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Additional RM10b for SMEs Under the Prihatin Package and Wage Subsidy Programme

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Malaysia has implemented a nationwide Movement Control Order from 18 March, this order is enforced under the Control and Prevention of Infectious Diseases Act 1988 and the Police Act 1967.

On March 27, the RM250 billion Prihatin Rakyat Economic Stimulus Package (Prihatin) was announced. The government has allocated an additional RM10 billion for Small and Medium Enterprises (SMEs) under this stimulus.

Wage Subsidy Programme

The wage subsidy would benefit 4.8 million workers with a monthly income of RM4,000 and below.

*Companies with 75 workers and less would receive a RM1,200 wage subsidy for each local worker.

  • Companies with 76 to 200 workers would get a wage subsidy of RM800 for each local employee.
  • Companies with more than 200 workers would get RM600 for each local worker.

An additional RM7.9 billion has been allocated to the Wage Subsidy programme, an increase from the original RM5.9 billion allocation to RM13.8 billion. This includes Additional allocation included a total of RM2.1 billion in grants that would be channelled to micro-businesses registered with the Inland Revenue Board (IRB) as of January this year.

This special stimulus package aims to ease the burden of Malaysian SMEs amid the COVID-19 pandemic. Prihatin is expected to contribute an estimated 2.8% to the country’s Gross Domestic Product (GDP) this year.


If you are thinking of buying, selling, or renting property while the Movement Control Order is in effect, don’t worry! You can do property transactions from the comfort and safety of your home? Download the Ohmyhome mobile app from the Play Store or App Store.

Call +60 16-299 1366 to find out more.


Source:
New Straits Times

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