Financial budget 2023 aims to spur economic recovery momentum from Covid-19. With an RM372.3 billion allocation, up from RM332 billion the previous year, it is expected to reinforce the basis to drive the nation’s socioeconomic development and give substantial support to reduce the financial burdens of the targeted groups.
Below are some key takeaway that you should know:
1. Bantuan Keluarga Malaysia (BKM) would be enhanced with an RM7.8 billion commitment, benefiting 8.7 million recipients.
2. Under BKM, a new category of households with a monthly income of less than RM2,500 and five or more children will receive RM2,500.
3. Through the CahayaMata Keluarga Malaysia initiative, mothers from BKM households who give birth in 2023 will receive a one-time RM500 cash grant.
4. Employers who recruit youths aged 18 to 30 who have been unemployed for more than three months will be eligible for SOCSO employment incentives.
5. The government would invest more than RM55 billion on subsidies, grants, and incentives to reduce the cost of living.
6. Back To School Aid extended to all pupils irrespective of parents’ income.
7. Sabah and Sarawak would receive RM6.3 billion and RM5.4 billion, respectively, for development.
8. Loan facilities amounting to RM305mil will be provided through SME Bank, Tekun, Mara, BSN and Agrobank, specifically for young entrepreneurs.
9. A 15% to 20% discount on National Higher Education Fund Corporation (PTPTN) loan repayments from November 1, 2022 to April 30, 2023.
10. The My50 travel pass initiative to continue, to benefit 180,000 commuters.
