The impact of the covid-19 epidemic on household income has had a negative impact on the composition of household groupings, resulting increased poverty and inequality. Unquestionably, the B40 group has suffered, particularly the weak and disadvantaged.
Today we will be breaking down Budget 2023’s incentives into B40 and M40 categories.
More incentives for B40
B40 will be getting more benefits from the Budget 2023 announcement. As it looks to be an upgrade from Budget 2022. More individuals and families being eligible for handouts and incentives from the government.
RM 40 in monthly electric bill subsidies are available to families with monthly earning under RM1,169.
Families with five or more children and monthly incomes of less than RM 2,500 are eligible for an RM 2,500 cash handout.
Families with up to five children and monthly income of less than RM 2,500 are eligible for grants of RM 1,000 to RM 2,000.
Depending on the number of children, families earning between RM 2,500 and RM 5,000 per month can get RM 500 to RM 1,250.
Depending on income levels, single folks and older citizens without partners might receive between RM 350 and RM 600.
In addition to the financial grant mentioned above, single parents with children may get an additional RM 500, up to a maximum of RM3,000.
M40- Income Tax Cut
M40 community would be delighted to know that they will be some cut down on their income tax.
Those earning between RM50k and RM70k a year will only have to pay 11% annual income tax.
Those earning between RM70k and RM100k a year will be paying 19% annual income tax.
The government will launch a new e-wallet programme called ePemula M40 under Budget 2023, giving people who belong to the M40 group a one-time RM 100 e-wallet credit. Additionally, funds will be committed to maintain the current ePemula programme, with each qualifying youth now receiving an e-wallet credit of RM200. Moreover, Malaysian with annual incomes below RM 100,000 will receive RM100 in e-wallet credit under the new ePemula M40 programme. This effort, which is anticipated to assist 8 million people, has been allocated RM 800 million.
The present ePemula programme, which offers RM 150 in e-wallet credit to youth between the ages of 18 and 20 as well as full-time university students, will now enhance the initial amount to RM 200 per person. According to Malaysia’s Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, 2 million recipients will get the RM300 million funding that has been set aside for this.
Sources
The Strait Times
The Ringgit Plus
Cilisos.my