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5:09pm 07/10/2022
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Budget 2023 highlights

KUALA LUMPUR: The following are some of the highlights of Budget 2023 tabled at Dewan Rakyat today by Finance Minister Tengku Zafrul Tengku Abdul Aziz.

Themed ‘Keluarga Malaysia, Prospering Together’, Budget 2023 involves an allocation of RM372.3 billion and will be driven by the 3R agenda: Responsive, Responsible and Reformist.

This is the second budget tabled under the government led by Prime Minister Datuk Seri Ismail Sabri Yaakob and also the second since the 12th Malaysia Plan was launched on September 27 last year.

– Bantuan Keluarga Malaysia (BKM) to be improved with an allocation of RM7.8 billion, to benefit 8.7 million recipients.

– BKM: New category of households with monthly income of below RM2,500 with five or more children will receive RM2,500.

– E-wallet credit worth RM100 for the M40 group with an annual income of below RM100,000 under the e-Pemula M40 initiative.

– Two percentage points cut on taxable income ranging from RM50,000 to RM100,000 for domiciled individuals.

– Tax relief of childcare fees valued at RM3,000 will be extended until assessment year 2024.

– One-off RM500 cash aid for mothers from BKM households who give birth in 2023 through the CahayaMata Keluarga Malaysia initiative.

– Employers who hire youths aged 18 to 30 who are unemployed for over three months will receive employment incentive under Socso.

– Government to bear the cost for B40 youth to obtain taxi, bus, e-hailing licenses under the MyPSV program.

– Government to bear 80% of Socso’s contribution to reduce the burden of self-employed individuals.

– The limit for Employees Provident Fund (EPF) Voluntary Contribution increased to RM100,000 a year.

– EPF’s i-Saraan program extended to 2023; matching contribution increased from RM250 to RM300.

– Government to allocate over RM55 billion for subsidies, aid and incentives to lower cost of living.

– RM100 million allocation to extend the Keluarga Malaysia Cheap Sales program.

– An incentive between RM600 and RM750 for three months to employers who hire persons with disabilities, Orang Asli, ex-convicts and women who return to work.

– Socso to provide mobility assistance of RM500 for individuals who secured a job in other states, RM1,000 for long-distance moves from Sabah or Sarawak to the peninsula, vice versa.

– Service period for MySTEP in public sector to be extended to December 2023; salary to be raised by RM100.

– Back To School Aid extended to all pupils irrespective of parents’ income.

– RM2.3 billion allocation to provide conducive and safe learning space for school students, an increase from RM1.7 billion in 2022.

– Monthly cost of living allowance for Public Service Department (PSD) scholars in the country raised by RM100.

– A discount of 15 to 20 per cent for the National Higher Education Fund Corporation (PTPTN) loan repayments from Nov 1, 2022 to April 30, 2023.

– The My50 travel pass initiative to continue, to benefit 180,000 commuters.

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Budget 2023

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