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Malaysia Budget 2012: Summary of Goodies for the Rakyat

The Budget 2012 tabled last Friday by Prime Minister Dato’ Seri Najib Tun Razak is jam-packed with goodies for the Rakyat. Touted the people-friendly budget, it especially benefits the lesser income group and civil servants.

Befitting its theme “National Transformation Policy: Welfare for the Rakyat, Well-Being of the Nation”, the Budget 2012 addresses the public’s chief concerns related to the escalating cost of living, education, housing and health.

The budget at a glance:

  • RM232.8 billion for Government plans, including RM181.6 billion for management and RM51.2 billion for development
  • RM29.8 billion for investment in infrastructure, industrial and rural development
  • RM13.6 billion for the social sector, including education and training, welfare, housing and community development
  • Total revenue for 2012 is forecast to increase 1.9% to RM186.9 billion
  • Deficit for 2012 is forecast to decrease to 4.7% of GDP from 5.4% in 2011

Living

The budget aims to help ease the burden of higher cost of living which has been the main the concern of the Rakyat nowadays by increasing subsidies in 2012 (RM33.2bn in 2012 compared to RM32.8bn in 2011). Other goodies include:

  • One-off RM500 cash handouts to household with monthly income of RM3,000 and below
  • Additional half month bonus for civil servants
  • RM500 bonus for pensioner
  • RM300 monthly for poor senior citizens, RM100 monthly for poor children and up to RM300 monthly for disabled people

Education

Realising that education is important in building a better Malaysia, the government will abolish all examination and school fees for primary and secondary school. This move will hopefully reduce school dropouts due to poverty and bright students from underprivileged families can have better opportunity to excel in their studies. Other goodies also include:

  • RM100 for students in primary and secondary school
  • RM200 book voucher to all university students

Housing

To make houses more affordable in the increasing property prices, the maximum house price limit eligible for financing under My First Home Scheme is increased from RM220,000 to RM400,000. Other goodies include:

  • 100% exemption on housing loan stamp duty
  • More affordable houses will be built next year in areas such as Cyberjaya, Putra Heights, Seremban, Damansara and Bukit Raja

Health

  • Free outpatient registration for senior citizens in hospitals
  • Free immunisation against Human Papilloma Virus (HPV) for all women to prevent cervical cancer

Other goodies worth mentioning are the extension of retirement age for civil servants from 58 years to 60 years, allowing those experienced and still capable seniors to continue contributing to the country and the increase from 12% to 13% of employer’s EPF contribution for employees earning less than RM5,000 per month that will greatly help to increase the amount of savings for employees.

What is your reaction to the Budget 2012? Tell us in the comments below.

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2 Comments to Malaysia Budget 2012: Summary of Goodies for the Rakyat

  • Satra Goh Abdullah's Gravatar Satra Goh Abdullah
    November 18, 2011 at 8:34 AM | Permalink

    How can we apply the benefit of RM300 off of the household monthly income RM3000 and below?