What is BR1M?
The aid especially available for Malaysian people is known as BR1M which is a scheme that first was introduced in the year 2012. The main aim of this scheme was to provide assistance to the poor people who fell in to the category of low income to deal with the growing living costs. The BRIM is also applicable to individuals who are earning very less than the specific amount every month. In all these 4 years since its introduction, the annual budget has a major link with this financial assistance program for families and individuals to become eligible for BR1M. This year the Malaysian government has allocated more amount of money to cater to the needs and requirements of households and people to helps them deal with the rising costs as the GST or Tax of Goods and Services are also applied now.
The link between Budget 2015 and BR1M
This year the Annual budget has surprised the low income group people in a positive way as it has allocated plenty of funds for their financial aid scheme – BR1M. As already said with the implementation of GST or Goods and Services tax this year, the revenue that would be generated for Malaysian government is said to be over RM 23.3 billion and even if all the costs are included, the revenue which the government will get will come to RM 5.6 billion. Of this revenue amount, about RM 4.9 billion funds will go towards the BR1M scheme to help the poor income families and households to cater to their basic needs requirements and based on the category they fall in.
What does this mean?
The scheme called BRIM began in the year 2012 by Malaysian government and it involved paying off the low income group households in a single instalment with RM 500. In addition, it also paid RM 250 for those adults above 21 years of age. Later the allocation for this financial assistance program was increased last year in 2014 as the households with low income were offered BR1M of RM 450 to RM 650 while RM 300 was offered to individuals.
What’s new in budget 2015 for BR1M?
- This year the budget for 2015 has further increased the funds allocation that offers RM 950 in 3 instalments to households with low income of RM 3000.
- For those families that earn between RM 3000 to RM 4000, the BR1M aid is RM 750 which will be offered in 3 instalments.
- Individuals who are not married and have earning capacity of less than RM 2000 will get a single payout of RM 350 which is also increased.
- There is also a bereavement scheme which offers RM 1000 to the relatives of those who are entitled to receive this financial scheme for one year.
This way the government ensures that families and individuals will not be affected by the rising cost of bread, cocoa powder, tea and coffee which they will need on a regular basis.