bil allocated for education savings scheme
Sarawak Tribune - Sunday, 29 June 2003
earning less than RM1,000 a month are to be given a RM1 to RM1 matching grant
when they contribute towards their children's education account under the
National Education Savings Scheme to be launched end of the year.
Higher Education Fund Corporation (PTPTN) chairman, Datuk Ahmad Husni Hanadzlah
said that the scheme would be launched with the RM1 billion grant announced by
the government during the budget last year.
have done the study and everything is ready. This is under the caring society
concept and I don't think any government in the world has this (scheme),"
he said after launching the first patient-run car wash centre at Hospital
Bahagia in Tanjong Rambutan near here yesterday.
Husni said that deposits under the scheme would be managed by selected financial
institutions and it would be open to all Malaysians.
said that there would be no limit to the amount of savings but the RM 1 to RM 1
matching grant would be given to parents with combined income less than RM1,000
fact, we will encourage parents to save from the day their children are born.
It's all up to them on how much they want, to save for their children's
education," he said.
Ahmad Husni has stated that the scheme, announced under the Eighth Malaysia Plan
in 2001, would be similar to the Tabung Haji savings concept and is not
parents start saving RM100 for their children when they are in Year One, they
will have savings more than RM20,000 including interests when the child finishes
Form Five," he was reported as saying.
Husni said parents could withdraw the savings once their children completed
their schooling and opt for studies at either public universities or private
said that there would be some flexibility when it comes to withdrawal before
the children finish their schooling but not from the government's portion.
are not rigid ... we are finalising certain rules in this respect. But the
parents will not get our portion of RM1 matching grant if they withdraw
earlier," he said.
said that the main intention of the scheme was for parents to save for their
children's higher education and not depend on the government as what was
present, the PTPTN gives out loans to students both at public and private
institutions of higher learning. This year, the government has allocated RM2
billion for the fund. - Bernama