{"id":17954,"date":"2023-10-17T23:05:08","date_gmt":"2023-10-17T15:05:08","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/budget-2024-whats-in-it-for-you.html"},"modified":"2026-03-27T18:24:21","modified_gmt":"2026-03-27T10:24:21","slug":"budget-2024-whats-in-it-for-you","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/government-budget\/budget-2024-whats-in-it-for-you.html","title":{"rendered":"Budget 2024: What&#8217;s in it for you?"},"content":{"rendered":"\n<p>The Malaysia Budget 2024, themed &#8220;MADANI Economy: Empowering the People,&#8221; allocates RM393.8 billion to stimulate economic growth, reduce the cost of living, and enhance the well-being of the rakyat. Here are the key highlights:<\/p>\n<!--more--><h2><br>Welfare Assistance (RM58.1 Billion)<\/h2>\n<ul>\n<li>Nearly 50% of the allocation is aimed at controlling the prices of essential goods and services.<\/li>\n<li>Continued funding of RM200 million for the Payung Rahmah Programme, featuring Jualan Rahmah and Pasar Rahmah initiatives.\n<ul>\n<li>&nbsp;Jualan Rahmah offers up to 30% discounts on essential goods.<\/li>\n<li>Pasar Rahmah incentivizes 1.2 million entrepreneurs in various markets.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Rahmah Cash Assistance (STR) &amp; Sumbangan Asas Rahmah (SARA)<\/h2>\n<ul>\n<li>Allocation for Rahmah Cash Contribution (STR) increased to RM10 billion, with higher maximum and minimum payment amounts.<\/li>\n<li>The maximum STR payment has also been increased from RM3,100 to RM3,700.<\/li>\n<li>The minimum STR rate for singles has been increased from RM350 to RM500.<\/li>\n<li>In 2024, the SARA program will benefit 700K STR recipients with RM100 per month for 12 months.<\/li>\n<\/ul>\n<h2>Social Protection<\/h2>\n<ul>\n<li>The Employees Provident Fund (EPF) introduces a Flexible Account to allow members to access their funds when needed.<\/li>\n<\/ul>\n<h2>Subsidies<\/h2>\n<h3 style=\"font-weight: bold;\">Chicken &amp; Egg Subsidy<\/h3>\n<ul>\n<li>Temporary price controls on chicken and egg prices are lifted, ensuring market availability. Further details to be released by the Ministry of Agriculture and Food Security.<\/li>\n<\/ul>\n<h3>Read More: The Best CashBack Credit Cards For Groceries<br><br><a href=\"https:\/\/www.comparehero.my\/credit-card\/cashback\" style=\"font-size: 12px;\"><span><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/2bzFlPEUkuP3u7UP-i1NmI54ophXwk7uyjPNYMdncmQ6icRtLRdUYADvtlfk5OqXG2PKc5MAIFkPjcoZ5QqLyT_JRKH9dYXHdkEPp6zVb7B7u0qBDFTmv84i5DJS48p91qa0ttAGDMWax92jlggtdIc\" width=\"624\" height=\"119\" loading=\"lazy\" style=\"margin-left: auto; margin-right: auto; display: block;\"><\/span><\/a><br><br><span style=\"font-weight: bold;\">Electricity Subsidy<\/span><\/h3>\n<ul>\n<li>Refined electricity subsidy approach based on consumption, encouraging energy efficiency.<\/li>\n<li>Hardcore poor households continue to receive bill rebates of up to RM40 per month and waived deposit payments.<\/li>\n<\/ul>\n<h3 style=\"font-weight: bold;\">Fuel Subsidy<\/h3>\n<ul>\n<li>Addressing diesel fuel subsidy loss by raising prices for some users while keeping subsidies for selected consumers such as freight transport.&nbsp;<\/li>\n<\/ul>\n<p>Related: The Best Petrol Credit Cards For Malaysians<\/p>\n<h2><br>Road Safety<\/h2>\n<ul>\n<li>RM2.8 billion was allocated to improve roads, bridges, LED streetlights, and smart traffic lights for safety and congestion reduction.<\/li>\n<\/ul>\n<p>Stay safe on the road with the best car insurance on the market. Compare quotes, HERE!<\/p>\n<h2><a href=\"https:\/\/www.comparehero.my\/car-insurance\" rel=\"noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/144634072.fs1.hubspotusercontent-eu1.net\/hubfs\/144634072\/assets_comparehero\/banner_getthebestcarinsurancedealinmalaysia.png?resize=640%2C121&#038;ssl=1\" width=\"640\" height=\"121\" loading=\"lazy\" alt=\"banner_getthebestcarinsurancedealinmalaysia\" style=\"height: auto; max-width: 100%; width: 1200px; margin-left: auto; margin-right: auto; display: block;\"><\/a><br>Business Loans and Financing Guarantees (RM44 Billion)<\/h2>\n<ul>\n<li>Support for micro, small, and medium entrepreneurs, including micro-entrepreneurs, small traders, SMEs, and rural communities.<\/li>\n<li>Funding through various channels, such as BSN, TEKUN, BNM, and more. Details as below:\n<ul>\n<li>RM2.4 billion for micro-entrepreneurs and small traders, including RM1.4 billion through BSN and RM330 million through TEKUN.<\/li>\n<li>RM8 billion for SMEs through BNM, including RM600 million for micro-enterprises and low-income entrepreneurs.<\/li>\n<li>RM600 million through the Dana Impak Khazanah Nasional to promote economic growth in rural and semi-urban communities.<\/li>\n<li>RM20 billion in loan guarantees through SJPP, especially for SMEs involved in the green economy, technology, and halal fields.<\/li>\n<li>RM100 million in funding for AIM to support micro-businesses, especially those run by single mothers and the poor.<\/li>\n<li>RM100 million in financing funds for the cooperative movement through the Malaysian Cooperative Commission.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Tax Reforms<\/h2>\n<ul>\n<li><strong>Service Tax<\/strong> rate increased from 6% to 8%, with exemptions for specific services, such as food and beverage and telecommunications.<\/li>\n<li>Implementation of a <strong>10% Capital Gains Tax (CGT)<\/strong> on unlisted shares.<\/li>\n<li><strong>Tax on high-value items<\/strong> like jewellery and watches at a rate of 5% to 10%.<br><br><\/li>\n<\/ul>\nMalaysia&#8217;s Budget 2024 aims to benefit all Malaysians and improve the national economy. For more details, visit the Ministry of Finance Malaysia website.<br><br><br><br><br><br><br><br><br>\n","protected":false},"excerpt":{"rendered":"<p>The Malaysia Budget 2024, themed &#8220;MADANI Economy: Empowering the People,&#8221; allocates RM393.8 billion to stimulate economic growth, reduce the cost of living, and enhance the well-being of the rakyat. Here are the key highlights:<\/p>\n","protected":false},"author":268230141,"featured_media":1015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[421],"tags":[],"class_list":["post-17954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-government-budget"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budget 2024: What&#039;s in it for you? - CompareHero<\/title>\n<meta name=\"description\" content=\"Explore the highlights of Malaysia&#039;s Budget 2024, focused on stimulating economic growth, welfare, subsidies, and tax reforms. 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