The Finance Ministry is firm on the decision despite over 70% of the 900,000 new eligible recipients had yet to apply for it.
PETALING JAYA: The Ministry of Finance will not extend the application period for the government‚Äôs cash aid BR1M 3.0, from the initial deadline of Jan 31, 2014 despite over 70% of the 900,000 new eligible recipients of the aid had still not registered to date.
‚ÄúI appeal to them to register immediately and to update their information before this Jan 31, to also facilitate their receiving the takaful i-BR1M contribution for insurance coverage,‚ÄĚ Deputy Finance Minister Ahmad Maslan said after visiting the BR1M counter at the Inland Revenue Board office in Cyberjaya last Friday.
According to him, the government is currently fine-tuning various aspects of insurance coverage with Bank Negara Malaysia and the number of insurance companies will be finalised soon.
‚ÄúWe need the eligible applicants to register for BR1M 3.0 fast. We will not extend the process as we had for the two earlier BR1M,‚ÄĚ he said. He said if the recipients delayed the registration process, they might not be able to get the i-BR1M insurance coverage as the protection period is from Jan 1 to Dec 31, 2014.
Ahmad said the government expected 7.9 million Malaysians to be eligible to receive BR1M 3.0 this year from an allocation of RM4.5 billion compared to RM3 billion for BR1M 2.0. ‚ÄúOf the 7.9 million, 6.8 million are recipients of the aid, 900,000 are new recipients while 200,000 are in the ‚Äėbuffer‚Äô group or new applicants who have just reached the age of 21 and those with a monthly income of RM4,000 and below this year,‚ÄĚ he said.
Ahmad Maslan said only 4.4 million of the 6.8 million current registered recipients had updated their bank account particulars to facilitate distribution of the aid while 2.4 million had not done so. The distribution of the BR1M 3.0 would be made from February.
Under the 2014 Budget announced last October, households with a monthly income of RM3,000 and below will each receive RM650 in BR1M and takaful i-BR1M contribution of RM50.
Those with a monthly income of between RM3,001 and RM4,000 will receive RM450 and another RM50 in takaful contribution, while unmarried individuals aged 21 and above and earning a monthly income of not more than RM2,000 are eligible to receive RM300 in aid.