Another new month and we are now in the 2nd half of 2018
Did you know that there are 5 New Policies Introduced This July
Since the introduction of the new government, there has been numerous of good news (maybe policies are from previous government) but here are the 5 new policies that will be effective that you should know this July.
1. No More Interbank Transfer Fee
Starting July 2018, there would no longer be any interbank transfer fees anymore. You don’t have to pay that extra 0.50 sen to use the interbank transfer anymore. Well good news is that Bank Negara Malaysia (BNM) has finally heard our grumbles and decided to waive on these extra fee. This is applicable to all individual or SME transfer within RM5,000 to encourage lesser usage of cheque and encourage more electronic payment
2. No More Minimum Deposit for EPF
From 1st July 2018 onwards, our EPF (KWSP) is abolishing the minimum RM50 deposit limit. Previously, all member would need to deposit minimum of RM50 to EPF but with this new policy, yhis means that EPF now allows flexible voluntary contribution. What this will do is that this will allow members to contribute any amount at any time. However the accumulated maximum amount to be contributed into each account remains capped at RM60,000 per annum.
3. PTPTN implements cashless transfer
Another new policy starting 1st July is that the PTPTN counter is no longer accepting cash payment anymore. The PTPTN transaction going cashless include PTPTN loan and National Saving Scheme (SSPN) deposits. You can pay the payment through online channel such as JomPay, online banking or even direct debit from your account.
4. SOCSO for working spouse
If you’re a spouse that is helping out the partner business, then you will need to be given Socso protection from 1st July 2018. Previously SOCSO does not cover this and the spouse is on their own. As our Human Resources Minister M. Kulasegaran has informed that the spouse should be classified as employees and they should be protected under the coverage of SOCSO. If this is not done by July, there would be fine not more than RM10K or imprisonment for not more than 2 years.
5. EPF is not accepting any cheque payment
EPF (KWSP) has issues a statement that starting from July 2018, they will not be accepting any payment for EPF through cheque/Kiriman Wang/Wang Pos. The employers must use the e-Caruman online system to pay the EPF and submit Borang A through iAkaun Majikan