RSM Malaysia

PRIHATIN Economic Stimulus Package

Allocations under [PRIHATIN Economic Stimulus Package] 27 March 2020

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Goal # 1 – Protect the people

  • Increase of special allowance increases for medical personnel from RM400 to RM600 with effect from 1 April 2020 until outbreak ends.
  • Special allowance RM 200 for front-line military, police, customs, civil defence and RELA members involved in with effect from 1 April 2020 until outbreak ends.
  • Bantuan Prihatin Nasional

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  • Deferment on PTPTN and PTPK loans repayment for all borrowers for 6 months between April to September 2020.
  • Income replacement of RM 50 per day available under mySalam for quarantined B40 patients under investigation (PUI).
  • Private Retirement Scheme (PRS) contributors are allowed to withdraw up to maximum of RM 1,500 from Account B without penalty between April to December 2020.
  • Exemption of rental payment for Projek Perumahan Rakyat (PPR) and public housing for 6 months. In addition, there shall be a 6 months moratorium for rent-to-own (RTO) units effective April 2020. 
  • 15 - 50% tiered discounts on electricity bills for usage of up to 600kwh for 6 months effective April 2020.
       Below 200 kWh    : 50
       201-300 kWh    : 25%
       301-400 kWh    : 15%
  • Free internet for all users starting April 2020 until MCO ends.
  • One-off assistance of RM 500 in April 2020 for civil servants of grade 56 and below, including contract workers.
  • Government subsidise wage amounting to RM 600 per month to employees earning below RM 4,000 per month for 3 months with effect from April 2020, with the condition that the employer companies experiencing more than 50% decline in income since 1 Jan 2020. 
    *Employers must ensure that there is no retrenchment or shall not require their employees to take unpaid leave or accept a reduction in salary for next 3 months after receiving assistance under this scheme.
  • One-off financial assistance of RM500 for e-hailing drivers (Grab); while RM 600 for taxi drivers which will be paid on 1 April 2020.
  • Government shall pay salaries to workers of service contractors involved in contract services such as cleaning and food supply in schools, public training institutions and government agencies. In addition, all contract periods are extends 1 month as trade-off with MCO period.

Goal # 2 – Business Support

  • As a response to COVID-19 outbreak, allocation for Special Relief Facility (SRF) to SMEs is increased from RM 2 billion to RM 5 billion, at lower interest rate from 3.75% to 3.5% now.
  • Allocation for All Economic Sectors Facility (AES) to SMEs is increased from RM 5.8 billion to RM 6.8 billion with lower interest rate from 8% to 7% now.
  • Additional allocation of RM 500 million to Micro Credit Scheme provided by BSN, making the total available funds at RM 700 million with interest rate of 2%  and no collateral is required. Maximum financing amount increased from RM50,000 to RM75,000 for each company.
  • BizMula-i and BizWanita-i schemes under Credit Guarantee Malaysia Berhad (CGC) offers financing of up to RM 300,000 for SMEs with business records of less than 4 years.
  • Syarikat Jaminan Pembiayaan Perniagaan (SJPP) provide RM 5 billion worth of guarantees as well as increase guarantee coverage from 70% to 80% for SMEs facing difficulties in obtaining loans. 
  • KWSP to introduce Employer Advisory Services (EAS) programme on 15 April 2020 to provide options for deferral of payments, restructuring and rescheduling of employer contributions.
  • Exemption of Human Resources Development Fund (HRDF) levies for all sectors for 6 months, commencing from April 2020.
  • Deferment of income tax instalment payments to all SMEs for 3 months, commencing from April 2020.
  • Moratorium will be extended to loans from TEKUN, MARA and cooperatives as well as other government agencies providing financing to SMEs commencing from 1 April 2020.
  • Government will introduce social finance programme aid for B40 micro-entrepreneurs. Eligible entrepreneurs will be given training in entrepreneurship and financial management as well as support to develop their businesses.

Goal # 3 – Economic Stimulus

  • Government has identified a number of small projects that will benefit contractors from G1 to G4 class with an allocation of RM2 billion. Projects includes infrastructure projects in FELDA and other areas, upgrading dilapidated schools in Sabah and Sawarak, and upgrading Perumahan Rakyat Termiskin.
  • Government will continue implementation of all projects allocated in Budget 2020 including ECRL, MRT2 and the National Fiberisation and Connectivity Plan.

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KEY CONTACTS

Mr Yong Kam Fei
Director
E: [email protected]

Mr LeeWee Tak
Head of Outsourcing
E: [email protected]


 

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