From Affordable Housing To Social Security, Here's How Budget 2025 Aims To Empower M'sians
Find out how Budget 2025 initiatives will have a direct impact on your everyday life.
By Jeremy Ng — 10 Dec 2024, 03:05 PM
Budget 2025 unveiled various initiatives aimed at 'raising the floor' for Malaysians. But how will these actually impact our everyday lives?
Prime Minister Dato' Seri Anwar Ibrahim introduced Budget 2025 on 18 October, with a vision to uplift lives and drive progress. A month after the initial announcement, we take a closer look at how next year's Budget aims to empower Malaysians and bridge the social gap, creating a more equitable nation.
'Raising the floor' is one of the three interdependent thrusts of Budget 2025, which takes a leaf out of the Ekonomi MADANI framework. In essence, it aims to elevate the basic level of living standards for all Malaysians. Together with 'raising the ceiling' and 'good governance', these three thrusts come together to create a virtuous cycle of economic prosperity.
First things first, Budget 2025 places an emphasis on the general welfare of the rakyat
Significant investments are being made to expand and upgrade healthcare infrastructure, especially in underserved areas like Sabah and Sarawak. The government has allocated substantial funds for constructing hospitals, clinics, and health facilities, as well as mobile health services for rural communities.
Additionally, plans are underway to enhance public healthcare services by encouraging wealthier individuals to contribute more while protecting low-income citizens from additional costs.
“What many Malaysians do not realise is that we have one of the best and most accessible healthcare systems in the world. The fact that it is subsidised for the general public is something we should not take for granted,” said 41-year-old Norman.
In terms of social security, pension reforms are a major focus of the Budget. A particular emphasis is on extending coverage to those in informal sectors and creating better job opportunities for women. This is part of a broader effort to ensure all citizens, regardless of employment status, have access to social safety measures.
The government is also investing in public transportation with an aim to reduce living costs and improve accessibility for the general public. Projects such as the expansion of the Johor-Singapore RTS Link and the development of affordable, efficient transport systems across urban centres are designed to lower transport costs, particularly for low-income groups.
This year's Budget 2025 also takes on an active role of equipping and empowering Malaysians, while also positioning them for success
The government aims to improve living standards by investing in education, particularly for underprivileged groups. Initiatives include expanding access to technical and vocational education and training (TVET) to equip Malaysian youth with skills needed for future jobs. Special attention will be given to improving public schools and boarding schools (SBP) to better serve students from low-income families.
Budget 2025 also includes incentives to create quality job opportunities, particularly for Bumiputera entrepreneurs and youth. The government aims to foster high-value employment by offering tax incentives to companies creating jobs in sectors such as technology, renewable energy, and healthcare. Additionally, Bumiputera empowerment remains a priority, with specific programmes to enhance their participation in the economy.
With agriculture being an important sector in the nation, Budget 2025 is also focused on equipping local food production by subsidising farmers and investing in modern agricultural practices. These include adopting technology in agriculture, such as drones for more efficient crop management, which will help lower food prices and increase farmers' income.
Budget 2025 doesn't end there. It aims to raise the floor for low-income communities by providing them a roof over their head.
A crucial part of the government's effort to improve living standards is the provision of affordable housing. The budget introduces new financial assistance schemes to help low-income families purchase homes, while encouraging the development of low-cost housing projects.
"I am glad I was able to get a loan for my first home purchase under the Housing Credit Guarantee Scheme by Syarikat Jaminan Kredit Perumahan Berhad (SJKP). There needs to be more widely available assistance to help Malaysians with the homebuying process," said Rizal, a 34-year-old e-hailing driver.
The government has also outlined plans to reduce homelessness by increasing housing availability, particularly in urban centres.
In addition, Inisiatif Wakaf MADANI aims to optimise the management and development of waqf (endowment) assets, fostering sustainable socio-economic growth and empowering communities through Shariah-compliant charitable resources.
