Malaysia prime minister announced an additional allocation of $10 billion ( Ringgit Malaysia Ten Billion ) in the Prihatin Package (PR) for SMEs to help ease the financial burden of the SMEs.
PM said the additional financial stimulus package would guarantee 2/3 of the Malaysia workforce remain employed. The additional measures taken is increasing the allocation for the wage subsidy programme that announced on 27th. March, 2020 to $13.8 billion from $5.9 billion.
All company with local workers earning $4000 and below will receive wage subsidy assistance of between $600 to $1200. The subsidy is depend on the number of employees. This subsidy is for a period of 3 months and mainly for company registered with SSM, PERKESO ( SOCSO) or local authorities before 1st. January, 2020. Tan Sri Muhyiddin said about 4.8 million workers are expected to benefit from this new PR initiative.
The summary of new PR packages are :
1. For companies with a workforce of more than 200 people, government will provide a wage subsidy of $600 monthly for every retained worker. However, the maximum number of workers that a company is eligible to claim for will be increased from 100 to 200 employees.
2. For companies with employees between 75 to 200 people, they will receive a wage subsidy of $800 monthly for every employee.
3. Finally, for companies with employees of less than 75 people, we will provide a wage subsidy of $1,200 monthly per employee. Through this improvement, companies will receive more benefits and assistance.
For employers opting to accept this assistance, they are required to retain their employees at least for a period of 6 months, that is 3 months during the period receiving the subsidies and 3 months thereafter.
The Government Of Malaysia will also provide a special grant of $3000 to every micro company. It will benefit almost 700K micro SMEs nationwide. He said the micro SMEs must register with Inland Revenue Board (IRB) to qualified this facility.
In addition, all money lending organizations that registered under Moneylenders Act 1951 are encouraged to give a moratorium on SMEs installment payment for 6 months started from April 2020.
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