Budget 2023 eases financial burden for Malaysian fresh grads

Helena Roshnee Eswaran, a 24-year-old junior executive, is among the many Malaysian fresh graduates who have benefited from the repayment discount incentive for National Higher Education Fund Corporation (PTPTN) borrowers under the federal government’s Budget 2023. The initiative aims to ease the financial burden of borrowers amidst the challenging economic climate.

The PTPTN offer covers four categories, including a 20% discount on the remaining debt for full settlement of the loan and a 15% discount for settlement of at least 50% of the remaining debt. Additionally, PTPTN offers a 15% discount for refunds through salary deduction or Direct Debit according to the refund schedule and a 5% discount for refunds through the myPTPTN application. Borrowers earning less than US$1,800 per month were also given a six-month loan moratorium.

Roshnee expressed her appreciation for the initiative, stating that it eases the financial burden for fresh graduates with limited savings. Aiman Maulud, a 25-year-old business development manager from Gombak, Selangor, also shared his positive experience with the PTPTN discounts, saying it allows him to allocate more of his income towards daily expenses, savings, or other financial commitments.

Apart from the PTPTN discounts, Budget 2023 also introduced the MY50 Unlimited Travel Pass, which has significantly reduced transportation expenses for regular commuters like Aiman. The pass offers 30 days of unlimited rides for just US$50 on Rapid KL LRT, MRT, Monorail, BRT, Rapid KL bus, and MRT feeder bus services in Klang Valley.

Youth and Sports Minister Hannah Yeoh emphasised that all government programmes and initiatives for the youths are drafted with inclusivity in mind, and her ministry is committed to bringing the voice and concern of the youths to the highest level of the administration. She encouraged young people to take note of policy discussions in Parliament and fully benefit from the incentives and tax reliefs provided by the government to cope with the cost of living.