6th November 2020 - 2 min read
Finance Minister Tengku Zafrul Abdul Aziz has announced that the government will increase the monthly rate of financial assistance for vulnerable groups, such as the disabled and chronically ill patients. With this, it is hoped that their welfare will be better safeguarded and enhanced.
Here’s a summary of the new monthly rate of financial assistance to be provided for each vulnerable group under Budget 2021, in comparison to its existing rate:
|Vulnerable groups||Existing monthly financial aid/incentive allowance||New monthly financial aid/incentive allowance|
|Disabled persons (OKU) incapable of work||RM250||RM300|
|– Senior citizens
– Chronically ill patients
– Caretakers of bed-ridden OKU
|Disabled (OKU) workers||RM400||RM450|
|– Children||RM100 per child
*maximum RM450 per family
|– RM200 per child (6 years old and below)
– RM150 per child (7 to 18 years old)
*maximum RM1,000 per family
This increase involves an provision of RM2.2 billion, and will benefit more than 400,000 beneficiaries.
Apart from that, the government will also introduce the Perlindungan Tenang Voucher Programme to provide better social protection for the B40 group. All B40 aid recipients will be entitled to an RM50 voucher to purchase products from Perlindungan Tenang, a basic insurance and takaful scheme aimed at increasing the insured population in Malaysia.
On top of that, the government will also extend the stamp duty exemption period on all Perlindungan Tenang products with an annual premium or contribution value not exceeding RM100 until 2025.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world