Thursday, January 14, 2016

Can We Control Price Hike?

Last week, one of the hot topics discussed was about the rising cost of living in Malaysia. Many complains about price hike in good and services. Some of these price hike are really unreasonable. There are news about milo iced sold at RM4.20 at food court locally in Kuching.

The question is, can we do something to control these price hike? Yes, we can. Because as consumer, we are the one who determine the price of the goods and services offered. 

According to my relative in Taiwan, most business are providing reasonable price now because they have to fight for the market share. If the price is above average, most probably, this shop will be handling less customers. Other than the reasonable price, they also provide friendly and excellent customer service to all customers, hoping that the customer will come back again.

Here in Malaysia, I didn't see this yet, or at least in Kuching. What I see is that businesses keep increasing their prices and customer still come back to them, even with poor quality of service. I think it's time for all of us, to learn to become a smart consumer. Try not to 'encourage' business to increase their price. We must learn to create a situation whereby businesses are trying hard to earn our money. We must create a competitive market for them. We must make them come out with excellent customer service if they wish to have a repeated sales from us.

As a consumer, we are the one who will decide the market price, not those greedy business owners. But, we can only do this if most of the consumer are smart enough when making their purchases. I don't think there will be any business which can survive without customer. Start from today, we must make smart choices in our purchases and daily life. We can't keep complaining on price hike and still continue to support these greedy business owners. We need to adjust our own lifestyle and sacrifice here and there if necessary. 

So, YES, we can control price hike.

Wednesday, January 13, 2016

More Job Cuts!

Today on The Star Online, I read the news of another job cuts. It seems like the situation is really not that encouraging at the moment. The job cuts will definitely affect the life of many, whether directly or indirectly. 

Towards the end of Dec 2015, I also read about cost reduction strategy by oil and gas companies.  These oil and gas companies are reducing cost by 'readjusting' their office space. 

Hoping that the situation will be better soon.

Monday, November 30, 2015

Having Enough For Retirement

In Oct 2015, I was reading this article 'Having enough for retirement' on The Star Online. It is worrying that most of KWSP contributors on the verge of retirement do not have enough savings for their retirement. This is also a sad situation that 68% of this group has less than RM50K KWSP savings. With some simple calculation - RM1000 for every month, RM50K can only last for 50months which is slightly more than 4 years. How about the life of these retiree after 4  years? 

One of the many reasons for this insufficient retirement fund is limited financial literacy among the contributors. Most contributors were not aware of the impact of limited fund for retirement  and the importance of retirement planning. With proper financial literacy, contributors should be able to plan ahead for their retirement at a younger age.

The other reason will be low salary package of the wage earners. With about 23% deduction from monthly salary, with estimation of 30 years of working years, the total savings should be quite a huge amount and should be enough to cover the next 20 years of retirement. But, with low salary package, this 23% savings is not going to produce a good amount for a financially-worry-free retirement.

So, are you having enough for retirement? Let us take some time from our busy schedule and evaluate our retirement planning.

Wednesday, September 30, 2015

2015 Retrenchment / Job Cuts / Lay Off in Malaysia - Further Job Cuts and Lay Off

Earlier last month, I shared on some retrenchment news in Malaysia.

Since then, there are more announcement on job cuts as below:

All of the above were announced in September 2015.

With increasing cost of living and limited job opportunities, it's going to be a tough time ahead for those affected by retrenchment. For those who's still earning, it's better to start saving for your emergency fund now.

Tuesday, September 1, 2015

IRB@LHDN - 2014 Overpaid Tax Refund

I submitted my 2014 IRB@LHDN tax return on 26 May 2015. By middle of July 2015, I have not received any emails or notification from IRB@LHDN with regards to my overpaid tax refund. So, in the middle of August, I filed a complaint to IRB@LHDN through their website, to enquire the status of my overpaid tax refund. Within the next working day, I received a reply from IRB@LHDN officer, informing that she had submitted my case to the local IRB@LHDN for further processing. And it will require 14 days before I can expect any reply from them.

One week later, I saw IRB@LHDN made the transfer to my bank account.

For those of you in same situation like me, I suggest you to file a complaint to IRB@LHDN through their website. Or, go to IRB@LHDN official website. Look for Feedback -> Customer Feedback Form -> Taxation Inquiry -> Tax Refund. You will need to fill in the form. So, make sure you have your tax return details with you.

Friday, August 28, 2015

How To Pay PTPTN with EPF@KWSP Savings

For PTPTN borrowers with education financing agreement executed 2 Jan 2001 onwards, they can use the savings from their EPF@KWSP account 2 to pay for the PTPTN study loan. From my point of view, PTPTN borrowers should try their best to pay with their own money and not from their KWSP savings. Mainly because EPF@KWSP is a saving for our retirement. Using EPF@KWSP savings to pay for PTPTN study loan should be the last resort to settle PTPTN study loan. 

You can click here for procedure on how to make PTPTN repayment through EPF@KWSP withdrawal. 

Saturday, August 15, 2015

Malaysia Retrenchment - Should You Take Up The VSS or MSS Offer?

I read a sharing by Alice Yokyuen-Wong on The Star Online. I strongly feel that, those affected by Voluntary Separation Scheme (VSS) or Mutual Separation Scheme (MSS) should read it too. Why? Because it's from her own experience and there are truth in her sharing.

Do take note that she budgeted her expenses tightly after the VSS even though she had received the compensation sum from her VSS employer. Because she said she's not sure how long she would be jobless. But, she's lucky because she got her new job just 28 days after being laid off.

There are some truth when she shared that employee should take up the VSS or MSS and move on. Rather than 'sinking together with the ship', just like two of her friends who had worked in a public listed company. At least the compensation from VSS or MSS would lasted for some time while one looking for new opportunities.

For those affected by VSS or MSS, let's hope that you'll be landed on new job soon.