Who here is still buzzing about the new government? We can’t help feeling that it’s been a refreshing, much-needed change for Malaysia. Well, Budget 2019 was announced but is it actually beneficial for the Malaysian millennial?
For the most part, there are steps to help this demographic. However, there are certain items on the Budget list that we want to take a closer look at (particularly the service tax charge on online services!).
Here are some of the key points of Budget 2019 conveniently highlighted in this RinggitPlus article that do affect the Malaysian millennial.
vocational education funding = preps you for a career
The government is taking steps to equip students with employable skills through setting up a Technical Vocational Education and Training (TVET) fund. This is part of the government’s initiative to allocate funds for training programmes in polytechnic and community colleges, vocational education and institutions of higher learning. Minister of Finance Lim Guan Eng says that this is to “create a more competitive environment as well as training programmes to fulfil the industry’s needs.”
According to Study Malaysia, TVET prepares students for the working world through formal, non-formal and informal learning. Young students can obtain a certificate, diploma or degree through taking up TVET programmes.
For those who want an education specialising in practical skills, these programmes will be incredibly beneficial and so the fact that the government is allocating funding for this is great news.
How much exactly? RM30 million! Another RM20 million will be contributed to the TVET Bootcamp Programme that aims to equip students with useful skills for work.
RM206 million worth of funding will be for developing training programmes at polytechnics and community colleges. As for private higher education institutions, there will be RM400 million set aside for the institutions’ research and development initiatives.
Besides that, an allocation of RM3.8 billion for scholarships will be carried out where RM2 billion of the funding will be for Bumiputera scholarships under MARA.
Education is important for young Malaysians as it’s part of the process of creating a future for themselves, so these initiatives make sense to prepare young people for the start of their careers.