The Parliament Meeting about the budget content on cash aid!
The 15th Parliment’s first meeting was held on December 19 and 20, 2022. This meeting is expected to only have new members take the oath, select the speaker and deputy speaker, and submit a salary budget. The cash-aid provisions that have piqued the public’s interest may not be included in the 2023 Budget, which will be announced in January or February.
The previous administration submitted the 2023 budget on October 7, but then dissolved Parliament on October 10 to hold a general election. At the time, the 2023 budget was too late to be debated and passed in Parliament.
Several policies to benefit the people were mentioned in the previously presented Budget 2023. Families with a monthly income of less than RM2,500, for example, can receive RM1,000 to RM2,500 cash aid, while families with a monthly income of RM2,501 to RM5,000 can receive RM500 to RM1,250 cash aid. Cash aid of RM600 for single seniors, and RM350 for singles with a monthly income of less than RM2,500.
Furthermore, the budget at the time stated that all primary and secondary school students could receive Bantuan Awal Persekolahan (BAP) of RM150, full-time students aged 18 to 20 and over 21 years old could receive an e-wallet reward of RM200, and those with annual income less than RM10,000 can get RM100 e-wallet reward.
Not only that, but the previously presented budget has good news in the form of a lower personal income tax rate. The personal income tax rate for 50,000 to 70,000 ringgits has been reduced from 13% to 11%. The percentage of million ringgit reduced from 21% to 19%.
Other policies are beneficial to the people. For example, first-time buyers can save 75% on stamp duty when purchasing properties worth RM500,000 to RM1 million. The voluntary EPF contribution limit has been raised from RM60,000 to RM100,000 per year. Participating in the i-Saraan self-employed provident fund plan entitles you to a 15% government subsidy up to RM300.
Datuk Seri Anwar also stated that he will not completely overturn the previous government’s budget and will maintain good policies.
