Epf

In an effort to help members increase and rebuild their retirement savings, Mohd Shahar noted that the EPF provides various channels to make it easier for members to contribute to the EPF itself. (Photo by Mohd Suhaimi Mohamed Yusuf/The Edge) - A + A KUALA LUMPUR (Aug 8): The level of savings of Employees Provident Fund (EPF) members is low and very worrying, especially after the implementation of four withdrawal facilities which saw a RM145 billion withdrawn by members, said Deputy Finance Minister I Datuk Mohd Shahar Abdullah. The four withdrawal programmes that took place due to the Covid-19 pandemic are i-Lestari, i-Sinar, i-Citra, as well as the special one-off withdrawal of RM10,000. Speaking in Parliament on Monday (Aug 8), Mohd Shahar said this is in addition to the reduction in the employee share statutory contribution rate for a period of 27 months from April 2020 to June 2022. “Overall, the impact of these programmes related to Covid-19 on … [Read more...] about RM145 bil EPF savings withdrawn via four Covid-linked programmes, says MOF

In an effort to help members increase and rebuild their retirement savings, Mohd Shahar noted that the EPF provides various channels to make it easier for members to contribute to the EPF itself. (Photo by Mohd Suhaimi Mohamed Yusuf/The Edge) - A + A KUALA LUMPUR (Aug 8): The level of savings of Employees Provident Fund (EPF) members is low and very worrying, especially after the implementation of four withdrawal facilities which saw a RM145 billion withdrawn by members, said Deputy Finance Minister I Datuk Mohd Shahar Abdullah. The four withdrawal programmes that took place due to the Covid-19 pandemic are i-Lestari, i-Sinar, i-Citra, as well as the special one-off withdrawal of RM10,000. Speaking in Parliament on Monday (Aug 8), Mohd Shahar said this is in addition to the reduction in the employee share statutory contribution rate for a period of 27 months from April 2020 to June 2022. “Overall, the impact of these programmes related to Covid-19 on … [Read more...] about EPF members’ savings worrying after RM145b withdrawals, says MOF

For years, many higher-earners contributed amounts beyond the statutory requirement of 12 percent of the basic pay voluntarily, to their employees’ provident fund (EPF) accounts. This is primarily because of the high tax-free interest that the instrument offers. However, two developments related to EPF have resulted in some high networth individuals (HNIs) rethinking their approach. That is, tax on interest earned on EPF contributions of over Rs 2.5 lakh a year , and 40-year-low interest rate of 8.1 percent . EPF vs NPS: Which is the ideal retirement vehicle? It is not surprising, therefore, that some employees who invest voluntarily in EPF (or VPF) are evaluating alternatives such as the other popular retirement instrument — the National Pension System (NPS), say financial advisors. “In terms of flexibility, tax benefits and, more importantly, returns, NPS is an attractive product now. We have been advising our clients to rejig their salary structures to include … [Read more...] about MC Explains: How much can you withdraw from NPS?

This article first appeared in The Edge Malaysia Weekly, on July 25, 2022 - July 31, 2022. - A + A IN 2021, although it was the peak of the Covid-19 pandemic, which caused massive disruptions to the global economy, public-listed companies — in which either the government or public funds hold more than 15% equity interest — continued to reward their shareholders with generous dividends. Surprisingly, some even paid higher dividends year on year instead of conserving cash during the harsh economic conditions (see tables). The generous dividends will undoubtedly come in handy for the shareholders when cash flow is tight, if not stretched, in the current challenging period. Malayan Banking Bhd (Maybank), in which Permodalan Nasional Bhd holds a 41.1% stake, kept its dividend payout ratio at above 80% in the past three years. The banking group dished out total dividends of RM19.94 billion for the three-year period between 2019 and 2021 — probably the highest … [Read more...] about Cover Story: Dividend payments continued despite uncertain times

This article first appeared in Capital, The Edge Malaysia Weekly, on August 1, 2022 - August 07, 2022. - A + A Notable filings For the week of July 18 to 22, notable shareholding changes at Bursa Malaysia-listed companies included those at MyNews Holdings Bhd , which saw the Employees Provident Fund (EPF) cease to be a substantial shareholder of the convenience store operator. On July 22, MyNews announced that EPF had offloaded 1.752 million shares two days earlier, cutting its stake in the group to 4.93%. Before that, between July 13 and 19, the provident fund had disposed of 1.7 million MyNews shares. EPF has been trimming its stake in MyNews since Oct 6 last year. Between then and last Tuesday, the counter had fallen 58.53% to 36.5 sen. At last Tuesday’s closing price, MyNews had a market capitalisation of RM249 million. MyNews has been struggling financially over the last two years. In the six months ended April 30, the group narrowed its net … [Read more...] about Insider Moves: MyNews Holdings Bhd, Sentoria Group Bhd, Dolphin International Bhd, Southern Cable Group Bhd, Atlan Holdings Bhd

This article first appeared in The Edge Malaysia Weekly, on August 1, 2022 - August 07, 2022. The Shah Alam Stadium — an 80,000-plus seat capacity multipurpose outdoor stadium — has fallen into a state of disrepair after years of neglect. (Photo by Shahrill Basri/TheEdge) - A + A THE redevelopment of the Shah Alam Sports Complex will include commercial and residential components, apart from sporting and leisure components, according to Menteri Besar Selangor Incorporated (MBI Selangor). An MBI Selangor representative says the Selangor government’s plan is to turn the area in Section 13 Shah Alam into a modern, sustainable and liveable community. “In other words, the proposed development will incorporate not just sporting and leisure facilities, but will also encompass commercial and residential components to further spur economic activities, providing opportunities [for the area] to be self-sustaining in the future. “We are also excited that the LRT3 … [Read more...] about Shah Alam Stadium complex redevelopment to include commercial and residential components