Economics Local

ADAM50 is about securing a future for higher education

ADAM50 2

Ahirul Ahirudin
Written by Ahirul Ahirudin

KUALA LUMPUR – February 23, 2018: When the plan to offer the Amanah Dana Anak Malaysia 2050 (ADAM50) scheme was outline in Budget 2018 last October, one of the stated aims was to ease the burden of parents and future generations by providing a mean to offset the cost of tertiary education.

This special unit trust is thus designed to achieve its objective by encouraging early savings which will then be combined with the benefits of depositing into Amanah Saham Bumiputra (ASB) or Amanah Saham 1Malaysia.

Permodalan Nasional Berhad Chairman Tan Sri Abdul Wahid Omar, at an event to launch the scheme yesterday, pointed out that a simple habit of additional deposit every month could drastically increase the amount an individual can withdraw when he is 18 years.

Under ADAM50, all Malaysian children born from last January 1 to December 31, 2022, will receive 200 trust fund units in either the ASB or AS1M once they are registered with the schemes.

To those who may be worried about any dormant policy or fee, PNB has assured that there is none.

Usually an account will be labelled dormant or inactive if there is no transaction for a specific period and banks usually do this.  

Maybank, for example, has a dormant policy for an account holder is there is no transaction for a continuous period of 12 months. It can be reactivated but for a fee.

Since its launch, 4,600 babies have registered with ADAM50, which is 14 per cent of the total number of babies born nationwide since.

 

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Ahirul Ahirudin

Ahirul Ahirudin