KUALA LUMPUR (Feb 23): A dividend of 4% has been declared for the National Education Savings Scheme (SSPN) for 2020.

The dividend involved an estimated allocation of RM201.3 million which will benefit 4.82 million SSPN account depositors, said Higher Education Minister Datuk Seri Dr Noraini Ahmad.

This brought to RM856.6 million the total annual dividend given to distributors since SSPN was set up, she said in a statement.

The dividend payment is facilitated by the net returns on investments made using the deposits received by the National Higher Education Fund Corporation (PTPTN).

Noraini said PTPTN earned profit on SSPN investment deposits amounting to RM237.42 million, an increase of RM32.14 million or 15.7%, compared with RM205.28 million in 2019.

“This achievement is the result of PTPTN's efficiency in implementing short and long-term syariah-compliant investments in the local money market which protects the principal while providing high and positive returns or profits,” she added.

Noraini said the SSPN collection of RM1.99 billion in 2020 was the highest since the establishment of PTPTN, and is higher by RM623.82 million or 45.6% compared with the RM1.37 billion collected in 2019.

The total SSPN collection as of Dec 31, 2020 was RM7.88 billion, she added.

The Minister said 436,101 new SSPN accounts were opened in 2020, higher than PTPTN’s target of 400,000 new accounts per year.

“As at Dec 31 2020, a total of 4.82 million accounts have been opened since SSPN was introduced in 2004,” she added.