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Budget 2021 Highlights

6 November 2020

Finance Minister Tengku Zafrul Aziz has announced our Budget 2021 on 6 Nov 2020, with a total expenditure projected at RM322 billion next year. The budget next year tabulates about RM8 billion more than the Budget 2020. The funds will be distributed to various segments and industries nationwide, with main targets to improve the welfare of Malaysians and boost our country’s economy that’s being affected by the pandemic.

The Budget 2021 is especially crucial as it will be a year for us to recover. Here are some of the touchpoints:

budget2021
    • Allocation of RM1 billion to stem the third wave of COVID-19 for next year

    • 100,000 frontliners will receive a one-off grant of RM500 in appreciation of their contribution

    • Tax reliefs :
      – Tax relief on Vaccination expenses for pneumococcal, influenza and COVID-19 limited to RM1000
      – Increase tax relief from RM6,000 to RM 8,000 for medical care expenses for self, spouse and children with serious illnesses
      – Full health examination and vaccination expenses to be increased from RM500 to RM1,000
      – Expenses for medical treatment, special needs and parental care is increased from RM5,000 to RM8,000

    • B40 group to receive RM50 voucher as financial aid to purchase Perlindungan Tenang products such as life takaful and self-accident

    • 1% decrease in income tax for those earning between RM50,000 – RM70,000 per year.

    • Relocation assistance and training to be provided for 8,000 airline employees who have lost their jobs in the midst of the pandemic.

    • Government servants and retirees to receive a cash aid of between RM300 to RM600.

    • RM6 billion to be allocated to the Bantuan Prihatin Rakyat (BPR) scheme that will benefit 8.1 million people:
      – Households earning less than RM2,500 will receive RM1,200 (or RM1,800 if they have 2 or more children),
      – households earning between RM2,501 – RM4,000 will receive RM800 per household (or RM1,200 if they have 2 or more children),
      – while households earning between RM4,001 – RM5,000 will receive RM500 (or RM750 if they have 2 or more children).

    • Single individuals aged below 21 years old that earn less than RM2,500 will receive a RM350 cash aid.

    • Aid for Persons with Disabilities will be increased from RM250 to RM300.

    • RM24 million to be allocated for mental health programmes.

    • Increase of tax exemption for medical treatment and health screenings.

    • RM2.7 billion allocated to rural infrastructure projects, including works for road construction, water supply, electricity supply, building of new houses, and construction of lamp posts.

    • Employers who hire fresh graduates for apprenticeship programmes to receive RM1,000 per month for three months.

    • Youths aged between 18 – 20 years old to receive a one-off RM50 e-wallet credit.

    • RM103 million allocated to build, upgrade, and maintain sports facilities across the country.

    • RM1.5 billion allocated to ensure internet connectivity for Malaysians in the B40 group, assistance to be provided in the form of credit of RM180 per person.

    • RM50.4 billion to be allocated to the Education Ministry, an amount that accounts for nearly 16% of the budget. Funds to be distributed to improve the facilities and infrastructure at public universities, upgrade internet connectivity in higher education institutions, provide technical and vocational education and training (TVET), and more.

    • Government will work with financial institutions under a Rent-To-Own scheme that will involve 5,000 PR1MA homes reserved for first-time home buyers.

    • The MY30 Unlimited Travel Pass which was introduced in June will be continued, and expanded to Penang and Kuantan.

    • An unlimited access Monthly Travel Pass priced at RM5 per month will be introduced for students from standard one to form six and the disabled. The pass can be utilized for train services on the Klang Valley komuter lines and other parts of the country.

    • RM150 million will be allocated to run training programmes and provide assistance to 100,000 entrepreneurs.

    • RM150 million will be allocated to the Shop Malaysia Online initiative, and RM35 million to promote Malaysia-made products.

    • 500 jobs will be provided for Orang Asli and local communities to become tour guides in national parks across the country.

    • RM1,000 grant to be provided for traders, taxi and e-hailing drivers, and tour guides in Sabah.



    For more information and details of the Budget 2021 Touchpoints, please download PDF here:
    https://www.treasury.gov.my/pdf/speech/rub-2021-en.pdf.

    For more overall information and details of the Budget 2021, please log on to: https://www.treasury.gov.my/index-en.html.

     

     

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