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The first payment of RM200 per recipient will be disbursed via their bank accounts, while those without a bank account can claim the payment in cash. More details here.
Malaysia’s Ministry of Finance (Kementerian Kewangan), or KKM has announced that as of 6 June 2024 (Thursday), more than 30,000 individual applicants, farmers, and smallholder farmers have been approved to receive cash subsidy assistance under the Budi Madani initiative.
Approximately 300,000 private diesel vehicle owners in Peninsular Malaysia are eligible to receive Individual Budi Madani payments. Additionally, 68,000 farmers, 8,000 livestock breeders, and 34,000 small-scale aquaculture entrepreneurs qualify for benefits under BUDI Agri-Commodities.
The statement, shared in a Facebook post, said first tranche of subsidies (RM200 per recipient), will be disbursed to eligible recipients on 10 June 2024 (Monday) via the recipient’s bank account.
Recipients without a bank account, on the other hand, can claim the payment in cash by bringing their MyKad to any Bank Simpanan Nasional branch throughout Peninsular Malaysia.
Qualified applicants can still register to receive the assistance. Applications made in June 2024 are eligible to receive payment for that month and the following month. However, applications made after June 2024 are only eligible to receive payment starting in July 2024 and will not receive payment for June 2024.
As part of the 2024 Budget, the Government said it is focused on retargeting fuel subsidies to prevent smuggling, misappropriation, and the misuse of public funds. To help control the rising cost of living, it will continue to provide targeted diesel subsidies for public transport vehicles and certain land transport vehicles.
Application appeal
Based on the application data, most applicants who were not approved did not meet the eligibility criteria. For example, some farmers and smallholders were not registered with the relevant Ministry.
Individual applicants who were not approved can review their application and submit an appeal on the Budi Madani website, where eligibility requirements can also be found.
Budi Madani is an initiative put in place to ensure subsidy allocations are directed to those who truly need them. It is divided into three categories:
- Individual assistance (BUDI Individu),
- Farmers and smallholders (BUDI Agri-Commoditi), and
- Companies and transport vehicles (MySubsidi Diesel).
READ MORE: Median monthly wages in Malaysia's formal sector saw an annual growth of 4.9% in Q4 2023
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