Here Are 3 Ways #Budget2025 Could Benefit Senior Citizens In Malaysia
More financial aid measures were announced.
By Celine Low — 21 Oct 2024, 03:43 PM
1. Poor senior citizens are eligible to receive assistance of over RM10,000 annually
RM13 billion has been allocated for Rahmah Cash Contribution (STR) and Sumbangan Asas Rahmah (SARA), a RM3 billion increase that will benefit 60% of the country's adult population.
In 2025, a total of 4.1 million households receiving STR will also receive SARA amounting to RM100 per month.
Under the Social Welfare Department (JKM), senior citizens will see their monthly assistance increased from RM500 to RM600.
2. Individual income tax relief related to sports activities and healthcare for senior citizens will be expanded
This means you can claim deductions for more expenses related to your wellbeing and your family's.
Here's a breakdown:
1. Existing tax relief for parents' medical check-ups will now cover vaccination costs as well.
2. Tax relief for sports equipment and activities will be extended to include expenses for your parents.
3. You can claim tax relief for medical treatment expenses incurred for your grandparents and parents.
4. Tax exemptions on childcare allowances will be broadened to include the care of elderly parents and grandparents.
3. A special assistance of RM250 will also be provided to pensioners
This one-time assistance will be distributed to all government retirees, including both pensioned and non-pensioned veterans.
This RM250 aid will be rolled out in February 2025.
