Malaysia

What Malaysians can look forward to in Budget 2024

Rahmah Cash Aid a most effective incentive, says geostrategy expert.

Updated 4 months ago · Published on 01 Jan 2024 3:38PM

What Malaysians can look forward to in Budget 2024
Under Budget 2024, the maximum rate for the Rahmah Cash Aid (STR) will increase from RM3,100 to RM3,700 this year, while the minimum STR rate for youth will be raised from RM350 to RM500. – The Vibes file pic, January 1, 2024

WITH a primary focus on boosting economic growth and improving the people’s standard of living, Budget 2024 introduces various initiatives and incentives for Malaysians to enjoy and benefit from throughout this year.

The government’s move to introduce the Central Database Hub (Padu), which will be launched by Prime Minister Anwar Ibrahim tomorrow, will ensure government aid reaches its target groups without marginalising any party.

Geostrategy expert Prof Azmi Hassan said Budget 2024 would provide various incentives to the people, highlighting the Rahmah Cash Aid (STR) as the most beneficial among them.

“In line with the Budget 2024 objective, which is to empower the people, I find that STR stands as the most effective incentive because people currently need cash to spend on their necessities.

“From an economic perspective, when people receive STR, they will spend the money, thus creating more demand for goods and fostering a favourable economic cycle,” the senior fellow of the Nusantara Academy for Strategic Research told Bernama.

Azmi hoped if this year’s economic performance outshines the previous year’s, the government would consider increasing the STR rate so it could continue to reduce the people’s burden.

Under Budget 2024, the maximum rate for STR will increase from RM3,100 to RM3,700 this year, while the minimum STR rate for youth will be raised from RM350 to RM500.

Universiti Kuala Lumpur Business School economic analyst Assoc Prof Aimi Zulhazmi Abdul Rashid said Budget 2024 focused on the government’s fiscal policy to stimulate the domestic economy and reach the 4-5% gross domestic product target for this year.

“The budget is designed to focus on domestic economic growth through the provision of aid to micro, small, and medium enterprises and cash assistance to help people deal with the cost of living, which will provide a direct economic injection into the domestic economy,” he said.

He said the implementation of targeted subsidies through Padu could prevent wastage and ensure government aid was distributed to deserving groups in a fair and equal manner.

“The unity government has implemented targeted subsidies in stages, beginning with the haj quota and electricity tariffs for domestic and commercial users last year, and will continue to implement targeted subsidies for other essential items in 2024.

“This demonstrates the government’s strong commitment not only to restructuring the supply chain, but also to eradicating cartels and curbing rampant smuggling,” Aimi said.

The government has introduced various incentives under Budget 2024, tabled by Anwar in October, such as the early incentive payment of RM2,000 to all civil servants of Grade 56 and below, including those on contract, and the capping of registration fees for admission into public universities at RM1,500.

Other incentives were the RM1.2 billion allocation in various forms of assistance for people with disabilities, including aid for caregivers of the chronically ill and bedridden, and unemployment benefits. – Bernama, January 1, 2024

Related News

Malaysia / 5mth

Shafie, Bung Moktar pan poor usage of federal funds in Sabah

Malaysia / 5mth

PM pledges more cash aid if subsidy rationalisation impacts people

Malaysia / 5mth

Sarawak presents largest-ever budget

Malaysia / 6mth

RM19 bil for Home Ministry to strengthen national security: Saifuddin

Malaysia / 6mth

Parliament passes Budget 2024 at policy stage via voice vote

Malaysia / 6mth

Budget 2024: more practical efforts towards conserving biodiversity, mitigating climate change

Spotlight

Malaysia

Nurul Izzah calls for pressure on Israel, its allies over ‘catastrophe’ in Rafah

Malaysia

Sarawak deputy minister says nothing achieved yet on push to increase state’s MPs

By Desmond Davidson

Malaysia

Senate president in serious medical condition, says Sarawak deputy minister

By Desmond Davidson

Malaysia

JDT player’s car smashed with hammer in latest attack on footballers

Malaysia

Communicate better on Padu, economists tell Putrajaya

By Alfian Z.M. Tahir

Malaysia

Uprooted tree inspected by arborists every 2 years, says Dr Zaliha

You may be interested

Malaysia

AGC lists 7 reasons in appealing against Bung Moktar’s acquittal

Malaysia

Kajang hit by flash floods after heavy rain

Malaysia

Uniting Sarawak, Sabah natives under one identity shouldn’t be political, says rep

By Stephen Then

Malaysia

Nurul Izzah calls for pressure on Israel, its allies over ‘catastrophe’ in Rafah

Malaysia

Police probe link between poison pen letter to FAM and attack on footballers

By Alfian Z.M. Tahir

Malaysia

What happened to promised EC reform, Bersih asks govt

Malaysia

City Hall marks 28 'high-risk' trees for felling

Malaysia

Residents start neighbourhood watch after Zayn murder

By Alfian Z.M. Tahir