Prime Minister Announces New COVID-19 Aid Package Worth RM15 Billion to improve Malaysia's economy during the second movement control order (MCO 2.0)
Just as the global economy was beginning to recover, the COVID-19 outbreak hit unexpectedly early this month and our MCO is now back in order. The government has set up Permai assistance package, its fifth economic stimulus package to date, worth RM15 billion to combat the COVID-19 outbreak, safeguarding the welfare of the people and supporting business continuity of the second movement control order (MCO 2.0).
Most of the benefits in the package focuses at helping businesses and employers to ease financial challenges.
Key takeaways for Malaysian businesses:
- Wage Subsidy Programme under SOCSO expanded for local employers operating in MCO states elligible to apply, irrespective of sector.
- Elligle employers to receive RM600 for each of their employees earning less than RM4,000 for a period of one month.
- Employees who do not meet the minimum contribution, or whose service contract was not extended after at least three renewals, are now allowed to apply for the SIP Prihatin financial assistance of 30% of their salary for three months.
- Special tax relief of up to RM2,500 on the purchase of mobile phones, computers and tablets extended until the end of 2021.
- Free 1GB mobile data for Malaysians for the duration of MCO.
- PTPTN borrowers can apply for a three-month loan repayment moratorium.
- Bank moratorium to continue.
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