Via www.kwsp.gov.my

In its effort to protect members’ savings, the Employees Provident Fund (EPF) has continued to take action against employers for defaulting on their employees’ EPF contributions with a total of 193 employers slapped with fines by the courts totalling RM278,970 during the third quarter of 2009 (Q3).

“The rate of defaulting employers during this quarter has registered a drop in which only 1.75 per cent employers had defaulted compared to 1.91 per cent in the previous quarter. While this suggests that increasingly more employers are aware of their role in their employees’ retirement wellbeing, the EPF will still persevere with its efforts to ensure that employers continue to comply with the law,” said Nik Affendi Jaafar, EPF General Manager for Public Relations.

Click here for full story.

Is this an issue with education? Are business owners in Malaysia that ignorant about basic labor laws? Or the risk and consequences of getting caught is far lesser than the penalty that would be imposed on these fly by night business owners?

From the above report, the EPF’s General Manager seems to have missed the point. 1.75% of employees who defaulted this quarter and 1.91% of employees who defaulted of previous quarter should not be labeled as a drop, unless both quarters has the same number of employers. This is when statistics are mistakenly used in the wrong context. It certainly does not suggest an increment of awareness as mentioned by the EPF’s GM.

This reminds me how politicians used the very same tactic to confuse the public.

On another EPF-related story, only about 23% of EPF members have nominated beneficiaries.

Via TheEdgeMalaysia.com

Only about 23% of the Employees Provident Fund’s (EPF) 12.4 million members have nominated their beneficiaries, said its general manager for public relations Nik Affendi Jaafar.

In a statement today, he said: “As your nomination determines who will receive your EPF savings, it can offer some financial protection to your family should death suddenly occur. Nomination will not only ensure speedy payment to your family, but will also help to spare your loved ones from unnecessary suffering.”

The EPF is launching an awareness drive to remind members on the importance of nominating beneficiaries for their EPF savings. It will be running an advertising campaign from today until Dec 21 through the radio and newspapers.

The next key question is, of this 23% nominated beneficiaries, how many percentage are up-to-date? The last time I logged into my KWSP’s i-Akaun, I do not remember seeing my nomination details. No, I am not even thinking of asking KWSP to allow me to change my nomination online, because I think that would be a bit too much. Just let me know my latest nomination details would be good enough, because I would think that nomination details is definitely no more important than displaying the balance of my EPF amount.

Or why not simply just use some ‘default settings’, like what they did with The Distribution (Amendment) Act 1997? If you are not married, the default nomination setting would be Father and Mother, then to your siblings and then to your grandparents. If you are married, then it would be your legal spouse, then your legal issues, and then your parents, your siblings, your grandparents and so on. This ‘default setting” would definitely be better than letting the money go Amanah Raya Berhad.

And I’ve recently received an email from a friend, Jodie, with some KWSP nomination tips and it goes like this:

If ONE (1) of your Nominees in the EPF Nominees list dies, automatically the whole arrangement (EPF Nominees list) is VOID .. Meaning if, you only put in One (1) name & unfortunately he/she dies before you – automatically EPF will channel your EPF money to trustee of AMANAH RAYA upon your death.

Even though if you have few names in the EPF Nominees list, – the whole arrangement is VOID & none of the individual names left in the EPF Nominees list will get their portion & automatically EPF will channel your EPF money to trustee of AMANAH RAYA upon your death.

Piece of advice – if any of the your Nominees in the EPF Nominees list dies, please do immediately approach the nearest EPF counter & present the Death Certificate of the individual & register your NEW / LATEST Nominee in the EPF Nominees list + NEW / LATEST percentage .

If, you & the other party (maybe spouse) involved in the same misfortune (accident / illness) that caused death to both yourself / spouse please, please, please alert your siblings / relatives / parents to immediately approach the nearest EPF counter & share the information within 3 days to AVOID all EPF money to be surrendered to trustee of AMANAH RAYA .

Upon surrender to trustee of AMANAH RAYA, your children will have to battle the money thru 3 channels;

Majlis Agama
Pejabat Tanah
Mahkamah

The normal period via above 3 channels usually takes 2-3 years (except if you have inside/tip top connection) at Amanah Raya.

I’ve always thought that in the event of the death of one of the nominated beneficiary, the remaining beneficiaries who are still alive and kicking will automatically inherit the entire EPF fund, with the percentage of the fund’s value adjusted according to their initial ’shareholding’. I need to give KWSP a call tomorrow morning. Some things are just not that obvious.

<select name=”State” size=”1″>
    <option value=”Johor”>Johor</option>
    <option value=”Kedah”>Kedah</option>
    <option value=”Kelantan”>Kelantan</option>
    <option value=”Kuala Lumpur”>Kuala Lumpur</option>
    <option value=”Melaka”>Melaka</option>
    <option value=”Negeri Sembilan”>Negeri Sembilan</option>
    <option value=”Pahang”>Pahang</option>
    <option value=”Perak”>Perak</option>
    <option value=”Perlis”>Perlis</option>
    <option value=”Pulau Pinang”>Pulau Pinang</option>
    <option value=”Sabah”>Sabah</option>
    <option value=”Sarawak”>Sarawak</option>
    <option value=”Selangor”>Selangor</option>
    <option value=”Terengganu”>Terengganu</option>
</select>
    <option value=”Wilayah Persekutuan – Labuan”>Wilayah Persekutuan – Labuan</option>

And here’s the code in action:


Johor
Kedah
Kelantan
Kuala Lumpur
Melaka
Negeri Sembilan
Pahang
Perak
Perlis
Pulau Pinang
Sabah
Sarawak
Selangor
Terengganu
Wilayah Persekutuan - Labuan


MARA Scholarship Programs
http://www.mara.gov.my/english/division/BPP/default.htm

Yayasan Proton Scholarship
http://www.malaysia-scholarship.com/yproton.html

PTPTN Education Loan
http://ptptn.gov.my/

The Star Education Fund
http://thestar.com.my/edufund/

Astro Scholarship Award
http://www.astro.com.my/v5/astrolife/scholarship/

PETRONAS Education Scholarship Programs
http://esu-spmtrial.petronas.com.my

2007 MNRB Scholarship Fund
http://www.mnrb.com.my

OCBC Bank Scholarship
http://www.ocbc.com.my/global/aboutOCBC/Gco_Abt_Community.shtm

Bank Negara Scholarship
http://www.bnm.gov.my

ABM 50th Merdeka Scholarship
http://www.abm.org.my/

Curtin Sarawak Scholarship
http://www.curtin.edu.my/

The University of Nottingham Malaysia Campus High Achievers Scholarships
http://www.nottingham.edu.my/students/MISC/High%20Achievers%20Scholarship%202006-July06.pdf

HELP University College
http://www.help.edu.my/scholarships/index.php

Adelaide Achiever Scholarships International (AASI)
http://www.international.adelaide.edu.au/future/scholarships/ug/

Curtin University of Technology Scholarship
http://www.emaac.org/

Charles Darwin University Scholarship
http://www.malaysia-scholarship.com/www.cdu.edu.au/engineering/scholarships_ug_int_eng.htm

Kolej Disted-Stamford Degree Scholarships
http://www.disted.edu.my

Leeds University Scholarships
http://scholarships.leeds.ac.uk/

Loughborough University Human Science Scholarships
http://www.lboro.ac.uk/

MAAC Scholarship – La Trobe University 2006
http://www.latrobe.edu.au/international/courses/ug.html

NUS / Asean Undergraduate Scholarship
http://www.nus.edu.sg/admissions/undergrad/scholarship/nus_asean.htm

UCL Pathfinder Scholarships
http://www.ucl.ac.uk/

University of Sheffield Scholarship
http://www.shef.ac.uk/malaysia/entry.html

UTAR Scholarships
http://www.utar.edu.my/

Nanyang Technological University Scholarship
http://www.ntu.edu.sg/oad/ scholarships/nanyang.htm

Tasmanian International Scholarships
http://www.internat ional.utas. edu.au/documents /internationalAp plication. pdf

University of Malaya Fellowship Scheme
http://ips.um.edu.my/

Universiti Malaysia Sarawak Scholarship
http://www.unimas.my/

King Abdullah University of Science and Technology (KAUST Discovery Scholarship)
http://apply.embark.com/kaust/discovery/

Universiti Malaysia Sabah Scholarship
http://www.ums.edu.my/pasca

For the past few years, the banks has been spending millions of ringgit to acquire plastic subscribers. There is no doubt that the credit card department is the most profitable channel for most of these banks. Regulations on approving new cardholders has been surprisingly lacking, which resulted in the need for the government to set up debt management agencies such as the AKPK. A fire-fighting approach I’d say, but it’s better than not doing anything to the rising problem of high-interest credit card debts faced by many Malaysians today.

Now, in the tabling of the 2010 Budget, our beloved PM announced the infamous RM50 service tax on all primary credit card holders, and RM25 on supplementary card holders. It’s easy to see that such a move will indeed be very ‘taxing’ on the plastic population as a whole but the plastic issuing banks are very unlikely going to let their subscribers cut up their cards and leave just like that, just when they are starting to milk the insanely profitable interest and floats after spending a fortune acquiring them. Another way these credit cards are profiting the banks is through the swiping terminals they offer to the business community. It’s quite a common practice these days for the merchant banks (the bank that provided the credit card terminals) to hold the payments for up to 45 days. Imagine the amount of transaction (float) they hold in their coffer, and then imagine the interest accruing for the 45 day period which goes straight into the banks pocket. No, they don’t laugh their way to the banks, they are already having a party right inside ;-)

I still don’t think anyone would need more than 2 credit cards, unless you are a collector. But if you are holding many cards, rest assure that the banks are going to come up with something to offset your ‘losses’. They are used to paying RM100 or more to these credit card agents to sign you up!

As ironic as it might seem, the banks are being robbed (estimated about RM520 million) under broad daylight. Ouch!

(THE EDGE MALAYSIA) 7th November 2009, KUALA LUMPUR: The Association of Banks in Malaysia (ABM) is advising credit and charge card holders not to make any “hasty decisions” in terminating their cards as the mechanics of the imposition of service tax are still being formulated.

“Whilst details of how the service tax will be imposed are being finalised, cardholders should continue to use their credit and charge cards wisely to enjoy the many benefits that the cards have to offer as a payment instrument.

“Cardholders are thus advised to avoid making any hasty decisions in the meantime. Banks will inform their customers as soon as details are available,” ABM said in a statement yesterday.

It said banks were prepared to assist the relevant tax authorities as best they could in the smooth implementation of the imposition of service tax on cards on Jan 1 next year.

“It is understandable that the imposition of the RM50 service tax a year on each principal credit card and charge card as well as the RM25 service tax a year on each supplementary card has raised many concerns of affordability on the part of cardholders.

“In the short time following from the announcement of the same, commercial banks, together with the other card issuers, have acted swiftly to assess the thrust of the measure with the aim of better pre-empting any issue which may arise in connection with its rollout and apprising the tax authorities,” ABM said.

The association also said it would enhance and promote its consumer education programmes designed to inculcate stronger personal financial management skills among cardholders.

Photo courtesy of Hey Gem

You must have already heard about the RM50.00 service tax imposed on all credit cards (incuding supplementary cards at RM25 each). I certainly do not think that such a blanket policy is aimed at curbing over-spending. I am sure not every plastic users in Malaysia are behind on their payments. Such an act is only a sign that the government is running low on cash, and for all you know, they are going to charge a new road tax for every tyres you have in your car- which includes your spare tyres!

Here’s a nice article from Tony Pua on his thoughts about the new Plastic Policy by our beloved Government…

I MUST say that Budget 2010, announced by Datuk Seri Najib Razak on 23 Oct 2009, contained quite a few surprises for better or for worse. And my observation is from someone who has pored through the government’s budget over the past five years.

For one, I’ll have to start picking up the phone over the next few weeks to cancel my many credit cards. An unwelcome announcement was that beginning 1 Jan 2010, we will be taxed for every card we own, regardless of whether we are or aren’t in debt.

At RM50 per card, and RM25 per supplementary card, that’s probably enough to set me back at least RM700 per annum. Yes, I have indeed a whole string of credit cards, but thankfully without any debt attached to them.

Click here for full article…

If you’ve been using PayPal to transact your businesses, you would be glad to know that PayPal has finally opened up to withdrawal direct to Malaysian banks. This means you no longer have to ‘hack‘ your way through using Visa Debit cards.

Here’s the list of all the banks that is now supporting withdrawal from PayPal.

Here are a few screenies that you’ll see when setting up your bank account within PayPal.

Before this, PayPal charges 5.00USD for every transactions. Now, there will be no processing fee as long as you withdraw more than RM400. This is definitely great news for Malaysian PayPal users!

Be extra careful with the information you type here. Erroneous banking information can be 'expensive' since any returned fund back to PayPal will incur a penalty!

I have yet to make any withdrawals yet, so I am not sure if there are any caps to the withdrawal allowed by PayPal.

Now, integrating your e-commerce site with PayPal would make more sense. Oops, not such a great news for local payment gateway providers…

Bank Negara Malaysia has revoked the money-changing licences of the money-changers issued under the Money-Changing Act 1998, as follows:

1. Al Moulana Traders Sdn. Bhd.
2. M.M. J. Exchange Sdn. Bhd.
3. Salamath Ali Money Changer Sdn. Bhd.
4. BTC Enterprise Sdn. Bhd.
5. De Laville Sdn. Bhd.
6. Flexi One Sdn. Bhd.
7. Gemilang Iris Sdn. Bhd.
8. Hawaii Hotel Sdn. Bhd.
9. Ideal Stamina Sdn. Bhd.
10. Intra-Artni Sdn. Bhd.
11. Kawalan Vila Sdn. Bhd.
12. Panca Suci Sdn. Bhd.
13. Pengurup Wang Tiram Sdn. Bhd.
14. Pua Say BeeTrading Sdn. Bhd.
15. Sri Panju Sdn. Bhd.
16. SS International Capital Ventures (M) Sdn. Bhd.
17. Sunrise Aim Sdn. Bhd.
18. Tanjung Intelek Sdn. Bhd.
19. THR Hotel (Penang) Sdn. Bhd. [Formerly known as Pernas OUE (Penang) Sdn. Bhd.]
20. Towards Century Sdn. Bhd.

Members of the public are advised not to conduct money-changing transactions with these companies as they are no longer licensed to conduct such business in Malaysia.

The revocations should not unduly inconvenience members of the public as currently there are about 900 licensed money-changers in operation throughout the country and are adequate to serve the needs of tourists and travelers.

The list of licensed money-changers can be obtained from Bank Negara Malaysia’s website ( www.bnm.gov.my ).

Photo courtesy of Stripeyblue

Rule NUMBER ONE when it comes to protecting yourself when using internet banking services: Never log into your account via a third-party link. Repeat after me 3 times-

Once: Never log into my online banking account via a third party link!

Twice: Never log into my online banking account via a third party link!

Thrice: Never log into my online banking account via a third party link!

If you cannot adhere to this Number One rule, don’t use Internet Banking and stop reading this article.

Rule NUMBER TWO, don’t reveal your entire transaction details to anyone. Simple rule but apparently it’s not so easy to follow. Many scammers take advantage of your greed and make up stories of you winning a prize or qualifying you for a lucky draw. No, they don’t ask you for your ancestors’ names or your entire family tree history. They just need a few magic numbers from you and you instantly elevates your status to ‘God of Fortune‘.

After clicking on these bogus links, visitors are usually brought to a site that looks exactly like the bank's internet banking site, since the information are copy-pasted or linked directly from the actual sources.

Rule NUMBER THREE, don’t access your account from a public terminal (computer). Well, sometimes you really can’t help it, especially during an emergency, and the closest ‘ATM’ is the cybercafe down the road. There are many smart software such as key-logging software that runs on public computers which you might not be aware of. These key-logging software will then keep track of every single alphabets and numbers you have typed, and once you leave your seat, rest assure whatever secret love letters you’ve sent through the keyboard will be used against you!

Rule NUMBER FOUR, don’t save your passwords in the terminal. Never click on ‘Remember my password’, if there’s ever such a feature in your Internet Banking services provider. By the way, if there’s such a feature in your Internet Banking services provider, take out all your money right now and put it in a bank that doesn’t.

Photo courtesy of ul_Marga

If possible, only save your login details between your ears. It’s not as easy as it sounds. With so many accounts and profiles we have these days, it’s impossible to remember every passwords. My solution is that you use the same email for all your important accounts, and in the event you forgot the password, at the very least, you can still retrieve it from your email. Also, avoid storing banking information on your mobile phone or laptops, as it is very prone to theft and you wouldn’t want to know what these thieves do with your devices (remember Edison Chen?).

Rule NUMBER FIVE, change your passwords regularly. I don’t expect you to change your password with the same frequency you change your underwears, but try to do it at least once every quarter (3 months). It’s good for your brain cells.

Rule NUMBER SIX, use strong passwords. No, I don’t mean passwords like ‘muscular’, ‘powerful’, ‘terror’, ‘incredible’, ‘kuat-kuat’ or ‘tahan’. Strong passwords are combinations of lower caps, uppercaps, numbers and symbols. uK31L&@d%U^, now that’s a STRONG password!

Try not to generate password from a password generator for obvious reasons. Avoid using your personal numbers such as car number plates, birthdays, anniversary dates and the date you broke up with your girlfriend.

If you are using ABC123, God help you!

Rule NUMBER SEVEN, set a limit to your Internet Banking daily transaction. This can be easily done by going to the ATM or to any of the bank’s branches. A limit of RM1,000 should be sufficient for most personal internet banking activities. For bigger limit transactions, it’s worth taking a trip to the front counter.

Rule NUMBER EIGHT, log-in to your Internet Banking account at least once a week and keep track of every transactions made. You pay the price for your own complacency.

It can be quite an uphill task to spread awareness of such consumer-oriented services (if you know what I mean), let alone new initiatives that is aimed to provide more avenues to the public to voice their complaints and feedback.

Private banks in Malaysia should make it a point to highlight these consumer channels in their premises to ensure that these initiatives by the Central Bank will reach the people more effectively.

(via BNM.gov.my) Bank Negara Malaysia Opens Public Service Centres (BNMLINK) Nationwide

Bank Negara Malaysia is pleased to announce today the commencement of its walk-in public service centre (BNMLINK) in Kuala Terengganu on 19 October 2009 to provide financial advisory to the members of the public and businesses in the east coast of Peninsular Malaysia . There are now a total of six BNMLINK centres nationwide. The first BNMLINK was established in Kuala Lumpur on 25 February 2005 followed by the opening of a series of public service centers in Pulau Pinang and Johor Bahru in 2008, and in Kota Kinabalu and Kuching in 2009.

BNMLINK or Bank Negara Malaysia Laman Informasi Nasihat dan Khidmat assists the public and businesses on issues and complaints relating to financial products and services. This includes advisory to SMEs relating to access to financing, validation of credit status and reports (CCRIS), foreign exchange administration procedures, as well as enquiries on illegal financial schemes.

There has been a significant upward trend in the number of consumers seeking information and assistance from Bank Negara Malaysia . For the first nine months of 2009, Bank Negara Malaysia has assisted 168,149 individual and businesses, an increase of 66% as compared to 101,414 individual and businesses during the corresponding period in 2008. During the same period this year, 418 SMEs have received specific advisory services on access to financing from Bank Negara Malaysia . 90% of these cases were effectively resolved during the period.

To complement the existing public service channels, Bank Negara Malaysia is also announcing the introduction of the SMS service where members of the public can now contact BNM via SMS by sending SMS to 15888* in the following manner :

Services available	Delivery message
To submit enquiries or complaints to Bank Negara Malaysia	BNM TANYA [your enquiry/complaint]
To obtain mailing address and contact details of Bank Negara Malaysia	BNM ALAMAT
To get information on how to obtain a credit report information (CCRIS)	BNM CCRIS [e-mail address]
* Sender will be charged RM0.15 for sending a message and RM0.20 for receiving a message by the telecommunications service provider.

Click here for the full press statement.