincau
,
Lowyat.net
,
Digital News Asia
)

0

0

votes

Article Rating

SHARE

TAGS:

5G

U Mobile

ZTE Corporation

About THE AUTHOR

ringgitplus

ringgitplus

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Guaranteed Gifts All Around Including Apple AirPods, RM800 TNG e-Wallet Credit, & More

The Unbox This Week credit card campaign is back with ‘roar-some’ gifts from participating banks!

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

For this week (17 – 24 January), our featured bank partners include

Citibank, HSBC Bank, and Standard Chartered Bank
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – Guaranteed RM800 TNG e-Wallet Credit

Citibank is giving you guaranteed RM800 TNG e-Wallet Credit when you apply for a credit card with us this week! If you’re looking to apply for a Citibank credit card, why not do so this week as you might walk away with some extra credits to spend on tolls, meals, groceries, shopping, and more!

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift. Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – Guaranteed Apple AirPods

Here’s your chance to take home a brand new pair of Apple AirPods Pro. That’s right, you might be walking away with the stylish AirPods Pro that comes with a customisable fit and Active Noise Cancellation when you apply for a HSBC credit card this week!

Capped at 40 units, every odd-numbered participant will walk away with the Apple AirPods Pro while every other even-numbered participant will walk away with Apple AirPods.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Standard Chartered Bank – Guaranteed Giordano Luggage Bag

Standard Chartered is now giving ALL approved applicants a guaranteed gift – a luggage bag by Giordano! Keep your belongings secure in this hard-shell Giordano luggage bag that also looks stylish on your next trip!

Everyone’s a winner when you apply for selected Standard Chartered credit cards. Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

***

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

While this week’s flash deal ends on 24 January (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

0

0

votes

Article Rating

SHARE

TAGS:

Apple Airpods

Citibank

Credit Cards

HSBC

RinggitPlus Unbox This Week Campaign

Standard Chartered

TNG eWallet

About THE AUTHOR

Chee Jo-Ey

Chee Jo-Ey

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


BSN Offers 10% Cashback For E-Wallet Top-Ups With BSN Credit Cards

Bank Simpanan Nasional (BSN) is offering 10% cashback to
BSN credit cardholders
 who top up their e-wallets with a minimum of RM100 in a single transaction. The campaign began on 15 May and will run until 15 August 2020.

The campaign is open to all BSN principal credit cardholders and the e-wallets that are eligible are Touch ’n Go eWallet, GrabPay, and Boost. Each cardmember is entitled to a maximum of cashback of RM10 per participating month, so you stand to earn a total of RM30 in cashback if you top up RM100 for each month of the campaign.

The cashback will be given out on a first-come first-served below according to the qualifying periods below, so try to top up early on during each qualifying period if you want a better chance of getting the cashback.

Month

Qualifying Period

Maximum Cashback Per Cardholder

No of Eligible Cardholders

Monthly Cashback Allocation

Month 1

15 May – 14 June 2020

RM10

1,000

RM10,000

Month 2

15 June – 15 July 2020

RM10

1,000

RM10,000

Month 3

16 July – 15 August 2020

RM10

1,000

RM10,000

The cashback will be credited to successful
BSN credit cardholders
 within 12 weeks from the end of each qualifying period.

You can find out more about the
campaign by BSN
 here.

3.3

3

votes

Article Rating

SHARE

TAGS:

Bank Simpanan Nasional

Boost

BSN

Cashback Campaign

E-Wallet Cashback

E-Wallet Top-Ups

GrabPay

Touch 'n Go eWallet

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


Malaysia Airlines Offers Boost E-Wallet Credit Redemptions Using Enrich Miles

For a limited time, Malaysia Airlines is allowing members of its frequent flyer programme to redeem their Enrich Miles for Boost e-wallet credit. As redeeming miles for flights is a less viable option for most given the current Covid-19 climate, this could be an alternative way for Enrich members to make use of their frequent-flyer miles if they are expiring soon.

Between 16 April and 31 May 2020, Enrich members can redeem 2,000 Enrich Miles for a Boost credit redemption code worth RM20. Each member can redeem up to a maximum of five Boost redemption codes during the campaign period, and the redemption can be done on the Enrich online portal under the Redeem Lifestyle Vouchers section.

Once redeemed, the redemption code must be utilised by 30 June 2020. You can redeem your code by entering it into the redemption code function on the Boost mobile app.

Is it worth redeeming?

Unlike other lifestyle vouchers that Enrich has offered in the past, the Boost redemption value is lower. Where the Enrich to RM50 Lazada and Zalora vouchers
valued 1 Enrich Mile at 1.25 sen
 (4,000 Enrich Miles per voucher), the Boost redemption values 1 Enrich Mile at just 1 sen (2,000 Enrich Miles per RM20 code).

That said, the Lazada voucher redemption campaign ended last year, while the
Zalora voucher redemption campaign will run until 30 April
. Plus, with Boost offering e-wallet credit, it is a more versatile option than the Zalora code. Those who don’t tend to shop on Zalora may prefer to redeem the Boost voucher for more versatile spending options.

At 1 sen/mile valuation, is it worth redeeming? Redeeming a flight definitely has better value, but to confirm, let’s do some further calculations based on the assumed flight below.

Kuala Lumpur, Malaysia to Osaka, Japan (Economy Class), 10-13 September 2020

You can redeem a total of RM1,708 for 40,000 Enrich Miles, which works out to value 1 Enrich Mile at 4.27 sen – more than 4x compared to a Boost redemption. Business class redemption for the same flight above yields a valuation of 5.47 sen per Enrich Mile. In short, you could get between 4-5 times more dollar value per Enrich Mile by opting for a flight redemption over the Boost redemptions, but with COVID-19 showing no signs of abating globally, this may be a viable option if your Enrich Miles are expiring from June 2020 onwards (Miles expiring in March to May 2020 are given a complimentary six-month extension by Malaysia Airlines).

To redeem your Enrich Miles for Boost vouchers, head on over to the
Malaysia Airlines Enrich website
.

0

0

votes

Article Rating

SHARE

TAGS:

Air Miles

Boost

e-Wallet

Enrich

Enrich Miles

Malaysia Airlines

MAS

About THE AUTHOR

Jacie Tan

Jacie Tan

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments


mySalam Is Now Open For Online Registration And Claims

(Image: The Edge Markets)

Registration and claims processes for the mySalam national health insurance scheme is open from 1 March, announced Finance Minister Lim Guan Eng this week. The insurance coverage under this scheme for the B40 low-income group commenced in 1 January 2019, whereas the website was officially launched on 26 February.

Guan Eng assured that the online registration and claims process are easy for B40 recipients and family members to fill up online when involving personal information. “However, if they still face problems to register and make insurance claims, they can see us to resolve the problems,” he said.

The Finance Minister also revealed that claims under mySalam can be made at government hospitals and at agencies (to be announced on the website). Those who are are receiving treatment at any government hospital can apply, but approval is subject to the condition that they are low-income earners. Guan Eng added that there will be no limit to the amount of people in a family that can claim for the mySalam benefits.

However, those who have pre-existing conditions diagnosed prior to the commencement of the mySalam scheme will not be covered. Meanwhile, those without any medical conditions cannot pre-register but can be part of the scheme if they fall ill later.

Earlier this year,
Minister Lim Guan Eng announced the mySalam scheme
 which offers free health insurance coverage for eligible B40 citizens. The health insurance covers 36 critical diseases with a one-off payment of RM8,000 and daily payments as replacement income when hospitalised. About RM2bil was channeled into the mySalam trust fund through the cooperation of the government and Great Eastern Holdings, benefiting around 3.69mil households in the B40 group.

For more details or help regarding the registration process, log on to
www.mysalam.com.my
.

(Source:
The Edge Markets
,
The Star
)

0

0

votes

Article Rating

SHARE

TAGS:

B40

Government News

Ministry of Finance

mySalam

About THE AUTHOR

Olivia Song

Olivia Song

See all articles

Comments

 (2)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

2
 Comments

 Inline Feedbacks

View all comments

    Thomas Khaw

    3 years ago

Hi,

Who is B40 citizens?

0

Reply

    supramaniam

    3 years ago

we are old people and I am 76 yrs of age and I do not know how to apply for all the benefits that I deserve.I even do not know how to apply and register for B40 claims. Kindly advise.Thx

0

Reply


Economists: OPR Hikes Still Probable Despite Inflation Easing

Several investment banks and economists have said that they foresee more hikes in the overnight policy rate (OPR) by Bank Negara Malaysia (BNM) in the coming months of 2023. This is despite the recent easing of Malaysia’s inflation rate.

RHB Investment Bank (RHB IB) maintained its forecast that BNM will likely increase the OPR from the
current rate of 2.75%
 to a peak of 3.25% in 2023, despite the easing consumer price index (CPI) – which serves as an indicator of inflation – in March. This is due to a variety of reasons, including “persistent core inflationary pressures” fuelled by robust domestic demand and an extended period of low interest rates, as well as a declining nominal effective exchange rate (NEER) – which serves as the measurement of a currency’s value against a weighted average of several foreign currencies.

For context, the Department of Statistics Malaysia (DOSM) recently revealed that the CPI had
eased from 3.7% in February to 3.4% in March
. This is primarily attributed to a decrease in the RON97 petrol price, which in turn significantly reduced the inflation in the transport category from 3.7% to 2.4%.

“The balance of risk to the inflation outlook is tilted to the upside, driven by changes to the blanket fuel and food subsidies mechanism, global commodity price developments, and risks from supply-related disruptions,” shared RHB IB in a note. It also highlighted that the situation may change further with the possible implementation of updated domestic policy in the near future, including electricity tariffs, fuel subsidies, and subsidies for chicken breeders and egg producers.

(Image: Malay Mail/Ahmad Zamzahuri)

Similarly, AmBank Group also believes that more OPR hikes are on the cards, raising its forecast of Malaysia’s inflation in 2023 from the previous estimate of 3% to the range of 3% – 3.5%. “Headline inflation eased in March 2023, bringing the first quarter 2023 (Q1 2023) inflation at 3.6%. We now expect inflation to be higher than what we have previously forecasted,” said the bank.

AmBank Group also explained that its predictions are based on the assumption that the electricity tariff, diesel subsidy, and price ceiling for chicken and eggs will be gradually removed in the second half of 2023.

Bank Muamalat, too, agreed that while the inflation rate appears to be moderating, it is still considered to be relatively high when compared to past records. As such, it is very likely for BNM to introduce more OPR hikes in the following months.

“We stick to our call for 3.6% inflation rate in 2023 as we believe food inflation will stay elevated along with possible changes in government policies on subsidies (fuel and electricity) in the H2 2023,” said the chief economist and social finance head of Bank Muamalat, Dr Mohd Afzanizam Abdul Rashid, adding that factors such as Malaysia’s overdependence on food import and the country’s weaker currency could lead to an increase in local prices.

(Image: The Malaysian Reserve)

That said, Afzanizam also believes that the window for possible hikes in the OPR may be slowly closing, given certain developments on the external front. Specifically, he said that Malaysia’s “external front has become quite wobbly”, and this will inevitably affect Malaysia’s external sector – such as exports – in the near future as well.

MIDF Research, meanwhile, maintained its 2023 headline inflation forecast at 2.5%, noting that Malaysia’s headline inflation has already moderated to a nine-month low. Moving forward, factors such as the ringgit’s appreciation, mild correction in global commodity prices, and better supply chain flows could allow inflation to ease further, it said.

“Judging from the re-tabled Budget 2023, we believe the government will keep fuel subsidies, especially RON95 status quo, until the end of the year. We anticipate that any targeted subsidy measures for RON95 and diesel will be rolled out in 2024,” the research house further stated.

MIDF Research acknowledged, however, that Malaysia’s food prices – and inflation – can also be negatively impacted by downside risks such as persistent high food inflation, heightened geopolitical conflict in the European Union, and spike of commodity prices – among other things.

(Source:
Free Malaysia Today
)

0

0

votes

Article Rating

SHARE

TAGS:

AmBank Group

Bank Muamalat

Bank Negara Malaysia

BNM

Core Inflation

Department of Statistics Malaysia

Department Of Statistics Malaysia (DOSM)

Dr Mohd Afzanizam Abdul Rashid

Food Inflation

Headline Inflation

Inflation

Inflation Rate

Inflationary Pressures

MIDF Research

OPR

Overnight Policy Rate

RHB Investment Bank

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.

See all articles

Comments

 (0)

Subscribe

Notify of

new follow-up comments

new replies to my comments

Label

Name

Email

Δ

Label

Name

Email

Δ

0
 Comments

 Inline Feedbacks

View all comments