Source: NST
KUALA LUMPUR: Following are the highlights of 2011 Budget tabled by Prime Minister Datuk Seri Najib Tun Razak, who is also Finance Minister, at the Dewan Rakyat today:
* A mixed development project including affordable houses to be developed at a cost of RM10 billion in Sungai Buloh and is expected to be completed by 2025.
* Another landmark project "Warisan Merdeka" which includes a 100-storey tower, the tallest in Malaysia, at a cost of RM5 billion to be completed by 2015.
Do we need the tallest building again, after KLCC
* Development of large-scale integrated Aquaculture Zones in Pitas, Sungai Telaga and Sungai Padas in Sabah as well as Batang Ai and Tanjung Manis in Sarawak with an allocation of RM252 million.
* Allocation of RM135 million for basic infrastructure to encourage farmers participation in high value agriculture activities including swiftlet nests.
* Extension of income tax deduction incentive for investors and income tax exemption for companies undertaking food production activities until 2015.
* RM85 million to provide infrastructure facilities to facilitate construction of hotels and resorts in remote areas with the potential to attract tourists.
* RM50 million to construct several shaded walkways in the KLCC-Bukit Bintang vicinity.
Instead buillt shaded walkway cost RM50m, much better improve road
condition at Damansara Heights, Keramat, Setiawangsa, wangsa maju...a
lot of hole, and unsmooth road, man
* Development of world's first integrated eco-nature resort at a cost of RM3 billion by Nexus Karambunai in Sabah to commence next year.
* Abolishing of import duty on 300 goods preferred by tourists and locals, at 5 to 30 per cent, to promote Malaysia as a shopping heaven in Asia.
* RM119 million for the development of local content creation, hosting local content and unlocking new channels for content.
* Exemption of sales tax on all types of mobile phones.
* RM850 million for infrastructure support to accelerate corridor and regional development.
* RM411 million for research, development and commercialisation activity to be the platform for enhancing value-added activities across economic sectors.
* Establishment of a Special Innovation Unit (UNIK) under the Prime Minister's Department with an allocation of RM71 million for next year to commercialise R&D findings by universities and research institutions.
* RM200 million for the purchase of creative products such as high quality, locally-produced films, dramas and documentaries.
* Rate of service tax to be increased from five to six per cent.
* Service tax to be imposed on paid television broadcasting services.
* Strengthening the revenue collection system by increasing enforcement and audit as well as coverage on all parties that should be paying taxes.
* Restructuring and strengthening of education and training with the sum of RM29.3 billion allocated for Education Ministry, RM10.2 billion (Higher Education Ministry) and RM627 million (Human Resource Ministry).
* Establishment of Talent Corporation under the Prime Minister''s Office in early 2011 to develop an expert workforce database as well as collaborate closely with talent networks globally.
* For the Ministry of Education, a sum of RM6.4 billion is allocated for Development Expenditure to build and upgrade schools, hostels, facilities and equipment as well as uphold the status of the teaching profession.
* RM213 million is allocated to reward high performance schools as well as for the remuneration of Principals, Head Teachers and Excellent Teachers.
* The Government will increase pre-school enrolment rate to a targeted 72 per cent by end 2011 through additional 1,700 classes, strengthen the curriculum as well as appoint 800 pre-school graduate teachers.
* The Government also allocates RM111 million for PERMATA programme including the construction of the second phase of Sekolah PERMATA Pintar school complex, 32 PERMATA Children Centres (PAPN) and financing operations of 52 completed PAPNs.
hope its goes to the best result
* RM250 million allocated for Development Expenditure for religious schools, Chinese-type schools, Tamil national schools, missionary schools and Government-assisted schools nationwide.
* Recognising the importance of Islamic education, the Government will provide assistance per capita for primary and secondary rakyat religious schools with an allocation of RM95 million.
* To provide competent and quality teachers and instructors to better guide and educate students, the Government allocates RM576 million in the form of scholarships for those wishing to further their studies.
* RM213 million is allocated to enhance proficiency in Bahasa Malaysia, strengthen the English language as well as streamline the standard curriculum for primary schools.
* The Government will recruit 375 native-speaking teachers including from the United Kingdom and Australia to further enhance teaching of English.
i'm sure a lot of trained and talented local english teachers can do
much more better than spend a lot of money goes to non local
* The number of PhD qualified academic staff will be increased to 75 per cent in research universities and to 60 per cent in other public institutions of higher learning with an allocation of RM20 million.
* Excise duty exemption be increased from 50 per cent to 100 per cent on national vehicles purchased by the disable.
* Existing tax relief of up to a maximum of RM5,000 be extended to cover other expenses such as day care centre, cost incurred to employ caretakers for parents and other daily needs such as diapers.
* Stamp duty exemption of 50 per cent be given on loan agreement instruments to finance first-time purchase of houses.
* Full import duty and 50 per cent excise duty exemption was granted to franchise holders of hybrid cars.
* Implementation of 1Malaysia Training Programme by Community Colleges, National Youth Training Institutes, Giat Mara and Industrial Training Institutes to commence in January 2011 with an allocation of RM500 million.
* The establishment of National Wage Consultation Council as the main platform for wage determination.
* The establishment of 1Malaysia Youth Fund with an allocation of RM20 million.
* Monthly allowance for KAFA teachers will be increased to RM800 compared with RM500 currently.
* Increase in monthly allowance for the Chairman of JKKK and JKKP, Tok Batin, Chairman of JKKK Orang Asli and Chairman of Kampung Baru to RM800 compared with RM450 currently.
* Increase in meeting attending allowance to all comittee members from RM30 to RM50.
* Special Financial Assistance amounting to RM500 to be provided to all civil servants from Grade 54 and below, including contract officers and retirees.
* The abolishment of the Competency Level Assessment or PTK to be replaced with a more suitable evaluation system by June 2011.
* Extension of services of Pegawai Khidmat Singkat for an additional period of one year from December 2010.
* Raising the amount of loan from RM10,000 to RM20,000 for additional works on low-cost houses for Support Group Two.
* Raising the maximum loan eligibility to RM450,000 compared with RM360,000 currently, effective January 1, 2011.
* Increasing the rate for Funeral Arrangement Assistance to RM3,000.
* Allowing flexibility to self-determine fully-paid maternity leave not exceeding 90 days from the current 60 days subject to a total of 300 days of maternity leave throughout the tenure of service.
* Introduction of "Skim Rumah Pertamaku" which will provide a guarantee on down payment of 10 per cent for houses below RM220,000 for first-time house buyers.
* To assist estate workers to own low-cost houses through a scheme managed by BSN.
* Construction and repair of 12,000 houses nationwide particularly in Sabah and Sarawak with an allocation of RM300 million.
* Establishment of a "1Malaysia Smart Consumer" portal.
* Introduction of the Distribution of Essential Goods programme to standardise prices across areas.
* Introduction of the Retail Shop Transformation Programme, Automotive Workshop and Community Market projects.
* The launch of a Private Pension Fund in 2011.
* The launch of Bumiputera Property Trust Foundation with the size of RM1 billion and syariah-compliant.
* To assist children particularly those from the low-income group to excel academically, the 1MDB will provide multi-vitamins for primary school students.
* Rebate of electricity bill payment for monthly consumption of below RM20 will be continued.
* The toll rates in four highways owned by PLUS Expressway Berhad will not be raised for the next five years effective immediately.
* A review of the current minimum bankruptcy limit of RM30,000.
* The application for Permanent Resident status may be submitted after five years of residence.
* Providing four buses for Mobile Clinic.
* Formulating a new development model for Orang Asli.
* JHEOA will be restructured and strengthened as Jabatan Kemajuan Orang Asli.
Read more: Budget 2011 highlights http://www.nst.com.my/nst/articles/Budget2011highlights/Article/#ixzz13RmxD4i1
Tuesday, October 26, 2010
Monday, October 25, 2010
Parents: Help Your Adult Kids Manage Money
By Kimberly Palmer
Posted: October 22, 2010 (Yahoo.com)
If you have adult children in their 20s and 30s, you probably know your job isn’t over yet. Whether you’re providing financial support or just giving advice from a distance, there are ways you can help them become more financially secure so they don’t depend on the bank of mom and dad forever.
These tips, adapted from the new book Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back, will help you teach your grown children how to be smarter with their money.
Encourage them to save like crazy. If you’re like most Americans, you might not have set the best example in the savings department. But the recession convinced a lot of people that putting money in the bank is more important than upgrading their lifestyle. Plus, your 20- and 30-something children probably anticipate funding more of their own retirements, since the Social Security trust fund will start taking in less than it pays out around 2016. Just-released numbers from Charles Schwab reveal that almost half of the general population say they do not plan on counting on Social Security as a source of income in retirement.
If your adult children can get in the habit of saving one-third of their income, they’ll be on their path toward a comfortable retirement and financial security. If that’s too ambitious, suggest that they start slowly, beginning with two percent a year. They can raise that percentage over time.
But tell them to invest in their careers. Now—in their 20s and 30s—is the time for them to spend money on services that could help them get ahead. It might mean hiring a career consultant, life coach, or even a personal shopper to help them look the part of a young professional. For some, a return to school pays off—but make sure they’re not just running up debt. As the recession took hold in 2008 and 2009, many recent grads were wishing they weren’t looking for work while carrying around $200,000 of debt from getting advanced degrees, even allegedly lucrative ones, such as MBAs. It’s always a good idea to talk to recent graduates about career prospects before making the decision.
Offer to brainstorm with them about their goals. Chances are their first job out of school isn’t going to be their last. On average, young people hold ten different jobs before age 36. While a lot of this flux is a result of trial-and-error, you can give them a step up by offering to brainstorm with them about all of the possibilities. What are their passions? Their skills? Their favorite hobbies? Offering to spend an hour with them brainstorming over coffee can help them shake loose latent ideas—and as long as you do it without judgment, it can provide some enjoyable parent-child bonding.
Help demystify the world of investing. Index funds, the Dow, target-date funds… the world of investing can be confusing and intimidating. If you’re not familiar with it yourself, read up on the markets through financial news websites and then chat about it with your kids. Maybe you can educate each other. The sooner you can get your adult children to start investing, the better, because then they’ll have the power of compound interest on their side.
Consider providing limited financial support. Before even entertaining the notion of giving your grown children money, check that you're on solid financial footing yourself. If you are financially stable and you want to give some cash to your adult children, make sure you’re not setting up a cycle of dependence. If your money ends up going towards frivolous purchases like vacations and cars, you should probably freeze those payments. But if you’re helping a hardworking son or daughter afford an internship in an expensive city, there's little reason to hold back, other than your own budget. If you can’t afford financial help, consider giving in other ways, by offering the occasional home-cooked meal, babysitting services for grandchildren, or even just a listening ear.
Invite them to move in, but only if it helps you, too. A 2010 study from the Pew Research Center found that multi-generational living in the United States is at a fifty-year high, partly because of the down economy. Some 49 million Americans—16 percent of the population—now live in homes containing two or more adult generations. The arrangement can benefit both parents and adult children, as long as it’s done right: Each generation has to contribute something, whether it’s bill payments, chores, or some other kind of help around the house. Otherwise, free-riding leads to resentment and tense relationships.
This article is adapted with permission from Kimberly Palmer’s new book Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back (Ten Speed Press
Posted: October 22, 2010 (Yahoo.com)
If you have adult children in their 20s and 30s, you probably know your job isn’t over yet. Whether you’re providing financial support or just giving advice from a distance, there are ways you can help them become more financially secure so they don’t depend on the bank of mom and dad forever.
These tips, adapted from the new book Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back, will help you teach your grown children how to be smarter with their money.
Encourage them to save like crazy. If you’re like most Americans, you might not have set the best example in the savings department. But the recession convinced a lot of people that putting money in the bank is more important than upgrading their lifestyle. Plus, your 20- and 30-something children probably anticipate funding more of their own retirements, since the Social Security trust fund will start taking in less than it pays out around 2016. Just-released numbers from Charles Schwab reveal that almost half of the general population say they do not plan on counting on Social Security as a source of income in retirement.
If your adult children can get in the habit of saving one-third of their income, they’ll be on their path toward a comfortable retirement and financial security. If that’s too ambitious, suggest that they start slowly, beginning with two percent a year. They can raise that percentage over time.
But tell them to invest in their careers. Now—in their 20s and 30s—is the time for them to spend money on services that could help them get ahead. It might mean hiring a career consultant, life coach, or even a personal shopper to help them look the part of a young professional. For some, a return to school pays off—but make sure they’re not just running up debt. As the recession took hold in 2008 and 2009, many recent grads were wishing they weren’t looking for work while carrying around $200,000 of debt from getting advanced degrees, even allegedly lucrative ones, such as MBAs. It’s always a good idea to talk to recent graduates about career prospects before making the decision.
Offer to brainstorm with them about their goals. Chances are their first job out of school isn’t going to be their last. On average, young people hold ten different jobs before age 36. While a lot of this flux is a result of trial-and-error, you can give them a step up by offering to brainstorm with them about all of the possibilities. What are their passions? Their skills? Their favorite hobbies? Offering to spend an hour with them brainstorming over coffee can help them shake loose latent ideas—and as long as you do it without judgment, it can provide some enjoyable parent-child bonding.
Help demystify the world of investing. Index funds, the Dow, target-date funds… the world of investing can be confusing and intimidating. If you’re not familiar with it yourself, read up on the markets through financial news websites and then chat about it with your kids. Maybe you can educate each other. The sooner you can get your adult children to start investing, the better, because then they’ll have the power of compound interest on their side.
Consider providing limited financial support. Before even entertaining the notion of giving your grown children money, check that you're on solid financial footing yourself. If you are financially stable and you want to give some cash to your adult children, make sure you’re not setting up a cycle of dependence. If your money ends up going towards frivolous purchases like vacations and cars, you should probably freeze those payments. But if you’re helping a hardworking son or daughter afford an internship in an expensive city, there's little reason to hold back, other than your own budget. If you can’t afford financial help, consider giving in other ways, by offering the occasional home-cooked meal, babysitting services for grandchildren, or even just a listening ear.
Invite them to move in, but only if it helps you, too. A 2010 study from the Pew Research Center found that multi-generational living in the United States is at a fifty-year high, partly because of the down economy. Some 49 million Americans—16 percent of the population—now live in homes containing two or more adult generations. The arrangement can benefit both parents and adult children, as long as it’s done right: Each generation has to contribute something, whether it’s bill payments, chores, or some other kind of help around the house. Otherwise, free-riding leads to resentment and tense relationships.
This article is adapted with permission from Kimberly Palmer’s new book Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back (Ten Speed Press
5 Best Career Tips for Young People
By Kimberly Palmer
Posted: October 12, 2010 (Yahoo.com)
Even in the most prestigious and well-paying professions, job security is hard to find. Instead, financial stability now comes from treating yourself like your most important employee. That means investing in yourself, paying yourself well, and otherwise making sure you’re operating at full speed. These tips, based on the book Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back, will help you take your career to the next level.
Invest in yourself.
Professional coaching can turn you into the star podcaster you’ve dreamed of becoming, or it can teach you how to be a better leader. Sometimes, a career coach or development course can help you get “unstuck” from a career rut. Talk about your goals for the session ahead of time to make sure you get what you want out of it. (The price of one-on-one coaching typically starts at around $200 an hour.) Less formal advice can come from meeting with more experienced colleagues and mentors over lunch or coffee; they will often be happy to talk with you.
Raise your rates.
Chances are you’re not getting paid as much as you’re worth. Do some research on salary comparison websites, such as salary.com or payscale.com. If the estimates seem way off base—which they can, especially if you have an unusual job or one with a difficult-to-understand title—then dig deeper.
If you’re close to a coworker, then ask that person what he or she thinks the pay range should be for a variety of jobs at your workplace to get a sense of how you stack up. If more than a year has passed since your last pay increase—or if you discover that you are underpaid compared to your peers—then it’s time to make your case.
Write a memo that outlines why you deserve a raise, including the contributions you’ve made over the last year. Run the request and your reasons by a trusted friend or family member and rehearse how you plan to bring it up.
Get a second (or third) job.
Diversifying your income is the best way to create job stability. Could you start selling your crafty inventions on etsy.com? Do you enjoy organizing other people’s desks, or designing T-shirts? Or do you have an unusual skill, such as woodworking, that you could advertise on Craigslist.org? Make a list of all of the ways that you could earn money outside of your current job. Then, pick an item on your list and get started, perhaps with a small step such as purchasing a domain name.
Fly solo.
When Tim Bradley, twenty-nine, and his wife, Anne Morrison Bradley, twenty-seven, started brainstorming about the kind of business they could start, they thought about what they love. They settled on two things: their dogs, and design. The couple decided that there was a need for upscale, modern design products for people with pets that they could fill. While Tim was finishing law school and Anne was working in corporate development in Ferndale, Michigan, they hired a graphic designer, formed a company, and built their website, for a total start-up cost of around $5,000
By the end of the first month, The Premium Pet had already made its first $1,000 of sales revenue. While both Tim, a lawyer, and Anne, who works in corporate development, are holding onto their day jobs for now, they know have a backup plan—and a dream for one day making it their full-time job.
Free up your time and energy by outsourcing chores.
Think of money spent on a cleaning service or getting your groceries delivered as investments in your career, because they free up more time (and energy) for you to focus on your day (or night) job. Instead of vacuuming the living room, consider scheduling a creativity session: Block out an hour on the weekend or evening to dedicate to exposing your mind to new ideas. Bring a couple magazines that you would never normally read—a software engineer might want to pick up a copy of Vogue, for example – and a pen and notebook, and see what ideas strike you.
This article is adapted with permission from Kimberly Palmer’s new book Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back (Ten Speed Press).
Posted: October 12, 2010 (Yahoo.com)
Even in the most prestigious and well-paying professions, job security is hard to find. Instead, financial stability now comes from treating yourself like your most important employee. That means investing in yourself, paying yourself well, and otherwise making sure you’re operating at full speed. These tips, based on the book Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back, will help you take your career to the next level.
Invest in yourself.
Professional coaching can turn you into the star podcaster you’ve dreamed of becoming, or it can teach you how to be a better leader. Sometimes, a career coach or development course can help you get “unstuck” from a career rut. Talk about your goals for the session ahead of time to make sure you get what you want out of it. (The price of one-on-one coaching typically starts at around $200 an hour.) Less formal advice can come from meeting with more experienced colleagues and mentors over lunch or coffee; they will often be happy to talk with you.
Raise your rates.
Chances are you’re not getting paid as much as you’re worth. Do some research on salary comparison websites, such as salary.com or payscale.com. If the estimates seem way off base—which they can, especially if you have an unusual job or one with a difficult-to-understand title—then dig deeper.
If you’re close to a coworker, then ask that person what he or she thinks the pay range should be for a variety of jobs at your workplace to get a sense of how you stack up. If more than a year has passed since your last pay increase—or if you discover that you are underpaid compared to your peers—then it’s time to make your case.
Write a memo that outlines why you deserve a raise, including the contributions you’ve made over the last year. Run the request and your reasons by a trusted friend or family member and rehearse how you plan to bring it up.
Get a second (or third) job.
Diversifying your income is the best way to create job stability. Could you start selling your crafty inventions on etsy.com? Do you enjoy organizing other people’s desks, or designing T-shirts? Or do you have an unusual skill, such as woodworking, that you could advertise on Craigslist.org? Make a list of all of the ways that you could earn money outside of your current job. Then, pick an item on your list and get started, perhaps with a small step such as purchasing a domain name.
Fly solo.
When Tim Bradley, twenty-nine, and his wife, Anne Morrison Bradley, twenty-seven, started brainstorming about the kind of business they could start, they thought about what they love. They settled on two things: their dogs, and design. The couple decided that there was a need for upscale, modern design products for people with pets that they could fill. While Tim was finishing law school and Anne was working in corporate development in Ferndale, Michigan, they hired a graphic designer, formed a company, and built their website, for a total start-up cost of around $5,000
By the end of the first month, The Premium Pet had already made its first $1,000 of sales revenue. While both Tim, a lawyer, and Anne, who works in corporate development, are holding onto their day jobs for now, they know have a backup plan—and a dream for one day making it their full-time job.
Free up your time and energy by outsourcing chores.
Think of money spent on a cleaning service or getting your groceries delivered as investments in your career, because they free up more time (and energy) for you to focus on your day (or night) job. Instead of vacuuming the living room, consider scheduling a creativity session: Block out an hour on the weekend or evening to dedicate to exposing your mind to new ideas. Bring a couple magazines that you would never normally read—a software engineer might want to pick up a copy of Vogue, for example – and a pen and notebook, and see what ideas strike you.
This article is adapted with permission from Kimberly Palmer’s new book Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back (Ten Speed Press).
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