Top 10 richest Malaysians in 2014

April 2, 2014

Malaysia now boasts a total of eighteen billionaires, up from fourteen a year ago! Let's now take a look at the ten of the richest locals in 2014.

 

By Caitlyn Ng


As many Malaysians are well aware of, our country is going through a period of lows; our currency, the Ringgit, is weakening, we are experiencing a slowing economy and a lackluster stock market.

All these come together to affect those who are earning a regular salary. But all of it is probably nothing more than an extra shrug from the guys on this list – if at all.

In fact, some of those on the Forbes’ Malaysia’s Richest Tycoon list (ie the richest Malaysians, as of March 2014) have seen their fortunes increase as well, due to shrewd business decisions (amongst other things) despite economic conditions.

Malaysia now boasts a total of eighteen billionaires, up from fourteen a year ago! Let’s now take a look at the ten of the richest locals in 2014.

Source: Forbes’ Malaysia’s 50 Richest List

Number 10: Tan Sri Dato Seri Vincent Tan Chee Yioun 
 
Age: 62
Estimated Net Worth: $1.6 billion (~ RM5.3 billion)
Main Company: Berjaya Corporation Berhad
Source of Wealth: Diversified, Self Made

Tan Sri Dato’ Seri Vincent Tan earned all his riches with his conglomerate and private businesses that deal with property to lotteries, to food and beverages.

Starting off as a bank clerk and insurance salesman, he purchased his first McDonald’s franchise and that’s when things kicked off for the ambitious young man.

Fun fact! Tan Sri Vincent Tan is also a majority shareholder in the Welsh Cardiff City Football Club (which plays in the English Premier League) as well as the Bosnian Football Club Sarajevo (one of the most successful clubs in the country).

While he is up on this year, he is still only tenth on the list of richest Malaysians!

Number 9: Tan Sri Datuk Sir Tiong Hiew King
 
Age: 79
Estimated Net Worth: $1.8 billion (~ RM5.9 billion)
Main Company: Rimbunan Hijau Group
Source of Wealth: Timber, Media, Self Made

With his privately held company, the Rimbunan Hijau Group, Tan Sri Datuk Sir Tiong Hiew King is dealing in not only timber (where his overseas timber operations in Papua New Guinea is the largest in that country), but also in media.

Also known as the “Rupert Murdoch” of Chinese-language media, he is in the midst of forging a global Chinese publishing group with another one of his companies, the Ming Pao Enterprises.

In Malaysia, two of the major Chinese national dailies that are controlled by Tan Sri Tiong is the Sin Chew Jit Poh and the Guang Ming Daily.

 Number 8: Tan Sri Dato’ Seri Dr. Yeoh Tiong Lay
 
Age: 84
Estimated Net Worth: $2.7 billion (~ RM8.9 billion)
Main Company: YTL Corporation
Source of Wealth: Construction, Real Estate, Self Made

If you have visited the Lot 10 Hutong food court located in the heart of KL before, you would probably already know that it was founded by Tan Sri Francis Yeoh (the eldest son of Tan Sri Dato’ Seri Dr. Yeoh Tiong Lay) who is also now running YTL Corporation, one of the biggest and most successful conglomerates in Malaysia.

Its interests are mainly in the fields of construction, utilities, hotels, property development and technology.

Fun fact! Tan Sri Dr Yeoh donated approximately RM36 million to King’s College London to set up the Yeoh Tiong Lay Centre for Politics, Philosophy & Law.

Number 7: Tan Sri Syed Mokhtar Albukhary
 
Age: 62
Estimated Net Worth: $3.1 billion (~ RM10.2 billion)
Main Company: AlBukhary Corporation Sdn Bhd
Source of Wealth: Diversified, Self Made

Through his AlBukhary Corporation which operates as an industrial conglomerate, Tan Sri Syed Mokhtar Albukhary is dealing with a wide range of industries such as power plants, seaports, plantations (sugar and palm oil), car factories, rail works and defence supplies, to name but a few.

His empire was one of the major beneficiaries in the government’s effort to privatise state assets and his subsidiary companies have even gained monopoly-like control over key sectors in Malaysia, including sugar mills, rice, power generation and ports.

Number 6: Tan Sri Lee Shin Cheng
 
Age: 75
Estimated Net Worth: $4.3 billion (~ RM14.2 billion)
Main Company: IOI Corporation Berhad
Source of Wealth: Palm Oil, Real Estate, Self Made

Also known as the “tree-talker” due to his ability to “serenade and “talk” to the trees in his plantations in order to bear the quota of fruits, this tycoon is at the head of IOI Corporation Berhad, a palm oil and real estate development giant.

Coming from humble beginnings (he was born and raised on a rubber plantation, where his father ran a small Chinese food shop), his happiest moment in life is when he bought up Dunlop Estate as they had turned him down when he sought employment with them in the late 1960s.

The reason? He didn’t speak fluent English!

Number 5: Tan Sri Teh Hong Piow
 
Age: 84
Estimated Net Worth: $5.6 billion (~ RM18.5 billion)
Main Company: Public Bank
Source of Wealth: Banking, Self Made

Now we’re down to the top 5 richest Malaysians in 2014.

With three degrees and two PhDs to his name, Tan Sri Teh Hong Piow is one determined man who epitomises success.

He started out as a mere bank clerk in the Overseas-Chinese Banking Corporation Ltd in 1950, climbed to the rank of officer in five years, then joined Malayan Banking Berhad as a Manager in 1960.

By the tender young age of 34, he became a General Manager, but left in 1966 to set up Public Bank from scratch.

Fun fact! Tan Sri Teh has managed to maintain his record of producing returns of nearly 20% a year for shareholders.

Number 4: Tan Sri Quek Leng Chan
 
Age: 71
Estimated Net Worth: $6.4 billion (~ RM21.1 billion)
Main Company: Hong Leong Group Malaysia
Source of Wealth: Banking, Real Estate, Inherited

Having inherited a fortune from his father (one of three brothers), Tan Sri Quek Leng Chan went on to co-found the Hong Leong Group Malaysia in 1963, which now controls fourteen listed companies that are in various fields such as financial services, manufacturing, distribution, property and infrastructure development.

In addition to that, his Guoco Group made the announcement in 2013 that there would be a portfolio of thirty high-end hotels built over the next decade under a new luxury brand, Clermont.

Number 3: Tan Sri Lim Kok Thay & Family
 
Age: 62
Estimated Net Worth: $6.5 billion (~ RM21.5 billion)
Main Company: Genting Berhad
Source of Wealth: Casinos, Inherited

Being the second son of the late Tan Sri Lim Goh Tong (who is the founder of the Genting Group) means that we need not say more about his appearance on this list.

Come on, who hasn’t heard of Genting Highlands by now?

But a little bit of backstory wouldn’t hurt! Tan Sri Lim Kok Thay is the Chairman and CEO of Genting Berhad, a conglomerate which is involved in a myriad of sectors in Malaysia, some of which include leisure and hospitality (casinos are their speciality!), power generation, oil palm plantations and property development, to name but a few.

Number 2: Tan Sri T. Ananda Krishnan
 
Age: 76
Estimated Net Worth: $11.3 billion (~ RM37.3 billion)
Main Company: Usaha Tegas
Source of Wealth: Telecommunication, Self-made

He has an entirely unassuming nickname of “A.K.” and prefers to maintain a low profile, but don’t let that fool you.

Tan Sri Tatparanandam Ananda Krishnan is a force to be reckoned with, maintaining his position as the second richest tycoon in Malaysia!

With a presence in media, satellite, oil and gas, to telecommunications and leisure, he has made it big in the “dog eat dog” world of business from his humble beginnings in Brickfields, Kuala Lumpur.

Fun fact! His only son is a Buddhist monk in Thailand!

Number 1: Tan Sri Robert Kuok Hock Nien
 
Age: 91
Estimated Net Worth: $11.5 billion (~ RM 38 billion)
Main Company: Kuok Group / Kerry Group
Source of Wealth: Diversified, Self Made

Maintaining his position as the richest Malaysian yet again, Tan Sri Robert Kuok made his money in the sugar (the main sector which earned him his wealth and also the nickname of the “Sugar King of Asia”), palm oil, shipping and property sectors.

With a huge network of companies, his presence is felt in many countries, including Singapore, the Philippines, Thailand, Mainland China, Indonesia, Fiji and Australia.

It is known that Wilmar International, the world’s largest listed palm oil company, is the main source of this tycoon’s wealth.

So there you have it: The list of the richest Malaysians according to Forbes!

Of course, these are the few they know about.

There could be many with undeclared wealth sitting in a bank account in the Cayman Islands.

Tell us what you think!

Caitlyn Ng is an Investigative Journalist of SaveMoney.my, an online consumer advice portal which aims to help Malaysians save money through smart (and most of the time painless) savings in their daily banking, technology, and lifestyle spending habits.

YouTube sees money in gaming-video eyeballs

Report from Reuters dated 2 April 2014 :-

YouTube sees money in gaming-video eyeballs


Swedish Youtube personality Felix Kjellberg, better known as PewDiePie, poses for a photograph in Indochine restaurant at the Gardens By The Bay on May 23, 2013

SAN FRANCISCO (REUTERS) - To imagine how YouTube might one day become a money-spinner for content producers, consider the power of the irreverent video gamer and online star PewDiePie over his young, free-spending audience.

Each time the wildly popular YouTube impresario has donned Razer headphones in one of the many zany videos that feature him playing games, the product has sold out.

PewDiePie, who is not paid to endorse the brand, "really helped us in terms of getting traction on a much larger audience," said Mr Min-Liang Tan, chief executive of San Diego-based Razer, which makes gaming hardware. "It's incredible that YouTube personalities are coming up... and I think it can only grow."

PewDiePie's uncanny trendsetting talent highlights the potential that content related to video games holds for Google Inc as it looks for ways to build its YouTube video platform into a powerful new revenue stream.

What items will you not scrimp on?

April 1, 2014

We took to the forums to find out what people won’t skimp on if they can help it.

 

By Diana Chai

We’re all about saving money and getting more for your ringgit.

But there are some things that some believe you shouldn’t scrimp on.

We took to the forums to find out what people won’t skimp on if they can help it.

Food and nutrition


A good majority of forum users and people we asked put food high on the list of items they won’t skimp on.

You might think that it is a given and a wee bit obvious but you’ll also be surprised how many said ‘not really’.

Chia, 50 said he doesn’t think a high price tag equates value when it comes to food;

“Nowadays, even in fine dining restaurants, you don’t know if the food is good just because you are paying a lot.

There’s no guarantee that the oils, and raw products used are of high quality.

They could be using grade C eggs and charging you RM25 for an omelette!

To me, I rather go to the market and my wife and I will cook for ourselves.

It’s cheaper, but I know what is going into my food.”

For those who didn’t have time to cook, the situation was a little more difficult;

“I don’t have time to cook so I have to eat out and if I wanted a decent meal at the economy rice stall with enough greens it will cost a minimum of RM4.50 in KL now.

Of course when I am really broke there is the temptation of just eating an RM1.20 roti canai and being done with it.

So do I skimp on food?

Yes, I do at times but it’s only because I can’t afford to eat well all the time.

I still have rent to pay on my very small salary,” said fresh grad, Jonathan, 23.

A good mattress


“The average adult spends 7 hours sleeping a day (or should at any rate!).

That’s 2555 hours per year.

With that much time being spent on your mattress; doesn’t it make sense to have a mattress that is comfortable and provides the back support you need?

A more comfortable mattress equates a better quality sleep which in turn has a positive effect on health and productivity levels,” explained JC, 32.

 “For my job, I can’t afford the few hours of sleep I do get to be unfulfilling!”

But mattresses are admittedly expensive with branded spring mattresses selling from anywhere between RM1,000-RM5,000.

It would be hard for many to afford this.

“I know it’s too expensive for some but if you can, it’s a better investment than a new phone.” JC says.

Car repairs
A well-maintained car can mean the difference between life and death on the road, opined Amirul, 29.

“Unless you know about how cars work and can fix it yourself; don’t scrimp on mechanic fees.

Go to a registered, reputable mechanic to ensure your car is working as it should.

” This doesn’t mean buying only branded dealer parts but making sure the spare parts are new (even if they are generic) and not likely been ripped from a cut car.

Substandard parts can give way on the road put your safety at risk.

Make-up and skin care products
For the women, many spoke about not skimping on skincare and make-up products.

Wani, 25 spends a good deal of her paycheque on cosmetics but feels it is necessary.

“Both make-up and skin care products are likely to stay on your skin for hours on end.

I would like the peace of mind knowing these are safe for use for long periods.”

Beverly, 40 also pointed out: “Many people are loyal to brands and thus, you will not only be using the same product for many hours; you’ll be doing so for many years.

 It’s going to be a long relationship so choose wisely and don’t allow the price tag to be your first guide.”

But how much is enough?

Wani says, “It doesn’t have to cost hundreds of ringgit lah.

But if it is RM2-5 I would be a bit wary.

I mean, what can be inside an eyeshadow pack at that price?”

Baby related items

Parents always want the best for their children.

So it was not surprising to find baby related items high on the list for many people as part of the items they couldn’t afford to skimp on.

New mother, Liyana says she spends a good half of her salary for her baby.

“Seemingly harmless products can actually be dangerous for babies,” she said.

“Diapers, lotions, wet wipes and other hygiene items for babies must be mild and free of harmful chemicals.

Similarly, milk bottles and pacifiers should be properly sterilised after every use.

These will be regularly coming in contact with a baby’s delicate digestive system; so I prefer them made by reputable companies and free from harmful chemicals.

Milk formula also has to match the different levels of digestive sensitivity baby may have.

Many babies are allergic to milk and should instead be fed soy based formulas.

I know it’s a lot of cost but it will save you much more in the long run in medical fees for your baby.”

In a time where more and more people are trying to stretch a budget; what are the few things you won’t skimp on?

Diana Chai is editor at SaveMoney.my, an online consumer advice portal which aims to help Malaysians save money through smart (and most of the time painless) savings in their daily banking, technology, and lifestyle spending habits.

What you need to know about ATM fees

March 31, 2014

Many of us tend to take out money without realising that along with the money you're taking out, you're also losing a bit of money in the process.

 

By Michelle Brohier

Even with today’s technology where we can do a lot of our banking online, life still wouldn’t be the same without the sight of these machines dispensing much needed cash, especially in times of emergency.

From its inception, the ATM has evolved to become much more than a cash dispensary.

You can print mini-statements, paying your bills, check your accounts or even reload your phone.

But such convenience and availability comes with a price.

The problem is, many of us tend to take out money without realising that along with the money you’re taking out, you’re also losing a bit of money in the process.

While it may be a small sum, it could add up to be a significant amount. It’s also always good to know where your money is going, even if it’s just as simple as RM1.

With that in mind, check out the usual fees involved when it comes to using the ATM.

Annual charges
The cost of your ATM card would normally be RM8 yearly.

But there are banks which either charge you this way or charge you RM0.50 when and after you do your fifth or ninth transaction in the same month.

Cash Withdrawals
Locally


Withdrawing cash from the ATM teller that is the same as your bank is free.

But it’s when you withdraw money from ATM tellers from other banks, or even in a foreign country, you can expect there to be some extra charges.

A lot of ATM cards have MEPS, and as long as the ATM accepts MEPS, you can withdraw money from your account even if the ATM is from another bank. The usual prices are:

MEPS cash withdrawals at local banks (or Islamic or participating banks as stated): RM1.00 per transaction

MEPS cash withdrawals from locally incorporated foreign banks (or other banks as stated): RM4.00 per transaction

If the ATM allows it, you can do an Interbank transfer fund and depending on the bank it can cost between RM0.30 – RM1.

Overseas
When overseas, ATMs with the CIRRUS or even PLUS networks will enable you to take out money from your account no matter which country you’re in.

But the prices for how much it’ll cost to withdraw from these ATMs vary depending on the bank that you use.

Charges can be anywhere between RM8 right up to RM12. Some will also charge you RM1.00 if you’re making a balance inquiry.

Other services
Thankfully, paying your bills or even summonses are free for all ATMs that offer such a service.

As for your Touch ‘n Go, you’ll be charged RM0.50 for every reload that you make.

You can also withdraw from your Tabung Haji Account through these ATMs, but you will be charged RM1 for each transaction.

While all of this may seem like a small amount, if you find yourself using the ATM a lot, these charges can quickly pile up and even amount to the price of one meal.

So be sure you know how much your bank is charging you for using your ATM and know where your money is going.

This was brought to you by MICHELLE BROHIER from RinggitPlus.com. RinggitPlus compares credit cards, personal loans and home loans to help Malaysians get more for their money.

Energy saving light bulbs: To use or not to use

Energy saving light bulbs: To use or not to use

March 28, 2014

Incandescent and fluorescent bulbs are the most commonly used types. Check out the differences between the two.

 

By Caitlyn Ng

It is no secret that conventional energy, also known as non-renewable energy (such as fossil fuels and natural gas), is depleted by enormous usage at an alarming rate.

Mankind’s hunger for energy is slowly eating away at Earth’s reserves, where soon, it will cease to exist altogether.

What other options are there for us?

Non-conventional energy, or renewable energy, can be one way to deal with this problem.

It’s where people decide to harness the energy-creating powers that are natural (such as solar, hydro and wind) so that we will be able to continue existing with adequate power supply, without much difficulty.

For the regular Joes and Janes unable to make turbines and dynamos in the home; we can aim for slight modifications which will make all the difference in conserving energy so that it is more beneficial in the long run.

A light bulb is a simple, often overlooked factor in most homes’ total energy consumption.


In order to minimise the dependency of people on lighting up rooms with bulbs that do nothing for the environment, inefficient light bulbs are slowly being replaced with the answer to depleting natural resources: energy saving light bulbs.

Most of these are compact, just as bright and available in a wide range of shapes and sizes, making it incredibly easy to fit any workplace or household so the only difference that people will notice would be the drop in their electricity bill amount.

But what is the difference between the two?

SaveMoney.my takes a look.

Incandescent bulb vs Fluorescent bulb
Did you know that watts does not tell how bright a light will be? Instead, light is measured using a form of units called “lumens”, no matter the type of bulb, where the more lumens the brighter the light.

Hypothetically speaking, a source of light needs to give 680 lumens per watt in order for it to be 100% efficient.

There are 4 types of bulbs in the market; incandescent, halogen, compact fluorescent (CF) and LED.

For the sake of ease of comparison, we shall only be looking at incandescent and CF, the most commonly used types.

The table below shows the amount of brightness in lumens that you can expect from both incandescent and CF bulbs:

Incandescent Bulbs (watts)	Compact Fluorescent Bulbs (watts)	Lumens (Brightness)
40	8 – 12	400 – 500
60	13 – 18	650 – 900
75 – 100	18 – 22	1100 – 1750
100	23 – 30	1800+
150	30 – 55	2780

As can be seen, a CF bulb is approximately 4 times more efficient than an incandescent bulb, which is why you can buy a 15-watt CF bulb that is able to produce the same amount of light as a 60-watt incandescent bulb.

In addition, although CF bulbs are initially more expensive, you save money in the long run because they last up to 10 times as long as an incandescent bulb.

The bulb life of a 60-watt incandescent is about 1000 hours whereas a 15-watt CF is about 10,000 hours. However, there is a slight drawback whereby CF bulbs may take a few moments to reach its full brightness whilst incandescent bulbs reach its full brightness instantaneously.



Hence, CF is energy-saving whereas incandescent isn’t as it produces more heat than light and therefore, the heat is just wasted energy. An energy efficient light bulb by definition uses less energy.

For example, a normal light bulb that uses 60 watts for 1000 hours per year (about 3 hours a day) would give you 60kWh of power, which would cost about RM13.08 (based on 21.8 sen per kWh).

On the other hand, with an energy saving light bulb that is a 15 watt CFL (which lasts much longer than the normal one), it would only come up to RM3.27, saving you RM9.81.

And that’s just one bulb!

You could actually be saving far more than that per year with ease, in addition to helping the environment.

A great way to be socially responsible in anyone’s books.

To calculate your electric bills
According to the Ministry of Energy, Green Technology and Water (KeTTHA), there is a handy table available to help one calculate the amount of money owed for electricity usage bills as below (with a minimum monthly charge of RM3.00):

Domestic Tariff (kWh)	2014 Rates (sen/kWh)
For the first 200 kWh (1-200 kWh) per month	21.8
For the next 100 kWh (201-300 kWh) per month	33.4
For the next 100 kWh (301-400 kWh) per month	51.6
For the next 100 kWh (401-500 kWh) per month
For the next 100 kWh (501-600 kWh) per month
For the next 100 kWh (601-700 kWh) per month	54.6
For the next 100 kWh (701-800 kWh) per month
For the next 100 kWh (801-900 kWh) per month
For the next kWh (901 kWh onwards) per month	57.1

Caitlyn Ng is an Investigative Journalist of SaveMoney.my, an online consumer advice portal which aims to help Malaysians save money through smart (and most of the time painless) savings in their daily banking, technology, and lifestyle spending habits.

Retiring POOR or COMFORTABLY - it's your CHOICE!

Retiring POOR or COMFORTABLY - it's your CHOICE!



KUALA LUMPUR - So many of today's young adults live beyond their means.

They are decked in brand names from head to toe, and live in the absurd fear of jeapordising their reputation should they fail to do so.

They feel compelled to own the latest gadgets and drive fancy cars, even if it costs them a lifetime of loan instalments.

This is worrisome in that not only do their "live for the moment" motto blinds them from seeing the importance of retirement planning, it also sends them on a downward spiral where their finances are concerned. Many of them have been declared bankrupt from a very young age due to overspending.

SAVING FOR RETIREMENT NOT A PRIORITY
According to the Department of Insolvency, 23,397 of those declared bankrupt from 2007 to September 2013 were between 24-34 years old. Of the figure, 1,322 were 24 years old.

A study by Prof Dr Jariah Masud, a senior research fellow at the Gerontology Institute of Universiti Putra Malaysia, found today's younger generation focused on day-to-day spending without sparing a thought for future finances.

Retirement planning is put on the back burner as priorities are given towards career advancement, marital commitments, property ownership and similar undertakings.

"Today's generation is a 'consumer society' that is obsessed with lavish lifestyles. The way they value money is also different from the previous generations.

"Those from my generation see the value of money in savings, while today's youths see it in terms of purchasing power," she told Bernama.

The "AXA Retirement Scope 2010", a global retirement study by the AXA Group, found that of the 38 percent of Malaysian workers who planned for their retirement, many of them only started saving as they were nearing 40.

The study, which was conducted in 26 countries across Europe, U.S. and Asia, also found that 46 percent were only ready to save for their retirement as they approached 50 years old.

Failure to build financial reserves from an early age can make the realities of retirement age harder to handle.
The situ
ation is worse for those without a pension. Many are shocked to find how quickly they deplete their Employees Provident Fund (EPF) savings and subsequently find themselves forced to rejoin the workforce.

RELYING ON EPF
It is rather surprising how many workers falsely believe that their EPF savings is enough for retirement.

Some believe it is even enough to cover the expenses of their entire family and thus there is no need to build their financial reserves elsewhere.

The Head of EPF's Retirement Research Section Farizan Kamaluddin said studies found that of the 13 million EPF contributors in Malaysia, only 7.36 percent have an excess of RM150,000 in savings at 55, while 70.89 percent have less than RM50,000.

"Some of them cannot help it (having little savings) because it depends on their contribution. If their salary is low, their contribution is low too," she said.

The age for withdrawal of EPF savings has remained at 55 since its establishment in 1951. This is despite the government extending the retirement age to 60 and the country's life expectancy increasing to 75.

SIMPLY NOT ENOUGH
With the rising cost of living, a longer life expectancy, low salaries and early retirement at 55, many would not be able to make their EPF savings last, said Farizan.

It was found that 50 percent of retirees deplete their EPF savings in the first five years, thereafter having to work again.

"What causes their savings to be drained so quickly is their failure to plan their finances accordingly, and using the money as a means to fulfill their desires and not as a replacement for their income," she explained.

Therefore, there is a need to vary their sources for financial reserves. They also need to be prudent with their withdrawal of EPF savings before retirement, even if it for settling their housing or education loans.

"If they have other forms of savings, they should see their EPF savings as the last resort for making withdrawals," she said.

Farizan said EPF has also set a new quantum for their basic savings at RM196,800 as the minimum amount a contributor needed to have in his EPF account by age 55, effective January this year.

To prevent the fast depletion of EPF savings, EPF has also introduced a more flexible form of withdrawal upon reaching 55 years old where contributors can choose to withdraw completely, monthly, or partially.

MINIMUM WAGE
Although many government servants may feel more at ease under the pension scheme, they could also get into financial trouble if they chose to live a lavish lifestyle and don't prepare for their retirement.

The Director of the Gerontology Institute of UPM, Prof Dr Tengku Aizan Hamid said civil servants needed to be wary of the drop in income upon retirement.

"We cannot carry our present lifestyles into old age. Would you be able to alter your lifestyle when the pension you receive is considerably less than your present income?

"There have been cases where a pensioner failed to settle his credit card debts that ultimately had to be borne by the children, simply because he wanted to maintain his extravagant lifestyle," he said.

The government, in helping increase employee contribution, has implemented the minimum wage effective January this year following the increase in retirement age to 60.

The government has also set up the 1Malaysia Pension Scheme for the self-employed with no fixed income to voluntary contribute in the EPF. It has also encouraged youths to make long-term investments via the Private Retirement Scheme.

It is easier to make money while we are young and our health is at its peak. To rely on our health at an old age can be quite a gamble, so planning wisely and early for our retirement years can help ensure we are comfortable in our old age.
 -BERNAMA


 

Facebook to use satellites, drones to spread the Internet

Facebook to use satellites, drones to spread the Internet


Facebook is harnessing satellite, drone and other technology as a part of an ambitious and costly effort to beam Internet connectivity to people in underdeveloped parts of the world

SAN FRANCISCO (REUTERS) - Facebook is harnessing satellite, drone and other technology as a part of an ambitious and costly effort to beam Internet connectivity to people in underdeveloped parts of the world.

The world's No. 1 social network said on Thursday it has hired aerospace and communications experts from NASA's Jet Propulsion Lab and its Ames Research Centre for the new "Connectivity Lab" project.

"Today, we're sharing some details of the work Facebook's Connectivity Lab is doing to build drones, satellites and lasers to deliver the Internet to everyone," Facebook chief executive Mark Zuckerberg said in a post on Facebook.

He gave few specifics and did not specify a time frame.