Prime Minister Muhyiddin Yassin has unveiled two stimulus packages so far. Only max o Companies 76 – 200 employees, subsidy RM800 per employee o Companies … In addition, the Government together with Tenaga Nasional Berhad will increase the allocation to RM530 million to introduce a tiered-discount with rates ranging between 15% and 50% according to electricity usage with a maximum limit of 600 kilowatt per month. Prime Minister's Office of Malaysia Official Website, YAB TAN SRI DATO’ HAJI MUHYIDDIN BIN HAJI MOHD YASSIN PERDANA MENTERI MALAYSIA PRIHATIN RAKYAT ECONOMIC STIMULUS PACKAGE (PRIHATIN). At Deloitte, we embrace the change and innovate to provide you an experience like no … Replacement of Foreign Worker via Check Out Memo (COM) International Trade; Restricted Circulars; … Combating COVID-19 with resilience. Through these initiatives, I believe financial institutions will be able to provide the needed support to viable SMEs especially in weathering the current economic challenges. Apart from that, the Government will continue to channel various assistance to farmers and fishermen, including agricultural inputs to increase domestic production. Learn how your comment data is processed. Prihatin Rakyat Economic Stimulus Package (PRIHATIN) Speech Text [PRIHATIN] Matlamat 1: Lindungi Rakyat Prime Minister's Office of Malaysia Official Website. The PRIHATIN package will provide immediate assistance to ease the burden faced by all of you. Wabillahi al-taufik walhidayah wassalamu’alaikum wa rahmatullahi wa barakatuh. I am also concerned of the owners of companies facing cashflow constraints. The scheme will be administered by Bank Simpanan Nasional at 2% interest rate with no collateral. This allowance will also be paid beginning 1 April 2020 until the COVID-19 outbreak ends. • PM: Govt provides additional assistance for SMEs under Prihatin Tambahan economic stimulus package amounting to RM10 billion • The salary subsidy for SMEs under the Prihatin stimulus package has been expanded to RM13.8 billion from RM5.9 billion, with additional measures for all SME sizes (from under 75 employees to over 200 employees). The PRIHATIN Economic Stimulus Package (ESP) was unveiled by The Prime Minister on 27 March 2020. Learning is power! If Makcik Kiah has a microcredit loan for her banana fritter business with a repayment of RM100 per month, Makcik Kiah will enjoy a savings of RM600. About 169,000 additional front liners are expected to benefit from this initiative. We are a nation at war with invisible forces. The measure involves an allocation of RM64.4 million. I accepted the fact that I came in as your Prime Minister not at the best moment. As such, the Government welcomes the efforts of banking institutions which are willing to restructure repayments of the corporate sector in line with their business performance. The minimum guaranteed loan size is RM20 million per business. Meanwhile, RM20 billion has been announced in the earlier stimulus package. The overall cash assistance that Makcik Kiah’s family will receive is at least RM4,200. Additional PRIHATIN SME Economic Stimulus Package (PRIHATIN SME+), Speech at The Special ASEAN Summit on COVID-19, Speech at the World Chinese Economic Summit, Pengumuman Kerangka Inisiatif Tambahan Khas: Kita Prihatin, Inaugural Address at the 7th IEF-IGU Ministerial Gas Forum, MAEPS PKRC: Extraordinary action in extraordinary situation – PM, COVID-19: PM Muhyiddin visits MAEPS 2.0 Integrated Hospital, Special Announcement on PERMAI Assistance Package. In addition, the Government will also provide a RM50 billion guarantee scheme with a guarantee of up to 80% of the loan amount for the purpose of financing working capital requirements. We are not perfect but we are doing the best we can to pull through this crisis together, as one nation. In addition, the interest rate for the entire fund will be reduced from 3.75% to 3.5%. I am aware that the daily income of the full-time e-hailing drivers is also affected with the implementation of MCO. Here’s everything important that was […] The situation we are now facing is unprecedented in history. I understand that the corporate sector is also affected with the current situation. In addition, I have also instructed all Ministries to review their budgets to look for savings so that it can be used to meet the medium-term measures to curb the outbreak. Loan eligibility requirements are also relaxed to a minimum of 6 months of operation compared to 1 year of operation. From all of these assistances, I would like to give a simple example. Fifth: Syarikat Jaminan Pembiayaan Perniagaan (SJPP) will provide RM5 billion worth of guarantees and increase the guarantee coverage from 70% to 80% for SMEs that face difficulties in obtaining loans. RM100 billion to support businesses, including Small and Medium Enterprises (SMEs) RM20 billion has been announced in the earlier stimulus package Healthcare Aid. To assist SMEs, including micro-entrepreneurs, the Government and Bank Negara Malaysia will provide additional funds worth RM4.5 billion which covers 5 key initiatives: First: Increasing funds to the Special Relief Facility (SRF) for SMEs by RM3 billion bringing the total to RM5 billion. For the telecommunications and multimedia industries, several special packages will be offered in collaboration with the telecommunication companies. Prime minister tan sri muhyiddin yassin just announced an economic stimulus package valued at rm250 billion to help malaysian citizens get through trying times dubbed pakej rangsangan ekonomi prihatin rakyat or prihatin, rm128 billion from the total will be used to protect the welfare of the people. The measure is expected to provide cashflow to employers which is estimated at RM10 billion, benefitting over 480,000 SMEs and affected companies while securing more than 8 million jobs. Malaysia issued its latest stimulus package on June 9, 2020, valued at 35 billion ringgit (US$8.1 billion). I understand during this calamity that we are experiencing now, most of you are financially affected. In the meantime, the remaining cash transfer under the current Bantuan Sara Hidup (BSH) programme totalling RM3.2 billion will be paid out in July 2020. The Government will also introduce the Wage Subsidy Programme to assist employers in retaining their workers. To ease their burden, the Government will provide a one- off cash assistance of RM500 to 120,000 e-hailing drivers with a total allocation of RM60 million. this difficult economic situation. Purpose: Supporting business by mitigating the impact of COVID-19: Ease cashflow of businesses; Assist affected individuals 300,000 SMEs in other states will receive RM500 each. In addition, Makcik Kiah’s family will enjoy PPR rental savings of RM744 for 6 months; savings of RM1,800 from hire purchase moratorium for 6 months; and electricity bills savings of RM120 for 6 months. The intention behind them is, of course, to somewhat ease Malaysians … This site uses Akismet to reduce spam. The PRIHATIN package will provide immediate assistance to lessen the burden of all, especially those who are affected during the COVID-19 pandemics. Third: Providing additional funds of RM500 million under the Micro Credit Scheme, to a total of RM700 million for soft loans. On 27th March, our PM announces RM 250 billion worth of stimulus package aptly named “Pakej Ransangan Ekonomi Prihatin Rakyat (Prihatin)“.Three main objectives of the package are to safeguard the people’s welfare, supporting businesses including SMEs and strengthen the national economy. With an estimated collection amounting to RM149.2 million, this initiative will benefit 174,500 borrowers. This includes the employees in the private sector, FELDA settlers, farmers, fishermen, small traders and those categorised in the M40 group and below. Innovation Playbook. Appendix I: ‘Prihatin Tambahan’ stimulus package summary Wage subsidy programme Increased to RM13.8bn from RM5.9bn (RM7.9bn) 200 workers All companies with local workers earning RM4,000 and below will receive wage subsidy as follows: o Companies >200 employees, subsidy RM600 per employee maintained. Prime Minister Tan Sri Muhyiddin Yassin announced a RM250 billion People-Centric Economic Stimulus package (Prihatin) which will benefit all segments of the society. Thus, the Government will need to reimplement fiscal consolidation measures in the medium-term to create fiscal space in the long-term. Technology advances at a pace more rapid than ever before. Almost all of these measures are one-off to ease Federal Government’s financial burden in the medium-term. Makcik Kiah’s daughter is a PTPTN borrower. To assist B40 entrepreneurs and people who lose their jobs, a social financing programme will be introduced in collaboration with Islamic banking institutions, the state Islamic religious council and key implementing partners. Therefore, the overall benefit that will be received by Makcik Kiah’s family which includes cash assistance and savings is RM8,664. The first ESP package is stated to be valued at RM 250 billion. For this, I have announced an allocation of RM500 million to the Ministry of Health (MOH). In the previous announcement, the Government allocated RM500 million to provide a 15% discount on electricity bill in the tourism sector as well as 2% for commercial, industrial, agricultural and household sectors in Peninsular Malaysia beginning 1 April 2020. This measure is important to enable the companies to continue to be able to retain employment and immediately resume its business activities. Summary and Highlights of the 308th FMM Council Meeting on July 23, 2020; Summary & Highlights of 309th FMM Council meeting held on September 24, 2020; 52nd FMM Annual General Meeting on Thursday, November 26, 2020; FMM New Council Line-up for 2020/2021; Policies & Regulations. Employers must ensure that there is no retrenchment or imposing unpaid leave or forcing a wage cut for the next 3 months after the implementation of the programme. What's New. Second: Increasing the size of the All Economic Sector Facility fund by RM1 billion to RM6.8 billion to enhance access to financing for SMEs. Hence, Makcik Kiah will be delighted to hear this. THE ISKANDARIAN Iskandar Malaysia's Official Newspaper ... - Advertisement - Maximum financing amount is also increased from RM50,000 to RM75,000 for each entrepreneur. Makcik Kiah’s family will receive Bantuan Prihatin Nasional of RM1,600; the remaining BSH of RM600; pensioners assistance of RM500; e-hailing cash assistance of RM500; and single individual cash assistance of RM800. On behalf of the Government, I would like to extend my appreciation to BNM and the banking industry for providing this flexibility. The strategies and measures that will be implemented are based on current fiscal capability and availability of liquidity in the domestic financial market. Summary. At the same time, the RM2 billion for small projects announced in the previous package will be implemented in April 2020. This page collects the resources regarding the ESP. 2. The household income of Makcik Kiah is below RM4,000 a month. 01 Apr 2020 / 08:11 H. KUALA LUMPUR: Beginning ... Reuters Sports News Summary. In the previous package, the Government provided special allowances to doctors, nurses and medical staffs involved directly in curbing and preventing the outbreak. I have also instructed the Ministry of Finance through the Unit LAKSANA to ensure that this PRIHATIN package worth RM250 billion will reach the rakyat swiftly. In this regard, the Government will allocate RM1 billion for Food Security Fund. In addition, in support of MOH’s efforts to conduct more COVID-19 tests, the insurance and takaful industry will create a special fund of RM8 million to cover the costs incurred for screening of up to RM300 per policy holder and takaful medical certificate to undergo the test at private hospitals or laboratories, as instructed by MOH. Recognising their contribution, the Government will provide a one-off cash assistance of RM500 to more than 1.5 million civil servants of grade 56 and below, including contract workers. This service includes options for deferral of payments, restructuring and rescheduling of employer contributions. During this critical period, it is important to ensure food supply remains sufficient. Assalamualaikum Warahmatullahi Wabarakatuh and Salam Sejahtera, My beloved fellow Malaysians. … The PRIHATIN package will provide immediate assistance to lessen the burden of all, especially those who are affected during the COVID-19 pandemics. Second: Exempt payment for Human Resources Development Fund (HRDF) levy for all sectors for a period of six months beginning April 2020. Permai package: PM announces improved wage subsidy programme, SIP Prihatin extension . The Government will also provide RM100 million for the development of infrastructure for food storage and distribution as well as crop integration programme. This is important to ensure our fiscal sustainability and debt position. PRIHATIN Economic Stimulus Package (ESP) announced on 27 March 2020 . As promised, I will announce the PRIHATIN Rakyat Economic Stimulus Package worth RM250 billion which will benefit everyone. The first phase of the collaboration between Bank Islam Malaysia Berhad and the Federal Territory Islamic Religious Council will commence in May 2020. Pejabat Perdana Menteri, Blok Utama, Bangunan Perdana Putra, Pusat Pentadbiran Kerajaan Persekutuan, 62502 Putrajaya, Malaysia, Kenyataan Media YAB Perdana Menteri mengenai Belanjawan Tahun 2021, Budget 2021 to provide targeted support for economic vulnerable groups – PM. Makcik Kiah’s daughter will also enjoy savings from PTPTN repayment for 6 months of RM1,200. This measure is estimated to benefit 3.3 million workers with an allocation of RM5.9 billion. Sukuk Prihatin is part of the National Economic Recovery Plan “ ... packages and recovery post Covid-19 includes but not limited to the following:-1) medical expenditure related to COVID-19 disease; 2) for financing/grants for micro enterprises; and 3) to enhance connectivity to rural schools, which will also act as hubs to connect nearby villages. The Ministry of Finance will implement the PRIHATIN Package through the Unit for the … Meanwhile, for the rent-to-own (RTO) units, a 6-month moratorium is provided effective April 2020, totalling RM5.7 million, involving 4,649 RTO units. To ease your burden, the Government will provide the Bantuan Prihatin Nasional, a one-off cash assistance with an allocation of RM10 billion and for the first time will also be channelled to the M40 group. InsyaAllah. THE following is the full televised speech text by Prime Minister Tan Sri Muhyiddin Yassin on the Additional Prihatin SME Economic Stimulus Package. Deloitte Academy. The swift action shows that the government took heed of the recommendations put forth by businesses affected by the COVID-19 pandemic. In addition, the Government will provide special funds of between RM100,000 and RM200,000 to each viable Pertubuhan Peladang Kawasan (PPK) and Pertubuhan Nelayan Kawasan (PNK) to develop short-term agrofood projects that can generate income within 3 to 6 months, ensuring sufficient food supply. Required fields are marked *. For this purpose, the Government has identified a number of small projects such as improving roads, upgrading dilapidated schools in Sabah and Sarawak, cleaning houses of worship and police stations as well as upgrading tourism facilities that will benefit contractors from G1 to G4 class with an allocation of RM2 billion. I am confident this initiative will provide relief to borrowers. In summary, the MICCI calls on the Government to consult the chambers or business associations who are at ground level, in the policy development process, especially during this critical period. The government demonstrated its commitment towards supporting SMEs by launching an additional stimulus package in the form of the RM10 billion Prihatin SME Economic Stimulus Package (Stimulus Package 3), which was announced on April 6. Policymakers project for the stimulus package to add 1.5% to GDP in 2020. This package is equivalent to 17% of Gross Domestic Product (GDP) compared to the 8% of GDP (or RM67 billion) package introduced during the 2008 Global Financial Crisis. The welfare of all civil servants who remain loyal to the nation in carrying out their responsibilities are also not being neglected. Among others include free internet to all customers with a value of RM600 million starting 1 April 2020 until the MCO ends. 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