ENTERING RECOVERY PHASE
Government announced new economic stimulus package.
- On 23 September, the Prime Minister Tan Sri Muhyiddin Yassin announced the new ‘’Kita Prihatin’’ stimulus package worth RM10 billion to assist people during the COVID-19 pandemic.
- The stimulus package is targeted at four main groups, including B40 group (bottom 40% of income earners), M40 group (middle 40% of income earners), workforce and micro businesses.
- Under the stimulus package, RM600 million has been set for ‘’Special Prihatin Grant’’ which expected to benefit the 200,000 micro businesses. The grant could be applied from 1 to 31 October and it will be only eligible for those who have registered and holding license with the Companies Commission of Malaysia or local authorities before 31 August.
- Besides, a RM2.4 billion has been allocated for the Wage Subsidy Programme 2.0, whereby this will be given to employers who had suffered at least 30% loss since the Recovery Movement Control Order period as compared to 2019. The subsidy will be given for up to three months at RM600 per month for each employee.
- In addition, the ‘’Bantuan Prihatin Nasional 2.0’’ cash aid at RM7 billion will be given for the B40 and M40 groups at the following cash aid rate;
- RM1000 for B40 household
- RM 500 for B40 individual
- RM 600 for M40 household
- RM300 for M40 individual