Wednesday, 2 January 2013

The Compassionate Budget (i)

Prospering the nation,  enhancing well-being of the rakyat

A promised fulfilled

"Please join my colleagues and I to fulfill our potential towards developing a country that we can be truly proud of.  A country where the weak are protected,  those in need get help,  the strong protect,  the young loved,  the elderly are valued,  those in need assisted and those with potentials given opportunities."

Dato' Sri Mohd Najib Tun Abdul Razak
Prime Minister and Minister of Finance Malaysia

The 2013 Budget Speech,  28 September 2012

Pre-School And School Children

*  RM1.2 billion to enhance pre-school education.

*  RM380 million will be allocated to MOE for replacement of kindergarten teachers.

*  RM10,000 grant to assist operators of the centre of Early Childhood Care and Education to open a new and high-quality pre-school -- will benefit 10,000 private pre-schools.

*  School children who travel by school bus will get insurance coverage in the event of accident with a maximum coverage to RM100,000.

*  Employers will get double deduction on the allowance or subsidies provided to the employers and expenses for the maintenance of childcare centre.

*  A pilot project to build kindergarten for children with disabilities (Taska OKU) -- include six categories of disabilities.

*  RM2.6 billion in welfare aid for schoolchildren -- will benefit 5.4 million students.

*  RM100 as  a Schooling Assistance to all primary school students.

*  Children aged below 12 years old will benefit 50% reduction for passport processing fee,  RM300 to RM150.  The RM100 fee will be reduced to RM80.

Teenagers And Youth

*  RM200 rebate for purchasing smart phone for those aged 21-30 years,  with monthly income of RM3,000 and below -- benefiting 1.5 million youths.

*  RM50 million is allocated for the New Enterpreneurs Foundation to assist young ICT entrepreneurs.

*  RM50 million is allocated for the Young Entrepreneurs Fund by the SME Bank -- a soft loan for youth aged 30 and below,  2 percent subsidy of interest rate for loan up to RM100,000.

*  Cash assistance of RM250 for single individuals aged 21 and above and earning not more than RM2,000 a month --  will benefit 2.7 million individual.

*  RM100 as a Schooling Assistance to all secondary school students.  

*  All students in higher learning institutions and at pre-university level are entitled for 1Malaysia Book Voucher programme with amount of RM250.

*  RM50 million  to train 3,200 Malaysian-Indian students in the estate to equip them with skills in line with market demand.

*  RM3.7 billion allocation to train students in technical and vocational fields.

*  RM200 million for Graduate Employability Taskforce to strenghthen the employability for unemployed diploma and degree graduates.

*  RM440 million will be allocated for Skills Development Fund Corporation to provide loans for trainees to undergo skill training -- will benefit 40,000 Malaysia Skill Certificate's trainers' from level 1-5.

*  Repayment of full loan within a year effective on 1 October 2012 until 30 September 2013,  a discount of 20% will be given on their loan.

*  Consistent repayment of PTPTN loan based on their repayment schedule will enjoy 10% discount per annum effective on 1 October 2012.


*  Individual income tax rate to be reduced by one percentage point for each group annual income tax exceeding RM2,500 to RM50,000  -- 170,000 tax payers are free from paying tax.

*  One-and-a-half month bonus for 1.4 million civil servants.

*  People's Financial Assistance (BR1M 2.0) -- RM500 for total household earning less than RM3,000 -- to benefit 4.3 million households.

*  100,000 women aged 40 and above will get free mammogram examination -- allocation RM25,000.

*  RM3,000 withdrawal from EPF Account 2 to meet Haj cost for Jemaah Muassasah only.

*  RM200 million to enable 1.4 million SOCSO members age 40 - 50 to undergo free health screening in government hospitals and SOCSO's panel clinics.

*  RM50% discount on KTM commuter fares for all Malaysians who earn below RM3,000.

*  Individual income tax to be reduced by one percentage point for each grouped annual income tax exceeding RM2,500 to RM50,000  -- 170,000 taxpayers will be exempted.

*  Fixed processing fee for civil servants' housing loan at RM100 for any amount.

*  Parents will enjoy tax exemption on the children's higher learning education which is increased to RM6,000 per person.

*  Parents will enjoy a tax exemption for up to RM6,000 for saving in National Education Savings Scheme (SSPN).

*  RM200 a month special incentives for armed forces personnel,  effective on January 1,  2013  -- 125,708 will benefit.

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