BUKIT MERTAJAM: The Golden Child programme through Simpan SSPN Prime, a strategic collaboration between the Penang government and National Higher Education Fund Corporation (PTPTN) has received an encouraging response from Penangites, said Penang Social Development, Welfare and Non-Islamic Affairs Committee chairman Lim Siew Khim.
Lim said this is shown by the opening of 2,162 accounts in the first six months of this year with deposits amounting to RM216,200.
She said the programme introduced by the state government in June 2011, entails a one-off financial incentive of RM200 provided to children under the age of two, with the condition that either parent is registered with the Election Commission as a voter in Penang.
“This year, the Golden Child programme has been improved through the collaboration with PTPTN effective Jan 15 with RM100 provided for opening an SSPN Prime account or adding a deposit to the account while another RM100 is given to eligible applicants.
“This new initiative is a more comprehensive approach and will provide long-term benefits to children born in Penang, especially in terms of higher education,” she said at the programme launch, here today.
Lim said the programme demonstrates the state government’s concern in raising awareness about financial literacy and the importance of saving from an early age among Penangites, and also serves as a token of appreciation for the recipients.
Meanwhile, PTPTN chairman Datuk Seri Norliza Abdul Rahim, who attended the ceremony, said she hoped that Simpan SSPN would become the preferred choice for parents as consistent savings are crucial to secure future education.
According to her, Simpan SSPN is PTPTN’s savings product that offers various benefits, including income tax relief on savings of up to RM8,000 per year, takaful protection for depositors, a free matching grant of up to RM10,000 per family, competitive dividend rates and is a government-guaranteed and Shariah-compliant savings.
“I urge government and private agencies to consider making Simpan SSPN as an incentive or gift when organising activities or programmes,“ she said.
Since its introduction in 2004 until June 30 this year, total deposits for Simpan SSPN amounted to RM18.54 billion with 6.4 million accounts opened, she said, adding that in Penang, the deposits for Simpan SSPN totalled RM2.16 billion, with 340,388 accounts opened.
B. Keshni Devi, 29, lauded the initiative, saying it encourages parents to make early savings for their children’s future.
“I applied for the Golden Child programme this month because I just learned about the SSPN savings. I had already opened a savings account at the bank for my first child, who is one year and three months old.”
“In the current economic situation, it is essential to have early savings, and this programme is one of the best initiatives for my child’s future,“ she said, adding that she would share information about it with her family and friends to encourage them to save.
Trader Siti Hajar Azudin, 28, from Sungai Dua, Butterworth, thanked the state government and PTPTN for the incentive, saying that it is a good start for her to save for her child’s education.
“This is an excellent programme as it not only eases the burden on parents but also helps cultivate the saving habit through Simpan SSPN, which offers benefits and advantages such as competitive dividend rates and more,“ she added.
