The Malaysia Budget 2022 was tabled last week on 29 October 2021. Under the theme ‘Keluarga Malaysia, Makmur Sejahtera’, the budget aims to strengthen recovery, build resilience and drive reforms. As the largest budget to date, it promises to be sustainable, balanced and inclusive, with a number of initiatives for youths.
In this article, we’ll go through some of the perks and benefits that university students and youths can stand to gain from the Malaysia Budget 2022.
#1. Youths to get free RM150 for e-wallets
If you still don’t have an e-wallet by now, you’re missing out.
To encourage cashless transactions on business premises, all youths aged 18 to 20 and full-time students at higher education institutions will receive RM150 into their e-wallet accounts, an increase of a whopping RM100 compared to the previous year.
With a budget of RM300 million, the initiative is expected to benefit 2 million youths.
#2. JPA scholarships to continue with an allocation of RM939 million
The JPA scholarships are one of the most sought after scholarships by graduating SPM students, offering sponsorship programmes for both local and international universities.
If you are an SPM student, you will be relieved to know that the JPA scholarships will continue with an RM939 million allocation. However, this represents an RM11 million decrease from the previous year. It’s the second year in a row we’re seeing cuts in the scholarships, which in recent years have taken the form of a convertible loan as part of the government’s strategy to invest in talented graduates while ensuring they contribute to the civil service.
#3. B40 students in higher education institutions will receive tablets for e-learning
Although you may be transitioning back to face-to-face learning, Education Minister Datuk Dr Radzi Jidin has stated that online learning must continue, particularly given the current rotation system.
To ensure that learning for B40 students is not disrupted, the government is implementing the PerantiSiswa Keluarga Malaysia programme, which will provide tablets to every B40 student in institutions of higher learning. This initiative is in collaboration between the government and telco companies, with the government allocating RM450 million and telcos contributing an additional RM65 million.
#4. Extension of contracts for medical officers
If you’re an aspiring doctor, the contract system for medical officers is probably a source of concern and a deciding factor in whether or not you should pursue a medical degree.
Well, here’s some good news for you. The government will extend the contracts of over 10,000 medical, dental, and pharmaceutical officers for a maximum of 4 years following their 2-year mandatory service. Hopefully, this will be extended to future medical graduates, giving you some assurance and job security.
In addition, the government will provide sponsorship for medical specialist programmes with an RM100 million allocation.
#5. Incentives for employers to hire graduates
As businesses reopen amidst a recovering economy, securing a job may still be challenging, especially if you are a recent graduate.
Recognising this, the government will raise the monthly incentive for employers who hire apprentices from RM800 to RM900, a subsidy that will last for a period of up to 6 months. This will benefit school leavers and graduates between the ages of 18 and 30.
It also calls for the private sector to provide a monthly allowance of at least RM900 for students undergoing internships and industrial training, a government practice since 2019.
And if you prefer to forge your own path through entrepreneurship, Bank Simpanan Nasional and Agrobank have earmarked RM150million of financing specifically for youth entrepreneurs.
#6. Growing the e-sports industry
The e-sports industry is rapidly growing. Several Malaysians won top prizes in the recent Dota 2 tournament, with Cheng Jin Xiang or ‘NothingToSay‘ winning a portion of the US5.2 million prize money for placing second with his China-based team.
A total of RM20 million will be allocated to the Development of National e-Sports, including RM5 million to establish a drone sports centre of excellence.
Who says you can’t make money from gaming?
#7. Strengthening TVET education
Technical and Vocational Education and Training (TVET) has been identified under the Twelfth Malaysia Plan as a crucial component to meet labour demands from the industry.
In light of this, the government will be investing RM6.6 billion in the TVET industry through a variety of programmes coordinated by various ministries and agencies. This includes a total of RM200 million that has been set out for the National Dual Training System (SLDN) and industry certification programmes. The National Dual Training System is an industry-driven initiative in which TVET trainees are offered apprenticeships with participating companies while also completing theory classes.
#8. Boosting bumiputera education
The budget continued to emphasise the importance of providing quality education to bumiputeras, with a focus on producing more professionals in medicine, engineering, and finance.
A total of RM6.6 billion will be allocated to bumiputera institutions, including those under MARA, UiTM, and Yayasan Peneraju, for educational purposes. This funding is for educational loans as well as upskilling activities such as enrolling in diploma programmes after completing certificate level programmes.
So there you have it. What do you think of the Malaysia Budget 2022? Let us know in the comments below!