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Medical Attention

Illness and disease can happen to anyone. If you catch a cold or fever, a quick stop at your family clinic or pharmacy is all you need to get common medicines. But what about something a little more serious?

With the ongoing dengue epidemic, you will never know when a dengue mosquito will equate a 7 day hospital ward bill. If your situation requires you to be admitted to the hospital, you will need the funds to pay the medical bill. It costs more if you have to stay for a couple more days for additional monitoring.

The case of dengue viral fever is just one the many diseases and illnesses that could happen to you or your dependent and burn a hole in your wallet. Things could get much worse if you don’t have an insurance policy to fall back on.

Although having an existing insurance policy is another form of financial backup, it cannot be the only thing you have in case for whatever reason, your claim was rejected or delayed. That said, you’ll feel much more secure knowing that you have some emergency savings to pay off those medical bills while you are recovering.

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The secretary-general of DAP Lim Guan Eng

Meanwhile, the secretary-general of DAP Lim Guan Eng said that many borrowers have had their extension applications rejected thus far. “Hence, we hope this portal will help them as there are 7.7 million Malaysians who have loans and over 3,000 small and medium enterprises that are affected by the pandemic and in need of financial aid,” he said.

Guan Eng further said that while banks may have recorded a loss of RM6.4 billion between April to September due to the ongoing automatic moratorium, the measure has benefitted about 8 million Malaysians. The automatic moratorium itself is valued at RM74.3 billion.

Prior to this, Guan Eng had also called for the injection of another RM45 billion into the economy to ensure that Malaysia does not fall into further recession, especially now that the recovery movement control order (RMCO) has been extended to 31 December. He said that this extra fund will aid 32 million Malaysians.

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DAP Launches Aduan Moratorium Portal To Help Borrowers With Moratorium Extension Issues

The Democratic Action Party (DAP) has set up a website called Aduan Moratorium today, aimed at helping Malaysians who face difficulties in extending their loan moratorium when the ongoing relief expires at the end of this month.

“This campaign seeks to gather those who are facing problems in applying for moratorium extension or assistance from the banks. The feedback received will be analysed and thereafter collectively presented to the federal government and Bank Negara Malaysia for further action,” said the party in the website.

Users who do lodge a complaint on the website will be required to provide their personal information, details of their loans, as well as difficulties faced when applying for their moratorium extensions. They can also attach relevant supporting documents for verification purposes. Additionally, the website is available in four languages for users’ convenience, namely Bahasa Malaysia, English, Mandarin, and Tamil.

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Making Voluntary Contributions

If you are unemployed, you may still contribute to an EPF account and enjoy the benefits (subject to terms and conditions). Those who are self-employed, a domestic servant, retired worker or “person not defined as an employee in the EPF Act 1991” may sign up for self-contributions. You can contribute as little as RM50 per month to a maximum of RM60,000 per year.

Still, are EPF contributions the best way to save for retirement? Well, we’re leaning towards the affirmative. For one, whether you are employed or not, everyone needs retirement savings and with guaranteed returns from the EPF, you’ll always have something to fall back on.

Also, since your contributions are tax deductible, you can lessen the amount of taxes you pay each year.

Want to know what else you can do with your EPF savings? Then, check out our article about Should You Pay Off Your PTPTN Debt With Your EPF Money?

Have you ever withdrawn from your EPF account? Do you think it’s a good retirement savings idea? Let us know your thoughts and suggestions in the comment section below!

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Can You Make Withdrawals?

You can make withdrawals, but only for specific purposes outlined by the agency. For instance, you may withdraw a portion to perform Hajj, invest in unit trusts, pay for your education, pay down your home loan, fund your medical expenses, or buy property or build a house.

At age 50 to 54, you may withdraw some or all the funds from Account 2. You may also fully withdraw your account if you plan to leave the country or when you reach the age of 55.

If you are unemployed, you may still contribute to an EPF account and enjoy the benefits (subject to terms and conditions). Those who are self-employed, a domestic servant, retired worker or “person not defined as an employee in the EPF Act 1991” may sign up for self-contributions. You can contribute as little as RM50 per month to a maximum of RM60,000 per year.

Still, are EPF contributions the best way to save for retirement? Well, we’re leaning towards the affirmative. For one, whether you are employed or not, everyone needs retirement savings and with guaranteed returns from the EPF, you’ll always have something to fall back on.

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EPF Benefits You Should Know About

Apart from the account being a savings vehicle for retirement, you are also entitled to certain additional benefits. Here are four important ones, some of which you may not know about:

  • Dividend Earnings – The EPF guarantees annual minimum dividend earnings of 2.5% – although the average is 5% to 6% for the past 10 years. At this rate, your savings are protected from inflation and builds rather healthily over the long-term.
  • Death Benefit – The next of kin or dependent of EPF members may be given a death benefit of RM2,500 if members have not attained the age of 55 (subject to consideration and other conditions by EPF).
  • Incapacitation Benefit – RM5,000 will be provided to eligible members who apply for Incapacitation Withdrawal and are unfit to work (subject to consideration and other conditions by EPF).
  • Tax Exemptions – Your contributions are tax deductible up to a maximum of RM6,000 per year which is inclusive of your life insurance premium. In addition, dividend earnings from EPF investments are also free of tax.
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Registering as an EPF Member

Registration is automatic when the EPF receives the very first contribution in your name (based on your Identification Card details) from your employer. You can also register yourself via post or at the EPF counter with Form KWSP 3.

What you should do after you have an EPF number is to sign up for an online account with EPF (i-Akaun). With an online account, you can save yourself the trouble of making the trip to the EPF office for withdrawal requests, getting your current and past year EPF statements, as well as updating your correspondence details and nominations. All these account activities are available to perform online via i-Akaun.

Registering for the online account is simple; all you need to do is obtain the activation code from an EPF kiosk or counter and proceed to the login page on the EPF website to complete your registration, and presto, you’ll have your very own i-Akaun!

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What Is the EPF?

You probably already know this but – just in case you didn’t, EPF is essentially a retirement savings account for employees of the private and non-pensionable public sector. EPF members are made up of these employees and those who voluntarily choose to contribute as well.

The EPF agency collects contributions from employers at a rate of 13% for employees who receive wages of RM5,000 per month and below (and 12% for those earning above RM5,000 per month). Employees also have an option to contribute either 8% or 11% of their monthly wages. The contributions and dividends will be divided into two accounts; 70% goes into Account 1 and 30% into Account 2.

These contributions are mandatory for all employers and employees; it’s also an avenue for employers to provide structured benefits and to fulfil a moral obligation to their employees.

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Everything You Need To Know About the EPF

If you are new to the workforce, there’s a chance that you’re still in the dark about what Employee Provident Fund (EPF) account is and what it means for your financials. Let’s get to it and learn more about the main retirement account in Malaysia!

You probably already know this but – just in case you didn’t, EPF is essentially a retirement savings account for employees of the private and non-pensionable public sector. EPF members are made up of these employees and those who voluntarily choose to contribute as well.

The EPF agency collects contributions from employers at a rate of 13% for employees who receive wages of RM5,000 per month and below (and 12% for those earning above RM5,000 per month). Employees also have an option to contribute either 8% or 11% of their monthly wages. The contributions and dividends will be divided into two accounts; 70% goes into Account 1 and 30% into Account 2.

These contributions are mandatory for all employers and employees; it’s also an avenue for employers to provide structured benefits and to fulfil a moral obligation to their employees.

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The mall is also running some promotions to kick off the launch of the online platform.

For instance, you can get exclusive cash vouchers and a set of eco-friendly metal straws when you spend a minimum of RM200 via the online platform. You can also earn two times Pals points with every purchase that you make on the online store, although this is capped at RM10 at one transaction per day.

Additionally, the online store will be hosting a 72-hour flash sale between 29 May to 1 June 2020, so mark your calendars! Don’t forget to tap into the perks of your credit cards when you’re online shopping too.

Sunway Pyramid is not the only mall in Malaysia to have set up an online store. 1 Utama was the first mall in the country to spearhead such a move, officially launching its online platform, ONESHOP, in January 2019, before launching its 1Pay e-wallet in September 2019.

According to the chief operating officer of Sunway Malls, Kevin Tan, the sunwaypyramid.com online platform is the group’s latest effort at going digital. With this, customers can shop more conveniently, whereas retailers are also able to boost their businesses.

“The past two months have definitely been a challenging period for us all, and we wanted to give our retailers the opportunity to reach their customers within a few clicks,” said Tan, referring to the movement control order (MCO) and conditional movement order control (CMCO) period. He further added that not all retailers have the capability to establish an online presence and hoped that the platform will help strengthen their business operations for greater survivability post-MCO.

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