The Finance Minister, YB Senator Tengku Datuk Seri Utama Zafrul bin Tengku Abdul Aziz, recently presented the national budget (Malaysia Budget 2023) for this legislative term on October 7, 2022. It is highly likely that this budget will be the last one passed by the current legislature.
In the Malaysia Budget 2023, one of the aids is to assist households with:
None households related but fall under the same category:
• Financial assistance ranging from RM300 to RM600 for senior citizens who do not have spouses or are single.
• An additional RM500 for lone parents who are financially responsible for their children.
Malaysia Budget 2023 also will provide a one-time payment of one hundred ringgit (RM100) will be credited into the e – wallets of members of the M40 group whose annual income is less than one hundred thousand ringgit (RM100,000).
The BAP subsidy will be raised to RM150 per student and will be made available to them regardless of the amount of money earned by their households.
For young people between the ages of 18 and 20, as well as full-time students enrolled in educational institutions of higher learning, a one-time payment of RM200 will be deposited into the digital wallet.
OKU businesses can avoid paying charges associated with both registration and renewal if they sign up with SSM.
According to the Malaysia Budget 2023, the annual maximum amount that can be contributed voluntarily to the EPF will increase from RM60,000 to RM100,000.
Incentives ranging from RM600 to RM750 per month will be provided to employers who provide employment opportunities to members of the following target groups of people:
Employers who hire unemployed young people between the ages of 18 and 30 who have been out of work for more than three (3) months will be eligible for an incentive under the SOCSO programme. Graduates of Technical and Vocational Education and Training programmes (often abbreviated as “TVET”) are eligible for the employment incentive is part of the Malaysia Budget 2023.
The government will reimburse 80% of the SOCSO payment made by self-employed individuals using the RM130 million that has been budgeted for this purpose (e.g. food delivery drivers, farmers, fishermen, FINAS artists and hawkers).
The following kinds of mobility support will be provided by SOCSO to people looking for work:
An additional matching incentive from the government of up to RM600 per year would be given to housewives who make EPF payments of a minimum of RM60 per year (i.e. RM480 in EPF savings and RM120 in SOCSO Scheme Contributions).
For more details regarding other incentives of different fields on Malaysia Budget 2023, visit Budget official website.