SST. STR. PTPTN: The Key Highlights of the Madani Budget

Key Highlights of Madani Budget:

1. High-Value Goods Tax: The budget introduces a 5%-10% tax on high-value items, including luxury goods and watches.
2. SST Increase: The Sales and Services Tax (SST) is set to rise by 8%, excluding the food and telecommunications sectors.
3. Targeted Subsidies: The budget emphasizes targeted subsidies to assist those in need.
4. Removal of Price Ceilings: Price controls on chicken and eggs will be lifted.
5. Minimum Wage: The minimum wage (STR) will increase from RM3100 to RM3700, and youth minimum wage from RM350 to RM500.
6. First STR Payment: The initial payment for the Social Welfare Scheme (STR) will be raised from RM300 to RM500.
7. Basic Assistance: STR recipients will receive a basic Rahmah contribution of RM100 per month for a year.
8. Flexible EPF Accounts: A new flexible EPF account allowing members to access funds at any time will be introduced.
9. Increased Childcare Tax Exemption: Childcare tax exemption will be raised from RM2400 to RM3000.
10. PTPTN Loan Discount: Existing PTPTN loan discounts will be continued.
11. Government Employee Aid: Government employees in grades 56 and below will receive RM2000, while retirees will get RM1000, payable in February 2024.

More : PTPTN Loan Discount