Tuesday, 4 January 2011

Entering the workplace

You've just graduated with flying colours from your college. After months of unemployment, finally you have been offered a job. An offer letter had been sent to you and you've answered the call to take up challenges in working environment. First day at work, you wore the most beautiful (probably new) shirt to the office. Then you've been directed to your own workstation or cube or whatever you call it.

First month of working was probably the most boring moment in your life. Stuck in the middle. You are not yet assigned to any work and yet you cannot fool around in the office. Opening non-related website or chatting with your college day friends in complete secrecy like a fugitive. Heheh. But then, that's the best thing you can do to avoid from sleeping during work hour. The end of first month finally came and you got your first not-so-hard-earned salary.

Your mind suddenly actively thinking what you want to do with your first pay. Some will think on how the money should be set aside for future saving and some may think how should they spend the money to get something that they dream for a long time. But before that, some of us might forget the most important things when earning the first salary. Here I would like to share with you my experience on managing my salary, the basics of it.

  1. Income Tax. Do not forget to open up your file for income tax. Do the registration online and get your income tax number. You can do it online here.
  2. Employee Provident Fund (EPF). Your company should manage your salary deduction for EPF (KWSP). But you have to open EPF account for yourself. Head to EPF offices nearest to you. Link to EPF website here.
  3. Zakat. For muslims, it is our obligation to pay zakat for our income. The rate is only 2.5% of your annual income per year. You can pay zakat via salary deduction. Furthermore, you get tax relief for zakat. :) For more info here.

I think that's the most basic thing to consider for you monthly salary. Other than that (eg. Tabung Haji saving, trust funds etc.) is up to you. :)

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