EPF i-Lindung

The Employees Provident Fund (EPF) is targeting 300,000 contributors to take advantage of the i-Lindung platform launched on Tuesday (July 12) within the first year. The premium is as low as RM30 per annum, the total coverage offered for i-Lindung is RM10,000.

The EPF launched the i-Lindung platform under the Members Protection Plan to facilitate the purchase of insurance and takaful products consisting of life and critical illness protection at an affordable premium from Account 2, with the protection offerings available to EPF members with immediate effect.

Low Penetration rate - The ownership of insurance policies and takaful certificates among the people in this country is still low, especially those in the lowest 40% monthly income group or B40. This situation is particularly worrying as this segment is more vulnerable to disasters and faces a lack of protection. At the industry level, the ownership rate of insurance and takaful coverage that is low will certainly stunt the growth of the insurance coverage industry overall. 

Citing a study from the Life Insurance Association of Malaysia in 2020, Ahmad Badri said that the insurance penetration rate in the country is only at 56.1% for insurance and takaful, and after deducting the number of policyholders with more than two policies, the rate is reduced to 41%.

Of that total percentage, he said over 90% had not enough coverage for themselves and their families. Only 4% of households from the low-income group have takaful coverage or life insurance. 

In a statement, the EPF said members who wish to purchase insurance and participate in takaful products offered by EPF-approved insurance companies and takaful operators can do so via the i-Lindung platform within the EPF i-Akaun (Member) portal.

Participating insurance companies and takaful operators - are FWD Takaful Bhd, Prudential Assurance Malaysia Bhd, Prudential BSN Takaful Bhd, Etiqa Life Insurance Bhd and Etiqa Family Takaful Bhd.

Members below age 55 with a sufficient balance in Account 2, who are Malaysian and registered i-Akaun users, are eligible to purchase products under i-Lindung. Those above age 55 can also purchase products under i-Lindung provided that they are within the eligible entry age of related products and maintain a minimum RM100 in their Akaun 55 or Akaun Emas.

The registration of new EPF members rose by 57% to 146,000 in the first quarter of 2022, while voluntary contributors under the i-Saraan programme jumped 77% to 599,000 individuals. This was after the EPF embarked on a long-term strategy to expand the social protection coverage of Malaysians in an effort to strengthen government-linked companies’ support ecosystem.

Lack Of Self-confidence

Four key indicators to look out for. While some offer only whispers of insecurity, others scream it. If you’re doing one or all of them, chances are their impact is greater than you know. And if you’re not even aware that you’re doing them, it’s time to get curious. Be brave and ask. True leadership development cannot happen without (sometimes) excruciating vulnerability.

MICROMANAGEMENT - Little else broadcasts to others that a leader lacks confidence than micromanaging. Hire great people and leave them alone. Onboard them properly. Trust them to do good work. The impact of micromanagement is sorely minimized, and what it actually looks like is definitely misunderstood. If you’re thinking, I don’t literally walk around telling people what to do or offering nonstop feedback all day long. I’m not a micromanager! then you’re thinking too narrowly about micromanaging.

Micromanaging tells everyone around you that you don’t have confidence in yourself or in your team. It’s the antithesis to employee engagement.

ARROGANCE - Remember, we want leadership confidence, not arrogance. Rather than leading a team, an arrogant leader focuses on anything that’s “wrong” with others, or on anything that makes them look “right.”

An arrogant leader can’t share the spotlight. They’ll say, “Here’s what I think” not “What do you think?” They’ll say, “I had that idea last night!” rather than “Nice! And what else?” They’ll “know what the problem is” instead of asking “What’s the real challenge here for you?” They’ll take the recognition for someone else’s ideas (because, ironically, their arrogance is compensation for missing confidence).

A leader’s inability to let someone else shine, contribute, be right, and be seen reveals their low confidence and completely disengages people.

BULLYING BEHAVIOR - Using your position of leadership to make someone else feel bad so that you can feel better or smarter (whether you’re conscious of it or not) screams a lack of confidence. Unfortunately, many on the receiving end of bullying leaders are so traumatized by the experience that they are unable to see where the problem actually lies. But it’s obvious to others!

If bullying behaviors like railroading, humiliation, and threats—or more subtle behaviors like diversion, undermining, and blame projecting—are part of your leadership tool kit, then it’s time for a long and humble look in the mirror. It’s time to get curious with yourself. And it’s time to make some apologies.

WAVERING SUPPORT - While this one isn’t as obvious as the other three examples, it’s still there under the surface. You might not even notice it at first, then you start to see a pattern. It goes something like this: An employee makes a suggestion. The leader isn’t on board. Time goes by. Someone higher up makes the same suggestion and the leader is suddenly on board. Sound familiar?

A leader with low confidence may have trouble putting their full support behind ideas, especially those that might make another person look amazing! They’ll back an idea only if it comes from someone with more power and influence. If they’re also a micromanaging and arrogant leader, they’re much less likely to slow down and ask the necessary questions to build out a good idea with an employee.

Effective leadership is crucial to an organization’s ability to achieve its goals. It’s my genuine belief that almost all leaders who demonstrate these behaviors actually want more for themselves and either don’t even realize they’re behaving this way or they do but don’t know what the alternatives are.

Take some deep breaths. Be candid with yourself. Ask your employees and colleagues for their feedback. Do the work. Your leadership depends on it.

Liberty Bought AmGeneral Insurance

AMMB Holdings Bhd’s 51%-owned subsidiary AmGeneral Holdings Bhd (AGHB) has obtained approval from the Minister of Finance (MoF) for the sale of its 100% stake in AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB).

AGHB had on July 19 last year inked an implementation agreement with LIB for the disposal of AGIB at a price tag of RM2.29 billion (subject to adjustment), to be satisfied via cash and a 30% stake in LIB.

AGIB is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group (IAG). Upon completion of the deal, which is subject to customary closing conditions, LIB will acquire 100% of AGIB’s shares, while AMMB will receive its share of the sale proceeds in the form of cash and consideration shares. As a result, AMMB will hold a 30% interest in the businesses of AGIB and LIB. 

Following the approval from MoF for the sale of AGIB to LIB, AMMB anticipates signing the sale and purchase agreement and other transaction agreements for the AGIB disposal in July 2022 pursuant to the terms of the implementation agreement entered into between AGHB and LIB last year.

As part of the transaction, AMMB said it will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products. The operations of AGIB and LIB will be formally merged at a subsequent date.

Based in Kuala Lumpur, LIB has approximately 450 employees across six regional offices and 24 branches in Malaysia. The company distributes its personal, commercial, and other product lines through multiple channels, including a 2,000-agent workforce as well as franchises, car dealers and banca partners.

Investment Con-sultant

Former investment banker Charles Chua Yi Fuan, who was charged last Thursday for duping four investors to invest in non-existent investment schemes in which they lost RM76,000, has been slapped with 13 new charges for similarly deceiving seven others, which led to the victims losing RM1.67 million between July 2017 and May 2019.

Chua, a former vice-president of debt markets at Hong Leong Investment Bank, had told the seven victims that they were investing in investment schemes involving the subscription of securities, but the purported schemes did not exist.

In a statement, the Securities Commission said Chua was on Friday brought to two separate Sessions Court in Melaka to face the 13 new charges under subsection 179(b) of the Capital Markets and Services Act 2007 for deceiving the victims. If found guilty, he could be imprisoned for up to 10 years and fined no less than RM1 million for each charge.

According to the SC, Chua claimed trial to all the charges preferred against him.

The new charges came after Chua was accused of committing a similar offence against four other victims in the two Kuala Lumpur Sessions Courts on June 16. Likewise, he claimed trial to those charges.

The SC continues to remind investors to exercise caution before parting with their monies and when considering investment opportunities. Investors are advised to refer to the SC’s Investor Alert List for a list of unauthorized websites/platforms, investment products, companies and individuals. Investors can also contact the SC’s Consumer & Investor Office at 03-6204 8999 or email aduan@seccom.com.my for further queries," the SC added.

Investment Scam - Malaysia

A businessman who used a fake Datuk Seri title was charged in two Sessions Courts here on Wednesday, on 12 counts of cheating 12 individuals in connection with a non-existent Planetrade investment syndicate, involving losses amounting to RM2.2 million.

Kyairul Syahirin Ahmad, 46, pleaded not guilty to all charges, read out before Judge Kamarudin Kamsun and Judge Datin Sabariah Othman. According to the charges, Kyairul Syahirin is accused of committing fraud against several individuals, comprising two men and 10 women, by deceiving them into believing that he was conducting investment on Bursa Malaysia.

The accused's act prompted the victims to transfer a total of RM2.2 million into the accounts of his companies, including Planemax Essentials Sdn Bhd, Planetrade Holdings Sdn Bhd, Planeworld Flexi Sdn Bhd and Planetrade Premier Sdn Bhd, to which the victims would not have transferred the money had they been not duped by the victim.

He was alleged to have committed all the offences at an office unit in Plaza Arkadia, Desa Park City, Sentul, between Feb 2 and Nov 28, 2021, and he was charged under Section 420 of the Penal Code which carries a maximum jail term of 10 years and whipping and fine, if convicted.

Meanwhile, businesswoman Rozana Mohamed, 54, also pleaded not guilty in the same two courts, to 12 counts of abetting Kyairul Syahirin to committing fraud against the same 12 individuals involving the same investments and value.

All offences were alleged to have taken place at the same place and dates, and the charges were framed under Section 109 of the Penal Code, read together with Section 420 of the same law, which carries a maximum jail term of 10 years and whipping and fine, if convicted.

On March 4, it was reported that police arrested nine individuals including a man who used a fake 'Datuk Seri' title for alleged involvement in an investment fraud scam in several raids in Kuala Lumpur, Selangor and Penang. The investigation found that the 46-year-old man was the mastermind who owned four companies to carry out the fraudulent investment activities.

SOSCO Pay Covid Claim

The Social Security Organisation (Socso) has paid out RM186 million in Covid-19 benefit claims to 173,498 workers in the country since 2020 to date involving Act 4 and Act 789 under the Self Employment Social Security Scheme (SKSPS).

As of today, a total of 233,746 applications have been received and 173,498 of them have been approved and the applicants have received payments. For Act 4, payments have been handed over to 158,691 local workers and 13,740 foreign workers involving payments of about RM185 million. Meanwhile, for Act 789, payments were made to 1,067 employees with a payment of about RM1 million.

Earlier, he had officiated the Northern Region Industrial Harmony Symposium held to enhance employer-employee relations in safeguarding the importance of industrial harmony as well as increasing the level of legal compliance.

Revlon Filed For Chapter 11

Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, weighed down by debt load, disruptions to its supply chain network and surging costs.

The New York-based company said that upon court approval, it expects to receive $575 million in financing from its existing lenders, which will allow it to keep its day-to-day operations running.

Billionaire Ron Perelman, backs the company through MacAndrews & Forbes, which acquired the business through a hostile takeover in the late 1980s. Revlon went public in 1996.

With brands from Almay to Elizabeth Arden, Revlon had been a mainstay on store shelves for decades. But in recent years it struggled not only with heavy debt but also with stiffer competition and failure to keep pace with changing beauty tastes.

The company was slow to adapt to women’s shift away from bright color cosmetics like red lipstick to more muted tones starting in the 1990s. Revlon also faced increasing competition not only from the likes of Procter & Gamble, but most recently from celebrity lines like Kylie Jenner-backed Kylie, which don’t have to invest a lot in marketing because of their massive social media following.

Revlon’s problems only intensified with the pandemic, which hurt sales of lipsticks as people masked up. Sales fell 21% to $1.9 billion in 2020 but rebounded 9.2% to $2.08 billion in 2022 as shoppers went back to pre-pandemic routines. In the latest quarter that ended in March, sales rose nearly 8%. The company avoided bankruptcy in late 2020 by persuading enough bondholders to extend its maturing debt.