Are You Hiring?
Find candidates in 72 Hours with 5+ million talents in Maukerja Malaysia & Ricebowl using Instant Job Ads.
Hire Now
Education Minister Maszlee Malik announced that the Income-Contingent Loan Repayment Scheme will be put on hold for now.
This is quoted from his Twitter update saying “the ICLR PTPTN (National Higher Education Fund Corporation) repayment scheme will be suspended for the time being until we receive the collective inputs and feedback from all stakeholders."
The ICLR PTPTN repayment scheme will be suspended for the time being until we receive the collective inputs and feedback from all stakeholders.
— Maszlee Malik (@maszlee) December 7, 2018
Several twitter users replied to his tweets, agreeing that it was a wise decision. Others questioned that the stakeholders should have been consulted first before making any decisions.
On Wednesday (December 5th), PTPTN chairman Wan Saiful Wan Jan stated the new monthly deductions scheme for borrowers with salaries of RM2,000 and above, starting from January 1st 2019.
PTPTN borrowers can appeal
The PTPTN chairman also said that he is prepared to consider appeals from those who need special consideration in paying back their education loans. He also stated that while some people said the deduction contradicted signed loan agreements, borrowers had consented in the agreements to make repayments through whatever schemes made by PTPTN, and that includes salary deductions.
The deductions will range from 2% - 15% of the borrower’s earnings. A borrower whose monthly salary is RM2,000 will need to pay RM40 per month while those earning RM8,000 will need to pay up RM1,200 per month.
The announcement received negative feedback from the public, with most of them saying it was ‘unfair’ and ‘made no sense’.
A few Barisan Nasional and Pakatan Harapan leaders have put aside their differences and spoke out their concerns on the matter. Datuk Seri Anwar Ibrahim said “I will raise the concerns of the borrowers for consideration of the minister and the PTPTN chairman,” while Umno Youth chief Datuk Dr Asyraf Wajdi Dusuki called for PTPTN to review the scheme.
No salary deductions until the amendment of the PTPTN Act.
On the same issue, Human Resources Minister M. Kulasegaran said that the PTPTN Act will need to be amended before employers can deduct the salaries of borrowers.
The salaries of employees who are also PTPTN borrowers cannot be deducted until amendments are made to the Act.M. Kulasegaran was quoted as saying “There is no law to allow such salary deductions without the consent of employees.”
Malaysian Trade Union Congress president Datuk Abdul Halim Mansor said that without the borrowers consent, PTPTN could not make such salary deductions, referring to Employment Act 1955.
Kulasegaran said the deduction was minimal and borrowers should consider paying back as Malaysia’s economic situation is not healthy at the moment.
The amount owed by PTPTN borrowers to date has totalled almost RM40 billion.
Still hiring? Get all your job vacancies filled today at AJobThing.com