BDCM-B-Week7: SSPN (Tax Relief)

SSPN stands for Skim Simpanan Pendidikan Nasional is an initiative by the PTPTN whereby it allows the parents to save for the children as early as the children aged 1 day old. With the tax relief for 2019, parent(s) can save up to RM8000 a year or RM666.67 per month. If we do not take account of 4% dividen and inflation, RM666.67 x 12 months x 17 years = RM136,000.68 accumulated fund for your children education.

A great initiative from the government as well as PTPTN. Below are the table obtained from the PTPTN Website

Estimation of Saving for 17 Years Period that Based on Monthly Deposit

YEAR	MONTHLY DEPOSIT
	RM20.00	RM30.00	RM40.00	RM50.00	RM100.00
1.	245.20	367.80	490.40	613.00	1,226.00
2.	500.21	750.31	1,000.42	1,250.52	2,501.04
3.	765.42	1,148.12	1,530.83	1,913.54	3,827.08
4.	1,041.23	1,561.85	2,082.47	2,603.08	5,206.16
5.	1,328.08	1,992.12	2,656.16	3,320.21	6,640.41
6.	1,626.41	2,439.61	3,252.81	4,066.01	8,132.03
7.	1,936.66	2,904.99	3,873.32	4,841.65	9,683.31
8.	2,259.33	3,388.99	4,518.66	5,648.32	11,296.64
9.	2,594.90	3,892.35	5,189.80	6,487.25	12,974.51
10.	2,943.90	4,415.85	5,887.79	7,359.74	14,719.49
11.	3,306.85	4,960.28	6,613.71	8,267.13	16,534.27
12.	3,684.33	5,526.49	7,368.65	9,210.82	18,421.64
13.	4,076.90	6,115.35	8,153.80	10,192.25	20,384.50
14.	4,485.18	6,727.76	8,970.35	11,212.94	22,425.88
15.	4,909.78	7,364.68	9,819.57	12,274.46	24,548.92
16.	5,175.76	8,027.06	10,702.75	13,378.44	26,756.88
17.	5,627.99	8,715.95	11,621.26	14,526.58	29,053.15

Note: Estimation of 4% dividend for the saving period

Updated 6th October 2019:

1. Corrected the value of saving from RM6,000 to RM8,000