Starting from January 2014, Employees Provident Fund (EPF) will revise upwards the basic savings level of its members. The aim is to ensure its members have enough savings to finance their retirement needs.
The new quantum is RM198,000 by the age of 55 compare to RM120,000 at the current level. It will be equivalent to RM820 a month for 20 years from age 55 to 75. The new rates are benchmarked against the minimum pension for public sector employees which are currently at RM820 a month. This will avoid the monthly retirement income not fall below the poverty level.
The impact to this new revision is, members will need to have more funds in their account to be eligible to withdraw for the purpose of EPF Members Investment Scheme.
The table below is the current & new Basic Savings Level for EPF members.
Mines Waterfront Business Park – Promising resort stylishness corporate structure viewed serenely along the shores of a 150 acre lake with the most unique and exclusive lavish landscaped. It is an amazing commercial park established at growing KL’s southern corridor with convenience access via dedicated highways. Mines Waterfront Business Park is centrally located within 20 minutes to KL City Centre and 30 minutes from Kuala Lumpur International Airport (KLIA) Sepang, 15 minutes from the New Administrative Capital of Malaysia at Putrajaya and Cyberjaya.
It is well connected by seven (7) major highways:
Solid Automotive Bhd, an automotive parts trader and distributor is scheduled to be listed in Main Market of Bursa Malaysia on 12th September 2013.
The Initial Public Offering (IPO) consists of public issues of 35.4 million new ordinary shares and offer for sale of 8.36 million ordinary shares at an IPO price of RM0.56 per share and RM0.50 par value.
Out of this, 7.5 million shares are allocated for application by Malaysian public and 9.8 million shares reserved for the eligible directors and person contribute to the group. The remaining shares are for private placement.
Further update in connection with the suspension of the licence issued by Petronas to Perunding Ranhill Worley Sdn Bhd (“PRW”), an affiliate of Ranhill, PRW had on 25 July 2013 received a letter dated 25 July 2013 from Petronas stating that
(i) For upstream activities, Petronas agrees to uplift the suspension of PRW
(ii) For downstream activities, the suspension remains unchanged.
In view of this issue, Ranhill Energy and Resources Board of Directors decided to withdraw the application for the IPO. All application and placement monies for the IPO will be refunded to all applicants and investors without interest no later than 7 August 2013.
Ranhill Energy and Resources Berhad, an energy and water company which is scheduled to be listed in Main Market of Bursa Malaysia on the 31st July 2013 decided to delay its IPO.
The decision came after a state oil firm Petronas suspended the licence of Perunding Ranhill Worley Sdn Bhd (“PRW”) for an indefinite period starting 17th July 2013. PRW is owned 51% by Ranhill and 49% by Australia’s WorleyParsons Ltd. On the 18th July 2013, Ranhill submitted an appeal to Petronas against the suspension and is currently awaiting formal response on the appeal.
The licence enables PRW to bid for Malaysian projects awarded by Petronas, which has pledged to spend RM300 billion in capital expenditures between 2011 and 2015.