5 Special Pre-Budget 2025 Reports You Can Refer To Ahead Of Today's Announcement
For more updates, stay tuned to TV3, 8TV, and TV9.
By Khirthnadhevi Kumar — 18 Oct 2024, 03:05 PM
In preparation for Budget 2025, Media Prima Television Network has teamed up with the Ministry of Finance (MOF) to bring Malaysians a series of special Pre-Budget reports
These reports give viewers quick, two-minute breakdowns on key issues that will be covered in Budget 2025. You can catch these video reports on TV3, 8TV, and TV9, offering short but comprehensive insights into important topics affecting the country.
1. Prioritising quality educational infrastructure continues to be a focus for the Ministry of Education
Upgraded school facilities can really make a difference in creating a better learning environment for students. Under Budget 2024, the government set aside RM930 million to upgrade buildings and infrastructure in 451 rundown schools, including 185 projects in Sarawak and 155 in Sabah. Out of these, 40 school building redevelopments are expected to wrap up this year, with RM582 million going towards that.
Sixteen schools, including Kampung Empila National School, have already been upgraded, and the Ministry of Education is committed to improving quality educational infrastructure.
2. The Employees Provident Fund (EPF)'s Akaun Fleksibel empowers Malaysians financially
EPF rolled out a third, flexible account, as announced by the government in Budget 2024. This new account gives members access to their savings in emergencies. Since its introduction, 3.4 million members have withdrawn RM8.9 billion, as of July 2024.
The flexible account sets aside 10% of members' savings, which can be accessed during emergencies. Additionally, 5% of savings from Account 2 is transferred to retirement savings, indirectly helping 40,000 members reach the basic savings of RM240,000.
3. Financial relief for the B40 group with Rahmah Cash Aid (STR)
STR is giving financial relief to many, especially the B40 group, through various incentives from Budget 2024. It's been a big help for covering essential needs like utility bills, with the maximum aid raised from RM2,500 to RM3,700.
Around 700,000 extreme poor recipients get monthly essentials and also receive RM100 every month, transferred straight to their bank accounts for spending at selected stores. On top of that, the extreme poor also receive an electricity subsidy to help lighten their load.
4. Monsoon aid for rubber farmers and fishermen
The government's support for vulnerable groups in the agricultural sector is a big help, especially during the monsoon season when people like small rubber farmers and fishermen are unable to work.
Under Budget 2024, eligible small rubber farmers received RM800 in monsoon season aid, while fishermen got up to RM300 in living allowances and RM1,000 in cash incentives for their catches, particularly during the monsoon season.
The government is also maintaining the diesel subsidy at RM1.65 for certain classes of fishermen to help ease their burden.
5. The Eko Madani economy is yielding positive results
Malaysia's stock market and currency have hit their highest levels in recent months, positioning the country as a strong contender in Asia. In the second quarter of 2024, Malaysia saw impressive economic growth at 5.9%. The stock market has also become more active, driven by foreign investments, which has helped strengthen the local currency.
On top of that, citizens' standard of living has improved, with a 9% rise in median monthly wages and a drop in the unemployment rate.
