Budget 2024: RM6.8bil for TVET sector

KUALA LUMPUR: The technical and vocational education and training (TVET) sector will see a total allocation of RM6.8bil under Budget 2024.

RM100mil has been allocated to facilitate professional certification of TVET graduates in recognised industries, Prime Minister Datuk Seri Anwar Ibrahim said when tabling the Budget in Parliament on Friday (Oct 13).

This would enable greater cooperation between public TVET institutions and industries, he added.

He also said that as of Oct 5, 17 government-linked companies (GLCs) and 44 private companies had signed 61 memorandums of understanding for curriculum development, contribution of expertise and equipment for TVET.

The Human Resource Development Corporation (HRD Corp) would receive RM1.6bil allocation to make 1.7 million training offers, he added.

HRD Corp would also set aside a special fund under the Madani training scheme for upskilling of SME entrepreneurs and underprivileged groups including OKUs, senior citizens and pensioners, and former inmates.

In addition, RM70mil would be allocated for the Academy in Industry programme to upskill those employed for a period of up to 18 months.

RM30mil has also been allocated as an incentive for industries to train the local workforce.

The Prime Minister also said RM180mil had been allocated to the Skills Development Fund Corporation under the TVET Training Fund to offer education loans to 12,000 trainees currently in skills certification programmes.

He also announced that RM20mil was specially allocated for trainees in the maritime, arts, and aerospace maintenance and upgrading sectors.

RM17mil was also set aside under Tahfiz TVET programmes for tahfiz students who want to upskill while continuing their religious studies.

Anwar also said the tax rebate of up to RM2,000 on fees for upskilling and self-development courses would continue until 2026.