Earlier this evening, Prime Minister Muhyiddin Yassin held a press conference to announce the new special aid package, named ‘PEMERKASA’.
It is seen as a continuation of the initiatives that were previously introduced, including PRIHATIN and Prihatin PKS that is worth RM260 Billion, in March and April last year, respectively.
Let’s look into the important details of his announcement that we should take note of.
If you weren’t paying attention to his speech, worry not! We’ve got it summarised! Here is what you need to know:
1. Officiation of the PEMERKASA program (worth over RM20 billion) in order to help the economy and sectors that have been affected by the pandemic.
2. Immunisation programme – to ensure the vaccination of the majority of Malaysian citizens. The total of RM3 billion in spending will be increased to RM5 billion, in order to accelerate the vaccination program that was launched previously.
3. The programme will focus more on targetting certain infected areas only rather than nationwide MCOs. This will help to reduce the impact on the economy.
4. Government will be implementing much stricter SOPs as well as better enforcement to ensure the pandemic will remain under control. Further tax reductions and wage subsidies will be introduced as well.
5. Government will also encourage and support smaller-scale projects by increasing the budget from RM2.5 Billion to RM3 Billion. GKP 3.0 (Geran Khas Prihatin) will also be provided to micro business and PKS (Perbadanan Perusahaan Kecil dan Sederhana Malaysia (SME Corp. Malaysia). Microcredit facilities will also be introduced to the public.
6. Each eligible micro-enterprise will receive one-off assistance of RM1,000. Applications for GKP 3.0 will begin from 1 April for SMEs who have not received GKP before.
7. Government will also introduce subsidies for gig economy employers through PERKESO.
8. Wage subsidies will also be introduced for certain businesses such as gyms, spas, and tourism-related businesses.
9. Tax exemptions will be offered to the tourism industry, including hotels and travel agencies. This includes cinemas, theme parks, and all affected businesses under the travel industry. A one-off grant will also be given to travel agencies registered under MOTEC.
10. Government will consider reallowing interstate travel to be permitted. However, the government has to be cautious and consider all the data provided before making a decision.
11. Securities Commission will improve the fundraising scheme, such as crowdfunding, and also reduce the listing fee for Malaysia’s major stock markets.
12. Individuals in the B40 group, as well as students, can register their businesses for free through SSM (Suruhanjaya Syarikat Malaysia).
13. Agile regulation will be introduced to encourage foreign investment, especially within the export and import industry.
14. More financial aid will be provided to individuals in B40 groups in order to assist and improve internet coverage.
15. Subsidy of RM300 will also be provided to families with children in school. Communication infrastructures will also be upgraded to accommodate for the increase in the amount of internet usage during this pandemic.
16. A one-off subsidy of RM500 will be provided to individuals in the B40 group, which are those that have a monthly income of RM1,000 or below.
17. Government has agreed to increase the maximum allowance eligibility limit for the allowance of disabled workers from RM1,200 to RM1,500 per month.
18. A total budget of RM50 million will be allocated to aid women entrepreneurs. An additional RM10 million will be allocated for PERKESO schemes.
19. Government will introduce a ceiling for the petrol price for Malaysians. The government will also subsidize LPG (liquefied petroleum gas) and petrol prices.
Prime Minister Muhyiddin Yassin ended his announcement by thanking all frontliners for all their dedication and sacrifice throughout the pandemic. He also took the time to encourage all citizens to get themselves registered for the Covid-19 vaccinations, pointing out that only then will our country return to normal.`
Stay tuned for more updates.
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