Nabil Luqman

0f9d2dd4f71434084e2b6094de1865e23abb37bb9f28ca51feeabee679ec9be2

Money

spending

KWSP

savings

invesment

saving scheme

high returns

For those who are employed, you might have caught wind of the news that the Employees&rsquo; Provident Fund (EPF) is introducing a third account to their system, and details about Account 3 will soon be disclosed. This fresh addition is touted as a flexible account, permitting members to withdraw funds at their discretion, with contributions slated to commence as early as May.
What Exactly is Account 3 And How Does It Work?
<img src="https://r2.myc.my/4c7bd3676680d66dc6aff17f1991a78fca88cb820d27482ad80e66d810919754" />
As reported by NST, Account 3 will debut with a zero balance and absorb 10% of forthcoming monthly contributions. Under the revamped system, Account 1 will receive 75% of monthly contributions, with Account 2 allotted 15%. Currently, contributions are divided with 70% to Account 1 and 30% to Account 2.
Unlike the restricted withdrawal criteria of Accounts 1 and 2, which are primarily reserved for retirement or specific purposes like education, healthcare, housing, and partial withdrawals at age 50, Account 3 offers members the liberty to withdraw funds at their discretion, akin to a savings account. Finance Minister II Amir Hamzah notes that this new account will supplant the targeted withdrawals previously implemented by EPF.
It's anticipated that funds in Account 3 will be transient, likely yielding lower returns compared to the other accounts. Members who opt not to withdraw from Account 3 may receive a nominal payout, considerably less than the dividends provided by Accounts 1 and 2.
The specific operational details of Account 3 are expected to be unveiled soon, necessitating readiness for potential forthcoming adjustments.
EPF Account 3 Draws Mixed Responses From Netizens
<img src="https://r2.myc.my/60e928cf9fd88bde85293c4125c9661c7d9f2314a0334b5ca54093e108e6164c" />
The introduction of Account 3 has elicited a range of responses from the public. Alongside concerns regarding the future financial security of contributors, there are reservations about compulsory savings in an account that may offer lower returns.
Those raising concerns about reduced returns suggest that Account 3 should be optional, functioning as a flexible deposit and withdrawal account to attract funds from sources beyond regular salary contributions. This approach would allow EPF to access additional funds for investment without impacting the existing balances in Accounts 1 and 2, while offering members the potential for higher returns on their savings.
Additionally, there are concerns that Account 3 could encourage some individuals to stop working or spend their savings recklessly before reaching retirement age.
Conversely, some individuals are optimistic about the potential advantages of Account 3. One internet user emphasized the benefits of a flexible Account 3 similar to ASB, particularly given EPF's consistent 5% dividend payout.
Here&rsquo;s some of the comments:
<blockquote class="twitter-tweet">
You're right. Less money in EPF account 2 is less money for home purchase, education, hajj, i-lindung, medical
&mdash; Suraya: bestselling Bergaji &amp; Pokai book (@surayaror) <a href="https://twitter.com/surayaror/status/1780104439518687390?ref_src=twsrc%5Etfw">April 16, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Kinda good actually 😄 10% emergency reserve funds
&mdash; The Advent of May (@nizalmiswat) <a href="https://twitter.com/nizalmiswat/status/1780134503077576924?ref_src=twsrc%5Etfw">April 16, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Good move. At least 10% is now liquid.
&mdash; Bitcoin Malaya (@bitcoinmalaya) <a href="https://twitter.com/bitcoinmalaya/status/1780094272706130090?ref_src=twsrc%5Etfw">April 16, 2024</a></blockquote>

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<blockquote class="twitter-tweet">
Tunggu announcement. Could be as simple as one-time registration je
&mdash; Suraya: bestselling Bergaji &amp; Pokai book (@surayaror) <a href="https://twitter.com/surayaror/status/1780104917300265378?ref_src=twsrc%5Etfw">April 16, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
I reckon that a lot of us probably don't want this Account 3. They should be making this feature optional.
&mdash; Raja Dugem IV ♕ (@HM_DaKieng) <a href="https://twitter.com/HM_DaKieng/status/1780085881342492918?ref_src=twsrc%5Etfw">April 16, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Very2 bad decision. Not many will leave their account 3 with funds/money later on. Most people will withdraw it ASAP because they view it as 'free money',though it is actually their hard earned money.
&mdash; azmieanwar (@azmieanwar1) <a href="https://twitter.com/azmieanwar1/status/1780136253255737679?ref_src=twsrc%5Etfw">April 16, 2024</a></blockquote>

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The big question now is how many individuals will opt to withdraw funds from Account 3, and whether we'll eventually have the option to redistribute that money to our other accounts. Only time will tell, and we'll have to wait for the upcoming announcement to get some answers.
What are your thoughts on this? Let us know in the comments.
&nbsp;
*Sources: Visual and Reference Credits to Social Media, NST &amp; various cross-references for context.
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With Account 3, there’s a likelihood of lower returns than Account 1 and 2 as it’s like a savings account. 

79abcc6f32324d3d9b7eead1bc76fb1d301790d511040979550ce2d4802e59b7

EPF Flexible Account 3 Could Begin In May With The Ability To Withdraw At Any Time

Remember when the iPhone 16 launched globally a few weeks ago?
Malaysians were quick to jump on the excitement, especially with the new TRX Apple Store opening. Enthusiasts lined up as early as 7 a.m. to be among the first to snag the latest iPhone. However, it didn&rsquo;t take long before the iPhone 16 popped up on resale markets, with scalpers marking up prices way above the retail price in hopes of turning a quick profit.
Despite their efforts, not all resellers succeeded. Apple ensured a steady supply of iPhones, with many customers still able to pick up devices in-store. Even if stock ran out at the TRX store, authorized retailers and online platforms continued to offer the iPhone 16, sometimes with limited-time discounts, making it easy for buyers to get their hands on one.
Read: <a href="https://myc.my/articles/3799/iphone-series-16-launches-today-spotted-on-the-resale-market-just-minutes-after-release">iPhone Series 16 Launches Today; Spotted On The Resale Market Just Minutes After Release</a>
For iPhone enthusiasts, particularly in Indonesia, it seems there may be some disappointing news on the horizon, especially if you're planning to save up for the second batch of iPhones. Due to regulatory challenges and unmet investment commitments, the iPhone 16's availability in Indonesia could be further delayed, which might affect fans eagerly awaiting the next release.
Indonesia May Ban The Sale Of The iPhone Due To Investment Commitments
<img src="https://r2.myc.my/8d628ff30c15c19a56a35613239281e66e364238acd4321174f1f269161584de" />
It looks like Apple&rsquo;s iPhone 16 may face a ban in Indonesia due to the company&rsquo;s failure to meet local investment commitments and renew its Tingkat Komponen Dalam Negeri (TKDN) certification, a requirement for selling its products in the country. On October 8, Indonesia&rsquo;s Industry Minister, Agus Gumiwang Kartasasmita, confirmed that the phone would not be available until Apple fulfils these obligations.
While Apple had previously secured the TKDN certification, which ensures at least 40% local content in products, the certification has since expired. To renew it, Apple must complete its pledged investment of Rp1.71 trillion (~RM404.9 million), a commitment it has yet to fully meet, with only Rp1.48 trillion realized so far. This delay has ignited a heated debate among Indonesians, with many expressing frustration over the bureaucracy involved.
Supporters of the ban argue that Apple should comply with local regulations if it wishes to sell in Indonesia, while critics point out that the bureaucratic hurdles could push the tech giant to prioritize other countries with fewer obstacles. Many Indonesians have already opted to purchase iPhones from neighbouring countries like Malaysia and Singapore, despite the additional costs of taxes and IMEI registration fees.
<img src="https://r2.myc.my/a8cbe2bf0ccb4e777c7f0556e61ab05635c0838c16e510e279edb7ff0dfc0b8a" />
Under Indonesia&rsquo;s Ministry of Industry regulations, companies like Apple can obtain TKDN certification by producing products domestically, developing local applications, or fostering innovation. Apple has opted for the innovation development scheme, having already established three Apple academies across Indonesia and planning to open a fourth in Bali.
Despite the delays, Minister Agus emphasized that the decision to restrict iPhone 16 sales is based on fairness, ensuring that investors who meet their commitments are treated equitably. However, the delay reflects broader challenges global tech companies face when navigating the regulatory landscape in Southeast Asia, which often emphasizes local production and investment.
As Indonesia tightens its regulations to promote local industry, the pressure on foreign companies to meet these requirements grows. Whether Apple meets the necessary conditions to re-enter the market will not only affect the availability of the iPhone 16 but may also set a precedent for future tech investments in the region.
Turning Malaysia Into A Tech Heaven
<img src="https://r2.myc.my/6930850afed811fee516e330687590bd53f7a68513e795c4f70dfde6570b9163" />
As Indonesia navigates regulatory hurdles, Malaysia is becoming a favoured destination for tech enthusiasts. With a more accommodating approach to product imports, Malaysia has greater access to the latest technology, including the iPhone 16. This situation offers an excellent opportunity for Malaysian retailers to attract Indonesian customers eager to purchase new devices before their official launch in Indonesia.
In terms of pricing, the iPhone 16 Pro (256GB model) starts at RM 5,499 in Malaysia. This is significantly cheaper compared to Singapore, where it retails for SG$1,749 (approximately RM 5,741.42), and Indonesia, where the price is around IDR 23,999,000 (approximately RM 6,598.57). This price disparity makes Malaysia an appealing option for buyers in the region.
It&rsquo;s certainly disappointing news for our friends in Indonesia, but it also opens up a great opportunity for Malaysians if Indonesians choose to come here to buy iPhones. Additionally, if you&rsquo;re considering purchasing the iPhone 16 Pro, it's often wise to wait for the second batch. The initial release can sometimes have issues that get resolved in later models, ensuring a better experience with your new device.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Thankfully we have the iPhone 16 in Malaysia. Plus, our prices are cheaper 👀

29410c4d781cc8cd2881fe69a29d2f43d06ada7d0720578dd792bc50f8489f71

Indonesia Considers Banning iPhone 16 Sales As Apple Has Yet To Invest In The Country

On Monday, 7 October, the Regent of Johor, Tunku Mahkota Ismail (TMJ), announced that the state's weekend holiday will shift to Saturday and Sunday, starting 1 January 2025. This comes after nearly a decade of observing Friday and Saturday as the weekend, a system introduced on 1 January 2014 to honour the significance of Friday for Muslims and Islam as the state religion.
Before the 2014 change, Johor had observed a Saturday-Sunday weekend from 1994 during Muhyiddin Yassin's tenure as Menteri Besar. The recent decision to revert to this schedule was made following consultations with His Majesty Sultan Ibrahim, the King of Malaysia, the Johor Islamic Religious Council (MAINJ), the state government, various agencies, and the public.
<img src="https://r2.myc.my/74cd38549d3865e8e5994680a5046fa9b7ff42de4ff2de040ab17d3765b7549b" />
&ldquo;I have decreed Johor Chief Minister Datuk Onn Hafiz Ghazi and Johor Mufti to discuss and study every angle and aspect regarding this matter.
&ldquo;I hope that the private sector, the government and related parties allow sufficient time and space for Muslim workers to perform Friday prayers accordingly,&rdquo; he wrote in the post.
The recent decision to change the weekend schedule hasn&rsquo;t been well-received by some netizens, who have expressed their dissatisfaction. In response, Tunku Mahkota Ismail (TMJ) delivered a pointed reply, addressing the concerns raised by the public.
Go Elsewhere If You&rsquo;re Not Happy With The New Rule
<img src="https://r2.myc.my/c56b6654ddd38c65d4cc56c326f260d96d40f88827bd33cdd2c8e2b7b4955439" />
In a Facebook post shared on 10 October, TMJ explained that the decision to revert to a Saturday-Sunday weekend was made to honour the wishes of Johorians who want more family time. He also highlighted the potential economic benefits, stating that the new weekend aligns "with the implementation of development projects that uplift the state of Johor."
Addressing critics of the change, TMJ had a firm message: "If there are parties upset or dissatisfied due to personal agendas, want to provoke the Rakyat, or have political interests, you are welcome to move to states that still have Friday and Saturday as weekends."
Do Other States Practice The Same Friday-Saturday Weekend?
<img src="https://r2.myc.my/1a860e49166e1aeef1b0d14a408fbfbaa418120fa21a6fed7d0eb769fea810dd" />
In Malaysia, states like Terengganu, Kelantan, and Kedah currently observe a Friday-Saturday weekend. However, many businesses and banks in these states adopt the Saturday-Sunday weekend due to their close business ties with Singapore.
In regions with a Saturday-Sunday weekend, if a public holiday falls on a Sunday, the following Monday (or the next working day if Monday is also a public holiday) is observed as a substitute. Meanwhile, in Johor and Kedah, public holidays falling on a Friday are moved to Sunday or the next working day. In Kelantan and Terengganu, holidays falling on Saturday are replaced by Sunday or the next working day.
It's important to remember that TMJ is firm in his decisions, and reverting to a Saturday-Sunday weekend makes practical sense, aligning Johor with the national work schedule. While some may find it challenging to adjust after being accustomed to the Friday-Saturday weekend, it's ultimately a minor change in the broader scheme of things.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Not a fan of the new rule? Perhaps it's time to consider relocating to Kedah, Kelantan, or Terengganu.

a9ea008d42cbf8a8208eadf644756b108e61e5f4497e082465277bd56e2bcfb2

TMJ Tells Those Displeased With New Weekend Ruling Should 'Move States' Instead Of Provoking Others

When considering higher education, Malaysian students often weigh several factors, such as tuition fees and available courses. However, for those fortunate enough to secure scholarships and achieve excellent academic results, university rankings become a pivotal consideration.
Traditionally, Universiti Malaya (UM) has held the esteemed position as one of Malaysia's top universities, boasting a long-standing reputation and rich history. Yet, a significant shift has occurred with Universiti Teknologi PETRONAS (UTP) making history by breaking into the top 250 of the Times Higher Education (THE) World University Rankings for the first time in the 2025 edition. UTP climbed from the 301-350 bracket last year to now stand proudly at 201-250, earning the distinction of being Malaysia&rsquo;s highest-ranked university.
<img src="https://r2.myc.my/59099efb21b419fa5e2b24e441fa5bfd68b971cdba9d97f047efec99a4428401" />
In the latest rankings released today, UTP emerged as the first Malaysian university to secure a spot among the best 250 globally, competing against 2,091 universities worldwide, including 22 other Malaysian institutions. Phil Baty, the chief global affairs officer at Times Higher Education, highlighted Malaysia's rise as a "strengthening global education hub" and expressed optimism for the country's continued success in future rankings. He noted that transformations in Malaysian higher education, such as attracting more international students and enhancing research capabilities, are bearing fruit, evidenced by UTP's impressive ranking.
Meanwhile, the venerable UM, established 119 years ago and recognized as the oldest university in Malaysia, maintained its place among the top 300 universities globally, holding steady in the band of 251-300.
Sunway University Claims Best Progressing Private University
<img src="https://r2.myc.my/2fcefee8b0538a9f8f335565e3d868a086f6d005ce4d1a28ca1ebc7ef22571f4" />
Out of the 23 Malaysian universities featured in the 2025 rankings, Sunway University made notable progress, advancing from the 601-800 bracket last year to the 401-500 band this year. Other institutions that remained within the top 500 include Universiti Kebangsaan Malaysia (UKM), Universiti Sains Malaysia (USM), Universiti Teknologi Malaysia (UTM), and Universiti Utara Malaysia (UUM).
In addition to UTP and Sunway University, two other universities in Malaysia showed improvement: Multimedia University (MMU) and Universiti Sultan Zainal Abidin (UniSZA), both rising from the top 1,500 last year to the top 1,200 this year. Management &amp; Science University (MSU) also made its debut in the rankings, landing in the band of 801-1,000, positioning itself among the top 1,000 globally.
Conversely, several universities saw declines in their rankings this year, including Universiti Putra Malaysia (UPM), now in the 601-800 band, and Universiti Malaysia Sarawak (Unimas), which dropped to the 1,201-1,500 band. Additionally, Universiti Malaysia Perlis (UniMAP) and Universiti Teknikal Malaysia Melaka (UTeM) fell into the 1,501+ category, while Universiti Malaysia Sabah (UMS) was not included in the rankings this year.
Here&rsquo;s the ranks of the universities from 2020-2025:
<img src="https://r2.myc.my/7973f72e201bff28b009ded397ded55a50e0c6113a210fc8c9882e1b393f084e" />
If you&rsquo;re curious about the global standing of universities in the UK and US, Times Higher Education (THE) has reported a decline in their reputations, largely due to financial difficulties faced by UK institutions. Major factors contributing to this ongoing crisis include inadequate funding, stagnant domestic tuition fees, and a drop in international student enrollment, all of which are straining the UK higher education sector.
As Malaysian universities adapt to the shifting educational landscape, the latest rankings highlight the strength of long-established institutions while also showcasing the rise of new contenders in the global arena. With this progress, we can only hope for the continued growth of Malaysia&rsquo;s education sector and aspire to cultivate a new generation of highly skilled and capable students.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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While UTP claims the top spot, Sunway University is recognized as the best private university, reflecting their impressive progress.

08aef77f10270d9332172d1c0e904fd76f471bfe62346fa92f99404157757c3e

UTP Surpasses UM To Become The #1 Ranked University In Malaysia

Since the rise of Artificial Intelligence (AI), we've seen many people increasingly rely on it for both personal and professional tasks. AI has undeniably helped streamline workflows and boost productivity, but there are concerns about its accuracy, as it can occasionally lead to mistakes rather than offering the best solutions.&nbsp;
While it's been a game-changer in many industries, another significant concern is its impact on job security. Unfortunately, this fear has become a reality for hundreds of employees in Malaysia.
ByteDance Malaysia Allegedly Laid Off Over 700 Employees
<img src="https://r2.myc.my/a552459714c32adb9905a5224a383312c657e96ec8a4b2adde278806cebbc777" />
On October 9, X user @meinmokhtar shared a screenshot of an anonymous confession that took netizens by surprise, revealing details of the mass layoffs. The news quickly spread, leaving many in shock across social media.
&ldquo;700 staff from XXXXX Malaysia were laid off. Since they&rsquo;re all losing their jobs, for companies looking for employees, please share links so they can apply. Stay strong, everyone,&rdquo; the anonymous user wrote.
<blockquote class="twitter-tweet">
Dua orang antaq benda sama. Betoi la ni kot. <a href="https://t.co/MdjAqqmBc0">pic.twitter.com/MdjAqqmBc0</a>
&mdash; 🔺meingl🔻 (@meinmokhtar) <a href="https://twitter.com/meinmokhtar/status/1844067415514325124?ref_src=twsrc%5Etfw">October 9, 2024</a>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</blockquote>
It was later revealed that the parent company of TikTok, ByteDance, had reportedly laid off a substantial number of its employees in Malaysia. According to The Malaysian Reserve, a source close to the company&rsquo;s local branch confirmed that the layoffs were communicated through emails. The majority of those impacted were part of the content moderation team, responsible for overseeing not only Southeast Asian content but also material from other regions.
Like many social media platforms, TikTok employs a mix of artificial intelligence (AI) and human moderators to ensure content compliance with its guidelines. Human moderators are essential in supervising AI systems through a process known as "supervised learning," where AI improves its accuracy based on human feedback. However, despite this collaboration, the company&rsquo;s decision to cut human moderators suggests a possible shift towards increased reliance on AI technology.
<blockquote class="twitter-tweet">
Content moderation at ByteDance just got axed by automation. Major layoff tu. Ramai Selama ni, secara langsung atau tak langsung staff tu semua buat data set annotation sambil sambil flag video TikTok. Bila dah cukup written SOP, labeling apa semua. AI pun masuk. Jimat overhead
&mdash; Nurfaiz Foat 🐟 (@nurfaizfoat) <a href="https://twitter.com/nurfaizfoat/status/1844205461631025328?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>

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<blockquote class="twitter-tweet">
Ya betul. Parent company TikTok adalah Byt**dance. Now in Malaysia dia nak Ai dan BPO je yg control or moderate video. One of the company BPO ni company I kerja skrng. Mostly, yg kena layoff ni diaorg di beri option sama ada pampasan atau offer project lain.
&mdash; Miera Zulhari 🇲🇾🇵🇸 (@ItsMiera) <a href="https://twitter.com/ItsMiera/status/1844332505840906602?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>

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Unofficial sources on social media speculate that ByteDance's decision is part of a larger shift towards automation, suggesting that AI-driven content moderation is seen as more efficient and cost-effective in the long term. However, these claims remain unconfirmed, as TikTok Malaysia has yet to release an official statement about the layoffs. Despite the lack of confirmation, the reports have reignited concerns about AI replacing human workers, a growing trend as more companies increasingly turn to advanced technology for various operational tasks.
Layoff Also Affecting Those In Other Countries
<img src="https://r2.myc.my/77fbbcd96c41fca02752224c3801e5d5fc883f83460f225b894b65dd260e339b" />
The recent layoffs in Malaysia mark a significant downsizing, but it&rsquo;s not the first time ByteDance has cut its workforce in Southeast Asia. In June, Bloomberg reported that the company laid off 450 employees in Indonesia after acquiring and integrating a local e-commerce firm with its TikTok operations. ByteDance has also restructured its global workforce, with notable reductions across various departments.
Earlier in May, reports surfaced that TikTok&rsquo;s global restructuring would likely impact teams involved in user support, content management, and marketing. As part of this restructuring, the global user operations team was expected to be disbanded, with the remaining employees reassigned to other departments such as trust and safety, marketing, and product development.
Netizens React To The Layoff
As expected, the layoffs have sparked widespread discussion on social media, with netizens expressing mixed but mostly concerned opinions about AI replacing jobs. Many highlighted that while AI was initially hailed as the future, it has also stirred controversy in various industries. Recent events like the Hollywood Writers' Strike, which caused significant delays in production, and a voice actor's frustration over AI voices being used for game characters, show the growing pushback against AI. Others expressed fear about job security, emphasizing how challenging it is to sustain a living with the rising cost of living, especially for those supporting families.
Here&rsquo;s some of the comments:
<blockquote class="twitter-tweet" data-conversation="none">
And masih ada orang kata AI tu baik utk masa depan. Kepala bana. Smlm pun kecoh kes voice actor game mengamuk sbb studio tu nk dubbing suara diorang guna AI.
&mdash; LipasTerbang (@PlasticRank) <a href="https://twitter.com/PlasticRank/status/1844199247580889178?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Perkara macam ni yang paling takut. Bila dah selesa kerja 1 tempat, tiba2 kena buang gitu je. Kalau single lagi, boleh juga cuba survive. Kalau dah kahwin, ada anak2 lagi, komitmen bank lagi. Naya.
&mdash; DhiyaNadia (@dnhibahfaraid) <a href="https://twitter.com/dnhibahfaraid/status/1844246001311473711?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Welcome to the modern world. <a href="https://t.co/facalf7v4a">https://t.co/facalf7v4a</a>
&mdash; Faiz Edzahar (@faizedzahar) <a href="https://twitter.com/faizedzahar/status/1844244450622795981?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Tgh kecoh benda ni dlm community BPO. Aku pernah interview dgn company ni sampai 6 kali. 2 kali sampai final stage. Mungkin ada hikmah jugak tak dapat tu
&mdash; Jemi 🇲🇾🍉 (@AzmiShafiq_) <a href="https://twitter.com/AzmiShafiq_/status/1844180311082725687?ref_src=twsrc%5Etfw">October 10, 2024</a></blockquote>

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On a brighter note, despite the layoffs, the online community has rallied together to offer support. Thanks to numerous viral posts, many individuals and organizations have stepped forward to share job opportunities and vacancies. This collective effort aims to help those affected by the layoffs find new employment and continue supporting themselves and their families.
With AI taking over, there&rsquo;s a possibility that TikTok&rsquo;s content moderation will need to improve. Previously, we saw issues arise, such as the case of 'Abang Bas,' where former Minister Nancy Shukri urged the police to take action. He was later charged in court for sexual abuse, highlighting the need for stricter oversight on the platform.
Read: <a href="https://myc.my/articles/3779/johor-court-charges-abang-bas-with-sexual-abuse-defendant-breaks-down-and-cries">Johor Court Charges &lsquo;Abang Bas&rsquo; With Sexual Abuse; Defendant Breaks Down &amp; Cries</a> 
It seems the government needs to pay closer attention to TikTok, as AI technology often struggles to accurately identify potentially harmful content, such as scams. This oversight could lead to more Malaysians falling victim to financial losses.
Read: <a href="https://myc.my/articles/3839/beware-fake-epf-account-on-tiktok-scamming-users-with-promises-of-a-special-withdrawal">#Beware: Fake EPF Account On TikTok Scamming Users With Promises Of A 'Special Withdrawal'</a>
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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The content moderation team was hit hardest, so we might need to be even more cautious with the post we interact with. 

641c7b7cc581a9e2802e8b043fccc7c6e367b18f6ffa40741af1aedd51f0b76c

ByteDance Malaysia Has Reportedly Laid Off Over 700 Employees As They Transition Towards Using AI

In Malaysia, aside from the usual complaints about traffic and parking in the city, motorcycles often top the list of grievances. Whether it's speeding on highways, dangerously lane-splitting, or moving so slowly that they go unnoticed until it's too late, they can be a frequent cause of accidents, especially when cars are driving at higher speeds.
However, this time a Malaysian shared a dashcam video showing something even more concerning&mdash;an unmanned motorcycle weaving through traffic in Bandar Sunway, Petaling Jaya, sparking alarm among motorists.
<blockquote class="twitter-tweet">
9 Oct 2024 jam 9.42am Aku drive dari KL menghala ke Shah Alam, di area Mentari Court, tiba tiba ada MOTORSIKAL TANPA ORANG lalu depan aku. Aku hon. 😅 Petang ni aku baru free untuk tengok dashcam. <a href="https://twitter.com/jllmisai?ref_src=twsrc%5Etfw">@jllmisai</a> <a href="https://t.co/B3PmGgDBb6">pic.twitter.com/B3PmGgDBb6</a>
&mdash; Syazwan Zanini (@wenkt) <a href="https://twitter.com/wenkt/status/1843958004070432776?ref_src=twsrc%5Etfw">October 9, 2024</a>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</blockquote>
The video, which has since gone viral on X, amassing 790K views, captures the motorcycle manoeuvring through a busy road filled with two lorries and several cars.
Ghost Rider Was Caused By A Collision Between Two Motorcycles
The incident occurred at a fork in the road near the exit ramp leading to the Federal Highway, between Bandar Sunway and Petaling Jaya, heading towards Shah Alam. In the footage, the motorcycle seems to have lost its rider following a collision between two motorcycles in the left-hand motorcycle lane.
<img src="https://r2.myc.my/2b7118852394872ff29e5e42190ded5269ce00612df5364c5579f52151bcc155" />
In the footage, one of the riders falls off, while his motorcycle drifts into the middle of the road, swerving unpredictably. The unmanned bike initially moves toward the centre before veering back to the side and eventually crashing into the grass.
The most amusing part of the video is the driver, clearly shocked, honking repeatedly, while the passenger comments on how bizarre the situation was. Thankfully, no additional accidents or injuries occurred, as the vehicle managed to avoid a collision with the rogue motorcycle.
Netizens React To The Situation
After the video went viral, the comments section felt like a scene out of a comedy show, with many amused by the reactions of the driver and passenger during the strange incident. Foodie influencer Ceddy Ang even joined in, admitting he couldn't stop laughing at the driver honking at what seemed like a "ghost" riding the motorcycle. Others pointed out how lucky the driver was to have a dashcam, noting that it would certainly make for an interesting story when filing a police report or insurance claim.
<img src="https://c.tenor.com/6RvyvMjx3XMAAAAd/tenor.gif" width="467" height="248" /> Convincing the police and insurance that there was really no rider on the motorcycle without footage be like&hellip;
Here&rsquo;s some of the comments:
<blockquote class="twitter-tweet" data-conversation="none">
Omg nasib baik nothing happened but tergelak sebab awak macam tengah hon jin 🤣
&mdash; Ceddy (@CeddyOrNot) <a href="https://twitter.com/CeddyOrNot/status/1844003963877925154?ref_src=twsrc%5Etfw">October 9, 2024</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet">
Kalau accident cane nak explain kt polis
&mdash; Syazwan Zanini (@wenkt) <a href="https://twitter.com/wenkt/status/1844006239237505047?ref_src=twsrc%5Etfw">October 9, 2024</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-conversation="none">
okay la tu kau hon dia ubah laluan masuk balik lane dia
&mdash; Syahir (@syahirsyhr) <a href="https://twitter.com/syahirsyhr/status/1844001183373164907?ref_src=twsrc%5Etfw">October 9, 2024</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-conversation="none">
Inilah fungsi hon yg sebenar, hantu bawak motor pun boleh alert, terus kona masuk lane motosikal balik. Terbaik hantu.
&mdash; Raja Hujan (@aufashahrain) <a href="https://twitter.com/aufashahrain/status/1844000542382789017?ref_src=twsrc%5Etfw">October 9, 2024</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-conversation="none">
Yg guna lorong moto tu pun lahanat jugak suka bwk laju2..mcm dia sorang nak sampai cepat..
&mdash; ayd (@aydxxn) <a href="https://twitter.com/aydxxn/status/1843996411333128198?ref_src=twsrc%5Etfw">October 9, 2024</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-conversation="none">
Hon jin ke mat
&mdash; Judge (@hakem_asri) <a href="https://twitter.com/hakem_asri/status/1843991747778711915?ref_src=twsrc%5Etfw">October 9, 2024</a></blockquote>

<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Federal Highway&rsquo;s Motorcycle Lane Is Well Known For Having Issues
Typically, the dedicated motorcycle lane along the Federal Highway is designed to prevent accidents and ensure the safety of all road users. However, those who frequently travel the highway may have noticed that some motorcyclists often use the main highway instead. While this is against the law and should only occur when approaching an exit, many motorcyclists avoid certain stretches of the lane due to poor conditions and lack of maintenance.
<img src="https://r2.myc.my/83fbcace86de73463197702230381f62d063a4781c814c4a9b840f097ecd4600" />
In March, Petaling Jaya MP Lee Chean Chung recognized the issues with the bike lane after receiving numerous complaints about its deteriorating condition, which was leading to accidents. To address the concerns, he visited the area between the Amcorp Mall expressway and Batu Tiga Shah Alam to assess the situation firsthand. During his inspection, he identified several problematic areas, including a reliance on signs to warn of flooding without any subsequent action taken to remedy the situation.
A netizen had previously shared his experience from 2021, where he fell victim to an accident caused by lane flooding. He mentioned that a passerby who assisted him noted that accidents were common on that stretch, particularly due to poor visibility at night, potholes, and flooding during rainy weather.
We can only hope that the riders involved in the collision emerged unscathed, as the impact must have been significant given that one rider was thrown from his motorcycle. As a reminder to all motorcyclists, please refrain from speeding in the motorcycle lanes and maintain a safe distance from other riders. Your safety and the safety of others on the road depend on it.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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42c3765cae2d74c555581b49980d589c7ab6d79a7ce9bec4b30be66b33117df4

M’sian Narrowly Avoids Collision With ‘Ghost Rider’ Motorcycle After It Drives Off On Its Own Following A Crash

These days, Malaysians are heavily engaged with social media, but this brings two key risks: addiction and falling for scams.
Recently, scammers have become increasingly crafty, and social media has become one of their favourite tools for tricking the public. With more people turning to platforms like TikTok for quick information instead of relying on Google, it's easy to be misled by seemingly legitimate but fake accounts.
In response, the Malaysian Communications and Multimedia Commission (MCMC) has introduced licensing for social media apps, as part of their efforts to tackle both cyberbullying and online scams.
Read: <a href="https://myc.my/articles/3662/mcmc-introduces-licensing-for-social-media-a-step-toward-combating-cyberbullying-and-online-scams">MCMC Introduces Licensing For Social Media: A Step Toward Combating Cyberbullying &amp; Online Scams?</a>
Beware Of Fake KWSP TikTok Account
<img src="https://r2.myc.my/c5311533334b44286fc9d0ecbd76f5581e3c2d6ea9d74fe30e37af2d025c5558" />
In May, the Employees Provident Fund (EPF) introduced its latest feature: Account 3 (Fleksibel), which offers users a flexible withdrawal option with a daily limit of RM250. This option was available only through a one-time transfer from Account 2 to Account 3, which ended on August 31.
Since then, many Malaysians, particularly those feeling the strain of rising living costs, have been striving to manage their savings and withdraw funds from their EPF to help stabilize their finances. However, the misconception that withdrawals can be made at any time has made the EPF platform a prime target for scammers, who exploit this belief by luring unsuspecting victims with false promises of special withdrawals.
<img src="https://r2.myc.my/cce2c8b31d655caafbf46f3270837d64a2c66936f2f95b62a398fcfffc0a1a06" />
Recently, a TikTok account impersonating the EPF, using the username @kwspmalaysiaa, has emerged, misleading followers into believing it is genuine.
In contrast to the official EPF handle, @kwsp.malaysia, which boasts 98k followers, this fake account has attracted only 1,718 followers and posted three videos, one of which has already received over 590k views.
In its latest video, the fraudulent account promotes a so-called 'special EPF withdrawal' (Pengeluaran Khas) for members under 55, claiming that applications can be processed online from October 7 to 30, 2024.
The video encourages users to click a link in the bio, which leads to a deceptive website designed to mimic an application portal for Bantuan Tunai Rahmah 2024 payouts.
<img src="https://r2.myc.my/c715df5a5027a2a3c95a08a3bde1beca52687ca6b861420ca1e3748215426244" />
One notable aspect of the fake website is its clever use of 'Bantuan Melayu' in the URL, designed to deceive users into entering their personal information.
To avoid falling victim to such scams, always verify the legitimacy of the accounts and websites you interact with, especially regarding financial matters like your EPF account. Additionally, if you suspect a website may be fraudulent, it&rsquo;s crucial not to enter any personal details, as doing so can quickly give scammers access to your hard-earned money.
To check the official accounts related to EPF, you can visit their official website<a href="https://www.kwsp.gov.my/en/corporate/connect-with-us"> here</a>.
Malaysians Lose US$12.8b Annually To Scams Amid AI Threats
<img src="https://r2.myc.my/33005cc1f149bc24a5a715a4da2b403bd6682d448fb477feedba5f001876b02f" />
Malaysians lost US$12.8 billion (RM54 billion) to scams in a year, accounting for three per cent of the country's GDP, according to trust tech company Gogolook's State of Scam Report 2024. The report revealed that 70 per cent of scam victims did not report their cases, reflecting growing scepticism about the effectiveness of reporting processes.
AI-powered scams are on the rise, with 25 per cent of Malaysians unsure if AI was involved in their encounters. Scams like deepfakes and voice imitation have made detection more difficult. The report also found that 74 per cent of respondents faced scams at least once a month, with 43 per cent noting an increase in attempts. The average financial loss per victim was US$2,726, with only two per cent fully recovering their funds, down from eight per cent last year.
Gogolook COO Manwoo Joo emphasized the need for proactive fraud prevention using advanced tools like Whoscall to help Malaysians combat scams. The survey, conducted by GASA, Whoscall, and Feedzai, involved 1,202 Malaysians and highlighted the emotional and financial toll of fraud.
Given this situation, it's wise to inform our parents, aunts, uncles, or any elderly family members who often use social media, so they can stay vigilant against such scams.
What are your thoughts on this? Let us know in the comments.&nbsp;
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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The scam account falsely claims that members under 55 can withdraw their funds this month.

fc2a9ffdca7ecb54990c8543462382e5b3a87cb24d577aa20a7fb94bfd47a197

#Beware: Fake EPF Account On TikTok Scamming Users With Promises Of A 'Special Withdrawal'

Since Anwar Ibrahim assumed office as Malaysia's 10th Prime Minister and Minister of Finance, opinions about his performance have been mixed. While some view his leadership as adequate, many Malaysians express dissatisfaction, particularly regarding the rising cost of living. The escalating expenses in urban areas have prompted some individuals to consider relocating back to their hometowns.
With several subsidies recently removed, citizens have voiced their frustration over these changes. Compounding this discontent, Anwar has just announced the introduction of additional taxes that will be implemented soon.
New Taxes Coming Our Way
<img src="https://r2.myc.my/63601d82c0dcd2e380a37d30831c126fe95b8745fa3e4ad4a1874b8d0da54e9f" />
In the upcoming 2025 Budget, the Malaysian government is set to implement five new taxes aimed at promoting healthier lifestyles, supporting sustainable living, and addressing economic inequality. According to a report by Utusan Malaysia, the proposed taxes include:
<ol>
<li>Unhealthy Food Tax</li>
<li>Carbon Pricing Tax</li>
<li>Inheritance Tax</li>
<li>High-Value Goods Tax (HVGT)</li>
<li>Artificial Intelligence (AI) Tax</li>
</ol>
These taxes are strategically designed to tackle pressing issues such as obesity, climate change, and wealth disparity, while also fostering economic development, particularly in the technology sector.
Proposed Taxes Overview
1) Unhealthy Food Tax
The unhealthy food tax aims to reduce the consumption of foods high in fat, sugar, and calories, including fast food, snacks, and baked goods. This initiative responds to the alarming obesity rates in Malaysia, as indicated by the 2023 National Health and Morbidity Survey (NHMS), which revealed that 54.4 percent of Malaysians are overweight.
<ul>
<li>Goal: Combat obesity and encourage healthier dietary choices.</li>
<li>Scope: This tax will expand beyond the existing sugar tax on sugary drinks to encompass a broader range of unhealthy foods.</li>
<li>Impact: Revenue generated from this tax could subsidize healthy food options and fund nutrition education programs in schools and communities. Dr. Farah Roslan, a senior lecturer at Universiti Sultan Zainal Abidin (UniSZA), emphasized its potential to decrease unhealthy food consumption, highlighting successful implementations of similar measures in Hungary and Mexico.</li>
</ul>
2) Carbon Pricing Tax
Aligned with Malaysia&rsquo;s commitment to combating climate change, the carbon pricing tax seeks to reduce greenhouse gas emissions and support the nation&rsquo;s goal of achieving net-zero carbon emissions by 2050.
<ul>
<li>Goal: Promote a green economy and reduce carbon emissions.</li>
<li>Mechanism: This tax will be enforced through measures like carbon taxes or the Emission Trading System (ETS), which creates a market for emissions reductions by capping emissions and allowing companies to sell any reductions achieved.</li>
<li>Global Context: As of last year, 75 carbon pricing mechanisms have been successfully implemented worldwide, showcasing their effectiveness in reducing emissions while generating revenue for green investments. Dr. Mustazar Mansur from Universiti Kebangsaan Malaysia (UKM) explained that this tax will incentivize businesses to adopt greener practices.</li>
</ul>
3) Inheritance Tax
The proposed inheritance tax aims to curb the accumulation of unproductive wealth within families, addressing wealth inequality across the population.
<ul>
<li>Goal: Prevent wealth concentration and reduce economic disparity.</li>
<li>Impact: Wealth passed down without contributing to the economy will be taxed, with funds potentially redirected to public services or economic initiatives aimed at levelling wealth disparity.</li>
</ul>
4) High-Value Goods Tax (HVGT)
Targeting high-income individuals, the HVGT focuses on luxury items and services that typically fall within the domain of wealthier Malaysians.
<ul>
<li>Goal: Generate revenue from luxury goods and reduce wealth inequality.</li>
<li>Scope: The tax will apply to luxury items such as expensive jewellery, designer products, and high-end vehicles.</li>
<li>Impact: By imposing this tax on luxury purchases, the government seeks to create a more balanced economy, ensuring those who can afford luxury goods contribute a fair share to the nation&rsquo;s economic development.</li>
</ul>
5) Artificial Intelligence (AI) Tax
Recognizing the significance of technological advancements for economic growth, the AI tax is designed to support the development of high-tech industries in Malaysia.
<ul>
<li>Goal: Foster innovation in high-tech industries, particularly in AI, to enhance Malaysia&rsquo;s economic development.</li>
<li>Impact: This tax will create a financial framework that encourages the development of artificial intelligence technologies, ensuring Malaysia remains competitive in the global digital economy.</li>
</ul>
An Expert Opinion On The New Taxes From A Health And Sustainability Focus
<img src="https://r2.myc.my/dc19c1b2f644701a664c49ccd23af182a32fb7a2de223bb74b6144dccfb6ac39" />
Dr. Farah Roslan from UniSZA emphasized the broader scope of the unhealthy food tax, stating, &ldquo;This tax will include foods high in fat, sugar, and calories, such as fast food, snacks, and baked goods.&rdquo; She noted that the revenue generated could be directed toward public health initiatives, such as nutrition education programs.
Meanwhile, Dr. Mustazar Mansur from UKM highlighted the carbon pricing tax as a vital initiative to reduce greenhouse gas emissions, reinforcing Malaysia&rsquo;s climate goals. He stated, &ldquo;Carbon pricing mechanisms like ETS and carbon taxes have already been successful in many countries, reducing emissions while generating revenue for green investments.&rdquo;
Making The Tax System More Progressive
In addition to the specific taxes, analysts anticipate that the government will focus on establishing a more progressive tax system overall. This may include expanding e-invoicing to enhance revenue collection and ensure fair and efficient tax application.
By implementing these new taxes, the Malaysian government aims to foster a healthier population, promote sustainable practices, and address economic inequalities, paving the way for a more balanced and equitable society.
As we brace for the introduction of these new taxes, the burning question remains: How will Malaysians feel about this change? We want to hear your thoughts&mdash;share your opinions in the comments below!
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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&nbsp;

b6a83cab09997a173c0fd28fd32d8bc3e3afc72f45371ff5317f22b33ab5992a

Government To Introduce 5 New Taxes In The 2025 Budget To Promote Health & Sustainability

MY Token, a groundbreaking blockchain and Web3 event, recently made waves as it launched in Kuala Lumpur, positioning Malaysia as a rising tech hub in Asia. Held at KL Base on September 14-15, the event brought together prominent figures in the blockchain industry, combining technology, education, and entertainment in a unique two-day experience.
Endorsed by Tourism Malaysia and the Malaysia Digital Economy Corporation (MDEC), the event highlighted Malaysia's growing influence in the blockchain ecosystem. It kicked off just ahead of Malaysia Day, with key figures like Nor Maizatul Azta bt Sanip from the Malaysian Science and Technology Information Centre, Dr. Shahril Baharim from the Ministry of Tourism, Arts &amp; Culture, and Zuraini Ahmad from the National Assembly, attending the opening ceremony.
Dubbed as the region's premier blockchain event, MY Token aimed to accelerate Malaysia&rsquo;s role in the global digital economy. Entrepreneurs, developers, investors, and tech enthusiasts from around the world came together to explore Malaysia's potential in the rapidly expanding Web3 space.
<img src="https://r2.myc.my/58a5870a95072280b085ef126dc9fe0a43437d8b1de3884d8ee437d28517fa47" /> Sangeet Singh, Co-Founder of MY Token, delivering the welcome speech at the opening ceremony of MY Token 2024.
"MY Token was founded to drive both economic growth and tourism by attracting major Web3 brands and providing opportunities for Web2 talents to transition into Web3," said Sangeet Singh, MY Token's co-founder. "It&rsquo;s a place where the brightest minds come together to shape the future of technology. Our mission is to fast-track blockchain adoption across the region and establish Malaysia as a key player in the global digital transformation."
A Global Blockchain Gathering
The event's international appeal was undeniable, drawing industry giants like Yat Siu, Chairman and Co-Founder of Animoca Brands, and Mohamed Ezeldin, Head of Tokenomics at Animoca Brands and ApeCoin DAO Special Council.
<img src="https://r2.myc.my/33d393579857bbb3b3ed99503e797e4ae7031e181c79cb1656b9535b60f90d3a" /> Mohamed Ezeldin, ApeCoin DAO Special Council and Head of Tokenomics at @animocabrands, presenting insights into the growing ApeCoin ecosystem at MY Token 2024.
&ldquo;We&rsquo;re thrilled to have been part of MY Token 2024, the first government-backed Web3 conference in Malaysia," said Mohamed Ezeldin. "Blockchain represents an evolution in how we engage, exchange value, and empower economies like Malaysia to grow faster. Partnering with government entities through MY Token lays the groundwork for a thriving blockchain ecosystem in Malaysia and the region."
Spencer Soloway, Vice President of Ecosystem Growth at Horizen Labs, echoed the sentiment: &ldquo;MY Token offered a unique opportunity to bring together builders, developers, investors, and policymakers, creating a space where the future of blockchain is shaped through collaboration.&rdquo;
Adding to the event's prestige, MY Token appointed Web3 Ambassadors from across Asia, including Forbes 30 Under 30 honorees Evan Luthra and Renz Chong, who shared their insights on the future of blockchain in the region. The event also unveiled Miss Aisha, MY Token&rsquo;s first AI ambassador, marking a significant step in Malaysia's AI innovation and talent development.
Nurturing Innovation and Local Talent
<img src="https://r2.myc.my/1b02845847eec4576017def69b28d27d3afcbd236d5fba09647ffab0a5ebf486" /> Web3 Ambassadors and their tokens of appreciation alongside event presenters, celebrating their contributions to the blockchain and Web3 space at MY Token 2024.
One of the event's key highlights was the Lightning Pitch sessions, where startups pitched their innovative ideas to venture capitalists and government delegates, sparking potential collaborations and investment opportunities. The sessions showcased cutting-edge ideas that could propel growth in the blockchain space.
In a commitment to fostering the next generation of digital innovators, MY Token opened its doors to over 600 students from nine universities, offering them free access to the event. This initiative aimed to equip students with essential skills in blockchain and Web3 technologies, preparing them to lead the industry&rsquo;s future.
A Blend of Technology and Entertainment
The event also featured interactive activities, such as a Play-to-Earn scavenger hunt with rewards including hot air balloon rides and prizes up to RM500,000. A dedicated gaming zone, hands-on workshops, and panel discussions gave attendees the chance to explore the latest trends in blockchain, DeFi, DePin, and NFTs, with participation from leading companies like Matr1x, Mocaverse, and Real Protocol.
Capping off the event was a lively music festival under the sub-IP "To The Moon," blending technology with entertainment and drawing global visitors. The festival, supported by local bodies, featured performances from local DJs, delectable Asian cuisine, and a spectacular fireworks display.
The Road Ahead for MY Token
With overwhelmingly positive feedback, MY Token is already looking ahead to its next event, planned for June 2025. The team promises even more innovations and experiences, aiming to further cement Malaysia's role in the global blockchain community. Stay tuned for updates at <a href="http://www.mytokenasia.com">www.mytokenasia.com</a>.
MY Token is more than just an event&mdash;it&rsquo;s a platform where technology, innovation, and global collaboration come together to shape the future.
&nbsp;
&nbsp;
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Empowering local talent to drive Malaysia’s digital economy forward.

5b290857f3b7bda67e1750d2be7a7cf762cca835cb993900e38bf6074abd837c

MY Token Set To Revolutionise Malaysia’s Blockchain & Web3 Landscape!

For many Malaysians pursuing higher education, you may be familiar with or have even borrowed from the National Higher Education Fund Corporation (PTPTN) to finance your studies.
Given the challenging economic conditions in recent years, it&rsquo;s been difficult for many Malaysians to make ends meet. However, those who have taken out PTPTN loans are still obligated to repay them. Unfortunately, a significant number of borrowers have failed to honour their repayments, causing the amount of unpaid debt to increase year after year.
430,000 M&rsquo;sians Have Not Repaid Their PTPTN Loans
<img src="https://r2.myc.my/454b6b62b168bb9bc9336bd8ce5373a2f2cbaa7dc21bbef57bd53a62c04aee3f" />
Higher Education Minister Datuk Seri Zambry Abd Kadir revealed that 430,000 borrowers have defaulted on their PTPTN loans, resulting in a staggering RM6 billion in unpaid debt. He expressed concern over the financial strain this has placed on PTPTN, attributing the issue to the irresponsible behaviour of some borrowers, many of whom have neglected to begin repayments years after graduating from university.
&ldquo;This is a category that hasn&rsquo;t cared from the first day they left (university), they haven&rsquo;t informed us of their situation, where they work, or how they intend to (make repayments),&rdquo; said Zambry.
PTPTN To Take Legal Action Against Defaulters
<img src="https://r2.myc.my/d5fd1ed65bb36171e7cadf04d86986108c47374509c717e91452b7af491bbd10" />
In response to the growing number of unpaid PTPTN loans, Zambry revealed that an in-depth discussion has begun at the cabinet level, which includes the possibility of taking legal action against the 430,000 defaulters. While the timeline and specific measures are still under consideration, PTPTN chairperson Datuk Seri Norliza Abdul Rahim will announce the details once finalized.
However, Zambry reassured that any decisions will take borrowers' circumstances into account. "We understand the (economic) situation, but I urge them to come forward (to PTPTN) and explain their circumstances. They must also have a moral responsibility because once they repay, the money will be used to help the next generation."
On a positive note, Zambry also announced that 26,534 students will receive a Loan Advance of RM1,500 each to support their entry into public higher education institutions for undergraduate studies starting next month.
What Happens If You Don&rsquo;t Repay Your PTPTN Loan?
<img src="https://r2.myc.my/144b82b569ad8ff6c00a6df8a8e9cad206a2faf5354a8fd54aa7ca0898afe37a" />
Failure to keep up with your PTPTN repayments could affect more than just your finances&mdash;it could ground your travel plans. PTPTN loan defaulters are prohibited from leaving the country, thanks to a collaboration with the Immigration Department of Malaysia. If you have overdue payments, PTPTN will notify the Immigration Department, and you&rsquo;ll be blacklisted in their system.
The consequences are serious: you won&rsquo;t be able to travel abroad, renew your passport, or even apply for a new one.
PTPTN borrowers are advised to check for any overdue amount in their repayments and settle it or discuss it with PTPTN at least 7 days before their trip to avoid being detained at the airport for overdue payments.
According to PTPTN Chief Operating Officer, Mastura Mohd Khalid, some borrowers only realise that they are barred from travelling only when they are stopped at the airport&rsquo;s immigration counter and when asked to make a repayment, many are able to settle it on the spot.
If you have PTPTN loans, now is the time to start repaying or settling them to avoid being blacklisted from traveling abroad. On the bright side, PTPTN occasionally runs campaigns to assist borrowers with repayment, so be sure to keep an eye on their social media channels for any updates or opportunities. 
What are your thoughts on this? Let us know in the comments.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Loan defaulters, brace yourselves—legal action is on the horizon.

EPF Flexible Account 3 Could Begin In May With The Ability To Withdraw At Any Time

With Account 3, there’s a likelihood of lower returns than Account 1 and 2 as it’s like a savings account.

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