The PTPTN Repayment Scheme: Suspended as from 7 December 2018…

WHAT YOU WILL REPAY VIA SALARY DEDUCTION

Percentage of deduction according to monthly income

* Below RM2,000 – 0 per cent

* RM2,001 to RM2,499 – 2 per cent (RM40-49.99)

* RM2,500 to RM2,999 – 3 per cent (RM75-89.99)

* RM3,000 to RM3,999 – 5 per cent (RM150-199.99)

* RM4,000 to RM5,999 – 8 per cent (RM320-479.99)

* RM6,000 to RM7,999 – 10 per cent (RM600-799.99)

* RM8,000 and above – 15 per cent (RM1,200 and above)

During the Najib-led BN regime, PTPTN loans piled up as more and more decided not to repay their borrowings.

Defaulters owe the PTPTN RM39 billion.

The Mahathir-led PH Government will require repayment. The salary threshold for National Higher Education Fund (PTPTN) monthly salary deductions for borrowers has been increased to RM2,000 and above.

6 December 2018

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GEORGE TOWN: Employers have no right to directly deduct loan repayments from the salaries of their staff who are the PTPTN (National Higher Education Fund Corporation) borrowers without their (employees) consent.

Human Resources Minister, M. Kula Segaran said this was because there was currently no provision in the law to permit employers to do so.

“There is no provision to authorise PTPTN …so what can be done is to amend the PTPTN Act first by providing that outstanding payments be deducted from parties that are authorised to do so,” he said.

“If there is an Act granting permission to the government or to PTPTN to make salary deductions at source, then nobody can question. The employers must also be involved,” he told reporters after attending the 7th Employment Law Forum, here today.

He said this when commenting on PTPTN chairman Wan Saiful Wan Jan’s statement yesterday that the corporation was working with six agencies to get income information and details of the employers of PTPTN borrowers in order to implement Scheduled Salary Deduction (PGB) from January.

Wan Saiful said PGB was for PTPTN borrowers whose salaries reached RM2,000 per month and based on the information obtained, the corporation would issue instructions on the salary deduction according to a specific percentage to the employer. The onus was on the employer to make the deduction.

http://www.theborneopost.com/2018/12/06/ptptn-loans-employers-have-no-right-to-deduct-staff-salaries/?platform=hootsuite

5 December 2018

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KUALA LUMPUR: National Higher Education Fund Corporation (PTPTN) borrowers earning more than RM2,000 a month will no longer be able to esacpe repayment once the scheduled salary deduction (PGB) is implemented this January.

The scheme will emulate the Inland Revenue Board’s (IRB) monthly tax deduction (PCB) system in which PTPTN will be in direct contact with employers who will then be responsible for mandatory salary deductions.

PTPTN chairman Wan Saiful Wan Jan said they will issue a directive to employers to carry out the deductions according to the percentage set in the PGB scheme.

“PTPTN will work with relevant agencies, among them the IRB, Employees’ Provident Fund (EPF), Retirement Fund Inc (KWAP) and the Immigration Department to obtain salary information as well as details of borrowers’ employers.

“Based on the information, PTPTN will issue a directive for employers to deduct salaries according to the percentage set.

“Employers will be responsible for deducting the salaries of their staff (borrowers) for the purpose of PTPTN loan repayment,” he said at a press conference to announce the new repayment mechanism at Menara PTPTN, here, today.

In the 2019 Budget, Finance Minister Lim Guan Eng initially announced that the government will be implementing a scheduled salary deduction scheme of between two to 15 percent for borrowers earning more than RM1,000 a month.

However, the threshold was later amended to RM2,000 as announced by Deputy Education Minister Teo Nie Ching in Parliament.

Presently, 1.4 million of the 2.9 million PTPTN borrowers have not made repayments.

Wan Saiful said employers who help their staff to repay their PTPTN loans via PGB will be entitled to tax relief for the amount paid.

He added that the tax relief benefit covers full repayment or monthly repayments.
.

Percentage of deduction according to monthly income

* Below RM2,000 – 0 per cent

* RM2,001 to RM2,499 – 2 per cent (RM40-49.99)

* RM2,500 to RM2,999 – 3 per cent (RM75-89.99)

* RM3,000 to RM3,999 – 5 per cent (RM150-199.99)

* RM4,000 to RM5,999 – 8 per cent (RM320-479.99)

* RM6,000 to RM7,999 – 10 per cent (RM600-799.99)

* RM8,000 and above – 15 per cent (RM1,200 and above)

https://www.nst.com.my/news/nation/2018/12/437422/ptptn-borrowers-you-can-run-you-cant-hide

27 November 2018

KUALA LUMPUR: The salary threshold for National Higher Education Fund (PTPTN) monthly salary deductions for borrowers has been increased to RM2,000 and above, says Deputy Education Minister Teo Nie Ching.

“In order to ease the burden on PTPTN borrowers, the Cabinet has decided at its meeting on Nov 23 (Friday) that the mandatory salary deductions of 2%, or RM40 a month, will be imposed on PTPTN borrowers earning a monthly RM2,000 and above.

“The salary deduction will increase progressively to 15%,” she said when answering a question raised by Wong Kah Woh (PH-Ipoh Timur) in Parliament on Friday (Nov 27).

Teo also said the Cabinet agreed to exempt loan repayments of students who obtained first class honours under the middle income M40 group similar to the lower income B40 group.

She said this entitlement to convert their loans into scholarships applies to students from both private and public institutions of higher learning.

“As for those under the T20 (high income) group, we hope they will continue to repay their loans, as they come from affluent families,” she said.

As of October this year, Teo said that  a total of 53,113 students with first class honours were exempted from repaying their loans.
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Read more at https://www.thestar.com.my/news/nation/2018/11/27/salary-threshold-for-mandatory-ptptn-repayments-increased-to-rm2000/#3I6eHwbhq2kRgXu2.99

15 November 2018

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3 November 2018

KUALA LUMPUR, Nov 2 — Several measures to assist National Higher Education Fund Corporation (PTPTN) loan borrowers have been announced by the government in Budget 2019 today as part of the body’s efforts to ensure the debts inherited from the previous government is resolved.

Describing the debt as very high, its chairman Wan Saiful Wan Jan said the body was committed to implement the measures as part of the reformation agenda being carried out by PTPTN.

In a media statement to Bernama, Wan Saiful said he took the twin approach to return the role of PTPTN as an education fund in line with its original objectives and to imbue noble values among the people.

The government announced measures on PTPTN loans under Budget 2019 with repayment via scheduled deduction of between two to 15 per cent for those earning not more than RM1,000 per month as well as tax relief to companies which help to settle their employees’ loans by the end of 2019 while individuals will enjoy income tax relief for savings in the National Education Saving Scheme (SSPN) up to RM8,000.

Also to be implemented is the write off on the balance of loans for borrowers aged 60 and above with monthly income of less than RM4,000. — Bernama

https://www.malaymail.com/s/1689477/ptptn-wants-to-resolve-debt-problems

2 November 2018

1 November 2018

BORROWERS who have not paid a sen to the National Higher Education Fund Corporation (PTPTN) owe around RM2.74 billion, said Deputy Education Minister Teo Nie Ching.She said 375,976 borrowers, or 19.65%, have never serviced their loans.

20 September 2018

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KUALA LUMPUR: Prime Minister Dr Mahathir Mohamad today criticised National Higher Education Fund Corporation (PTPTN) borrowers who refuse to repay their loans, saying the government was owed some RM36 billion in unpaid student loans.

He said the government had spent a lot of money on PTPTN loans so that poor Malaysians could study at local or overseas universities and ultimately earn a higher income.

“Unfortunately when they came back, many of them didn’t want to repay the loans they took.

“I’m ashamed but they are not. They are earning an income which can allow them to pay very well, they just don’t feel like paying,” he said at a lecture at Universiti Teknologi Malaysia (UTM) today.

Mahathir said it only cost RM100 a month to repay the loan which wasn’t much for someone earning a RM2,000 salary.

“Yet they don’t pay. Why? Because they don’t have integrity, they are not trustworthy.”

When things like this happened, he said, such individuals would be seen as a typical example of a particular race, thus affecting others from the same community.

The repayment of study loans under PTPTN was among the issues raised in Pakatan Harapan’s (PH) 10 election promises which it said it would fulfil within its first 100 days in power.

The coalition promised to allow an extension period for repayment until a borrower’s salary reached at least RM4,000 a month. It also pledged to lift the travel ban on the thousands who had defaulted on their payments.

https://www.freemalaysiatoday.com/category/nation/2018/09/20/im-ashamed-but-theyre-not-dr-m-says-on-ptptn-debtors/

11 August 2018

KUALA LUMPUR, Aug 11 — Tun Dr Mahathir Mohamad has revealed that the amount owed to the National Higher Education Fund (PTPTN) from its defaulters is almost the same as 1Malaysia Development Bhd’s (1MDB) total debts.

The Malaysian Insight quoted the prime minister as saying that in total, defaulters owe PTPTN RM39 billion in outstanding loan repayments.

The 93-year-old prime minister, who was speaking to a gathering of students at the Malaysian Student Leaders Summit X11 today, reportedly said the sum was “almost the same” as what is owed by the controversial 1MDB.

However, Dr Mahathir did not disclose the exact amount of 1MDB’s debts.

The Auditor-General’s report on 1MDB estimated that the state investment vehicle needs an estimated RM42 billion to settle the principal and interest on its loans.

KUALA LUMPUR: Deputy Education Minister Teo Nie Ching said today that she is disappointed that her statement on National Higher Education Fund (PTPTN) borrowers had been twisted by some media and netizens on social media.

Teo said her statement in the Dewan Rakyat earlier this week did not mean that defaulters would be placed on the bankruptcy list.

“I am disappointed because what I said was that their situation cannot be compared to the private banking system where loan defaulters will be listed as bankrupt.

“It is not fair to apply the same to students who failed to repay their PTPTN loans, that was what I meant,” she told reporters after opening the ”Majlis Pertandingan Koakedemik Bahasa Melayu Peringkat Kebangsaan Dewan Bahasa dan Pustaka (DBP) – Kementerian Pendidikan Malaysia (KPM)” event here yesterday.

The last few days saw postings widely being shared on Facebook that Teo had said that the government would make bankrupt PTPTN loan defaulters. – Bernama

http://www.theborneopost.com/2018/07/27/teo-hits-out-against-those-misrepresenting-her-statement-on-ptptn-defaulters/?platform=hootsuite

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One Response to The PTPTN Repayment Scheme: Suspended as from 7 December 2018…

  1. Doris Looi says:

    Already o,s,

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