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Chong Kong Hui - The Financial Planner
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Wages that subject to EPF Deductions

Generally, all wages paid to your staff / employee / workers are subject to EPF deductions. The payments by the employers subject to deductions are:

Wages
Wages in lieu of notice of termination of employment
Payment for unutilised leaves (including annual & medical leave)
Bonuses
Allowances
Commission
Incentive
Arrears of wages
Wages for maternity leave
Wages for study leave
Wages for half pay leave
Arrears for wages arising from salary revision
Other payments under services contracts or otherwise.

Payments that are not subect to EPF deductions are as follows:

Service charges
Overtime payment
Gratuity
Retirement benefits
Retrenchment, temporary and lay-off
Any travelling allowances or the value of any travelling concession
Director’s fees
Any other remuneration or payment as may be exempted by the Minister
The above list is not exhaustive. If in doubt, please contact any nearest KWSP offices.
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Hi,
I'm writing to inquire about your financial writing skills. Are you currently full time hired? I am actually looking for a finance writer to hire. If you're interested, please let me know. My email is at eileensiow@gmail.com
Thanks
Regards,
Eileen Siow
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人在65岁后, 会有下列的结果:

1% 富有
7% 财务独立
16% 需要继续工作
28%已经归天
38% 需要依靠他人(经济上)

如何确保我们是在1% 和7%?

答案: 在年轻时开始存"认真金钱".
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Insurance Act 1963 MALAYSIA

Section 166
Trustee of policy moneys


(1) A nomination by a policy owner, other than a Muslim policy owner, shall create a trust in favour of the nominee of the policy moneys payable upon the death of the policy owner, if—
(a) the nominee is his spouse or child; or
(b) where there is no spouse or child living at the time of nomination, the nominee is his parent.

(2) Notwithstanding any written law to the contrary, a payment under subsection (1) shall not form part of the estate of the deceased policy owner or be subject to his debts.

(3) The policy owner, by the policy, or by a notice, in writing to the licensed insurer, may appoint trustees of the policy moneys and where there is no trustee—
(a) the nominee who is competent to contract; or
(b) where the nominee is incompetent to contract, the parent of the incompetent nominee and where there is no surviving parent, the Public Trustee,
shall be the trustee of the policy moneys and the receipt of a trustee shall be a discharge to the licensed insurer for all liability in respect of the policy moneys paid to the trustee.

(4) A policy owner shall not deal with a policy to which subsection (1) applies by revoking a nomination under the policy, by varying or surrendering the policy, or by assigning or pledging the policy as security, without the written consent of the trustee.

(5) Nothing in this section shall prejudice a creditor of a policy owner from applying to the court for a declaration that this section, wholly or partly, is inapplicable to any particular policy on the ground that the premiums under that policy were paid to defraud the creditor.
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Child education policy
Under the guidelines provided by the Inland Revenue Board (Circular No. 4/98), various criteria must be met by an education insurance to enjoy tax deduction, which are:
1) The beneficiary of the insurance must be the child, while the life assured can either be the parent or the child.
2) In the case the parent is the life assured, the nominee must be the child.
3) If the life assured is the child, the following conditions must be fulfilled:
a. A payer benefit rider on the payer’s life with the same duration as the basic insurance must be attached. In the event the payer (parent) passed away and/or is totally and permanently disabled, all future premiums will be waived.
b. The premium of payer benefit rider, whether is in addition to the basic premium or is bundled with the basic insurance, which is a single premium, will qualify for tax deduction.
c. If the payer of the education insurance does not qualify for the payer benefit rider, which means no payer benefit rider can be attached to the basic insurance, the premium paid for the basic insurance is NOT entitled to claim for a deduction.
4) For a takaful education insurance, the matured amount must be made a ‘hibah’ or gift to the child by the participant (parent).
5) For both conventional and takaful education insurance, the matured amount must be scheduled to take place when the child is between 13 and 25 years of age.

Hospitalization & Surgical (H&S) insurance
The insurance coverage should be for a period of 12 months or more.
The H&S insurance can be a rider or a stand-alone policy. If it is a rider, only the rider’s premium is eligible for deduction.
If critical illnesses rider is attached to a basic insurance, the total amount of the rider’s premium is deductible.
In situation where critical illnesses rider is attached to a term insurance or personal accident insurance, only 60% of the total premium is qualified for tax deduction.

Premium for waiver benefit rider and travel medical expenses insurance are NOT tax deductible.
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Premium for personal accident insurance is not tax deductible.
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ENG (8826)
ENG TEKNOLOGI HOLDINGS BHD

From OSK 20.3.2012

Upgrade to BUY.We see Engtek's share price tracking closer to the offerprice of RM2.00/share. We advise thosewho own shares in the company to accept the new offer price as its valuation is stillattractive, or dispose of the shares should the market price get close to RM2.00/share. Hence, we are pegging our fair value at RM2.00, premisedon 1.2x FY12 P/NTA. Given the 13% upside to its last closing of RM1.77, we areupgrading our call from SELL to BUY. Note that our previous cautious stance wasin view of the potential of the entire exercise collapsing. With the latest revised offer, we are of the view that theprivatization initiative may just materialize
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Have them in circles
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王羽说: 年轻时赚的到的钱未必是真赚, 年老时能存下来的钱, 才是真正属于自己的. 

你同意吗?

(王羽是李小龙和成龙成名前的武打明星, 很有钱, 但是老年凄凉)
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Insurance Act 1963

Payment of policy moneys where there is no nomination.

169. (1) Where a policy owner of a policy dies without having made a nomination, subject to section 168, the licensed insurer shall pay the policy moneys of the deceased policy owner to the applicant who produces the Grant of Probate or Letters of Administration or Distribution Order.
(2) Subject to subsection (1), the licensed insurer may pay to the policy owner’s spouse, child or parent in that order of priority and where there are more than one spouse, child or parent, in equal shares to each person of that class and where there is no spouse, child or parent and—
(a) where the policy moneys do not exceed a hundred thousand ringgit or such greater amount as may be prescribed, the licensed insurer may pay all that policy moneys without requiring the Grant of Probate or Letters of Administration or Distribution Order—
(i) to a person who satisfies the licensed insurer to be entitled and likely to be given the Grant of Probate or Letters of Administration or Distribution Order; or
(ii) to a person who satisfies the licensed insurer to be beneficially entitled to the estate of the deceased policy owner; or
(b) where the policy moneys are more than a hundred thousand ringgit, or such greater amount as may be prescribed, the licensed insurer may pay to the person referred to in subparagraph (a)(i) or (ii) the amount referred to in that paragraph and subject to subsection (6), pay to that person the balance of the policy moneys upon production of the Grant of Probate or Letters of Administration or Distribution Order.
(3) In this section, a reference to policy moneys is a reference to the aggregate amount of policy moneys in respect of all policies of the policy owner with that licensed insurer where there is no nomination.
(4) The Grant of Probate or Letters of Administration or Distribution Order granted or having effect as if granted, in respect of the personal estate comprising the policy moneys, by a Court in Malaysia or a competent authority outside Malaysia, or its certified copy shall be sufficient proof to the licensed insurer to pay the policy moneys to the person to whom the grant was made.
Act 97. (5) The licensed insurer may accept the Grant of Probate or Letters of Administration or Distribution Order or any other document having the same effect, granted by a Court in Malaysia or a competent authority outside Malaysia, as sufficient proof to pay the policy moneys of the deceased policy owner to the person to whom the grant was made, provided that the same have been duly registered with the Court in Malaysia and sealed in accordance with the Probate and Administration Act 1959.
(6) Where, upon the expiry of twelve months after a payment under paragraph (2)(b) has been made by a licensed insurer, and a balance of the policy moneys still remains payable and no claim has been made by a person who holds a Grant of Probate or Letters of Administration or Distribution Order, the licensed insurer shall pay the balance of the policy moneys to the person who received the initial payment of the policy moneys.
(7) Policy moneys paid under this section shall be deemed to have been duly paid and the licensed insurer shall be discharged from liability in respect of the policy moneys so paid notwithstanding the absence or invalidity of, or any defect in the Grant of Probate or Letters of Administration or Distribution Order or any other document having the same effect.
(8) A person to whom a payment may be made under this section shall give a receipt which shall be deemed to be a valid receipt.
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为孩子买保险10大理由

1. 保费便宜

绝大多数人寿保险,年龄越小,交费越低。例如投保健康险,一个30岁的成年男性所交保费是一岁男童所交保费的二至三倍。

2. 承保机会大

小孩在出生或者年幼身体健康时,一般不会被保险公司拒保或加费承保。

但随着年龄增长,生病的概率加大,有些疾病会影响未来,严重者便会被拒保。所以,越早投保承保的机会越大。

3. 风险转移

保障家庭生活安定,14岁以下人口中,0至4岁的儿童发病率高,死亡率高。疾病、意外伤害、传染病等威胁着孩子的健康成长,投保少儿保险,能避免家庭因此陷入经济困境。

4. 积累教育金或创业基金

依据子女上小学、中学、大学等不同阶段,提供保险给付或大学教育金,创业基金等。

5. 保险给付可扣税

按我国所得税法规定,保险给付的各种款项,可以按照一定比例扣缴所得税。

6. 投资理财的一种方式

人寿保险除了传统的保障功能以外,还具有较高利率、免税,甚至分红等功能。

7. 训练子女责任感

培养小孩良好的价值观,长大后协助分担保险费,培养责任感。

8. 减少子女将来的负担

随着老龄化社会日趋严重,子女赡养老人的担子越来越重。当子女成年时,保险费接近或已经交满,不须再缴纳保险费,即可拥有终身保障。

9. 转移财产给子女

用给子女买保险的方式,将财产转移到子女名下,特别是我国一旦开征遗产税,保险是最好的保全家庭财产并合法避税的方式。

10. 关爱生命

体现爱心保险是少儿成长期间的保护伞,父母抚养子女期间的备用胎。
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存钱辛苦吗?

以后要伸手跟孩子拿钱, 那才真的是痛苦呢.
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Have them in circles
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+60186279988
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Introduction
Chartered Accountant by profession by prefer to be in financial service industry providing personal finance, mortgage, business financing and insurance-based financial planning.