ICYMI, 2018 has been announced as the Year to Empower Women by the Malaysian government!
In tabling the 2018 Budget, Prime Minister Datuk Seri Najib Razak said the government has listed measures in its “inclusive economy” themed budget to elevate the role of women in the country, including some others to ensure that everyone would receive some benefit. Budget 2018 allocates RM280.25 billion, of which RM234.45 billion is for administration while the remaining RM46 billion is intended for development.
Here are some highlights from the budget that we think maybe helpful for you (and us):
1. BR1M – A maximum benefit of RM1,200 (per household) has been allocated for seven million Malaysians in 2018.
2. ADAM50 – The ‘Amanah Dana Anak Malaysia 2050’ or ‘ADAM50’ is a new scheme introduced by the government where every child born from 1 January 2018 until 2022 will receive RM200 each through Amanah Saham.
3. Training & Entrepreneurship Programmes For Women – A whopping RM20 million will be doled out for training and entrepreneurship programmes tailored for women through the Entrepreneur Programme under the MyWin Academy.
4. Tax exemption for women who return to the work force – To encourage women to return to work, the Government also suggested a tax exemption for the first year of their salary after a two-year hiatus. According to Najib, the tax exemption could be claimed for the 2018 to 2020 period.
5. Affordable homes – A sum of RM2.2 billion has been allocated for the housing sector of which Rm1.5 billion is allocated for 210,000 homes under the 1Malaysia People’s Housing (PR1MA) scheme valued below RM250,000.
6. More women on Board of Directors – By the end of 2018, the Malaysian government is making it mandatory for government-linked companies, government-linked investment companies and statutory bodies to have at least 30% female directors on their BoDs.
7. 90 days maternity leave – The government is also proposing to private sectors to increase the mandatory maternity leave from the current 60 days to 90 days, as per the practice of public sector organisations.
8. PTPTN repayment incentives – PTPTN repayment incentives will be extended until the end of December 2018, with discounts up to 20% for full settlements, 10% discounts for at least 50% of the outstanding amount in a single payment, and 10% discount for monthly payments paid through direct debit or salary deductions.
9. Lower tax rates for households earning less than RM9k a month – Those earning an annual taxable income between Rm20,0001 to RM35,000 will have the tax rate reduced from 5% to 3% while those earning an annual taxable income between RM35,001 and RM50,000 will have their tax rate decreased from 10% to 8%.
10. Direct employment of foreign domestic helpers – Employers will no longer have to pay exorbitant prices to employ foreign domestic helpers. Those in need of helpers will be allowed to hire foreign domestic helpers directly from 9 selected countries without going through an agent.
To read Datuk Seri Najib Razak’s full 2018 Budget speech, access here.
