Kuala Lumpur: 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.
According to BERNAMA News Agency, "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," Norliza explained. In Budget 2025, the government agreed to expand the eligibility criteria for the matching grant under Simpan SSPN Prime accounts, including 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.
Norliza announced these developments at the launch of the WOW! Simpan SSPN 2025 Campaign, which was also attended by PTPTN chief executive officer Ahmad Dasuki Abdul Majid. Norliza highlighted that Simpan SSPN Plus offers six affordable packages and comprehensive takaful coverage, with commitments ranging from RM30 to RM500 per month. This product provides takaful coverage benefits of up to RM1.2 million, including death benefits for depositors, their spouses, and up to five children, 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. 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. Norliza emphasized PTPTN's commitment to laying the foundation for a stronger financial future through saving, thereby providing more secure educational opportunities for children amidst rising higher education costs.
Norliza also noted the celebration of winners from the WOW! Simpan SSPN 2024 Draw, including the WOW! Superheroes Series and the Annual Draw, which concluded on Dec 31, 2024. The combination of attractive rewards and competitive dividends helped attract over 500,000 new account holders in 2024.
Winners like Ch'ng Sheng Cheang from Balik Pulau, Penang, expressed gratitude towards PTPTN, having won a Proton X90 Flagship in the Platinum category. Ch'ng, who has been saving since 2014, plans to gift the car to his daughter, who is studying medicine. Similarly, Mohd Azuan Ramli, the Silver category winner of a Proton X70 Flagship X, shared his story of saving since 2019 for his young son, 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.