23rd February 2022 - 2 min read
The National Higher Education Fund Corporation (PTPTN) has declared a dividend of 3% for the National Education Savings Scheme (SSPN) for 2021. It is slightly lower in comparison with the dividend announced for the previous year, which had settled at 4%.
According to the chairman of the PTPTN, Datuk Wan Saiful Wan Jan, the distribution of the dividend for 2021 will come up to an estimated amount of RM206.25 million, benefitting 5.24 million SSPN depositors. Depositors can check their dividend on their statements through the official PTPTN portal from 25 February 2021 (Friday) onwards.
Datuk Wan Saiful also explained that the dividend paid out is based on the net returns on investments made on deposits received by PTPTN. Specifically, PTPTN earned profit on SSPN investment deposits amounting to RM267.61 million – which is a 12.72% increase from the RM237.42 million saw back in 2020.
“The dividend given is still competitive compared to the current account profits and fixed deposit (rates). It also takes into account that PTPTN is only permitted to invest in limited markets and sukuk markets,” Datuk Wan Saiful said with regard to the scheme’s performance, adding that the country’s volatile economy also had an impact on its investments. He then stressed that the PTPTN will continue to diversify its efforts so that it can achieve better results in the upcoming years.
Datuk Wan Saiful further emphasised that on top of the dividend, depositors are also entitled to several other benefits via their SSPN savings. These include tax assessment relief of up to RM8,000 a year and takaful coverage.
Aside from announcing the dividend for SSPN, Datuk Wan Saiful also shared some latest updates regarding the scheme. He said that SSPN had seen a collection of RM3.01 billion in 2021, which was the highest since the establishment of PTPTN. In fact, it was 51.26% higher than the RM1.99 billion collected in 2020. Meanwhile, the total SSPN collection stood at RM10.88 billion as of 31 December 2021.
Datuk Wan Saiful also commented that 421,281 new SSPN accounts had been opened in 2021 – which is higher than its target of 400,000 new accounts per year. “As at 31 December 2021, a total of 5.24 million accounts had been opened since SSPN was introduced in 2004,” he said.
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