On 29 October, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz tabled #Bajet2022
Budget 2022 is the largest allocation in the nation’s history, amounting to RM332.1 billion, which is 3% bigger than that of the current year.
Themed ‘Keluarga Malaysia, Makmur Sejahtera‘ (A Prosperous Malaysian Family), the budget builds upon three pillars — The Rakyat’s Wellbeing, Resilient Businesses, and A Prosperous and Sustainable Economy.
Here are the benefits under #Bajet2022 to support Malaysian youths:
1. RM8.2 billion allocated for the new Bantuan Keluarga Malaysia (BKM) cash handouts, which will benefit up to 9.6 million people
Breakdown of BKM aid:
Households with a monthly income of less than RM2,500
No children: RM1,000
One to two children: RM1,500
Three or more children: RM2,000
Households with a monthly income of RM2,501 – RM5,000
No children: RM400
One to two children: RM600
Three or more children: RM800
Additional financial assistance:
RM500 – Single parents with children (monthly income up to RM5,000)
RM300 – Senior citizen households
RM600 – Senior citizens or singles (monthly income of less than RM5,000)
RM350 – Singles (monthly income of less than RM2,500)
2. Allocation for Early Schooling Assistance raised to RM450 million to benefit three million students
While the previous amount received by each eligible student was RM100, they will now receive RM150 to prepare for school reopening.
3. Free tablet computers to be provided to university students from B40 families under PerantiSiswa Keluarga Malaysia
600,000 students in higher learning institutions will receive a tablet computer under a RM450 million government allocation and RM65 million contribution from telecommunication companies.
4. EPF employee contribution rate reduction from 11% to 9% to be extended to June 2022
5. Pay less income tax with latest tax relief measures
– Tax relief up to RM2,500 for the purchase of mobile phones, computers, and tablets to be extended until 31 December 2022- Tax relief increased to RM2,000 from RM1,000 for expenses in attending reskilling and upskilling courses until 2023- Tax relief increased up to RM7,000 for course fees with any approved professional body- EPF: Tax relief to be increased up to RM4,000 for voluntary contributions by self-employed and gig workers- Tax relief limit for SOCSO to be increased from RM250 to RM350, and the scope is expanded to cover employee contributions through the Employment Insurance System- Tax relief up to RM3,000 for fees paid to registered child care centres and kindergartens to be extended until the year of assessment 2023
– Special tax relief up to RM1,000 on domestic tourism expenses will be extended for expenses incurred until 31 December 2022
– Scope of individual income tax relief to be expanded to include mental health related expenses
– Extension of tax incentive for Structured Internship Programme until financial assessment year 2025
6. Discounts on National Higher Education Fund Corporation (PTPTN) loan repayments from 1 November 2021 to 30 April 2022
– 15% discount for full settlement
– 12% discount for repayment of at least 50% of outstanding balance made in a single payment
– 10% discount for repayment through salary deductions or direct debit
7. Jamin Kerja Keluarga Malaysia (JaminKerja) guarantees 600,000 job opportunities with a RM4.8 billion allocation
– SOCSO wage subsidies to encourage employers to hire more workers, expected to benefit 300,000 job seekers
– Malaysia Short-term Employment Programme (MySTEP) to offer 80,000 job placements, with 50,000 within the public sector and 30,000 in Government-Linked Companies (GLCs)
– Upskilling and reskilling programmes targeting 220,000 participants
10. RM150 million to finance youth entrepreneurs by BSN and Agrobank
11. One-off RM150 e-Wallet credit for youths, including full-time higher education students, under E-Start
The e-Start Programme seeks to promote a cashless society, for which RM300 million is allocated. This is expected to benefit over two million youths, who are advised to use the money to purchase books and educational tools.
12. Perlindungan Tenang Voucher increased to RM75 for B40 individuals
Beginning 1 January 2022, the voucher can be used to help purchase motorcycle comprehensive insurance for motorcycles that are 150cc and below.
13. Expansion of SOCSO’s coverage to nine new categories
The government’s contributions of up to 80% is extended to nine new categories of employees — artists, hawkers, fisheries, agriculture, tourism sector, OKU, Orang Asli, Orang Asal Sabah Sarawak, and Community Rehabilitation supervisors and staff.
This will benefit over 810,000 self-employed and informal workers.
14. Bumiputera Empowerment Agenda — Implement various initiatives under the umbrella of Bumiputera development
– Education programmes by MARA, UiTM, and Yayasan Peneraju for Bumiputera children (RM6.6 billion allocation)
– Capacity building and business financing programmes (RM4.8 billion allocation)
– Creation of an accelerator programme for Bumiputera Youth Contractors by CIDB (RM10 million allocation)
– Provision of small-scale government procurement projects to Bumiputera Youth Contractors (RM200 million allocation)
15. SME Digitalisation Grant Scheme
The scheme funds have been increased to RM200 million for Bumiputera micro-entrepreneurs, with an additional RM50 million for rural Bumiputera micro-entrepreneurs.
16. Allocation of RM74 million for business training and guidance programmes, as well as easy financing scheme
Easy financing scheme of 0% for the first 6 months together with a moratorium under PERNAS.