PM Najib hopes ADAM50 will encourage higher birth rate

KUALA LUMPUR: Datuk Seri Najib Abdul Razak hopes the Amanah Dana Anak Malaysia 2050 (ADAM50) will encourage higher birth rate among Malaysian as the country moves towards reaching its economic maturity.
The Prime Minister said a country that is going towards economic maturity would normally have its birth rate dropping.
Malaysia, he said, was now facing a similar situation.
"So, those of you who are still at childbearing age, continue to give birth, that's my message because we need the size of the population," he said during 'Budget 2018 Bersama Rakyat' programme at Pusat Perubatan Universiti Kebangsaan Malaysia, here today.
Also present at the programme, with actor and entrepreneur Fizo Omar as the moderator, were Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah and Permodalan Nasional Berhad Chairman Tan Sri Abdul Wahid Omar.
At the event, Najib also launched ADAM50, which was announced in the Budget 2018, as well as visited the maternity ward at PPUKM and handed out hampers to new mothers.
Under ADAM50, a baby born within Jan 1, 2018 until 2022 will receive initial saving of RM200 via units of ASB (for Bumiputera) and AS1M (for non-Bumiputera) as long as the child is registered within a year from the date of birth, but the savings could only be withdrawn after the child reaches 18 years old.
Najib said ADAM50, the first of such fund in the country's history, was also aimed to encourage personal saving for young parents.
"It is because we want to encourage the people to have a mindset to save for the future. Many of our people do not anticipate the need, the children's need ... (when the account is there), we can contribute, little by little, and when the time comes for our children to go to university, the money is there," he said.
Meanwhile, Abdul Wahid, when met by reporters, said the initial saving of RM200 under ADAM50 provided by the government to a child would increase even though the parents did not top-up the savings.
"Even if the parents do not make additional savings in the account, the initial saving of RM200 will increase to RM587, but if RM10 is added, the amount will increase to RM4,000, if RM50 is added a month, the savings will become RM20,000 and if RM100, it will be RM40,000 when the child reaches the age of 18," he said.
He said until now, a total of 4,600 babies had been registered under ADAM50 or 14% of babies registered with the National Registration Department nationwide. — Bernama