The National Higher Education Fund Corporation (PTPTN) has announced that National Education Savings Scheme (SSPN) account holders will be receiving a 4% dividend this year. Eligible individuals who have opened an account prior to 2017 will also be given an additional 1% dividend as a loyalty reward through the SSPN-i Loyalty Rewards programme.
In all, an estimated total of RM147.25 million will be paid out to more than 4.39 million SSPN depositors. The dividends will be paid out on 8 February 2020.
According to the chairman of the National Higher Education Fund Corporation (PTPTN), Wan Saiful Wan Jan, the SSPN scheme had received as much as RM1.37 billion in deposit for 2019. This amount is the scheme’s highest to date, with a 21.24% increase from 2018.
Wan Saiful also revealed that 455,952 new SSPN accounts were opened in 2019. He commented that this is a positive sign of more Malaysians being aware of the importance of financial planning for their children’s education.
SSPN’s profit also rose by 25.52% over the previous year, the increase translating to RM41.73 million. As such, the total profit for SSPN this time amounted to RM205.27 million.
“I’m grateful that with the determination and management efficiencies, PTPTN was able to declare a dividend of 4% in 2019 despite a challenging economy,” said Wan Saiful in a statement, adding that the depositors actually benefit more than just the 4% dividend paid out. This comes from other non-monetary privileges that they enjoy, such as tax reliefs of up to RM8,000, takaful coverage, and loyalty rewards.
2019 is the fifth consecutive year that the SSPN scheme is paying out a 4% dividend to their depositors.