Mums, Here's What You Can Look Forward to for Budget 2023

The recent Budget 2023 announcement by the Malaysian government has revealed some exciting new benefits for families, children and of course, mums. As we all know, times are hard and we could always use a little help. Especially when it comes to keeping up with the high cost of living. From financial assistance to tax relief, here’s what you can expect for the Budget 2023 next year if you’re a mum (or dad) with kids. Tax Relief for Working Mums If you’re a mum who’s thinking of restarting her career, there’s no better time than 2023! You can expect to get tax exemption on income received from 2023 until 2028. This budget was passed to encourage more women to return to work after taking a break from working such as to take care of the kids. But to mums who are ready, this may be a sign. One-off Cash Assistance for New Mums Good news for mums who will be giving birth in the year 2023! Women from households receiving Bantuan Keluarga Malaysia (BKM) who give birth in 2023 will receive a one-off cash assistance of RM500 under the CahayaMata Keluarga Malaysia programme. This is coming from a government allocation of RM150 million that was set aside to increase the country’s birth rate, and reduce the problem of children with stunted growth. Financial Aid for Women in Business To all the boss mums out there who run their own companies (and those planning on starting their own business), prepare for some amazing government aid. A total of RM235 million has been allocated by the government to help women build, upgrade and market their business. We will need to wait a little bit to get the full details of this new benefit. But you can expect to get much more robust government aid for your business. Women’s Health Screenings If there’s ever an opportunity for you to start getting your health screenings, it’s in 2023. Because the government has allocated over RM11 million to subsidise breast cancer and cervical cancer screenings for Malaysian women. These includes mammograms and PAP smears, of course. While the government has yet to share further details on this, it should mean that you’ll be paying far less for health screenings. SOCSO Benefits Working mums (and dads) can expect some SOCSO upgrades in the year 2023. The government has allocated a total of RM150 million for the employment incentive. You can receive between RM600 to RM750 a month for three months if you belong to marginalised groups such as OKU, ex-convicts, Orang Asli, and women re-joining the workforce. PTPTN Repayment Discounts Many adults are still paying off their student loans, even as parents. Luckily, the government has opened up some discount opportunities for those who took PTPTN loans as university students. Those who repay in full will get a 20% discount. While those who pay off at least 50% of their loans will get 15% off the amount they paid. Seems like a good deal, right? Pre-school and Kindergarten Tax Relief If you have a kindergartener or pre-schooler, you can claim tax relief for their tuition fees. Tax exemption of up to RM3,000 on fees paid for government-registered TASKA and TADIKA are available for all Malaysian citizens. Financial Aid for Single Parents and Low-Income Families If you’re a single parent, you can get up to RM3,000 worth of one-off financial assistance from the government. Low-income households from B40 and M40 families can also stand to receive financial aid. Households earning less than RM2,500 a month with more than five dependants will get RM2,500. On the other hand, households earning between RM2,500 to RM5,000 can receive up to RM1,250. Various Special Needs Benefits If you and/or your child is part of the special needs community, you can expect to enjoy some benefits next year too. The government has allocated RM20 million allocated to improve facilities and teaching aid/equipment of special needs schools. On top of this, a separate RM1.2 billion has been allocated for disabled persons to help them secure a job and career. Enjoy the Budget 2023 Benefits As you can see, there are plenty of government benefits for the year 2023. Don’t forget to take advantage of them as soon as the New Year hits, mummies! They will help you save money, make more money, and of course, spend money. If there’s a reason to look forward to another year, it’s definitely Budget 2023. There will be plenty of new developments in the future, so be sure to tune in. In the meantime, start preparing for all your applications, documents and planning. There’s no time like the present! For more insightful stories and fun recipes, stay tuned to Motherhood Story!

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