Budget 2022 assistance to youth and elderly will help Malaysia’s middle-income providers | Malay Mail

KUALA LUMPUR, Dec 14 — Middle-income earners, otherwise known as the M40 group, are not spared by the Covid-19 pandemic and many have actually slipped into the lower 40 per cent of the country’s income group.

For clarity on how Budget 2022 can actually alleviate the burden of the M40 income group, here are some of the highlights on what assistance can be obtained. If you have to repay your National Higher Education Fund Corporation loan, there will be loan discounts available from now until April 2022.

A total RM6.6 billion will also be allocated to Bumiputera institutions, including those under MARA, UiTM, and Yayasan Peneraju for educational loans, upgrading programmes from certificate to diploma, and to produce professionals among Bumiputera in the medical, engineering and financial fields,”. Securing a job is still challenging despite the economy going through a recovery phase.

As for Youths who are seeking to be entrepreneurs, the can look to Bank Simpanan Nasional and Agrobank which have earmarked RM150 million in financing funds for them. The government has also allocated RM6.6 billion for Technical and Vocational Education and Training . A total of RM70 million will be channelled to mental health support programmes and there will be a wider scope of income tax exemption for health check-ups including consultations with psychiatrists, clinical psychologists and licensed counsellors.

For households with a monthly income of RM2,501-RM5,000, RM800 would be given to families with three or more children.

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