Extra stimulus packages for Small and Medium sized Enterprises.
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, governmen...