Higher dividends expected for Simpan SSPN

KUALA LUMPUR: The National Higher Education Fund Corporation (PTPTN) expects the dividends for the National Education Savings Scheme (Simpan SSPN) for 2023 to be higher than last year.

Its chairman Datuk Norliza Abdul Rahim said this follows an increase in investment profits and performance trends of Simpan SSPN deposits each year, as well as the fact that it is being supported by the various privileges and benefits of the scheme.

“In 2023, PTPTN recorded an investment return of Simpan SSPN deposits of RM287.64mil for the period from January to September, compared with the RM220.60mil for the same period in 2022.

“The increase of the overnight policy rate to 3% on May 3 helped PTPTN obtain more consistent investment returns,” she said, adding that it declared a 3.05% dividend for Simpan SSPN for 2022.

Norliza said the increased profits were supported by short- and long-term syariah-compliant investment methods in the local money market, which protected the principal and provided high returns, Bernama reported.

The PTPTN chairman also said the investment strategy’s focus on long-term fixed savings and involvement in the sukuk market also helped increase returns, in line with the government’s desire to ensure the savings in Simpan SSPN are always guaranteed and protected.

“PTPTN will continue raising public awareness to continue saving in Simpan SSPN to avoid relying on loans.

“PTPTN is confident that this effort will be supported by all parties to realise its vision of ‘Peneraju Tabung Pendidikan Tinggi Negara’ (the leader of the National Higher Education Fund),” she added.

Norliza urged parents to save in Simpan SSPN to enjoy various benefits, including takaful protection for depositors and matching grants of up to RM10,000 for each eligible family.

Simpan SSPN deposits are also the only savings product that provides tax assessment relief of up to RM8,000 annually.

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