The presentation of Budget 2025 themed "Revitalizing the Economy, Driving Change, Ensuring People's Well-being," by The Right Honourable Dato' Seri Anwar bin Ibrahim, Prime Minister and Minister of Finance on 18 October 2024 (Friday) has introduced various incentives, including those related to education financing through The National Higher Education Fund Corporation (PTPTN) and The National Education Savings Scheme (Simpan SSPN) accounts.
PTPTN as an agency under the Ministry of Higher Education (KPT) welcomes and expresses its appreciation and gratitude for the initiatives announced in Budget 2025 as follows:
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- Allocating a PTPTN education financing fund amounting to RM500 million specifically for students pursuing studies in STEM fields at public universities (IPTA).
- The individual tax relief on net savings in Simpan SSPN has been extended for a period of three (3) years.
- The expansion of the eligibility criteria for the Simpan SSPN Matching Grant through the Ihsan Matching Grant Initiative (GAPAI).
The provision of an education financing fund specifically for students pursuing studies in Science, Technology, Engineering, and Mathematics (STEM) at public universities (IPTA) is a support measure aligned with the government's aspiration to produce highly employable graduates, in line with industry demands.
In its efforts to encourage saving for children's higher education, the government has agreed to extend the income tax relief incentive on savings in Simpan SSPN until the assessment year 2027. Additionally, the matching grant for savings in the Simpan SSPN account for students continuing their studies at higher education institutions (IPT) from families with an income of RM4,000 has been expanded to RM6,000, with a maximum grant amount of up to RM5,000. This initiative, through the Ihsan Matching Grant Initiative (GAPAI), will last for a period of two (2) years.
PTPTN is fully committed to implementing the government's aspirations through Budget 2025. This initiative demonstrates the government's determination to encourage more students to pursue STEM fields, which are critical elements in driving the country towards becoming a high-tech nation by 2030, while also producing young graduates with high employability value that is needed by the industry and the nation.
PTPTN also hopes that the Malaysian community will continue to make Simpan SSPN the primary choice for saving for higher education, in line with the government's efforts to provide savings benefits through the incentives of Budget 2025. The Malaysian community is fortunate to have a caring MADANI government that is attentive to the needs of the people, especially in terms of financial assistance to prepare children for further studies at higher levels for a brighter future.
