OPR, EPF & AKPK

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09-11-2021 – Here are some Investing and Economic insights:

  • OPR stays at 1.75%.
    • BNM has decided to hold the key policy rate at its current rate of record low since July 2020.
    • What does it really mean for the people?
      • It means lower interest rates for both savings and loans. Or in short, good for people looking to take loans, and not so good for people who save money in fixed deposit.
  • Khazanah’s RM3 billion help – The Edge.
    • Budget 2022 brings some hopes for Bursa-listed companies that were affected by the pandemic as viable candidates may receive financial support from the government in the form of equity injection.
    • Khazanah Nasional will be given the mandate to assist the government in providing the infrastructure to manage the fund size of at least RM3 billion.
  • The EPF sets its Basic Savings target for each member to be RM240,000 by the age of 55 – which is considered sufficient to support members’ basic needs for 20 years during retirement (or till age 75) – EPF portal.
    • The special withdrawal facilities (i-Lestari, i-Sinar, and i-Citra) due to the pandemic, though has provided some financial relief to members, have inevitably led to 6.1 million members now having less than RM10,000 in their EPF accounts.
      • 5.8 million of this are members below age 55.
      • 3.6 million of this even have less than RM1,000.
    • This is leaving them vulnerable and unprotected for their retirement.
  • Do you know about a Debt Management Programme (DMP) by AKPK?
    • AKPK is an agency set up by Bank Negara to help individuals take control of their financials from the wise use of credit.
    • AKPK provides an avenue for distressed borrowers to regain control of their debts by developing a personalised debt repayment plan in consultation with their respective banks.

 

Do you know?

The biggest reason of joining AKPK’s Debt Management Program is due to “Poor Financial Planning” (36.5%).

“Lost Job” is only at 8.9%.

 


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