PEMERKASA: What’s In It For The M40?

There’s some good news for those who are bankrupt.

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Prime Minister Tan Sri Muhyiddin Yassin yesterday announced People and Economic Strategic Empowerment Programme (PEMERKASA) to boost the local economy.

There was a lot of things that he mentioned during the announcement, focusing on companies, small businesses, the B40, female entrepreneurs, among others.

But for the M40, here’s what they’ll get.

Increase in allocation for micro credit

The government agreed to provide additional funding of 500 million ringgit for micro credit financing facilities through programs under BSN, TEKUN, MARA and SME Corp.

Through BSN, a fund of RM300 million will be provided with financing limit up to RM50,000, with reduced interest rates from 3.5% to 3%.

The loan term is for 5 years and installment payments only start after the sixth months.

Increase in mobile phone subsidies

The government has increased the mobile phone subsidy to Bantuan Prihatin Rakyat (BPR) recipients from RM180 to RM300.

Muhyiddin said that this subsidy is specifically for households with children attending school for purchase of a new smartphone or device.

5G to start by end of the year

Malaysia is edging closer towards 5G as the Prime Minister said that it will be available starting end of this year.

He said that the MyDIGITAL framework and the Malaysian Digital Economy have underlined commercial 5G services as a priority as high speed internet is necessary to spark innovation and new job opportunities in the country’s digital economy.

5G services are expected to operate in stages from the end of this year.
Prime Minister Tan Sri Muhyiddin Yassin

Assistance for those who went bankrupt

For individuals who are bankrupt, Muhyiddin said the Malaysian Insolvency Department will facilitate their dealings with the bank to receive government assistance.

Flexibility will be given for individuals to open a bank account online via an email application to the branch the Insolvency Department that administers their case.
Prime Minister Tan Sri Muhyiddin Yassin

He also said that any cash assistance which is credited will not suffer any monthly installment deduction.