Budget 2024: RM6.8 billion for TVET, local talent development

Anwar, when tabling the Malaysia MADANI Budget 2024 in the Dewan Rakyat today, said it involved RM100 million to provide industry-recognised professional certification to TVET graduates and as an incentive for the industry to collaborate with public TVET institutions.

"Human Resource Development Berhad (HRD Corp) will use RM1.6 billion to provide 1.7 million training opportunities.

"HRD Corp will re-allocate special funds using 15 per cent of the total levy collection to implement the MADANI training initiatives including retraining and skill improvement programmes for micro, small and medium enterprise entrepreneurs (PMKS) as well as groups such as ex-convicts, disabled, seniors and retirees," he said.

He explained that the first MADANI budget has piloted efforts to overhaul the country's TVET education through collaboration with government-linked companies (GLCs) and private companies, with 17 GLCs and 44 private companies involved in signing 61 memoranda of understanding as of Oct 5.

Meanwhile, Anwar said the Academy in Industry will be implemented to provide on-the-job skills for a period of up to 18 months with an allocation of RM70 million while RM30 million is an incentive for the industry to train local workforce.

He also said that the Skills Development Fund Corporation (PTPK) with the TVET Training Fund amounting to RM180 million will provide education loans to 12,000 trainees pursuing skills certification programmes.

Also, RM20 million is reserved for the benefit of trainees in the maritime field, those pursuing arts at the National Academy of Arts, Culture and Heritage (ASWARA) and maintenance, repair and overhaul (MRO) for the aerospace sector.

He also announced that RM17 million has been made available to implement the Tahfiz TVET which will open up opportunities for students to diversify their skills while continuing their Quran memorisation studies.

To encourage people to improve their skills and venture into new fields, Anwar announced that the government will extend tax relief of up to RM2,000 for skills improvement or self-improvement course fees up to the assessment year 2026.

"The government will also expand the scope for lifestyle tax relief to include fees for participating in self-improvement courses such as language courses, photography, sewing and so on," he said.