Budget 2024: Additional RM6.8 billion for TVET

13 Oct 2023 05:50pm
Photo for illustrative purposes only - FILE PIX
Photo for illustrative purposes only - FILE PIX

SHAH ALAM – The government has dedicated RM6.8 billion for Technical and Vocational Education and Training (TVET) programmes.

Finance Minister Datuk Seri Anwar Ibrahim said the First Madani Budget initiated efforts to revamp the nation's TVET education in collaboration with GLCs and the private sector.

“As of October 5, 17 GLCs and 44 private companies have signed 61 memorandums of understanding, encompassing curriculum development and equipment and expertise contributions.

“In the coming year, Human Resources Development Corporation will leverage RM1.6 billion to provide 1.7 million training opportunities.

“Additionally, HRD Corp will reallocate special funds by using 15 per cent of the levy collections to implement the Madani Training Program, which includes retraining and skills enhancement programs for PMKS entrepreneurs and vulnerable groups such as former inmates, OKU's (disabled individuals), senior citizens, and retirees,” he said when tabling the Madani Malaysia Budget 2024.

A total of 100 million ringgit, Anwar said, would be allocated to provide industry-recognised professional certification to TVET graduates and as an incentive for the industry to collaborate with public TVET institutions.

He added that Skills Development Fund Corporation (PTPK), with a TVET training fund of RM180 million, would provide educational loans to 12,000 trainees pursuing Skills Certification Programs.

Anwar also said that a dedicated RM20 million is allocated for the benefit of trainees in the maritime sector, Aswara arts programs, and Maintenance, Repair, and Overhaul (MRO) in the aerospace sector.

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An additional RM17 million ringgit is allocated for the implementation of the Tahfiz TVET Program, providing opportunities for Tahfiz students to diversify their skills alongside their religious studies.

To encourage individuals to enhance their skills and explore new fields, he said that the tax exemption for course fees related to skills enhancement or personal development is extended until the 2026 assessment year, with a maximum exemption of RM2,000.