BUDGET 2018 : Armed Forces Fund Board (LTAT) pleased with initiatives for cost of living and Malaysian Armed Forces

PETALING JAYA: Armed Forces Fund Board (LTAT) is particularly pleased with the initiatives to curtail the impact of the rising cost of living, as well as supporting the Government's efforts for the Malaysian Armed Forces under Budget 2018.

To this end, the multiple initiatives put in place for the Malaysian Armed Forces are laudable it said, particularly the establishment of a Housing Blueprint to build over 40,000 affordable units by 2030 for members of the Armed Forces, with the first 6,000 units to be built in 2018. The sum of RM40 million allocated to upgrade five hospitals and build four polyclinics and hospital for Armed Forces veterans is also a welcome development.

Moreover, these measures to build more affordable housing will enhance prospects for the construction sector, which is an area which LTAT and its group of companies participates in.

LTAT said it is encouraged by the Budget's focus on strengthening Government Linked Companies and Government-Linked Investment Companies, from the perspective of building up human capital.
This includes new initiatives such as introducing flexible benefits and working arrangements, as well as increasing investment in training, particularly for digital skills, providing childcare centres and increasing maternity leave to 90 days that will certainly help to enhance productivity and increase quality of life for citizens working for GLCs and GLICs.

Apart from this, LTAT is heartened to note that individual tax rates will be reduced and more than 260,000 citizens will not fall under the tax-paying bracket, thus improving the domestic economy by increasing disposable income and allowing individuals to have more flexibility in terms of managing rising living costs.
"In tandem, it is commendable that Kedai Rakyat 1Malaysia (KR1M) will be reopened as KR1M 2.0, which will also support those in need by providing basic necessities along with branded consumer goods at low prices," LTAT said.