12 Highlights From #Bajet2022 And How They Affect You
On Friday, 29 October, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz tabled #Bajet2022, the second federal budget by the Perikatan Nasional government since it came to power
While in Dewan Rakyat, he said that the theme of the budget this year is 'Keluarga Malaysia, Makmur Sejahtera' (Malaysian family, prosperous and peaceful).
It is based on three core concepts: "rakyat yang sejahtera" (people's wellbeing), resilient businesses, and a prosperous economy.
The total amount allocated for Bajet 2022 is the largest in history with a value of RM332.1 billion. This amount is 3% higher compared to last year.
1. Say hello to Bantuan Keluarga Malaysia (BKM)
Zafrul said that RM8.2 billion will be allocated for the new BKM incentive and it is estimated to benefit 9.6 million people.
In general, people will see an increase in the amount of financial assistance under BKM compared to the previous Bantuan Prihatin Rakyat (BPR) programme which was introduced by the government in 2021.
Under BKM, households with a monthly income of less than RM2,500 and have three children or more will receive RM2,000. Meanwhile, single-parent households with a monthly income of up to RM5,000 will receive an extra RM500, and senior citizen households will receive an extra RM300.
Therefore, single-parent households with a monthly income of less than RM2,500 and three children and more will receive a BKM payout of RM2,500.
2. RM150 handout will be given to school students
Previously, the handout for Year 1 to Form 5 students in households with an income of less than RM3,000 was capped at RM100 per person.
This year, the government has allocated RM450 million for this incentive and it is expected to benefit three million students.
3. B40 students in institutions of higher learning will receive free tablets
The Finance Minister announced a new programme dubbed 'PerantiSiswa Keluarga Malaysia'.
RM450 million will be allocated for this programme and it will also be supported by donations from telecommunication companies valued at roughly RM65 million.
It is estimated that 600,000 students from B40 families will benefit from this initiative.
4. Teenage girls in the B40 community will be given free sanitary kits on a monthly basis
Zafrul said, "The health and personal hygiene aspect of adolescent girls is very important in reducing any health risks and dropping out of school."
The initiative will come under the Ministry of Women, Family, and Community Development (KPWKM).
It is estimated a total of 130,000 young women will benefit from the new initiative.
5. The government will subsidise baby car seat purchases for B40 families
RM30 million will be allocated to help 188,000 families.
Their purchase will be subsidised by 50% or up to RM150.
6. Youths aged 18 to 20 years old and full-time students in higher education institutions will be eligible for RM150 e-wallet credit
This will come under the government's eStart program to foster a culture of cashless transactions in the country.
The government has allocated RM300 million for the initiative, which aims to benefit more than two million youths.
7. People with disabilities will not have to pay for their road tax anymore
Starting from next year, the government has agreed to fully bear the cost of Motor Vehicle Licences (LKM) of all private vehicles owned by people with disabilities.
Zafrul said that this initiative will hopefully reduce the cost of living for people with disabilities to some extent.
8. The minimum Employees Provident Fund (EPF) contribution rate of 9% will be extended
Zafrul said, "The government understands the financial constraints faced by the people as a result of the prolonged Movement Control Order (MCO), especially in terms of cash flow management."
"In order to increase people's money on hand, EPF will extend the period of reducing the EPF minimum contribution rate from 11% to 9% until June 2022."
9. MyRail5 public transport pass for students from Standard 1 until Form 6 will be continued
This monthly pass, introduced in 2021, can be utilised on the Klang Valley commuter lines, northern sector commuters, Kuala Lipis and Tumpat intercity train, and the Beaufort-Tenom line in Sabah.
10. A sales tax will be imposed on low-value items from overseas that are sold by online sellers and sent via air courier to Malaysians
Not only that, but a service tax will also be imposed on item delivery services including e-trade.
However, this excludes food and beverages and logistic services.
11. Civil servants get special financial assistance of RM700
Zafrul said, "It is hoped that this assistance can be a catalyst for civil servants to continue to serve with full dedication."
However, the financial assistance will only be granted to civil servants Grade 56 and below.
Meanwhile, one million pensioners will be given a monetary aid of RM350.
12. RM24 million has been allocated to help children from urban poor families
The Community Feeding Program in Selangor, Johor, Penang, Kuala Lumpur, and Putrajaya will be expanded. It aims to provide supplementary food up to five times a week to 100 children aged one to six years old.
Besides that, the government will also widen the scope for recipients of the malnutrition rehabilitation programme and it will benefit over 1,100 children.
A breast milk bank will also be set up for premature babies in the Neonatal Care Unit involving hospitals in Penang, Johor, Terengganu, Sabah, and Sarawak.
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