The Government will introduce RM30 million to the Technical and Vocational Education and Training (TVET) Prestige Fund, as part of the Government’s initiative to elevate and recognise it to a status equivalent to that of traditional tertiary education.
Finance Minister Lim Guan Eng said the fund is a contestable fund where the Government will encourage various training institutions to bid for funds to run competitive programmes with the specific KPI’s on job placements for the graduates.
“There will also be an additional allocation of RM20 million to raise youth competency via a TVET sponsored Bootcamp,” he said.
TVET is one of the core issues focused by the new Government as it requires thorough structural reforms despite receiving more than RM10 billion in Two Malaysia National Plans previously.
It is reported that that Pendidikan Vokasional Menengah Atas (PVMA) programme had been put on hold, leaving more than 5,000 school leavers in limbo.
Community colleges and polytechnics are also given priority as RM206 million is allocated towards the development and provision of training programmes in these two institutions.
Meanwhile, research funds amounting to RM400 million will be allocated to the higher learning institutions via a contestable fund.
“In addition, RM30 million will be disbursed in the form of matching grants via the Malaysia Partnerships and Alliances in Research (MyPAIR) programme,” he said.
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