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Published by Afterschool.my on Oct 08, 2012, 08:06 am
The 2013 Budget and how it affects the education industry and students.
- Total expenditure allocation for Education Ministry is RM38.7bil which 21% of the total budget
- Additional RM500mil is allocated to train teachers in the core subjects of English, Bahasa Malaysia, Science and Maths
- RM1.2bil allocation for pre-school development
- RM380m allocated to Ministry of Education for placement of kindergarten teachers
- RM10,000 grants for private operators who set up new nurseries and kindergartens.
- 5 years income tax exemption for private pre-school operators
- RM600 million allocated to 5 research universities (UM, USM, UKM, UPM, UTM) to conduct high-impact research in strategic fields such as nanotechnology, automotive, biotechnology and aerospace
- 1Malaysia book voucher for students studying at institutions of higher learing to RM250 from RM200 previously.
- To ease financial burden of parents, the Government proposes that the existing tax relief on the children's higher education amounting to RM4,000 per person be increased to RM6,000.
- PTPTN loans - Incentive for repayment of full loan from Oct 1, 2012 until Sept 30, 2013, a discount of 20% will be given on their loan. Regular repayment gets a 10% discount
- In addition, a Young Entrepreneurs Fund will be established with an allocation of RM50mil by the SME Bank. The soft loans, aimed at youths aged 30 and below, offers a 2% interest rate subsidy for loans up to RM100,000 with a 7-year repayment period.
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