7.5 Million SSPN Accounts Opened, RM25.5 Billion Accumulated Savings

KUALA LUMPUR: A total of 7.5 million National Education Savings Scheme (SSPN) accounts have been opened as of 30 June last, as parents prepare to send their children to higher education institutions.

Deputy Minister of Higher Education, Adam Adli Abd. Halim said that to date, there is a total accumulated savings of RM25.5 billion.

He said that the SSPN savings also offer various incentives, including tax relief, competitive dividends, takaful protection as well as government guarantees.

He explained that this makes it a safe and sustainable savings instrument for the purpose of financing higher education.

“Last year, the National Higher Education Fund Corporation (PTPTN) had given a dividend of 4.1 percent, which is the highest dividend in 11 years for SSPN depositors.

“So we are of the view that efforts to cultivate education savings from an early stage are a more sustainable approach to reduce dependence on education financing in the future, especially for students in the form of debt,” he said in the Dewan Negara today.

He was responding to Senator Datuk Seri S. Vell Paari regarding whether the government intends to introduce an investment scheme or national education fund for every newborn baby.

Adam Adli said that the government currently does not intend to introduce an investment scheme as suggested.

However, he said that the government welcomes the suggestion and will evaluate from time to time various new proposals, including mechanisms that can further expand access to education savings.

“Any consideration for implementation must take into account the government’s fiscal sustainability, long‑term financial impact and the effectiveness of implementation,” he said.

Utusan Malaysia