news62Last week, SaveMoney.my began our guide to the Malaysia Budget 2014 by discussing Investment, Retirement, Healthcare and Welfare Benefits. This week, we explore Cash and Voucher Handouts.
Cash and Voucher Handouts
In the Malaysia Budget 2014, as per the previous 2 years, there were various cash handouts for the lower income group, students and more:
BR1M 3.0 - Cash Handouts for RM4,000 / month income earners and below
Bantuan Rakyat 1Malaysia or BR1M was introduced in 2011 at an amount of RM500 for households earning RM3,000 / month and below, and with BR1M 2.0 in 2012 an additional amount of RM250 was introduced for singles above the age of 21 who earn less than RM2,000 a month.
This policy is extended even further in BR1M 3.0, with RM650 to households earning RM3,000 / month and below, and RM300 to singles over 21 years old who earn less than RM2,000 a month. In addition, RM450 will be given to households with income between RM3,000 – RM4,000 a month.
Additionally, RM50 of income protection insurance (with coverage up to RM30,000 for death and permanent disability) will be given to all households with income below RM4,000 / month, taking the total benefit to RM700 for those RM3,000 and below, and RM500 for RM3,000 – RM4,000 / month families. To summarise:
I am eligible for BR1M 3.0, how do I get this handout, and when?
While no firm dates have been announced yet, we expect the payout to commence in January 2014. We expect that people who have already registered and applied for BR1M and BR1M 2.0 last year will have already been registered for BR1M 3.0, and will be informed of their eligibility by January 2013, and people who didn’t can start applying in November/December 2013 through District Offices, State Development Offices and LHDN offices throughout the country or online.
Schooling Assistance - RM100 for Primary and Secondary School Students
A continuation of Budget 2012′s and Budget 2013′s policies, with RM100 to be disbursed to all primary and secondary level students (about 5.4 million of them) starting January 2014. The cash voucher may be claimed directly from schools by parents and children.
BB1M - RM250 Vouchers to University Students for Books and Study Materials
A continuation of Budget 2013′s policy of giving out Baucar Buku 1Malaysia or BB1M, with RM250 of bookstore vouchers to be disbursed all tertiary level students starting January 2014.
Civil Servant Bonuses - One off half-month bonus in January 2014
A half-month’s bonus for all government staff (with a minimum of RM500) was announced to be given in January 2014.
RM250 one off payment to Retirees
A one of RM250 cash handout will be given to all retirees, but there is no news yet on the implementation.
SaveMoney.my’s next instalment will be about the income tax policy changes, so if you want to know more about that, keep reading!
*Hann Liew is the Founder and Editor-in-Chief of SaveMoney.my, an online consumer advice portal which aims to help Malaysians save money through smart (and most of the time painless) savings in their daily banking, technology, and lifestyle spending habits.
Source : http://malaysiandigest.com/features/484248-malaysia-budget-2014-review-a-guide-to-cash-and-voucher-handouts.html606