Published: Monday July 16, 2012 MYT 2:44:00 PM
Updated: Monday July 16, 2012 MYT 2:58:15 PM
Subramaniam: New loan scheme for SPM-leavers
By JOSEPH SIPALAN
PUTRAJAYA: The Human Resources Ministry will propose a new loan scheme for SPM-leavers going for vocational courses at skills training institutes to reduce the rate of non-performing loans by students who complete their courses.
Datuk Seri Dr S. Subramaniam said the rate of repayment for loans from the Skills Development Fund Corporation (PTPK) stands at a measly 53% - with some RM500mil still left in outstanding loan repayments.
“We are trying to improve the process... because of this (low repayment rate), every year we rely on additional Government funding.
“Every year we get RM100mil (in training funds) for SPM-leavers and an additional RM100mil for workers, but this is not enough,” he said, after attending a conference for chief executives of training institutes registered under the Skills Training Department, here Monday.
As it stands, the Government needs to spend RM400mil annually on SPM-leavers alone to produce a sufficient number of skilled workers to meet industry demand, Subramaniam noted.
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