Malaysia Budget 2018: What Are The Perks?
Budget 2018 was announced on October 27, 2017 by the Prime Minister and Finance Minister Datuk Seri Najib Razak. Themed “Prosper with inclusive economy, balancing duniawi (worldly) and ukhrawi (other-worldly) excellence to better the lives of the rakyat towards TN50 aspirations”, this year’s announcement was very much anticipated, as it is the final budget before the next general election.
In the budget for 2018, Najib proposed an allocation of RM280.25bil, with 84% allocated for Operation Expenditure, and the remaining 16% for Development.
The total allocation in the previous Budget 2017 was at RM260.8 billion, which marks a a 7.5% increased in spending.
If you are expecting an increase in BR1M, or a reduction in the Goods and Services Tax (GST), will be greatly disappointed. In this year’s announcement, not much details were given about BR1M except that the same 7 million Malaysians who are eligible for BR1M in 2017 will continue to receive it, with the maximum amount of RM1,200.
For GST, there’s nothing much announced that will be beneficial for the M40 group to help with the cost of living. However, if you are a parent, or an expecting parent, there will be some benefits for you and your family. With the introduction of ADAM50, children born from January 1, 2018 to 2022 will receive RM200 through PNB’s Unit Trust Scheme.
Working parents can also expect some perks from this year’s budget, with the proposal to increase maternity leave in the private sector from 60 days to 90 days, as well as requirement for new office buildings to provide childcare centre, starting in Kuala Lumpur. Childcare cost can also be reduced with the lower cost of hiring foreign domestic helpers by skipping the services of an agent.
Take a look at our infographic to find out how the Budget 2018 affect your pocket!
