Sunday, November 16, 2008

No borrowing 不要举债

Government has announced the reduction of EPF contribution by employee from 11 % to 8% for the next two years. According to a news report, if all EPF contributors (currently 5.5 millions members) choose to reduce their contributions, the 3% would amount to RM 4.8 billions annually. It is a good news to the retail sector, which means we have extra RM 4.8 billions released to the market... more shopping!!

Good news for the shopping complexes, bad news for EPF contributors ( me included). If I choose to reduce my contribution, I am using my future money. For a young contributor, his/her retirement money would be reduced.

Using future money is not good. Take the American as an example. The country and citizens are using future money... on borrowing money. The lived by selling bonds, on properties mortgages, sub-prime mortgages, derivatives, credit cards, personal loan.....and GREED. Today, the country and people are in deep s@%t.

Malaysia is very much better off than them because we have savings, we do not live on loans and mortgages. Our banks are strong because they have reserve, we keep our monies in the banks! Internally, we are safe. However, due to globalisation, we are affected too. But we are in better footing due to our sound banking system and strict governmental monitoring.

The American is a basket case for us to learn from. So don't use future money. Don't borrow unnecessarily. Credit cards are traps. Easy personal loans are hanging noose, keep away. Live within our means and live simple ! Don't be greedy!

However, I see a dangerous trend in our country. Nowadays, our banks and financial institutions are targeting young people as their focus sector. Credit cards are easily obtainable. They offered Easy loans, cash on call (even loan shark feel being threatened) .... Many young people are heavily indebted. They are paying high interest to the bank for the financial facilities, constantly haunted by the re-payment, thus affecting their job performance, their future is in jeopardy.

Many young people chasing lifestyle with indiscipline spending habit and expensive taste have fallen into this black hole.

Our country's economic outlook next year is bleak. Keep you money. Save more for rainy days ahead.

It is wise to opt for No to 3% EPF reduction.


政府作出宣布,降低雇员公积金缴付额,从11% 减到8%,为期两年。根据一项新闻报告,假如所有的公积金会员(目前有五百五十万名会员)都选择这措施,那少交的3%将意味作每年有额外的四点八億令吉流动现金。这对零售市场是个大好消息,也就是说,可以有更多的购物了!

对零售业是个好消息,但对公积金缴交人(我也是)来说,是个坏消息。假如我选择减少我的公积金缴额,那我就是先用未来钱了。对一个年轻人来说,他的退休金(养老金)将会减少。

先用未来钱不是件好事。就拿美国来作为例子。这个国家和它的人民就是先用未来钱。。。借贷的钱。他们是以售卖国家债卷,产业按贷,次贷,衍生基金,信用卡,个人透支,及贪婪来过日子。今天,金融海啸暴露了他们的弱点,人民生活在水生火热之中。

马来西亚比他们好的许多许多,因为我们有储蓄,我们不是以借贷过日。我们的银行体系坚固,因为我们有雄厚的储备金。虽然我们也面对全球性的冲击,但我们内部没有出问题。无论如何,我们的情况稳定,因为我们有一个健康的金融体系,还有政府的严格监管。

美国的情况是我们学习的借镜。所以,不要先用未来钱。不要无谓的借贷。信用卡是个陷阱。个人简易贷款是个吊颈绳,必须远离。要依照自己能力过活,生活俭朴。不要贪婪!

今天,我看到在我国,有个危险的趋势。银行和金融机构以年轻人为对象,作为他们借贷产品的顾客。他们推销简易借贷,现金周转等产品(大耳窿也体会到有了竞争对手)。。。许多年轻人堕落了欠债的深渊。他们支付高昂的银行利息,他们面对经济困境,生活在唯恐唯徨的日子里,面对摊还的压力,不能专心工作,进而前途也受到影响。

许多追求生活享受、无节制的挥霍,高品味享受的年轻人,欠债累累,就像是跌进了黑洞,影响了工作,也影响了前途。

我国的经济在明年的前景黯然,所以不要作不需要的花费,应该多储蓄,未雨绸缪,应对经济不景。

那就拒绝降低3%公积金的缴交,这才是明哲之举!

2 comments:

溪水信女 said...

假设 薪水RM4000 (If salary at RM4000)

- 选择 EPF 11%也就是RM440,taxable income 是RM3560,所以tax RM77

(EPF at11% = RM440, taxable income = RM3560, tax = RM77)

- 选择 EPF 8%也就是RM320, taxable income 是RM3680,所以tax RM109

(EPF at8% = RM320, taxable income = RM3680, tax = RM109)

有没有这样的可能?政府揾我们笨!(is this possible/true?)

Simon Phun said...

Yes, it is true your taxable income is higher, means paying slightly higher income tax.