{"id":59447,"date":"2023-10-24T15:53:16","date_gmt":"2023-10-24T07:53:16","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=59447"},"modified":"2023-10-24T15:55:35","modified_gmt":"2023-10-24T07:55:35","slug":"ptptn-compulsory-salary","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/ptptn-compulsory-salary","title":{"rendered":"Government Considering Compulsory Salary Deductions For PTPTN"},"content":{"rendered":"

Due to the challenges of recouping student loans from loanees that have entered the workforce, the Malaysian government is now considering making salary deductions compulsory for PTPTN defaulters.<\/p>\n

This was revealed in the Prime Minister, Datuk Seri Anwar Ibrahim\u2019s speech<\/a> at the National Higher Education Open Day. Hi speech was read by deputy Prime Minister Datuk Seri Fadillah Yusof at the closing ceremony yesterday.<\/p>\n

<\/span>Proposed repayment via ICL<\/span><\/h2>\n

In his speech, Anwar said that the monthly salary deductions would be made through the Inland Revenue Board. This follows from a recommendation made by the National Higher Education Policy Review Committee (NRC).<\/p>\n

NRC was first formed early this year, in January, Its main task is to reform the higher education sector of Malaysia.<\/p>\n

“This Income Contingent Loan (ICL) implemented via automatic salary deductions made by the Inland Revenue Board (LHDNM) is seen as the most practical and least-burdensome proposal for loan borrowers to settle their debts,” said Anwar in his speech.<\/p>\n

<\/span>RM66.9 billion owed by borrowers<\/span><\/h2>\n

According to Anwar, as of May, RM66.9 billion is owed to PTPTN by its borrowers.<\/p>\n

“We are concerned about the long-term sustainability of PTPTN and the future of future students, should this persist.<\/p>\n

“If this amount is paid, it can support nearly 2.5 million new student tertiary education loans,” said Anwar.<\/p>\n

Anwar\u2019s reveal follows several incentives announced during Budget 2024\u2019s tabling to help promote PTPTN repayments.<\/p>\n

During the tabling, Anwar announced that PTPTN<\/a> borrowers will enjoy a discount on their loan repayments from October 14 until March 31, 2024.<\/p>\n

Read More: PTPTN Loan Repayment Guide<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Malaysian government is now considering making salary deductions compulsory for PTPTN defaulters.<\/p>\n","protected":false},"author":51,"featured_media":59449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[256,218,216],"tags":[1396,328,779],"class_list":["post-59447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-money-management","category-news-updates","tag-datuk-seri-anwar-ibrahim","tag-ptptn","tag-ptptn-loan"],"acf":[],"yoast_head":"\nCompulsory Salary Deductions Might Be Coming For PTPTN Defaulters<\/title>\n<meta name=\"description\" content=\"The Malaysian government is now considering making salary deductions compulsory for PTPTN defaulters via an ICL.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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