Every day, more and more Malaysians are plagued with worries about the rising cost of living, which is 110% understandable (and relatable ?). We certainly could use some help to weather the storm, and lo and behold, Belanjawan 2023 has certainly introduced some measures to fulfil that purpose.
Belanjawan 2023 seeks to empower Malaysian youths with career and financial assistance, to help them cope with costs of living challenges whilst realising their full potential!
Regardless of your socio-economic background or location, here are some of the Belanjawan 2023 assistance you can consider:
1. Moving forward with a ‘little’ financial assistance
a) A headstart for micro-entrepreneurs and small businesses
Regardless if you’re a micro-entrepreneur or small business owner, you can apply for financing from agencies like Bank Negara Malaysia (BNM), Bank Simpanan Nasional (BSN), and Tabung Ekonomi Kumpulan Usaha Niaga (TEKUN), which have been given RM1.7 billion to fund business opportunities.
The total funds have been divided to assist various types of businesses:
- RM300 million to support micro-businesses owned by women and youth entrepreneurs
- Over RM1 billion from BSN to focus on micro, small and medium-sized Enterprises (MSMEs) and hawkers
- RM330 million from TEKUN, including RM10 million to support underprivileged youths to generate income as delivery riders
b) FREE bike, e-hailing and taxi licenses for side gigs
The government allocated RM4.7 million to cover B2 motorcycle licences test fees for B40 youths, as well as taxi, buses, and e-hailing licences. So, if you’re looking for a side gig to boost your income, this is your chance!
c) Giving bankrupt Malaysians a second chance
Starting 1 March, bankrupt Malaysians whose debts fall below RM50,000 could be released from bankruptcy status. After all, the government found that over 260,000 bankruptcy cases have the potential to contribute to the nation’s economy, thus giving them a second chance to rebuild their lives. In the meantime, the government is amending the Insolvency Act 1967 to automatically free bankrupt Malaysians from bankruptcy.
d) RM200 e-wallet credit for youths aged 18-20 or full-time students at Institutes of Higher Learning
Also, the government allocated RM400 million for the e-Tunai Belia Rahmah initiative, to disburse a one-off RM200 e-wallet credit to youths aged 18 to 20 years old or students enrolled full-time at Institutes of Higher Learning in Malaysia to ease their burdens and encourage cashless transactions. To give a little extra sapot to local sellers, it can only be used for offline purchases at physical stores.
2. Boosting the rakyat’s career with upskilling & more!
a) Higher wages and qualifications for TVET workers
To combat underemployment (employee’s salary is less than the market rate) among Technical and Vocational Education and Training (TVET) workers, the government is assigning RM6.7 billion to implement reforms that ensure they receive more than RM2,000 in salary. One such initiative is that SOCSO will be providing RM600 monthly incentives to employers who hire TVET graduates, with RM45 million allotted for this purpose.
On top of that, 50 leading companies, especially government-linked companies (GLCs), have been chosen to manage the operations of TVET institutions like community colleges, industrial training institutes (ILP), and National Youth Skills Institutes (IKBN) to provide training programmes and produce industry-ready TVET graduates. Training programmes like the National Dual Training Scheme (SLDN) and the Academy in Factory programme will give plenty of on-the-job training opportunities to over 50,000 trainees a year.
b) Level up your qualifications with a micro-credentials upskilling programme
One way to increase our salary is to learn new skills and upgrade our qualifications to raise our individual values. Which is why the government is allocating RM40 million to cover up to RM4,000 in training fees for gig workers undergoing micro-credentials upskilling programmes, and also provide RM300 replacement income for three months to gig workers in training.
Under the Program Bina Kerjaya Sektor Tidak Formal, the government will cover up to RM2,500 for informal sector workers (i.e. domestic workers, street vendors, waste pickers) to undergo short course studies at IPTA (public institutions of higher learning) or IPTS (private institutions of higher learning), and up to RM4,000 for professional certifications and micro-credentials.
Additionally, the Human Resource Development Corporation (HRDCorp) has allocated RM1 billion to implement skills training programmes for employees of registered employers.
c) Aaaaand more job opportunities!
Finally, unemployed Malaysian youths, school leavers and graduates, in particular, will have access to 35,000 new career opportunities at GLCs. Furthermore, GLCs such as Khazanah and EPF will be investing up to RM1.5 billion in innovative and high-growth local startup companies to drive Malaysia’s economy, not to mention this effort will encourage more job openings.
Building Malaysia by enriching our youths
The future of the nation lies in our youths! Which is why it’s essential to not only reduce their financial burdens but also, more importantly, help them fulfil their full potential worry-free with aids and initiatives that are accessible AND easy to apply for. And with Belanjawan 2023, we’re glad to know that the government understands the significance of Malaysian youths, so let’s hope everything turns out for the best!
Of course, there are other aspects to Belanjawan 2023 that we didn’t get to mention here, such as the improvement of infrastructure and facilities, ESG (environmental, social and governance) development and so many more! If you’re interested to know what other aspects of improvement Belanjawan 2023 has allocated for, you can head over to their website to find out.