SPPN records RM151.50m in accumulated investment profits as at Q3

PTPTN chairman Wan Saiful Wan Jan in a statement said the encouraging achievement showed that the emphasis placed on SSPN savings throughout the year has been successful. — Picture by Shafwan Zaidon
PTPTN chairman Wan Saiful Wan Jan in a statement said the encouraging achievement showed that the emphasis placed on SSPN savings throughout the year has been successful. — Picture by Shafwan Zaidon

KUALA LUMPUR, Dec 5 — The National Education Savings Scheme (SSPN) has recorded RM151.50 million in accumulated investment profits as at the third quarter (Q3) ended Sept 30, 2019, a 25.9 per cent increase from the RM120.33 million for the same period last year.

National Higher Education Fund Corporation (PTPTN) chairman Wan Saiful Wan Jan in a statement said the encouraging achievement showed that the emphasis placed on SSPN savings throughout the year has been successful.

“The profit will be shared with the depositors in the form of dividends to be announced early next year,” he said urging the public to make use of the SSPN scheme, especially in the last month of 2019.

Meanwhile, in a separate statement, PTPTN said they expect to increase or at least maintain the dividend rate of 4 per cent last year for this year.

PTPTN also said that the SSPN deposits for the first nine months of this year was RM581.83 million, an increase of 19.5 per cent or RM94.91 million compared to RM486.92 million during the same period last year.

“This made the overall SSPN deposits until Sept has amounted to RM4.65 million,” according to the statement.

According to PTPTN, the positive result was also contributed by the increased tax relief incentive for SSPN from RM6,000 to RM8,000 as announced in the 2019 Budget.

It said various year-long incentive promotions have been conducted nationwide such as the SSPN tour programme, ‘Minggu Menabung’ and ‘Gerak Gempur Skim Simpanan’ (2G2S).

As at Sept 30, the overall number of SSPN accounts was 4.26 million since the scheme was introduced in 2014, with a total of 347,709 new accounts opened by depositors this year. — Bernama

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