25 Feb - 2 min read
A dividend of 4% has been declared for the National Education Savings Scheme (SSPN) scheme for the year 2020. This makes it the sixth consecutive year that SSPN has been paying out a 4% dividend to its depositors.
In a statement today, higher education minister Datuk Seri Noraini Ahmad announced that the total dividend payout is an estimated RM201.3 million. This will benefit 4.82 million SSPN depositors.
“This distribution is made possible by the net return on investments made on deposits received by the National Higher Education Fund Corporation (PTPTN),” said Noraini. In 2020, SSPN earned an investment profit totalling RM237.42 million – an increase of 15.7% from RM205.28 million in 2019.
“This achievement is the result of PTPTN’s efficiency in implementing short and long-term shariah-compliant investment methods in the local money market which protects the principal while providing high and positive returns or profits,” she said.
According to the minister, SSPN deposits rose to a record high of RM1.99 billion last year, an increase of 45.6% or RM623.82 million from RM1.37 billion in 2019. This brought the total amount of SSPN deposits to RM7.88 billion as at the end of 2020. Furthermore, 436,101 new SSPN accounts were opened in 2020, bringing the total number of accounts to 4.82 million since the SSPN was established in 2004.
(Source: Free Malaysia Today)
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