1. Imagine 200 top companies in Malaysia given a tax deduction rebate of RM5-10million each by the Government for a direct contribution to a newly set up “National Education Fund” focusing on various scholarship programs for Malaysian students embarking on tertiary education. RM5million is just a benchmark proposal and it can vary.
2. Imagine the government topping up 1 to 1 for every RM raised annually for this fund. We will see approximately RM2-4billion or more per year in a fund that can benefit thousands of deserving young malaysians more effectively.
3. The existing scholarship programs by the selective govt agencies and private corporations should be merged into this proposed National Education Fund Corp (NEFC) for an efficient and focused management of value adding malaysian students’ higher education pursuit. NEFC in addition to its financial role, should also be positioned as an independent resource institution that integrates a full model of academic excellence through collaboration and joint programs with the best known universities globally. This would value add the career matching and placement objective of prospect Malaysian students for a better Malaysia
4. A quota system can be implemented as a general policy for the general type of basic tertiary requirements (according to racial percentages may be seen as the most effective and fair way) but for the “special” top university and post graduate programs, NEFC must search for the “towering malaysian” regardless of race and religion.
5. NEFC can also spin off a unit to manage student aid requirements (as a percentage of the fund) for primary and secondary students in need of financial assistance. There should be a regional type task force that would micro manage such programs.
6. NEFC given its aggregrate strength as an organization focused on higher/tertiary education, should be able to attract the best brains to run the business with the advisory help of accomplished educationists so that the proposed RM2-4billion or more per year is fully utilized to its best potential. There should be a transparent audit on how the money is and should be spent. It is after all at the expense of tax revenue money.
7. NEFC should have representation in its advisory council existing corporations that are active in scholarship programs such as Petronas, Bank Negara, Telekom, Sime Darby, Shell etc as well as relevant govt reps BUT the management of NEFC should be left to the professionals. They are assisted by the academics to a certain extent and their KPI is the effective number of students placed and graduated. The Ministry of Education should play an advisory role only.
8. NEFC can also adopt a loan system for local university placement to applicants that fall below the mark. Local placement need not be local govt universities only but also selected panel of private universities and colleges that are accredited.
9. NEFC can colloborate with a panel of local banks for this “organized” education loan funding by creating a shared loan product with some minimal guarantee from the govt so as to ensure a low “token” interest rate like only 3% per annum over a loan period of 10 years payable post graduation.
10. Lastly, parents who decide to spend their own funds to pursue the tertiary educational pursuit of their children locally or abroad should be given a tax deduction of up to RM50,000 per child per year. The government should appreciate their effort in the same spirit that they tax incentivise the participating corporations. After all the total amount in mention is not that exhorbitant. Parents who are serious about giving the best education to their children should be compensated.
In short, this proposal does not aim to dent the government by taking away its tax income because there is a budget for scholarships annually anyway. But more importantly, this proposal aims at creating a more effective, efficient, direct and transparent way of “managing” this honorable policy of educating malaysians for the future.
Just a thought to tickle yr mind…
shaik rizal
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Will these scholars be bonded to work in Malaysia upon graduation or are they allowed to seek exposure (for a certain time) abroad before being compelled to return to Malaysia? Will the Malaysian economy be sophisticated enough to absorb their skillset? I worked for some time devising national scholarship policies for the Singapore government and these were the issues we had to deal with.
How will your scheme integrate with the other scholarship schemes already offered by big corporations, government agencies and the JPA?
To me your plan seems grandoise and financially huge but the money talk is frightening!
The first thing you have to establish is an accounting and accountability system that is “full proof” and “abuse proof”. This would be difficult across the private and public sectors.
I would rather see these same corporations establish and strengthen their own foundations/ scholarship schemes that focus on excellence in specialised fields. They can advertise for the best brains for graduate/ post graduate scholarships in the best international universities.
This way they contribute to national education and human resource development in more manageable forms and can work directly with local/ international universities. They can also monitor student progress more directly.
good idea considering quite a number of bright students (esp nonbumis) having to abandon their hopes of furthering higher education due to lack of finances.
The scholarships should cover a wide fielld of studies, not just the sciences. An annual independent audit of the body will ensure appropriate use of the funds.
The tax deduction on children’s education is also a brilliant idea!
Good thought provoking ideas. Keep it up.
I like the semi private school idea…but something needs to be badly done to improve the current education system first.