fbpx
Connect with us

News

Money Will Now Be Directly Deducted From PTPTN Borrowers’ Salary to Repay Loan, Here’s How

Published

on

Ptptn Borrowers No Longer Need To Repay Loans As Money Will Now Be Directly Deducted From Salary - World Of Buzz 4
Source: Guang Ming Daily

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Last week, deputy education minister Teo Nie Ching announced in Parliament that those who have taken loans from the National Higher Education Fund Corporation (PTPTN) earning more than RM2,000 will get between 2 and 15 per cent deductions from their salaries.

Therefore, borrowers will no longer need to manually pay for their loans as these automatic deductions will go directly to their loan repayment. According to Free Malaysia Today, the percentage of money deducted from a borrowers’ salary is structured as follows:

  1. Below RM2,000 — 0 per cent
  2. RM2,001 to RM2,499 — 2% (RM40-49.99)
  3. RM2,500 to RM2,999 — 3% (RM75-89.99)
  4. RM3,000 to RM3,999 — 5% (RM150-199.99)
  5. RM4,000 to RM5,999 — 8% (RM320-479.99)
  6. RM6,000 to RM7,999 — 10% (RM600-799.99)
  7. RM8,000 and above — 15% (RM1,200 and above)

Speaking at a press conference earlier today (5th December), PTPTN chairman Wan Saiful Wan Jan also disclosed more information about the automatic deduction system. First, a directive will be issued to all employers for them to deduct the appropriate amount from their salaries, similar to the Inland Revenue Board’s (LHDN) monthly tax deduction system. He was quoted by the Malay Mail as saying,

“PTPTN will work with relevant agencies, among them the LHDN, Employees’ Provident Fund (EPF), Retirement Fund Inc (KWAP) and the Immigration Department to obtain salary information as well as details of borrowers’ employers. Based on the information, PTPTN will issue a directive for employers to deduct salaries according to the percentage set.”

“Employers will be responsible for deducting the salaries of their staff (borrowers) for the purpose of PTPTN loan repayment.”

Employers who assist with their staff’s loan repayments will also be entitled to tax relief for whatever is paid. Wan Saiful Jan added,

“Perhaps employers can offer PTPTN loan settlement as an incentive for exemplary staff members or incentive in recruiting new employees.”

“This incentive can serve as motivation to employees and at the same build employers’ reputation.”

As for borrowers who are not formally employed, they have to verify their income on PTPTN’s website in order to repay their loans based on their salary.

The PTPTN chairman also stated that loan balances of senior citizens will be waived if they earn between RM2,000 and RM4,000 and have consistently been repaying their loans for at least three years before turning 60 years old.

Reiterating what the deputy education minister stated in Parliament last week, degree students from the bottom 40 (B40) and middle 40 (M40) income groups who graduate with first class honours in 2019 will be exempted from paying their loans if they were full-time degree students, have completed their studies on time, and their families are still categorised as B40 or M40 at the time of graduation.

What are your thoughts on this new method of loan repayment? Let us know in the comments below!

 

Also read: PTPTN Borrowers Will Have 2% Of Their Salaries Deducted Once They Start Earning RM2,000

Ptptn Borrowers Will Have 2% Of Their Salaries Deducted Once They Start Earning Rm2,000 A Month - World Of Buzz 2


Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

My Post 2021 06 23T163646.240 My Post 2021 06 23T163646.240
News41 mins ago

KKM Debunks Rumours That Man Died By Eating Durian A Day After Getting Vaccinated

It’s that time of the year again. When Malaysians rejoice as the smell of durian wafts in the air. Unfortunately,...

Dok Dok
News1 hour ago

Perlis Doctor Fully Vaccinated With Pfizer, Fined For Posting Fake News About Sinovac

A 53-year-old doctor from a private clinic in Perlis was fined RM5,000 after pleading guilty to spreading false information about...

Pjimage 66 1 Pjimage 66 1
News2 hours ago

Children Aged 12 & Above Are Allowed To Be Registered As Vaccine Dependents On MySejahtera

Those aged 12 to 18 years old can now be registered for the Covid-19 vaccine through the MySejahtera application. Previously,...

Ascascascasca Ascascascasca
News4 hours ago

3 Burglars In Johor Jumped From Flyover To Escape Police But Failed After Sustaining Injuries

Three suspects went to the extent of jumping from a flyover in order to escape the authorities after breaking into...

My Post 2021 06 23T121544.616 My Post 2021 06 23T121544.616
News5 hours ago

Man In Indonesia Stabs Colleague To Death After He Was Made Fun Of For Being ‘Ugly’

A man killed his colleague in an act of revenge as he could not stand being ridiculed for his looks,...

Pjimage 2021 06 23T115048.734 Pjimage 2021 06 23T115048.734
News6 hours ago

M’sian Athlete Breaks World Record & Bags Gold Medal In Powerlifting At Dubai World Cup

What a proud day for Malaysia! National athlete, Bonnie Bunyau Gustin has made Malaysia proud with his outstanding performance at...

Newborn Ft 2 Newborn Ft 2
News6 hours ago

Mother Shocked After 13yo Daughter Gives Birth, Allegedly Raped By 14yo Cousin Multiple Times

A woman who is the mother of a 13-year-old daughter was shocked to find her child had given birth to...

Ds Ds
News7 hours ago

Iron Scaffold Plate Falls & Damages 7 Cars Parked Near Construction Site In Cheras

An iron scaffold plate that was being lifted by a crane at a construction site in Jalan Ikan Emas, Cheras...

Announcement

Latest Videos



TRENDING TODAY