BUKIT MERTAJAM: Penang's Anak Emas programme, which was introduced in 2011, has been enhanced this year through a strategic collaboration between the state government and the National Higher Education Fund Corporation (PTPTN).
Previously, the programme offered a one-off financial incentive of RM200 to children under the age of 2.
Since Jan 15 this year, the programme has given RM100 to parents to open a Simpan SSPN Prime account or add a deposit to the account, while another RM100 is given to eligible applicants.
This initiative aims to provide long-term benefits to children born in Penang, especially in terms of higher education.
There are three conditions to apply for the programme — the child must be a Malaysian, registration must be completed before the child turns 2, and either parent must be a registered voter in Penang.
At the launch of Anak Emas at Mydin Bukit Mertajam here on Saturday, PTPTN chairman Datuk Seri Norliza Abdul Rahim expressed hope that it would be well received by the people of Penang.
"I want to extend my appreciation to the Penang government, namely state Social Development, Welfare and Non-Islamic Religious Affairs Committee chairman Lim Siew Khim, for the commitment given to promoting the practice of saving through the Anak Emas programme.
"This reflects the state government's efforts in ensuring the people of Penang have savings for higher education, thereby producing a financially literate generation," she said.
Norliza said Simpan SSPN Prime was a savings product that offered many 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.
She added that it was also a government-guaranteed and syariah compliant savings.
"Simpan SSPN Prime provides free ringgit-to-ringgit takaful protection for depositors when the savings reach RM1,000," she added.
Meanwhile, Lim said the the Anak Emas programme received encouraging reception as 2,162 Simpan SSPN Prime accounts were opened in the first six months of this year with deposits amounting to RM216,200.
"I hope the people of Penang will seize the opportunity to apply for this assistance.
"The Anak Emas programme through Simpan SSPN Prime is proof of the state government's concern about raising financial literacy awareness among the community.
"It also a sign of the state government's appreciation for the recipients of the programme."
Siti Hajar Azudin, 28, who runs a business selling desserts, said she learnt about the programme from a relative.
"I find that this collaboration with the PTPTN is beneficial to prepare young people to have enough savings for higher education in future.
"I have signed up for my 14-month-old son, Edith Hassan Mikhail Muhammad Hafiz. The benefits are abundant and his future is secured.
"I encourage more parents to sign up for the programme."
B. Keshni Devi, 29, and her husband, A. Aravinder Krishnan, 30, said they opened an account for their 15-month-old son, Kavvenesh, due to its benefits.
"We no longer need to worry about his future. It is a double bonus for us.
"I will share this good news with my relatives and friends so they too can benefit from it," she said.
Ng Yih Meei, 25, thanked the state government and PTPTN for coming out with the programme.
"I have started saving for my son, 8-month-old Henry Yew Pei Ann, since he was born. This effort by the state and PTPTN is beneficial for future generations."