Malaysiaâ€™s Prime Minister Tan Sri Mhyiddin Yassin has announced an RM250 billion stimulus package for the economy as the nation weathers through the Covid-19 pandemic.
â€œNo one will be left behind,â€ he assured the whole nation. As there are many aspects to the package, hereâ€™s whatâ€™s in store for Malaysiaâ€™s young workforce:
1. RM500 for single individuals above 21 years old with monthly income RM2,001- RM4,000. RM250 will be paid in April 2020 and the remaining RM250 in May 2020
2. RM800 for single individuals above 21 years old with monthly income below RM2,000. RM500 will be paid in April 2020 and the remaining RM300 in May 2020.
3. 6- month loan deferment for Skills Development Fund Corporation (PTPK) loans from April 2020 until September 2020.
4. National Higher Education Fund Corporation (PTPTN) loan deferment for 6 months
5. RM600 monthly allowance for healthcare employees from 1st April 2020 until the end of the Covid-19 pandemic.
6. RM200 monthly allowance for members of the military, police, customs, immigration, members of the Armed Forces Civil Defense and RELA members involved directly in execution of the Movement Control Order until the end of the Covid-19 pandemic.
7. RM500 for civil service employees (including contract workers) below Grade 56 from 1st April.
8. Pre-retirement withdrawal from account B of the Private Retirement Scheme up to RM1,500 per member without any tax penalties from April to December 2020.
9. Wage Subsidy Program to help employers retain employees.
The government will provide a salary of RM600 per month to employees for a period of 3 months. This program is dedicated to employees earning below RM4,000 a month and employers who experienced a 50% decrease in income since 1st January 2020.
Employers cannot dismiss the workers or order them to take leave without pay for the 3 months following the implementation of the programme. Employers are also not allowed to deduct workers’ existing salaries
10. RM500 one-off payment for e-hailing drivers. Meanwhile taxi drivers receive a one-off payment of RM600 as stated in the previous economic stimulus package.
11. Government agrees to pay the salaries incurred by contractors involved during the period of the MCO even when workers are absent from work.
These contract workers include those who provide cleaning and supply services school foods, public schools, public training institutions as well as other government agencies including statutory bodies. The government also agreed to extend the contract period services for a month as a trade-off with the duration of the MCO.
12. Employeesâ€™ Provident Fund (EPF) will introduce the Employerâ€™s Negotiations Service programme on April 15, 2020. This service includes payment suspension, restructuring options and rescheduling of employer contributions.
13. Exclusion of Human Resource Development Fund (HRDF) levy for all sectors for 6 months.
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