3 days ago
- Business
- New Straits Times
Make SSPN primary incentive scheme for staff, students
KOTA KINABALU: State governments and public and private agencies are encouraged to prioritise the National Education Savings Scheme (Simpan SSPN) as the main option for incentives to employees and students.
Deputy Higher Education Minister Datuk Mustapha Sakmud said Simpan SSPN, managed by the National Higher Education Fund Corporation (PTPTN), is crucial in ensuring access to education is not hindered by financial constraints.
"Since 2004, PTPTN has focused on promoting savings to reduce dependence on loans. Over two decades, Simpan SSPN has maintained strong performance each year and gained public trust," he said when officiating the Simpan SSPN Heritage Children's Carnival (KAWAN) 2025 here today.
Mustapha said total deposits under Simpan SSPN reached RM21.93 billion across 6.98 million accounts as of June 30, a milestone reflecting consistent support since its launch in 2004.
He urged parents to consider Simpan SSPN as the preferred savings vehicle to secure their children's education.
"Saving for education is a long-term investment that ensures our children's future," he said, adding deposits in Sabah alone amounted to RM689.84 million from more than 500,000 accounts.
Regarding KAWAN 2025, Mustapha described it as a progressive initiative to foster a savings culture among the younger generation while promoting creativity and appreciation of cultural heritage.
He also encouraged parents to leverage the programme as financial preparation for their children's pursuit of higher education.
Meanwhile, PTPTN chairman Datuk Seri Norliza Abdul Rahim said depositors enjoy various benefits under Simpan SSPN, including income tax relief of up to RM8,000 annually.
"Benefits include takaful protection for depositors, free matching grants of up to RM10,000 per eligible family and competitive, shariah-compliant dividend rates," she said.
PTPTN also thanked the Sabah government for providing incentives to the state's residents.
Norliza said KAWAN 2025, held simultaneously across 14 states, demonstrates PTPTN's commitment to raising awareness of education's importance and instilling values such as thrift and family resilience to build a harmonious MADANI generation.
Earlier today, about 1,000 participants of various ages joined the PTPTN and Sabah Community Run 2025, part of community engagement and healthy lifestyle activities. – BERNAMA
