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Highlights From Muhyiddin’s RM250 Billion Economic Stimulus Package

Highlights From Muhyiddin's RM250 Billion Economic Stimulus Package 12

Prime Minister Tan Sri Muhyiddin Yassin has just announced the “Pakej Prihatin” or “Caring Package”, which is an economic stimulus package that will benefit all Malaysians moving forward from the MCO extension.

From the RM250 billion, this is how it is broken down:

  • RM128 billion to protect the welfare of the people.
  • RM100 billion to support businesses including SMEs.

On Monday (23rd March) itself, the government had announced a RM600 million allocated for the Health Ministry to purchase equipments, and to hire contract staff, especially nurses.

It was also announced that Employees Provident Fund contributors aged 55 and below, can withdraw RM500 for up to 12 months.

Muhyiddin also announced that an allocation of RM130 million will be distributed equally to all states, regardless which political party is heading it. This is in efforts of tackling the Covid-19 pandemic.

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Highlights From Muhyiddin's RM250 Billion Economic Stimulus Package 13
Muhyiddin Yassin
Credit: News Straits Times

Below are the highlights:

> RM500mil for Health Ministry to ramp up the capability and resources of Health Ministry.

> Additional special allowance of RM200 a month for frontliners for police, immigration, customs department

> RM1,600 in aid to households earning below RM4,000, with RM1,000 paid in April and RM600 in May.

> RM200 one-off aid to students of higher education institutions who are affected

> Free Internet from April onwards until the end of MCO

> Government together with TNB will add an allocation of RM530mil for discounts between 15% and 50% for electricity usage up to a maximum of 600kW a month for six months from the April bill.

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Highlights From Muhyiddin's RM250 Billion Economic Stimulus Package 13

> Exemption of rental payment for PPR and public housing for six months.

> Insurance and takaful companies will set a RM8mil fund to bear Covid-190 screening test costs of up to RM300 each for policyholders

> Govt to give one off payment of RM500 to some 120,000 e-hailing drivers beginning April 1.

> Govt and BNM will set additional allocation of RM4.5bil for SME and micro entrepreneurs which will comprise of five initiatives.

> One-off RM500 for 120,000 e-hailing drivers nationwide with an allocation of RM60mil. This is in addition to the RM600 one-off aid announced for taxi drivers that was announced in the previous stimulus package.

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Highlights From Muhyiddin's RM250 Billion Economic Stimulus Package 13

> National Caring Aid (Bantuan Prihatin Nasional) involving one-off cash payment of RM10bil will be given to the B40 and M40 group, including private workers, farmers and fishermen. This includes RM1,600 to four million households earning RM4,000 and below; RM1,000 for households earning RM4,000 above; RM800 for single Malaysians aged 21 and above earning RM2,000 and below; RM500 for single Malaysians aged 21 and above earning between RM2,000 and RM4,000.

> Govt will pay the salaries borne by contractors involved in the service sector, such as cleaning services and supply of cooked food in government agencies.

> Govt will introduce a wage subsidy of RM600 a month for three months for employers with a 50% drop in business since Jan 1, for workers with a salary of below RM4,000.

> Govt will continue all projects allocated in Budget 2020, including ECRL, MRT2 and the National Fiberisation and Connectivity Plan (NFCP) in line with its focus to ensure sustainable economic development.

> Human Resource Development Fund (HRDF) levy exempted for all sectors for six months starting April 2020.

Source: The Star

Featured Image Credit: TheRakyatPost

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Highlights From Muhyiddin's RM250 Billion Economic Stimulus Package 13
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Chief Content Developer at The AXO

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