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KWSP Malaysia for Monthly Housing Loan Payment

kwsp_malaysia

I heard a lot of forumer keep on discussing about this issue recently - KWSP steal citizen money! KWSP allow monthly withdrawal from EPF account 2 for the monthly housing loan repayment. But, from their discussion, some of them said that the withdrawal plan is actually a SCAM! I am sure you will feel keen to know more on this issue, right? Let me share with you what I’ve heard:

We take an assumption here:

If you have RM50,000 in your EPF account 2 and your monthly housing loan’s installment is RM1000/month. KWSP will approve your application of withdrawal from your EPF account 2 of RM50,000 and pay you RM1000/month for the next 50 months.

The only thing that KWSP did not inform us in detail is that when the application was approved, will the total amount RM50,000 is removed from EPF account 2? In the other words, it appears to be transferred to an unknown account to effect the monthly payment?

March 13th, 2010 | 5 Comments

CIMB Bank Fixed Deposit Campaign

2 days ago, my friend Thian Thian come to visit me and from the conversation, i only know that she is working in CIMB bank now and provides me the latest information about the CIMB newly launched product - “Go for Gold” which is a nationwide deposit campaign. I never heard about this campaign before but I am eager to get more details from her, she said that you would stand a chance to win the prizes if you make deposit with CIMB Bank.

She also explained to me that with every incremental deposit of RM1,000 during the campaign period, you will entitled to get 1 entry for the contest.

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As an fixed deposit account holder, they will enjoy added bonus during this campaign period, customers will get the interest of 2.45% per year on their 8 months fixed deposit placement. For me, the idea is very simple which encourage more people to deposit in bank; the more they put into fixed deposit the higher chances of winning.

CIMB “Go For Gold” Campaign

February 25th, 2010 | 3 Comments

Beware of Malaysia Phone Call Scam !!!

As most Malaysian knows, our newspaper will be flooded by a lot of interesting news each period of time. Nowadays, i can see that more and more SMS Scam cases capturing the highlights of our local newspaper. Recently, I have received a phone call asking if I can do a phone survey, and they would like to know more about the consumer’s buying pattern. I have given them a chance and answered several questions and at the end of the call, the operator gave me a number. He invited me to attend their shop and said that i can have chance to win the “lucky draw” prizes.

phone_call_scam

I did not go for the event but i received a phone call that tells me i have won the lucky draw which is the cash prizes of RM100k and the event organizer request my bank account number in order for them to transfer money to me. I did not quite believe with him and i refused to give him my bank account number. Instead of that, I told them to write a cheque for me but he gave excuses that they are unable to send me the cheque but they have opened a temporary account in Hong Kong’s Bank where they have placed the money there and also gave me the account number & password to access that the account. Then, i started to call the bank and the automated voice machine said that i have HK$200k deposited. However, i still cannot fully trust them and request them for more proof and they gave me a website where they sell products.

February 1st, 2010 | 3 Comments

Redbox DotRed Card Promotion

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As you may aware, started since 4th of January 2010, Redbox changed the way they are distributing their voucher for DotRed card member. Now they are offering special promotion, you will receive My Birthday Fun vouchers during your birthday. In this My Birthday Fun, it has total 7 vouchers (2x Free Head Charge, 1x Free Bottle Sparkling Juice, 1x Free Jug of Soft Drink, 1x Buy 3 Free 1 Head Charge, 1x Buy 3 Free 1 Lunch, 1x 3 Jugs beer with RM88++).

I still remember last time they will give RM150 voucher which is RM50+RM100 vouchers. In order to make use of RM50 discount vouchers, the DotRed card member need to bring/invite at least 5 friends while RM100 discount vouchers require 10 friends.

How to Signup As Redbox DotRed Membership?

January 11th, 2010 | 1 Comment

What Do You Think About Malaysia Fuel Price by Car Size?

Started from 1st May 2010, certain group of Malaysians who drive higher capacity engine and non-citizens will have to pay different fuel prices as they will not be eligible for subsidized petrol anymore. As I known, our government currently subsidized RM0.30 for RON 95. The original price of RON 95 is RM2.10.

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Do You Think New Fuel Subsidy System Workable?

Our government has never fail to invent new system. But, most of the time all those new system that implemented never satisfies us as we have already adopted ourselves in the “comfort zone” of cheap. For me, it’s better to do some feasibility study and set the concrete rules and procedures before making any final judgment.

Secondly, it’s not fair enough to implement petrol price with accordance to engine capacity! This is because there are still a lot of rich people driving old and small cars. So, this may not prevent rich people from enjoying the subsidy too.

Thirdly, it is totally ridiculous to implement this new fuel subsidy system. How are they going to determine who is the rich and who is the poor. What about the middle class people who are earning RM2,500 monthly, paying taxes yearly but driving a 2000cc car?

Fourthly, there may have smart people who will drive a low engine capacity car like perodua kancil to fill up their fuel and go back to transfer it to their higher engine capacity car like BMW via a hose. So, could you imagine how danger of it and it may increase the number of fire accident cases by just saving their fuel cost.

We as a Malaysian citizen cannot do anything if government still insists public to follow their decision. So, as a pre-preparation, people should try to find alternative to improve their income and not just blame this and that.

My Suggestion Over The New Fuel Subsidy System

January 8th, 2010 | 18 Comments

Malaysia’s Sugar Price Increased?

malaysia-sugar

Since 1st of January, Malaysia sugar price increased from RM1.45 to RM1.65 per kilo in Peninsular Malaysia and RM1.75 in East Malaysia. As I known, our government was still maintaining a subsidy of RM0.80 per kilo. However, I heard many people said that one day our government would remove the sugar subsidy in order to minimize the amount of sugar intake and meanwhile reduce the diabetic cases in our country.

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I am sure that this hike in sugar price will cause the price of every sugar made product to be increased. So, do you think who is suffering in the end? For me, the rise in diabetic cases is just an excuse to work out the plan. Eating less sugar is absolutely good for health but not at the expenses of putting burden onto the public.

My Point of Views: Sugar Subsidy Removed

January 4th, 2010 | 6 Comments

Do You Think RM50 Credit Card Tax Should Be Dropped?

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As we can see, the number of credit cards usage had been increased since year 1997. At the same time, the number of people get into debt also been increased. Our government had responded to that issue and proposes that principal credit card service tax of RM50 per year and supplementary credit card service tax of RM25 per year be imposed in order to encourage our citizen to have prudent spending. It will be effective from 1st January 2010.

Many people are not happy with that suggestion. This is bad news for those who own multiple credit cards and it is advisable to do cancellation of their card so that they won’t be taxed next year. Just imagine how crazy of our government: RM50 (service tax) + RM50 (annual fee usually more than that amount), this is only for single card. If you have more, the amount will be crazy!

However, this service tax will not be imposed immediately on January 2010 for all credit cards. For those existing credit card holders and their renewal date is at the end of the years. Then, they still got time to enjoy benefits.

Drawback of Imposing Service Charge on Credit Card

December 23rd, 2009 | 9 Comments