ASB, ASB2 investment ceiling raised to RM300k

The government will raise the investment ceiling for the bumiputera-exclusive unit trust fund Amanah Saham Bumiputera (ASB) and ASB2 to RM300,000.

Finance Minister Tengku Zafrul Abdul Aziz said this is in line with the government's bumiputera enhancement agenda - and said loan facilities to prescribe to the unit trust will be made available.

According to ASB's 2021 annual report, 10 percent of investors (1.01 million) with 50,000 units and above had 82 percent of investments in the fund.

For the loan facility, B40 bumiputera can borrow to invest in ASB or ASB2 at a rate of 1.5 percent.

The government has allocated RM100 million for the loans.

Besides ASB investments, the government has also raised the limit for voluntary contributions to the Employee Provident Fund from RM60,000 to RM80,000.

To encourage contributions, the government is increasing tax relief for life insurance to RM3,000 - which will now include voluntary deposits to the EPF.

Tax relief of up to RM8,000 for Skim Simpanan Pendidikan Nasional (SSPN) depositors has also been extended to 2024.

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