With issues like costlier chicken rice and the Russian-Ukraine conflict hitting us left and right, it’s so ngam that our very own Prime Minister and Minister of Finance, Dato’ Seri Anwar Ibrahim, tabled the revised Budget 2023 in February, so Malaysians get the help they need in these trying times.
Just like John Wick, Budget 2023 continues pushing the envelope furthermore, with an allocation of RM386.14 billion.
We don’t know about you, but we could surely use all the help we can get. Here are some of the financial benefits you can enjoy from Budget 2023:
1. A headstart for Malaysian youths
a) Up to 20% OFF PTPTN loans & more!
From now until 31 May 2023, PTPTN borrowers can get up to 20% discount for three months from 1 March onwards, determined by the following settlement options:
- 20% discount: For full settlement of total outstanding debt.
- 15% discount: For at least 50% settlement of total outstanding debt OR repayment through salary deduction or Direct Debit according to repayment schedule.
- 5% discount: When paid through myPTPTN.
Additionally, borrowers who possess a monthly income of RM1,800 or less can defer their PTPTN payment for as long as six months, provided their application is approved. More info can be found here.
b) RM200 e-wallet credit for youths aged 18-20 or ALL eligible uni students
The government allocated RM400 million for the e-Tunai Belia Rahmah initiative, which will disburse RM200 e-wallet credit to youths aged 18 to 20 years old or all eligible university students in the country to ease the burden on these students and encourage cashless transactions. To also help local sellers, the credit can only be used for offline purchases at physical stores.
Stay tuned for more info on this initiative!
2. Making your adulting journey a little bit easier
a) Your first-ever home, just around the corner
Future first-time homeowners can finally breathe a little easier with the Skim Jaminan Kredit Perumahan (SJKP), which will help Malaysians with either fixed and irregular income (i.e. freelancers, entrepreneurs) by financing their mortgage up to RM400,000 and for up to 35 years. More info here.
b) Less tax(ing) on expenses
From more inclusive tax reliefs to expanded eligibility scopes, here are all the tax-related benefits you should know about:
- Income tax rates reduced by 2 percentage points: Applicable for M40 Malaysians with an annual income between RM35,000 and RM100,000.
- Medical treatment tax relief increased: Raised from RM8,000 to RM10,000, as well as expanded eligibility scope.
- Scope of life insurance and takaful expanded: Also covers EPF contributions up to RM3,000.
c) Further your career with less worry
No need to feel insecure in expanding your skill sets or progressing your career! These measures will give you the financial buffer you need to increase your own value, so don’t hold yourself back, ya?
- Bantuan Latihan Perantis (BLP): Monthly allowance of RM200 for unemployed/dropout Malaysians undergoing skills or on-the-job training/apprenticeship. More info here.
- Gig worker allowance: RM300 allowance for 3 months by SOCSO, for gig workers undergoing training to develop their microcredentials.
- Mobility allowance: One-time allowance of RM500 – RM1,000 for Malaysians who find employment outside their state of residence, including long-distance migration from Sabah or Sarawak to the Peninsular and vice versa.
d) Additional support for families
Whether you have children or elderly parents to care for, the financial assistance under Budget 2023 through Jabatan Kebajikan Masyarakat will surely help lift some weight off your shoulders.
- Bantuan Am Persekutuan: Monthly cash assistance of up to RM350 per family for Malaysians in need. Applications can be done at your nearest JKM branch. More info here.
- Bantuan Kanak-Kanak (BKK): Monthly allowance of RM150 minimum per child (RM1,000 max per family) to maintain child growth and development. Apply here.
- Bantuan Awal Persekolahan (BAP): One-off RM150 cash assistance to all students (Standard One to Form Five), regardless of household income.
- Bantuan Warga Emas (BWE): Monthly allowance of RM500 per person to help poor elderly Malaysians maintain their well-being. Apply here.
3. And everything in between
a) Cheaper transport abound!
To encourage the public to continue using public transport, the government will retain these super value-for-money travel passes and (hopefully) reduce traffic jams and carbon emissions, as well as save your money.
- My50 Monthly Pass: The RM50 30-day unlimited travel pass continues to be available for selected Prasarana Malaysia’s transportation services across the Klang Valley and Penang.
- myBAS50 Transit Pass: A RM50 bus travel pass that allows unlimited travel on all myBAS services in Johor Bahru for 30 days.
b) Discounted electricity FTW!
If you’re working from home, then this is good news for you. From now until 30 June, electricity tariffs for domestic users will remain the same as before, which means you can enjoy cheaper electricity for a few more months!
- Peninsular Malaysia: 2 sen/kWh rebate for Domestic Tariff Category Users (Tariff A).
- Sabah & WP Labuan: ICPT surcharge exemption for Domestic Tariff Category Users (DM Tariff).
- Sarawak: 25% discount for households under Tariff D.
c) Vulnerable groups could save more with Menu Rahmah
With the ever-increasing cost of living, the Ministry of Domestic Trade & Cost of Living (KPDN) partnered with food vendors to provide nutritious meals that cost no more than RM5, comprising one source of protein and vegetables. Pretty ons ah!
Here are some of the dishes you can expect from Menu Rahmah volunteers:
- Texas Chicken Malaysia: Pick between hearty rice bowls and grab-and-go flatbread filled with their signature fried chicken pieces, paired with bottled water, for your lunch.
- MYDIN Malaysia: Enjoy rice set lunches/dinners that differ every weekday, such as ayam goreng kunyit with stir-fried spinach on Wednesdays, and sambal ikan with stir-fried cabbage on Thursdays.
- OldTown White Coffee Malaysia: These nasi lemak sets are available all day, every day, from as low as RM4.50 – they even come with a glass of refreshing lime drink!
You can check out this list to find more delicious eateries that offer Menu Rahmah.
d) Investing more for the future
And lastly, despite our current struggles, it’s probably wise to think long-term and try to grow our savings through investments. Thus, the investment limit for Amanah Saham Berhad (ASB) and Amanah Saham Berhad 2 (ASB2) has been increased from RM200,000 to RM300,000 each, to promote savings and investing among Malaysians.
“Wahhh, actually got quite a lot of financial assistance ah!” We admit that all the Budget 2023 info can be a little overwhelming, but hey, at least we got to share with you guys some of the benefits you can enjoy and rest easier with!
However, there’s SO much more to Budget 2023 than just financial aid. If you’re interested to know what else you can expect from Budget 2023, you can head over to their website to find out.
Until then, we hope this was helpful for you!
