Adakah Majikan Memerlukan Program Kesihatan Kewangan Untuk Hadapi Gelombang Covid-19 ?

Oleh Juliyana Mohd Yatim, Wealth Vantage Advisory Business Development Manager.

Sila hubungi 018-2487717 atau emel juliyana@wealthvantage.com.my untuk pendaftaran Program Kesihatan Kewangan

Tiada sesiapa menyangka kedatangan badai gelombong Covid-19, apalagi bila gelombong kedua datang menyerang dengan lebih tragis menyebabkan seluruh dunia havoc, kecoh dan panik. Lebih memeritkan lagi sebelum kedatangan wabak Covid-19 sebilangan besar pekerja yang sudah pun berada dalam situasi kesulitan kewangan. Dan lebih parah lagi, ketika Perintah Kawalan Pergerakan (PKP) atau RMO (Restricted Movement Control) dikuatkuasakan, perbelanjaan meningkatkan demi mendapatkan rawatan doktor, atau terpaksa tidak bekerja atau diarahkan ‘self quarantine’ di rumah dan bermacam lagi kesukaran yang dihadapi, kesemua ini akan menjejaskan keadaan fizikal mental malah akan menjejaskan kedudukan kewangan seseorang.

Dari satu kajian mendapati 54% pekerja mengatakan mereka tidak bersedia dari segi kewangan jika diperintahkan kuarantin atau jika tempat mereka bekerja ditutup menyebabkan mereka tidak dapat bekerja. Ini belum lagi menyentuh isu golongan yang sudah mendekati usia persaraan dan terpaksa mengeluarkan simpanan persaraan jika keadaan semakin meruncing.

Dari data statistik didapati, tahap kewangan kebanyakan rakyat Malaysia amat rapuh. Ramai yang jika hanya bergantung pada gaji bulanan tidak akan dapat mampu menampung barang-barang keperluan asas tanpa perlu mengusik wang simpanan. Ini disebabkan kesukaran mereka untuk menyimpan dalam menghadapi waktu kecemasan. (Kajiselidik AKPK juga menunjukkan, 53% yang berpendapatan rendah kurang RM2000 tidak mampu menanggung belanja kecemasan walaupun hanya RM1000).

Penasihat Kewangan sering menekankan orang ramai agar membuat ‘Simpanan Kecemasan’ sekurang-kurangnya 6 bulan gaji disimpan untuk tujuan ini. Namun, nasihat ini tidak akan dapat dicapai jika tidak bekerja atau sebahagian besar pendapatan dibelanjakan untuk pembayaran bil dan perbelanjaan harian merujuk data statistik Strategi Literasi Kewangan Kebangsaan 2019-2023

Namun, nasihat ini akan berguna jika diberikan pendedahan awal kepada pekerja sebelum keadaan ‘kecemasan’ itu timbul atau setelah keadaan ekonomi seluruhnya semakin membaik? Tetapi bagaimana ‘kesihatan kewangan’ atau kedudukan kewangan pekerja selepas itu pula?

Bank Negara Malaysia (BNM) telah mengumumkan automatik ‘Moratorium’ (penangguhan bayaran pinjaman) selama 6 bulan ke atas pinjaman individu mahupun syarikat. Dan bermacam kelonggaran diberikan untuk dimanfaatkan sebaiknya dengan melihat semula impak ke atas kad kredit, pinjaman rumah, pinjaman pendidikan dan sebagainya.

Dengan kesemua pilihan perlepasan dan kemudahan yang telah diumumkan. Apakah pilihan terbaik yang perlu diambil oleh pekerja berdasarkan objektif kewangan peribadi masing-masing dan juga tahap risiko yang sanggup dihadapi oleh mereka? Adakah pekerja dapat memahami keadaan ‘kesihatan kewangan’ mereka dan menilai strategi kewangan yang bersesuaian dengan keadaan mereka pada waktu ini?

Tidak dinafikan semakin banyak Majikan prihatin melihat betapa pentingnya kesihatan mental dan fizikal pekerja. Satu kajian oleh MassMutual Kajiselidik Perkembangan Kesihatan Kewangan menunjukkan 42% pekerja di saat ini telah diberikan Financial Wellness Programs (Program Kesihatan Kewangan). Manakala 19% Majikan dalam proses melaksanakannya dan 19% tersebut merancangkan untuk memperkenalkan program tersebut dalam jangka masa 3 tahun akan datang.

Dalam kajian tersebut juga mendapati motivasi utama adalah menawarkan Program Kesihatan Kewangan, dimana 90% Majikan menyatakan mereka “amat prihatin terhadap para pekerja” menurut kajian itu. Dan 8 dari 10 Majikan juga akui dengan memberi sokongan kepada pekerja yang hanya melibatkan kos minimal, disamping menawarkan sesuatu yang hebat kepada pekerja sekaligus meraih kelebihan untuk dijadikan Majikan pilihan juga faktor penyumbang untuk perlaksanaan program, menurut sumber kajian tersebut.

Walau pada ketika ini, kita semua masih mengharungi badai gelombang Covid-19. Adakah setelah wabak ini pulih dan melepasi tempohnya, ia akan dikenang dengan nama gejala yang PALING mengerikan di abad ini kerana menjatuhkan dunia? Selepas gejala ini berakhir, Majikan pula akan mendapati hampir keseluruhan para pekerjanya terjerat dengan kekangan kewangan yang lebih membimbangkan dengan tahap tekanan stres pekerja di tahap lebih teruk?

Adakah dunia akan diserang dengan virus lebih canggih yang mengancam dunia di masa hadapan? Jika virus Corona boleh terjadi mutasi berkemungkinan dalam tempoh 3 tahun lagi dunia akan dikejutkan dengan penemuan virus yang lebih berbahaya? Dan apa yang kita perlu persiapkan?

Dengan demikian, tiba masanya untuk para Majikan mempertimbangkan apakah langkah yang telah diambil setakat ini dalam melaksanakan program ‘Kesihatan Kewangan’ sebagai langkah berjaga-jaga - jika sudah sedia ada, adakah ianya mencukupi untuk para pekerja?

Tanpa mengira pendapatan, langkah persediaan ini amat penting sekali dan diperlukan untuk semua pekerja kerana ‘Literasi Kewangan’ adalah untuk semua peringkat memperhatikan mereka samada berpendapatan besar atau kecil.

Uniknya program ‘Kesihatan Kewangan’ kami dalam keberkesanan memberikan pendekatan lebih holistik merangkumi:

• Kaedah mudah untuk mengurus kewangan

• Matlamat kewangan yang jelas

• Isi kandungan yang menarik

• Sesi program dalam skala bersesuaian

• Cadangan produk berdasarkan “kepentingan pelanggan”

• ‘Budgeting Tool’ di sesi Nadi Kewangan yang efektif berkesan

• ‘Financial Tools’ dari hub kewangan mypf.my untuk panduan kewangan

• Akses penuh untuk khidmat Penasihat Kewangan bertauliah

Jika masih belum lagi menawarkan program ‘Kesihatan Kewangan’ kepada pekerja, adalah langkah yang bijak membuat peruntukan untuk program ini ke dalam Perancangan Latihan dan Pembangunan pekerja. Para peserta akan diberikan pendedahan yang dapat merangkumi Pengurusan Tunai, Pengurusan Hutang, Perancangan Pelaburan dan Perancangan Persaraan termasuk Insuran/Takaful dan Wasiat menyangkut keperluan Perancangan Kewangan.

Berdasarkan kajian AKPK secara online AKPK Online Polling Survey mendapati 80% pekerja dilaporkan akui tekanan kewangan dalam hutang akan menjejaskan prestasi kerja mereka. Dengan melaburkan ke atas program Kesihatan Kewangan untuk para pekerja akan memberi manfaat dan kebaikan kepada pihak Majikan dalam jangka panjang.

 Tawaran istimewa – 50 Syarikat terawal yang mendaftar untuk perlaksanaan Program Kesihatan Kewangan akan diberikan sesi khas “Nadi Kewangan” (one-to-one) secara percuma bersama Penasihat Kewangan Professional dan bertauliah.
 

WEALTH VANTAGE ADVISORY merupakan Syarikat Penasihat Kewangan Yang Berlesen dari Bank Negara, Suruhanjaya Sekuriti dan FiMM menyediakan khidmat nasihat kewangan holistik yang menyeluruh meliputi Pengurusan Tunai, Pengurusan Hutang, Perancangan Pelaburan, Perancangan Persaraan termasuk Wasiat dan Perlindungan. Disamping menjalankan Latihan Korporat untuk Syarikat, Institusi dan Organisasi.

5 Tips to Keep Your Children Focused During Remote Learning

By Nurul Khairiah Mohamed Yusof

How to keep your children focused and attentive during remote learning? Read to find out!

With Covid-19 causing widespread school closures due to Movement Control Order (MCO) by the Malaysian government, children across the country are given temporary resources, especially via online platforms, to study outside of the classroom.

Popular choices by educators for remote education range from online classroom tools such as Google Classroom, video conferencing software like Zoom (Google Play, App Store), to WhatsApp (Google Play Store, App Store) texting app.

Parents are still adjusting to this new learning environment that their childrens’ teachers are delving into and during this time, it’s important to help kids stay focused on learning and avoid distractions from social media and games.

According to Dr. Pamela Hurst-Della Pietra, president of Children and Screens: Institute of Digital Media and Child Development, this is a stressful, unpredictable time for everyone, including parents, children, and families.

With that in mind, we have put together tips for families as they adjust to the new reality of learning at home.

#1. Make an area for learning

Kids do well in a comfortable, quiet, and dedicated space for learning. Ideally, this will be a different set-up than where they normally play games or watch television.

• Designate a space that is far from their playroom and bedroom with enough natural light. Inform other children not to bother them while they are working on their schoolwork. 

•  Prepare a timetable as well as a big clock. Encourage your children to use both clock and timetable so they will have a structured routine in place, even at home.

#2. Prepare Digitally for Remote Learning

During school hours, keep away devices like cellphone and tablet that your children normally use for social media and games.

• Instead, give your kids a dedicated device such as a laptop for maximun online learning.

• For off-school hours, consider to equipping their other devices with child-monitoring software like Norton Family, Net Nanny, and Mobicip that can help to limit their onscreen time.

• They can still connect with others especially their friends even though remotely by using certain messaging features with supervision. This is important because it is necessary for them to have constant social interaction and can avoid self-isolation. 

• Remind them, even though staying home from school might feel like a holiday, they’re not on vacation. Assignments, grades, requirements, and tests like school’s exams, Form Three Assessment (PT3) or Sijil Pelajaran Malaysia (SPM) aren’t going away (just rescheduled) following the extension of MCO period.

#3. Re-create School Environment

“You can help your children by providing them with a structure and routine as well as being a positive force in their education” – Dr. Pamela Hurst-Della Pietra, president of Children and Screens: Institute of Digital Media and Child Development

Parents should prepare kids beforehand as this is a new environment for them. Expect some objections and also external distraction e.g; television, siblings’ antics,unstable internet connection, etc.

• As mentioned earlier, construct a good timetable that follow the school’s routine starting with classes, toilet breaks, or recess. If you find that your child is not engaging with the lessons, don’t be afraid to contact the teachers to understand their lesson plan, for example perhaps teacher teaches for 20 minutes and 10 minutes allocated for students to do their work in books.

• As much as possible, parents should encourage print and book reading. If available, request textbooks from your child’s school along with other print materials in order to offset the amount of online learning they will be doing.

#4. After-School Hours

After school hours should be allocated in their timetable you create for them. This will give guidance to your child on what type of activities they will do despite staying at home without access to extracurricular activities.

• They can access to digital devices but with limited screen time and under supervision. Due to MCO, it is impossible to have a face to face interaction, so this will be a good way to interact with friends and family members and make a room for emotional growth.

One study shows that screen time can have both positive and negative impact on kids. 

• Aside from time with digital devices, your child should have offline time. Encourage them to read books, painting, playing music instrument or simply by resting or taking a nap.

You can also plan off-screen activities for the whole family. Between school and work obligations, it’s rare for parents and children to have this much time together, so turn it into an opportunity for bonding.

• Write predictions for a TV show that the whole family watches. Organize a tournament, family card games, board games, or chess.

• Stimulate self-expression by having discussions with your children about what they are doing, and also encourage creative writing and imaginative storytelling.

#5. Troubleshooting

• If you find your child is having trouble engaging during the lesson, check the ergonomics and watch out for any orthopedic issues that may arise related to comfort and posture because they will be in this space for many hours each day.

• Check if any technical problems such as bad audio, a poor connection or an unhelpful camera angle that arises during the online session. Contact the teacher and discuss what you can help to fix the issue.

• Sit your children down for a face-to-face conversations about what they feel about this new environment and are they adapting well to the routines? Some children might feel overwhelmed and demotivated to study in their home, so it is important to help them feel at ease and comfortable.

Remember that you are not alone on this journey. Check-in with other parents to see what they’ve found effective or to ask if they need help. Share your concerns and useful hints. If you need contact information for other parents or resources, reach out to your child’s teachers. It is important that we all work together as a community for the good of our children and families.

Conclusion

Without a doubt, this is a challenging time for parents, teachers, and children alike. 

As long as you have the right tools and resources to keep your children occupied as well as maintaining their education process, they can benefit even though in these difficult times.

What other tips to do you have for remote learning? Share with us in the comments section below.

Personal Income Tax E-Filing For First Timers in Malaysia

By Kian Ng

6 commonly asked questions with regards to personal income tax e-filing for first-time tax-payers.

Q1. What Is Defined As “Income”?

You must pay income tax on all types of income, including income from your business or profession, employment, dividends, interest, discounts, rent, royalties, premiums, pensions, annuities, and others.

For salaried employees, this not only includes your monthly salary, but also things like bonuses, overtime, commissions, and all other taxable income that you received in that particular year.

Q2. Who Needs To Pay Income Tax?

Any individual earning more than RM34,000 per annum (or roughly RM2,833.33 per month) after EPF deductions has to register a tax file.

You don’t have to pay taxes in Malaysia if you have been employed in the country for less than 60 days or for income that is earned from outside Malaysia.

It is advisable for those who earn lesser than the amount stated earlier to also file in their tax to keep a good record of their credit history.

Understanding Tax Rates And Chargeable Income

Here are the income tax rates for personal income tax in Malaysia for YA 2019 (i.e. Year of Assessment 2019).

Example Scenario

Your annual taxable income is RM48,000. Based on this amount, the income tax to pay the government is RM1,640 (at a rate of 8%). However, if you claimed RM13,500 in tax deductions and tax reliefs, your chargeable income would reduce to RM34,500. This would enable you to drop down your tax bracket to 3% instead. Which means, you only require to pay RM585. That’s a difference of RM1,055 in taxes!

Please note that chargeable income is your taxable income AFTER deducting any tax deductions and tax relief. It’s very important you know how it works because as you can see, the tax rate you are charged with increases as your chargeable income does. The more you reduce your chargeable income through tax reliefs, the lesser your final tax amount will be!

Q3. When Do I Need To File (Submit) Online for My Income Tax Form?

• For the BE form (resident individuals who do not carry on business) the deadline is usually mid-May for e-Filing.

  • This year, that should 15 May May 2020 via e-Filing.

• For the B form (resident individuals who carry on business) the deadline is usually the end of mid-July for e-Filing.

  • This year, that should be 15 July for e-Filing.

• Important note: The Inland Revenue Board (IRB) in a statement in Mar 2020 announced that deadline to submit income tax return forms has been extended for 2 months due to the Movement Control Order (MCO) which is starting from March 18 until March 31. You can file your taxes online via ezHASiL on the LHDN website.

Q4. How Do I File My Income Tax – Is There A Form To Fill

Step 1. Register as a first-time taxpayer on LHDN e-Daftar

Before you can file your taxes online, you need to be able to log into ezHaSiL. To do so, you need to do the following.

1. Register on e-Daftar to get your income tax number.

2. Get your PIN number from the nearest LHDN branch to log in to ezHASiL for the first time.

Step 2. Log in to ezHASiL and access e-Filing

Once you have successfully logged into ezHASiL, click on e-filing.

Step 2. Select Your Income Tax Return Form (ITRF)

Here are the different types of ITRFs depending on which category you fall under as shown below. Select the appropriate one relevant to you. For example, if you are employed, you would select e-BE.

Once you are able to access to the right e-form, go right down to the bottom and start filling in all figures required. You can choose to view your form in either English or Bahasa Melayu. The images cropped below are breakdown of what a BE form for residents earning income without a business will look like.

Step 3. Filling Up Your Form – Individual Particulars

In this section, check to see that your personal details are displayed correctly on the form. Here are a few things to take note:

• Type of assessment – whether you are doing filing together or separately with your spouse, and so on.

• Incentive under section 127 refers to the Income Tax Act 1976. It is only applicable to those who have incentives claimable as per government gazette or with a minister’s approval letter.

• A TAC via SMS which is needed to sign and submit your e-form will be sent to your handphone number registered to LHDN, so ensure it is correct.

• Tax refund, if applicable, will be routed to bank account number provided.

• Disposal of asset under the Real Property Gains Tax Act 1976 – relevant if you have sold any property last year.

Step 4. Filling Up Your Form – State Your Income

Under statutory income, fill out all the money you earned from employment, rents, and other sources in the respective boxes. This is what your EA form (provided by your employer) states with your annual income earned from your employer. However, there are several reasons why you shouldn’t accept the annual income stated on your EA form as the final figure for your statutory income from employment such as benefits-in-kind such as cars, accommodation, and etc.

Once you have keyed in all your statutory income, the form will automatically total it up to show your aggregate income.

Step 5. Filling Up Your Form – Tax Reliefs and Rebates

The next step will be to move on to any tax deductions you may be eligible for so you can lessen your aggregate income.

At the bottom of this section, you need to key in the total monthly tax deductions (MTD) paid during your year of assessment. MTD or Potongan Cukai Bulan (PCB) is the compulsory mechanism where employers deduct monthly tax payments from a taxable employee’s salary. You can find this amount on your EA form (provided by your employer).

The full list of tax reliefs you can claim for is on the LHDN website.

Once all your tax reliefs have been claimed, your chargeable income determined, for all Muslim tax payers, you can claim for any tax rebates for. Zakat and fitrah can be claimed as a tax rebate for the actual amount expended up until the total tax amount.

For example, if your employment income is RM50,000 a year and you have claimed RM15,000 in tax reliefs. This would bring your chargeable income down to RM35,000 and the amount of tax you have to pay is RM600. If you have contributed RM400 in the last year on zakat, you can minus that amount from the RM600 and end up with a final tax amount of RM200 to pay.

Step 6. Filling Up Your Form – Summary

On this page, you should see the final tax amount displayed. You will have either one of two scenarios, either the figure displayed is positive or negative.

Don’t worry if your tax amount is in the negative, this is due to amount paid through MTD – which means you will get a tax refund from LHDN.

This page allows you to cross check on all figures keyed in by going go through the form again and amend it, if any. Once you are certain your form, click “Continue”.

On the declaration page, request a TAC via SMS from the number you have registered with LHDN and key it in. Next, click the sign and submit button, enter your identification number and password in the pop-up, and press the sign button. Now, you’re done with filing your income taxes for the year of assessment!

REMINDER: Before you exit the website, make sure to save and print the acknowledgement and e-BE form for record-keeping purposes. All income taxpayers shall keep their records for at least 7 years just in case LHDN randomly selects any taxpayers to justify their income tax payment for previous years.

Q5. Can I Amend My Submitted Tax Form?

Once you’ve submitted your form, you cannot make any further changes to it online via e-Filing. If you wish to make any amendments to your income tax declaration, you need to submit an appeal for amendments on or before 30 April 2020.

Q6. After Submitting, How Do I Pay Your Income Tax?

Now that you’ve filed your taxes and determined your final tax amount, you’ll find yourself in either one of two scenarios;

• You may find that your final tax amount while filing is lesser compared to what was has been deducted due to tax reliefs. Thus, you will be eligible for a tax refund from LHDN, credited to the bank account you’ve provided (in Step 3) within 30 working days after tax submission.

• However, if you still owe LHDN some unpaid taxes, you’ll have to pay them before the due date which is 30 April 2020. The list of how to make payment is available on LHDN website.

Important Reminder

If you pay your taxes late, a penalty of 10% will be imposed on the balance of tax unpaid after the deadline of 30 Jun 2020. If the tax and penalty is not paid within 60 days, a further penalty of 5% will be imposed on the amount owed.

Do you have any inquiries or tips about tax filing? Share with us in the comment section below.