Finance, News

Budget 2023: Belia Rahmah Initiative Gives Youths RM200 eWallet Credit

Youths in Malaysia are set to get RM200 in ewallet credit sometime in 2023. This was confirmed at the retabling of Budget 2023 by the current government, and curiously, this initiative has been revised since its original announcement in October 2022: those in the M40 income group will no longer receive RM100.

That being said, it’s worth nothing that income tax for M40 group will be reduced by 2% for those with annual incomes between RM35,000 to RM100,000 as part of the new Budget 2023. According to the government, that’s up to RM1,300 extra disposable income for about 2.4 million taxpayers.

Anyway, for youths between the age of 18 to 20, they are set to receive RM200 in ewallet credit as part of the Belia Rahmah initiative. It will benefit over two million youths in Malaysia, and RM400 million funds will be used for this.

As usual, there’s no word yet on when the Belia Rahmah initiative will begin, though we reckon more details will be revealed in the near future. It’ll be interesting to see if the government will engage with the same ewallet services for the initiative, which included ShopeePay, Touch ‘n Go eWallet, BigPay, and GrabPay.

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