Nominating Beneficiaries for Your EPF Account

EPF or Employees Provident Fund (also known as the KWSP) is the Malaysian government agency that is tasked to manage the compulsory saving and retirement plan for Malaysian workers who are not entitled for pension scheme. More than 10 million Malaysians are now registered members of the EPF, with the EPF savings now stand at a massive RM407 billion.

The money in the EPF account is contributed by both the employee (taken from the monthly salary’s cut) and employer. The current contribution rate is 11% from employee and 12% from employer. For example, if a finance officer is paid RM2,000 monthly salary, his total monthly EPF contribution will be 11%xRM2k + 12%xRM2k = RM460. As the salary increases, so will the amount in your EPF account statement.

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Bagaimana Memulakan Bisnes Penternakan Kambing

Note: This is a translated version of original article: How to Resign Your Job and Start a Goat Breeding Business

2 tahun yang lalu, Azhan, seorang jurutera yang mendapat pendidikan di Jerman telah mengambil keputusan yang berani meninggalkan bidang kerjaya yang berstatus tinggi untuk memulakan penternakan kambing secara kecil-kecilan bersama beberapa ahli keluarganya.

Hari ini, perniagaan tersebut tidak menunjukkan sebarang tanda kemerosotan, malah sedang mengalami perkembangan yang memberangsangkan dan dijangka akan terus menempa kejayaan. Dari jumlah yang kecil sebanyak 30 ekor, bilangan kambing di Sinar Utara Agrofarm (SUA) telah meningkat secara progresif dan telah melangkau angka ke-100. Namun demikian, bilangan terkini itu tidak termasuk dengan ternakan yang telah dijual untuk pelbagai tujuan seperti baka, kambing golek, aqiqah dll serta sebilangan kecil yang telah mati.

Diversifikasi Bisnes.

Walaupun penternakan kambing kekal sebagai teras perniagaan, kepelbagaian atau diversifikasi perniagaan yang berasaskan pertanian telah diterokai secara berterusan. Pembelian Kambing Shami (baka tenusu dari Cyprus) terbukti menjadi “tongkat ajaib” yang membolehkan SUA meneroka aktiviti hiliran dalam penternakan seperti penghasilan susu kambing dan juga sabun susu kambing. Langkah tersebut juga membolehkan SUA menempatkan dirinya sebagai “pemain utama” dalam pembekalan susu kambing. Pada masa kini, permintaan hasil tenusu (susu lembu serta kambing) adalah amat tinggi tetapi penternak tempatan hanya mampu memenuhi sebanyak 5% dari permintaan keseluruhan.

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Tenaga Nasional Berhad (TNB) Moves Up Forbes Ranking

The country’s largest electric utility company, TNB (Tenaga Nasional Berhad) appear to have moved up in the latest Forbes 2000 ranking.

As of today, it is ranked in 550th place, jumping more than 150 places compared to its previous ranking of 709th.

Its rise to the present ranking is mainly attributed to the upswing in the domestic economy, as well as a concerted effort by the management to break into the top 500.

However, it is predicted that the company will find it extremely difficult to maintain the latest ranking due to the increase of coal prices, more expensive alternative fuels, and insufficient gas supply.

More than 20 Malaysian companies are listed in Forbes Global 2000, led by oil giant Petronas. TNB is third with a total sales of US9.6 billion, assets amounting to US$23.6 billion and market value of US$11.1 billion.

Published by the Forbes magazine, the Forbes 2000 is an annual ranking of the largest publicly traded companies that use 4 different sets of metrics, namely sales, profits, assets and market value. The list has been produced yearly since 2003.

Reduced Tax Rate for Malaysians Living Abroad

In an attempt to woo Malaysians living abroad to return serving the country, the government will impose a 15% income tax rate for a period of five years.

The Prime Minister, Datuk Seri Najib Tun Razak announced the scheme, which forms part of the Returning Experts Programme, in the hope that the expertise of the Malaysian professionals overseas can be brought back home.

It is believed that the number of Malaysians living abroad, spanning across many regions and countries, is in excess of 700,000. Out of the over 700,000, more than 300,000 are in Singapore, followed by Australia with about 80,000. Other popular destinations for Malaysian expats include Brunei, United Kingdom, USA, Philippines, Indonesia, India and Germany.

Bringing Malaysian expertise home from abroad has been a challenging endeavour for the government, and the predicament certainly gets the country leadership scratching their heads. There appears to be a significant degree of reluctance for Malaysians living overseas to return home, which is contributed by a number of factors.

Some of the concerns of those thinking to go back to Malaysia include the escalating cost of living, low buying power, high crime rate, questionable institutional systems, as well as incessant and never-ending political saga.

This income tax reduction is not the first incentive offered by the government, nor will be the last.

Since 2001, the Malaysian government has been stepping up the effort to lure Malaysians abroad back into the country. Some of the earlier incentives include a 2-year tax exemption, duty-free vehicle shipment (up to two vehicles), and PR status within 6 months for non-Malaysian spouse.

As of late 2010, it is reported that the number of them returning was less than 1% – a disappointing figure.