{"id":21022,"date":"2015-12-29T12:27:42","date_gmt":"2015-12-29T04:27:42","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=21022"},"modified":"2015-12-29T12:42:26","modified_gmt":"2015-12-29T04:42:26","slug":"2015-year-in-review-financial-headlines-this-year","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/2015-year-in-review-financial-headlines-this-year","title":{"rendered":"2015 Year In Review: Financial Headlines This Year"},"content":{"rendered":"

This year has been a crazy financial roller coaster ride, starting from a downward slide of the Ringgit, to the most unwelcomed implementation of the Goods and Services Tax (GST), and ending with various price hikes like cigarettes, tolls and LRT fares.<\/p>\n

iMoney looks back at some shocking, and some unsurprising, but mostly disappointing news stories that shaped 2015.<\/p>\n

<\/span>January <\/strong><\/span><\/h2>\n

The Ringgit started on its descent against US dollar and was labelled Asia\u2019s worst performing currency<\/a>. The currency took a plunge as January\u2019s worst-performing currency<\/strong> over concerns that a protracted drop in crude oil would weigh on the oil-exporting nation.<\/p>\n

This resulted in Ringgit falling to a new 2009 low after Brent slid 2.3% overnight on a report showing US oil stockpiles climbed to the highest level in weekly data dating back to 1982.<\/p>\n

<\/span>February<\/strong><\/span><\/h2>\n

Starting on a wrong note, the second month of the year was met with an upward revision of motor insurance rate<\/strong>.<\/p>\n

However, this hardly came as a surprise as the rates have been revised upwards yearly in February since 2012 under the New Motor Cover Framework.<\/p>\n

<\/span>March <\/strong><\/span><\/h2>\n

It is not all bad news. If you are one who loves being rewarded for all your payments, this is one piece of news that you can celebrate. Year 2015 marks the year where all taxpayers in Malaysia can opt to pay for their income tax with their credit cards<\/strong>. If you did use your card to pay your taxes<\/a> back in April, you would have enjoyed the reward points or cash back you received on that payment!<\/p>\n

<\/span>April<\/strong><\/span><\/h2>\n
\"gst\"<\/a>

Higher grocery bill after GST<\/p><\/div>\n

April was one of the most memorable months for the country, as it is the month that GST was finally implemented<\/strong>. Having a plate of mee goreng<\/em>, buying a tube of toothpaste, and even buying certain health supplements cost more after April 1 this year.<\/p>\n

When it was first implemented, most consumers and merchants were still confused about how it works, but after nine months of implementation, Malaysians were getting used to it. However, according to a Jobstreet survey, 90% of employees in Malaysia were struggling to cope with the finances post-GST.<\/p>\n

As if dealing with GST was not a big enough headache, the Employees Provident Fund (EPF) threw a shocking idea to the public \u2013 changing the minimum withdrawal age to 60<\/strong>! Needless to say, that didn\u2019t bode well with most contributors, especially those who were nearing retirement.<\/p>\n

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