SSPN Savings A Key Strategy In Achieving Dream Of Debt-Free Higher Education
KUALA LUMPUR, Jan 27 (Bernama) -- The National Higher Education Fund Corporation (PTPTN) is prioritising savings initiatives as a key strategy to reduce public reliance on loans while enhancing access to higher education opportunities.
Chairman, Datuk Seri Norliza Abdul Rahim, said this initiative is being implemented through the National Education Savings Scheme (Simpan SSPN), comprising Simpan SSPN Prime and Simpan SSPN Plus, both offering numerous benefits and advantages.
"The benefits of Simpan SSPN are free takaful coverage for depositors, matching grants of up to RM10,000 for eligible families, competitive syariah-compliant dividends, and more.
"In Budget 2025, the government agreed to expand the eligibility criteria for the matching grant under Simpan SSPN Prime accounts. This includes families with an income between RM4,000 and RM6,000 whose children are pursuing higher education, under the Ihsan Matching Grant Initiative (GAPAI).
“Eligible families can now apply for grants of up to RM5,000 per family over two years," she announced today at the launch of the WOW! Simpan SSPN 2025 Campaign, which was also attended by PTPTN chief executive officer Ahmad Dasuki Abdul Majid.
Norliza said that Simpan SSPN Plus offers six affordable packages and comprehensive takaful coverage, with commitments from as low as RM30 up to RM500 per month.
“This product provides takaful coverage benefits of up to RM1.2 million, death benefits for depositors, their spouses, and up to five children. This coverage is available until the depositor reaches the age of 69.
“Under Budget 2025, the government has also agreed to provide tax relief incentives on the net savings in Simpan SSPN, up to RM8,000 per year, extended through the 2027 assessment year,” she said.
Commenting on the launch of the WOW! Simpan SSPN 2025 Campaign, Norliza announced that PTPTN is offering over RM1.5 million in prizes for 550 depositors, with the campaign running from Jan 1 to Dec 31.
“PTPTN is laying the foundation for a stronger financial future through saving. PTPTN is providing more secure educational opportunities for children, especially in light of the rising costs of higher education.
"While saving, take the opportunity to join the draw and win a variety of prizes. The more you save, the greater your chances of winning... I hope this year's draw will receive strong participation," she said.
PTPTN also celebrated the winners of the WOW! Simpan SSPN 2024 Draw in the WOW! Superheroes Series and the Annual Draw, which concluded on Dec 31, 2024.
Norliza noted that the prizes offered not only encouraged the public to continue saving in Simpan SSPN but the combination of attractive rewards and competitive dividends helped attract over 500,000 new account holders in 2024.
Ch'ng Sheng Cheang, 55, from Balik Pulau, Penang, who won a Proton X90 Flagship in the Platinum category, said he had been saving in Simpan SSPN since 2014 as he was attracted by the tax relief benefits.
“I am grateful to PTPTN for creating Simpan SSPN, and I was even more surprised to win in this draw,” he said, adding that he would be giving the car to his daughter, Ch’ng Zi Ying, 19, who is currently studying medicine.
Mohd Azuan Ramli, 38, the winner of the Silver category, who took home a Proton X70 Flagship X, shared that he has been saving since 2019 for his only son, who is now six years old.
“I went to an agency where a PTPTN booth was set up. At the time, I was told that a deposit of just RM30 would start the savings. I immediately agreed,” he said, encouraging the public to save in Simpan SSPN.
As of Dec 31, 2024, Simpan SSPN deposits amounted to RM20.56 billion, with 6.77 million accounts recorded.
For more information on Simpan SSPN, visit www.ptptn.gov.my.
-- BERNAMA
