Nabil Luqman

0f9d2dd4f71434084e2b6094de1865e23abb37bb9f28ca51feeabee679ec9be2

Money

99Speedmart

gig economy

debate

billionaire

wages

branch manager

Many Malaysians dream of earning higher wages, and for some, that dream includes running a successful business chain.
On that note, the owner of 99 Speedmart, Lee Thiam Wah, recently saw his fortune grow by an additional RM2 billion, just one day after listing 99 Speedmart Retail Holdings Bhd at RM1.65 per share. This achievement has solidified his position among Malaysia's wealthiest individuals.
<img src="https://r2.myc.my/12bdda2f68ebd3a886f00c0c65818d9381ebcd54e3c456aa3887af8555794390" />
Following news of Lee Thiam Wah's growing wealth making headlines across Malaysia, discussions quickly surfaced around the wages offered to 99 Speedmart employees. Attention soon turned to branch managers, who reportedly earn an average monthly salary of just RM2,387.
The conversation gained traction after an X post highlighted the company&rsquo;s average salaries, sparking debates on wage fairness and employee satisfaction.
<blockquote class="twitter-tweet">
Billionaire tapi gaji untuk Branch Manager baru RM2,387. 😅😅😅 <a href="https://t.co/S2jP7BgTaB">https://t.co/S2jP7BgTaB</a> <a href="https://t.co/RCEATCAPak">pic.twitter.com/RCEATCAPak</a>
&mdash; aiamDeen (@aiamDeen) <a href="https://twitter.com/aiamDeen/status/1833449437903130680?ref_src=twsrc%5Etfw">September 10, 2024</a></blockquote>

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The post included a screenshot, reportedly from the job site Indeed, revealing that cashiers earn RM1,694 and logistics associates receive RM2,236.
Netizens In Disbelief Over The Low Salaries
As comments flooded in online, many netizens expressed disbelief at the low wages offered by 99 Speedmart. They noted that branch managers, who shoulder substantial responsibilities, receive salaries comparable to office clerks, despite working long hours from 10 a.m. to 10 p.m. and occasionally handling cashier duties.
The discussion also touched on why many young people might prefer the gig economy, with options like Lalamove, Foodpanda, or Grab. The appeal of gig work lies in the potential for higher earnings, flexible hours, and immediate payment, contrasting sharply with the stress and rigidity of traditional employment.
Here's some of the comments:
<blockquote class="twitter-tweet" data-conversation="none">
Kalau dia offer gaji bermaruah, mungkin skrg belum jadi billionaire.
&mdash; Chief Hir 🇲🇾 🇵🇸 (@syahir7_Z) <a href="https://twitter.com/syahir7_Z/status/1833653329286906158?ref_src=twsrc%5Etfw">September 10, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Operator di kilang pun boleh dapat gaji basic dan ot lebih rm3k sebulan
&mdash; K.H Yon (@Kh_yonkhai) <a href="https://twitter.com/Kh_yonkhai/status/1833465750188921161?ref_src=twsrc%5Etfw">September 10, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Sbb tu dia billionaire..😂
&mdash; Abu Osman Wonda (@osman_EX5Hitam) <a href="https://twitter.com/osman_EX5Hitam/status/1833642791156781191?ref_src=twsrc%5Etfw">September 10, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Pembetulan. Billionaire SEBAB gaji branch manager baru RM2,387. 👍🏼
&mdash; Ismet Ulam Raja (@ismet_ulam) <a href="https://twitter.com/ismet_ulam/status/1833672802232373279?ref_src=twsrc%5Etfw">September 11, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Gila!! Manager gaji RM2.3K sebulan? Dah lah kerja mcm lembu cover banyak outlet. Dengan short manpower lagi. Kau kerja kilang.. normal operator pun basic boleh sampai RM3-3K.
&mdash; WhoamI? (@Iamraffffffff) <a href="https://twitter.com/Iamraffffffff/status/1833677416180707777?ref_src=twsrc%5Etfw">September 11, 2024</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Tgk ni Mydin branch Manager. Ok la jugaak <a href="https://t.co/KEjVfIJubm">pic.twitter.com/KEjVfIJubm</a>
&mdash; NotMyFault (@meIayuterakhir) <a href="https://twitter.com/meIayuterakhir/status/1833667676927119607?ref_src=twsrc%5Etfw">September 11, 2024</a></blockquote>

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Comparing Jobs &amp; Trade-Offs Of Gig Economy Jobs
<img src="https://r2.myc.my/24e31ed168f5e3e5d78ce29e3143f56a48ebd8f857ecbc3e352efe10be2a643f" />
While gig economy jobs are often praised for their potentially high payouts, they come with significant drawbacks, such as the lack of stable income and benefits like EPF and SOCSO. Additionally, workers face risks while on the road. Although longer hours can lead to higher earnings in gig work, these jobs are typically viewed as short-term solutions due to their lack of job security.
Despite criticisms from netizens about 99 Speedmart's wealth and employee wages, it's important to recognize the risks faced by business owners. They must contend with the uncertainties of entrepreneurship and the potential for business failure, which are part of the challenges of running a successful company.
<iframe style="border: none; overflow: hidden;" src="https://www.facebook.com/plugins/video.php?height=476&amp;href=https%3A%2F%2Fwww.facebook.com%2F61565317662700%2Fvideos%2F933886582090587%2F&amp;show_text=false&amp;width=268&amp;t=0" width="268" height="476" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen"></iframe>
It's also important to note that advertised salaries often represent the base range and may not include additional benefits that can vary depending on qualifications, years of experience, and other factors.
When it comes to wages, one thing we can all agree on is that the cost of living has risen significantly. It&rsquo;s natural to wonder how we can manage to make ends meet with such low salaries.
Read: <a href="https://myc.my/articles/3410/brave-makcik-urges-anwar-ibrahim-to-tackle-high-cost-of-living-during-ramadan-bazaar-visit-in-perlis">Brave Makcik Urges Anwar Ibrahim To Tackle High Cost of Living During Ramadan bazaar Visit In Perlis</a>
Perhaps it&rsquo;s time for the government to take action and provide more support for Malaysians during these challenging times, or at the very least, update us on the long-awaited PADU system.
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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Let’s be real—are wages keeping up with the rising cost of living? We don’t think so.

8efd0147b1922ee2e8e49700899956cdd8ce8d56ed023251eee8f207f05fdd31

Netizens Debate 99 Speedmart Branch Manager Wages Being Low Despite Their Boss Being One Of Malaysia’s Billionaires

In February, Malaysians were abuzz after the government disclosed that cabinet ministers had undertaken a total of 236 official overseas trips in 2024, costing the country RM44 million.
<img src="https://r2.myc.my/d1bbf8b6bc4247ae64db869adc0651f01f0de56ddb7681cbe58ba21fae067d25" />
Read: <a href="https://myc.my/articles/4137/msian-govt-reveals-ministers-took-236-overseas-trips-costing-rm44-million">M&rsquo;sian Govt Reveals Ministers Took 236 Overseas Trips, Costing RM44 Million</a>
In a written parliamentary reply to Masjid Tanah MP Datuk Mas Ermieyati Samsudin on 18 February, Federal Territories Minister Dr Zaliha Mustafa justified the expenditure, stating that these trips were essential as ministers attended scheduled meetings in line with Malaysia&rsquo;s commitments to various international organisations.
Following the revelation, many netizens voiced their concerns, with some criticising the hefty RM44 million price tag amid the nation&rsquo;s economic challenges. The disclosure sparked a debate on whether the government was managing public funds responsibly.
<img src="https://r2.myc.my/75ea5e89a3713dc419ed0b3568bb1ab1c02847d3e341bcb63479e746464b6fdc" />
Prime Minister Datuk Seri Anwar Ibrahim has recently clarified that all Members of Parliament (MPs) in Malaysia receive a fixed monthly allowance of RM25,700. In addition to this base salary, MPs are entitled to various other allowances and claims based on their parliamentary roles and responsibilities.
According to a statement from the Prime Minister&rsquo;s Office, MPs can claim allowances for domestic official duties, which include an attendance allowance of RM400 per day during parliamentary sessions. MPs who participate in the Public Accounts Committee (PAC) or Special Select Committee meetings outside of parliamentary sessions are eligible for an additional RM300 per day. During parliamentary sessions, PAC members receive RM250 per day. Furthermore, MPs attending official briefings receive an additional RM300 daily, while a subsistence allowance of RM100 per day is granted for official duties that require travel beyond 32 kilometres.
Travel and Overseas Duty Allowances
&nbsp;<img src="https://r2.myc.my/86d0a2c0168b1bc0398294dc0a3aca188652b95d1a5eec6ca647d06b9b1756e2" />
MPs are also entitled to travel reimbursements for self-driving, public transport, or air travel. These reimbursements extend to accommodation expenses such as hotel stays, lodging, and laundry.
For international assignments, MPs receive a meal allowance of RM340 per night and a daily subsistence allowance of RM170. Additionally, they can claim accommodation and transport expenses, which include air and land travel. They are also eligible for compensation for currency exchange losses and a tip allowance amounting to 25% of their meal allowance.
Potential Monthly Earnings Between RM30,000 and RM40,000 
&nbsp;<img src="https://r2.myc.my/81f1149c17f31e9aba73329878a90237c1ce22c9e9abe6b75b2c7c94a6ef9945" />
When considering all these allowances and claims, some MPs may earn a total monthly income ranging between RM30,000 and RM40,000.
Anwar urged MPs to exercise financial prudence and remain mindful of the financial struggles faced by the general public, many of whom earn significantly less. He also criticised certain MPs for claiming that their income is inadequate, with some alleging that they need to take on debt to manage their daily expenses.
Public Concerns Over MP Salaries
<img src="https://r2.myc.my/dc4160fef6008145d4685a22820b89548e21c77a27eb6468d1d21719c2db0237" />
The disclosure of MPs&rsquo; allowances has sparked public debate, with many questioning whether such entitlements are justified, particularly when many Malaysians are struggling with rising costs of living. There have been growing calls for greater financial transparency regarding government spending on parliamentary allowances.
Opposition figures and activists have also raised concerns about the disparity between MP earnings and the average wages of regular citizens. Some critics argue that MPs should be held accountable for their expenditure and that their allowances should be tied to performance metrics or public service effectiveness.
Funding for Opposition MPs
The Prime Minister also addressed concerns regarding funding allocations for opposition MPs. He reiterated that the government remains open to discussions but questioned why opposition MPs continue to publicly complain instead of engaging in direct negotiations with the government on the matter.
Anwar&rsquo;s comments highlight the ongoing debate over parliamentary earnings and financial transparency. As public scrutiny over government spending intensifies, the issue of MPs&rsquo; allowances is likely to remain a contentious topic in Malaysia&rsquo;s political landscape.
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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MPs also receive allowances for overseas duties when required.

189f9a15f95c822c2e2088cf9757e6b2ed480a3fa83652eaaac7d0382b33b20c

Anwar Ibrahim Clarifies That Every MP Receives RM25,700 Monthly, Plus Additional Allowances

With the tax filing season underway, taxpayers in Malaysia are encouraged to file their taxes early and take advantage of eligible tax reliefs. As of 2024, the Inland Revenue Board (LHDN) has made e-Filing the sole method for submitting tax returns, discontinuing manual or hard copy submissions.
E-Filing, which has been in use for several years, is an efficient and convenient way to report tax liabilities. Individuals earning income from employment, as well as those receiving passive income such as rental earnings or interest, are required to file their personal income tax returns (Form BE) for the assessment year 2024. The tax filing period runs from 1 January to 31 December 2024, with submission deadlines of 30 April for salaried individuals and 30 June for business owners or self-employed individuals. Late submissions may incur penalties.
For first-time users, registration is required via the MyTax portal (<a href="https://mytax.hasil.gov.my">https://mytax.hasil.gov.my</a>) through the e-Daftar system. A digital certificate and a one-time PIN must also be obtained before logging into the system to complete the e-Filing process.
Full List of Tax Reliefs for 2024
To ease the financial burden of taxpayers, the Malaysian government has outlined several tax relief categories. Below is a breakdown of the key tax reliefs available for the year 2024.
1) Individual and Dependent Reliefs
 <img src="https://r2.myc.my/052ddfa86afca614c90dc6b106d464b9e46f71978e46b4424e1171e98b9fdab0" /> 
<ul>
<li>Self and dependents &ndash; RM9,000</li>
<li>Husband/Wife/Alimony to ex-wife &ndash; RM4,000</li>
<li>Individuals with disabilities &ndash; RM6,000</li>
<li>Disabled spouse &ndash; RM5,000</li>
<li>Self-study fees &ndash; RM7,000</li>
</ul>
2) Lifestyle and Medical Reliefs
<img src="https://r2.myc.my/986a66f3132725f7bcbead80966ac58cfd1014ebc7907ba407a75fea65611396" />
<ul>
<li>Medical expenses for self, spouse, and children &ndash; RM10,000 (includes fertility treatment)</li>
<li>Diagnosis and treatment for learning disabilities &ndash; RM4,000</li>
<li>COVID-19 self-test kit and full medical examination &ndash; RM1,000</li>
<li>Vaccination expenses &ndash; RM1,000</li>
<li>Dental examination and treatment by a registered dental practitioner &ndash; RM1,000</li>
<li>Breastfeeding equipment purchase &ndash; RM1,000</li>
<li>Basic support equipment for individuals, spouses, children, or dependents with disabilities &ndash; RM6,000</li>
<li>Lifestyle expenses (books, internet subscriptions, gadgets, etc.) &ndash; RM2,500</li>
<li>Sports-related lifestyle purchases &ndash; RM1,000</li>
<li>Medical treatment and parental care &ndash; RM8,000</li>
</ul>
3) Child Reliefs
<img src="https://r2.myc.my/e82d0478d846f20869cd32ba3fe2b85a470216b5d9eb70f6014368bf1d6b7f5b" />
<ul>
<li>Children under 18 years old &ndash; RM2,000</li>
<li>Children over 18 years, unmarried, and studying full-time &ndash; RM2,000</li>
<li>Children over 18 years old, unmarried, and studying in an institution of higher learning &ndash; RM8,000</li>
<li>Registered daycare or kindergarten fees &ndash; RM3,000</li>
<li>Children with disabilities &ndash; RM6,000</li>
<li>Additional relief for children with disabilities &ndash; RM8,000</li>
</ul>
4) Contributions, Donations, and Other Reliefs
&nbsp;<img src="https://r2.myc.my/5b4fe4c87659a2aa2076a1eb663e333df49c5cec4ac3c1d7e23a9c0a9c07fd17" />
<ul>
<li>SOCSO/Employment Insurance Scheme (EIS) contributions &ndash; RM350</li>
<li>Deferred retirement and annuity scheme &ndash; RM3,000</li>
<li>SSPN (National Education Savings Scheme) contributions &ndash; RM8,000</li>
<li>Life insurance and Employees Provident Fund (EPF) contributions &ndash; RM7,000</li>
<li>Education and medical insurance for individuals, spouses, and children &ndash; RM3,000</li>
<li>Electric vehicle (EV) charging equipment purchase, rental, or installation &ndash; RM2,500</li>
</ul>
Important Reminders for Taxpayers 
&nbsp;<img src="https://r2.myc.my/a0dab6af7b7cbfde545be30acfa7f64726c9d11264a0865f38063afd93d5308f" />
Taxpayers must exercise caution when filing their tax returns to avoid common mistakes and potential penalties. One of the most frequent errors is attempting to claim reliefs without the necessary documentation. It is essential to retain receipts and supporting evidence for at least seven years, as LHDN may conduct audits to verify claims. Incorrectly declaring dependents or failing to meet eligibility criteria for specific reliefs could also lead to penalties.
Additionally, all sources of income must be declared, including earnings from rental properties, freelance work, commissions, and passive income streams. Those receiving income from overseas are still required to report it, even if it qualifies for tax exemptions. The LHDN can monitor foreign income through the Common Reporting Standard, a global initiative to track international financial transactions.
Expatriates working in Malaysia are subject to taxation but are ineligible for personal reliefs and must pay based on the progressive tax rate. Those engaging in gig economy work or earning side income should also ensure they file their taxes correctly to avoid non-compliance issues.
Filing taxes early provides numerous benefits, such as allowing taxpayers to identify and correct potential errors, preventing last-minute stress, and ensuring proper financial planning. For individuals with complex financial situations or multiple income sources, consulting a tax professional can provide clarity and assistance in structuring tax returns effectively. Keeping detailed financial records and understanding available tax reliefs can significantly help in maximising claims and reducing overall tax liabilities.
Final Thoughts
With tax filing now being fully digital, taxpayers must familiarise themselves with the MyTax portal and ensure they submit their returns before the respective deadlines. Understanding available tax reliefs can help individuals maximise their claims and reduce their tax burdens. To avoid mistakes, always keep proper records, declare all sources of income, and seek expert advice when in doubt.
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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Can’t recall how taxes work? Here’s a refresher.

a00c60ca0fb213be2754fab9e393dca422ae04afd1e7724202bc162c46c0085e

Filing Your Taxes? Check Out This Guide On E-Filing & Tax Reliefs For 2024!

Singaporean personal finance expert and YouTuber Loo Cheng Chuan, widely known for his financial education initiative &lsquo;1M65&rsquo;, recently shared his thoughts on Malaysia&rsquo;s Employees Provident Fund (EPF) and how it compares to Singapore&rsquo;s Central Provident Fund (CPF). In a podcast episode of Do More &ndash; Take Charge of Your Life, Loo emphasised that EPF is a &ldquo;gold mine&rdquo; that many Malaysians fail to appreciate, highlighting its ability to generate significantly higher returns than Singapore&rsquo;s CPF.
While CPF is known for its stability, Loo argues that EPF provides a more lucrative wealth-building opportunity. He urged Malaysians to recognise the potential of EPF as a powerful financial tool that can set them up for a comfortable retirement.
EPF Outperforms CPF with Superior Returns
<img src="https://r2.myc.my/28dadc41cb00c327bc50c904986420b99fbfd2cb44a1f43ae572ad132422414a" />
One of Loo&rsquo;s key arguments in favour of EPF is its consistently high dividend rates. Over the past decade, EPF has delivered annual returns ranging from 5% to 6.7%, significantly outpacing CPF&rsquo;s returns. In comparison, Singapore&rsquo;s CPF Ordinary Account offers only 2.5% annually, while its Special and Medisave Accounts provide 4%&mdash;rates that Loo asserts barely keep up with inflation.
&ldquo;This is an insanely high return rate,&rdquo; Loo said, noting that many Singaporeans envy such returns. He explained that EPF&rsquo;s compounding effect allows retirement savings to multiply significantly over time, making it an unparalleled financial vehicle for Malaysians.
&ldquo;If you put one dollar into your EPF and let it compound for 20 to 30 years, you could easily see a return of four to five times the original amount,&rdquo; he elaborated.
Compounding Effect Makes Up for Lower Wages
A common argument against EPF is that Malaysians generally earn lower wages than Singaporeans. However, Loo argued that EPF&rsquo;s robust compounding rate makes up for the income disparity.
&ldquo;Let&rsquo;s assume EPF delivers an average return of 6.5%,&rdquo; he said. &ldquo;If you allow it to compound over 35 years, the return is nine times. If you invest SGD$100,000, it could grow into SGD$900,000 by the time you turn 65.&rdquo;
This level of compounding, he stressed, provides Malaysians with an incredible advantage in growing their retirement savings, despite the differences in income levels between the two nations.
EPF&rsquo;s Resilience Amid Economic Challenges
<img src="https://r2.myc.my/a5fe6dc929f40cefe0ac6c9ddc8d3cd590210087052ab3fd24558a7f10722354" />
Loo also addressed common concerns regarding the depreciation of the Malaysian ringgit and the country&rsquo;s political uncertainties. He reassured that EPF has demonstrated exceptional resilience through various financial and political crises over the years.
&ldquo;EPF has survived numerous challenges&mdash;the Asian Financial Crisis, the 1MDB scandal, and multiple changes in prime ministers&mdash;and yet, it continues to thrive,&rdquo; he pointed out.
He urged Malaysians to have faith in EPF&rsquo;s ability to endure and grow despite economic fluctuations, noting that its long-term track record speaks volumes about its reliability as a retirement savings fund.
Rethinking the Obsession with Property Investment
&nbsp;<img src="https://r2.myc.my/7ab3e2c688cdd6b85de3b1d68cd07786bb384e463f9eb387069febf1349759f4" />
Many Malaysians view property investment as the safest and most lucrative form of wealth accumulation. However, Loo cautioned against putting too much emphasis on real estate without considering the advantages of EPF&rsquo;s returns.
&ldquo;Malaysians are obsessed with property, but have you ever compared SGD$100,000 invested in EPF versus the same amount put into real estate over time?&rdquo; he asked. &ldquo;People underestimate the power of compounding.&rdquo;
He explained that while real estate can generate significant returns, it is also subject to market fluctuations, maintenance costs, and liquidity issues. EPF, on the other hand, provides consistent and secure growth with minimal effort.
Maximise EPF Savings for a Secure Future
<iframe src="https://www.youtube.com/embed/KlehKfN5Y6Y" width="560" height="314" allowfullscreen="allowfullscreen"></iframe>
Loo strongly encouraged Malaysians to take full advantage of EPF&rsquo;s high returns by maximising their contributions as early as possible. He also advised diversifying investments wherever feasible but stressed that EPF should remain a core component of any retirement plan.
&ldquo;This is the time to take advantage&mdash;put in as much as possible while you&rsquo;re young and let it compound without touching it,&rdquo; he advised.
He concluded by expressing admiration for Malaysia&rsquo;s EPF system, saying, &ldquo;People like us in Singapore envy such a system. EPF is one of the most incredible wealth-building machines in the world.&rdquo;
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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It seems that Malaysians are sitting on an overlooked financial treasure.

9508b6a9200770743319e36bff18ecd5d971d0069d73b19475c27982df6c9a48

Singaporean Financial Expert Hails EPF As A "Gold Mine" Compared To CPF

In a shocking revelation, the Malaysian Anti-Corruption Commission (MACC) has officially named former Prime Minister Datuk Seri Ismail Sabri Yaakob as a suspect in an extensive corruption and money laundering investigation. This high-profile case has stunned the nation, as authorities have seized assets valued at approximately RM170 million, including vast sums of cash in multiple foreign currencies, gold bars, luxury watches, and high-value jewellery.
During a press conference held on 3 March at the MACC headquarters in Putrajaya, Chief Commissioner Tan Sri Azam Baki presented the confiscated assets in a striking public display. Bundles of cash, gold bars, and other valuable items were laid out for the media, providing tangible evidence of the investigation&rsquo;s findings.
<img src="https://r2.myc.my/1cba63c0495e9b9410e2ac299d81356e04813a6ad4b23556029924b23d127164" />
"On the table, there are only RM14 million in Malaysian Ringgit; the rest consists of various foreign currencies," Azam stated. The seized cash included US Dollars, Euros, British Pounds, UAE Dirhams, Japanese Yen, Australian Dollars, Saudi Riyals, Thai Baht, Korean Won, and Chinese Yuan, among others.
Azam underscored the significance of the evidence, confirming that Ismail Sabri is a suspect in the case. "Firstly, he has been required to declare his assets under Section 36 of the MACC Act. Secondly, the money was discovered in connection with him, and we will require his statement to determine the source and intended use of these funds."
Cash, Gold Bars, and Luxury Goods Discovered in Safe House
&nbsp;<img src="https://r2.myc.my/724a6b0ae97bb691199aaab304bc72844a00364c850f10757f392a21b619c138" />
Authorities uncovered the massive hoard of cash and gold bars concealed in three safes within a high-end condominium allegedly used as a &lsquo;safe house&rsquo; by individuals linked to the former Prime Minister. The apartment, believed to have been rented and managed by one of the suspects, housed 16 kilograms of pure gold bars estimated to be worth nearly RM7 million.
The MACC confirmed that although raids were conducted at multiple locations, the bulk of the confiscated funds and valuables were found in this single residence. Luxury watches and jewellery were also seized, though their total value is still being assessed.
The seizures followed the arrests of four individuals on 21 February, including two individuals bearing the title &lsquo;Datuk,&rsquo; believed to have been close aides to Ismail Sabri. These individuals allegedly played a significant role in handling financial transactions linked to the corruption probe.
Expanding Investigation and Frozen Bank Accounts
<img src="https://r2.myc.my/7ba67b2e8292fb20ef7daa65fc125012e59e51a1eb9dadc22621bea0d2050caf" />
As part of the ongoing investigation, the MACC has frozen 13 bank accounts holding approximately RM2 million to trace the movement of illicit funds. The commission is also closely examining financial transactions associated with Yayasan Keluarga Malaysia, a foundation established under Ismail Sabri&rsquo;s administration, which is under scrutiny for possible financial mismanagement.
The former Prime Minister has already been questioned by MACC investigators for five hours and is expected to be summoned again as new evidence emerges. Meanwhile, Azam Baki refuted reports that Datuk Nazimah Hashim, Ismail Sabri&rsquo;s former private secretary, had fled overseas, confirming that she had already provided a statement to investigators.
MACC assured the public that the investigation is being conducted independently and professionally, reinforcing its commitment to eradicating corruption at all levels. "We remain resolute in ensuring that any misconduct related to corruption and money laundering is thoroughly addressed in the interest of national integrity," the commission stated.
Public Outrage and Political Fallout
News of the corruption probe has triggered widespread outrage on social media, with many Malaysians condemning the staggering scale of the alleged embezzlement. Ismail Sabri, Malaysia&rsquo;s ninth and shortest-serving prime minister, is now facing increasing scrutiny, with critics demanding greater accountability and transparency in the nation&rsquo;s anti-corruption efforts.
Here&rsquo;s some of the comments:
<blockquote class="twitter-tweet" data-conversation="none">
It's incredible how someone can accumulate such a large sum of money in such a brief time as..
&mdash; Goh Kim Hock (@gohkimhock) <a href="https://twitter.com/gohkimhock/status/1896149586567401971?ref_src=twsrc%5Etfw">March 2, 2025</a></blockquote>

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Assuming 2 year's tenure, these aides were accumulating, on average, RM7.083 million per month or RM236,000 per day in cash!
&mdash; CFLIM (@chiafook2013) <a href="https://twitter.com/chiafook2013/status/1896189827001069835?ref_src=twsrc%5Etfw">March 2, 2025</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Ni klu bg rakyat msia sorang RM1 juta masih ada balance lagi RM137 juta betapa banyaknya amount RM170 juta tu
&mdash; Megatron&rsquo;S (@wuzgut01) <a href="https://twitter.com/wuzgut01/status/1896467710130983030?ref_src=twsrc%5Etfw">March 3, 2025</a></blockquote>

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What a luxury to be an elite in Malaysia. Don&rsquo;t need to overnight in lockup. On Wednesday, he&rsquo;ll be escorted in luxurious cars and can still wave to the media like a celebrity.
&mdash; mil1985 (@mil19851) <a href="https://twitter.com/mil19851/status/1896466283748831411?ref_src=twsrc%5Etfw">March 3, 2025</a></blockquote>

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<blockquote class="twitter-tweet" data-conversation="none">
Teringat ada terbaca satu quote "kekayaan suatu negara cukup untuk semua rakyat, tapi takkan cukup untuk seorang pemimpin". Yg 15 bulan pun banyak camni dah. Kalau yg 22tahun + 22bulan tu tktau la camne
&mdash; Jemi 🇲🇾🍉 (@AzmiShafiq_) <a href="https://twitter.com/AzmiShafiq_/status/1896435838000705585?ref_src=twsrc%5Etfw">March 3, 2025</a></blockquote>

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As the case unfolds, the MACC has identified nearly 10 more witnesses who are expected to be called in for questioning in the coming weeks. The scandal continues to dominate public discourse, with far-reaching political ramifications, as authorities work to uncover the full extent of this high-profile corruption case.
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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Massive asset seizures unveiled at MACC headquarters. 

ea0f824df19ebed2d0a567e11168cd4a0c061aa638e2d23ec22d104e83c3ed97

Former PM Ismail Sabri Named As Suspect In RM170 Million Ringgit Corruption Scandal

The Employees Provident Fund (EPF) has declared a dividend rate of 6.3% for both conventional and Syariah savings accounts for the financial year 2024. This marks a notable increase from the 5.5% for conventional savings and 5.4% for Syariah savings announced in 2023. The total dividend payout for 2024 amounts to RM73.24 billion, reflecting a continued upward trend in returns for EPF contributors.
This is the highest dividend payout since 2018 and exceeds market expectations, which had projected a range between 5.8% and 6.2% for conventional savings and 5.4% to 5.6% for Syariah savings. The increase is attributed to strong investment performance, recovering global and domestic markets, and sound portfolio management. Notably, the dividends for 2024 surpass those from 2022, where the rates stood at 5.35% for conventional savings and 4.7% for Syariah savings, showcasing a steady recovery over the years.
EPF&rsquo;s Investment Success
<blockquote class="twitter-tweet">
KWSP mengumumkan kadar dividen sebanyak 6.30% bagi Simpanan Konvensional, dengan jumlah agihan sebanyak RM63.05 bilion dan 6.30% bagi Simpanan Shariah, dengan jumlah agihan sebanyak RM10.19 bilion. Ini menjadikan jumlah keseluruhan agihan untuk tahun 2024 sebanyak RM73.24 bilion. <a href="https://t.co/aw1siaQRJ9">pic.twitter.com/aw1siaQRJ9</a>
&mdash; KWSPMalaysia (@KWSPMalaysia) <a href="https://twitter.com/KWSPMalaysia/status/1895687163603534262?ref_src=twsrc%5Etfw">March 1, 2025</a></blockquote>

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For the year 2024, EPF reported a total investment income of RM74.46 billion, an 11% increase from RM66.99 billion in 2023. The fund&rsquo;s total investment assets also grew by 10%, reaching RM1.25 trillion, up from RM1.14 trillion the previous year. This growth was driven by portfolio income and net contributions, which rose 11% year-on-year, amounting to RM108.22 billion, compared to RM97.56 billion in 2023.
A breakdown of the total payout for 2024 reveals that RM63.05 billion was allocated to conventional savings account holders, while RM10.19 billion was distributed to Syariah savings account holders. This compares favourably with the previous year&rsquo;s distribution of RM50.33 billion for conventional savings and RM7.48 billion for Syariah savings, highlighting a substantial improvement in fund performance.
Investment Distribution and Performance
<img src="https://r2.myc.my/9c8f71eca8b731cccf23133f3e62e6b9deeb1e7ed627ac4e7fe52fbd72340c61" />
The EPF&rsquo;s investments span various asset classes, with the equity segment accounting for 43.5% of total assets under management (AUM) and contributing RM49.79 billion or 66.9% of total investment income. Other key asset classes include:
<ul>
<li>Fixed income (46.2% of AUM) &ndash; RM21.91 billion (29.4% of total income)</li>
<li>Real estate and infrastructure (6.3% of AUM) &ndash; RM1.64 billion (2.2% of total income)</li>
<li>Money market (4% of AUM) &ndash; RM1.12 billion (1.5% of total income)</li>
</ul>
EPF&rsquo;s investment strategy has played a crucial role in its ability to deliver strong returns. By maintaining a diversified portfolio, the fund has been able to capitalise on market upswings while mitigating risks associated with economic fluctuations. The fund's emphasis on long-term growth and sustainability ensures that contributors benefit from consistent returns, reinforcing confidence in Malaysia&rsquo;s largest retirement savings institution.
Economic Factors Supporting Growth
<img src="https://r2.myc.my/23416117c051d1c4b71f3ae3a346c9ae9a77b59a09465b2775cba58fca0e3727" />
EPF Chairman Tan Sri Mohd Zuki Ali highlighted that the strong dividend performance was driven by various economic factors, including a recovering global and domestic economy, resilient investment strategies, and stable inflation. Malaysia&rsquo;s economy expanded by 5.1% in 2024, playing a crucial role in boosting EPF&rsquo;s returns.
&ldquo;Domestically, strong investments, a healthy labour market, and stable inflation boosted demand, while exports benefited from global stability and the technology upcycle,&rdquo; he stated. He also noted that government initiatives under Budget 2024 and the Madani Economy framework have helped attract foreign investments, creating a favourable environment for economic growth. The continued emphasis on infrastructure development and digital transformation has also played a role in boosting economic resilience, further supporting EPF&rsquo;s investment strategies.
A Positive Outlook for EPF Members
EPF&rsquo;s diversified investment strategy has allowed it to capitalise on growth opportunities and optimise returns, reinforcing long-term financial security for its members. With a continued focus on sustainable investments and strategic asset allocation, EPF remains committed to delivering strong returns despite global economic uncertainties.
The increase in dividend rates for 2024 offers reassurance to its members, reaffirming EPF&rsquo;s role in ensuring financial stability for Malaysians as they plan for retirement. As the fund moves forward, its emphasis on strong governance, prudent investment management, and adaptability to market conditions will remain key drivers in sustaining positive growth.
Given the fund&rsquo;s consistent ability to deliver competitive returns, EPF members can look forward to continued financial security. The higher net contributions seen in 2024 suggest that more Malaysians are prioritising retirement savings, which will further strengthen the fund's position in the years ahead. Moving forward, EPF aims to enhance digital services, expand investment opportunities, and maintain a resilient portfolio, ensuring long-term sustainability and prosperity for its contributors.
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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A significant increase in dividend payout. 

Netizens Debate 99 Speedmart Branch Manager Wages Being Low Despite Their Boss Being One Of Malaysia’s Billionaires

Let’s be real—are wages keeping up with the rising cost of living? We don’t think so.

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