fbpx
Connect with us

News

EPF Contributions Lowered to 7%, Extra RM100 BSH in Tun M’s RM20 Billion Stimulus Package

Published

Tun M Announces Rm20 Billion Stimulus Package, Aims To Protect Jobs From Covid-19 Impact - World Of Buzz 5
Source: Jakarta Post & Channel News Asia

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

The Acting Prime Minister of Malaysia, Tun Mahathir Mohamad, has announced a special stimulus package worth RM20 billion meant to protect the economy of Malaysia from the economic effects of the Covid-19 coronavirus that has now spread all over the world. The package also represents an effort to spur the local economy by providing several benefits directly to the people, and outlines strategies to promote investment in green energy, among other things.

The stimulus represents the last work of former Finance Minister Lim Guan Eng before the dissolution of parliament, and can be broken down into three major components, those being:

Strategy I : Mitigating impact of COVID-19;
Strategy II : Spurring rakyat centric economic growth; and
Strategy III : Promoting quality investments

Tun M Announces Rm20 Billion Stimulus Package, Aims To Protect Jobs From Covid-19 Impact - World Of Buzz 1

Under the first strategy, the government has announced several initiatives to help the tourism sector, including deferring monthly income tax payments from businesses in the tourism sector. Additionally, a 15% electricity discount will be extended to hotels, travel agencies, airlines, shopping malls, conventions and exhibitions centres. Hotels will also be given an exemption from the 6% service tax.

Tun M Announces Rm20 Billion Stimulus Package, Aims To Protect Jobs From Covid-19 Impact - World Of Buzz 3

Under the second strategy, the minimum Employees Provident Fund (EPF) contribution by employees will be reduced by 4% from 11% to 7%, which the government estimates will free up RM10 billion worth of disposable income for regular Malaysians. That said, you can apply to opt-out of this scheme and maintain your previous rate!

A payment of RM200 to all Bantuan Sara Hidup (BSH) recipients scheduled for May 2020 will be brought forward to March 2020. An additional RM100 will be paid into the bank accounts of all BSH recipients in May 2020. An additional RM50 will be channelled to the public in the form of e-tunai!

Tun M Announces Rm20 Billion Stimulus Package, Aims To Protect Jobs From Covid-19 Impact - World Of Buzz 4

Under the third strategy, the government has announced that Ministry of Energy, Science, Technology, Environment and Climate Change (MESTECC) will open bids for 1,400MW for solar power generation. It is estimated that the initiative will generate 25,000 new jobs. Malaysian Communications and Multimedia Commission will implement up to RM3 billion worth of works related to the National Fiberisation and Connectivity Plan.

Whew! There are a ton of other initiatives being rolled out, and you can read the rest in the full text of the stimulus package speech in this New Straits Times report.

Are you excited for this new stimulus package? Do you feel it does enough to help regular Malaysians? Let us know in the comments!

 

Also read: Budget 2020: Soon You Don’t Have to Pay Tolls During Non-Peak Hours for These 4 Major Highways!

Budget 2020: Tolls Will Be Free During Non-Peak Hours! - World Of Buzz

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Police Officer Killed By Falling Tree Police Officer Killed By Falling Tree
News20 hours ago

Police Officer Passes Away After Huge Tree Falls on His Vehicle While He Was Driving in Sabah

In these few months, many tree accidents occurred in the nation. Some were lucky enough to escape the accidents unharmed,...

Feat Image Zafrul Feat Image Zafrul
News21 hours ago

Zafrul: Weak Ringgit in 2023 Affected Malaysia’s Global Competitiveness Ranking, Will Improve This Year

Previously, we shared how Malaysia recorded its worst placement in the International Institute for Management Development’s (IMD) latest edition of...

Collage 7 2 Collage 7 2
News2 days ago

“We’re grateful for your support” – MBO Cinemas in PJ Mall Announces Sudden Closure Effective TODAY

Unfortunately, the COVID-19 virus has rendered some businesses to mellow down, including cinemas. Movie enthusiasts, however, will still rush to...

Collage 6 2 Collage 6 2
News2 days ago

“I’ve killed her” – Man Turns Himself in to PDRM After Murdering His Wife Who Wanted a Divorce

Sometimes, not all connections are meant to last. What we shall do (as tough as it is) is to pick...

Collage 2024 06 21T104144.669 Collage 2024 06 21T104144.669
News2 days ago

Study: Malaysia Scores 5.8/10 for Safety from the State in Human Rights

In a recent study, a global rights monitor found that Malaysians had less freedom to feel safe from their government,...

121212 121212
News3 days ago

Sultan Johor Sets Record with RM1.75M Bid for “FFF 1” Plate Number, Hopes to Benefit Rakyat!

On February 20th, His Majesty the King of Malaysia, Yang di-Pertuan Agong Sultan Ibrahim, made headlines by winning the bid...

My Post 1 2024 06 20T101046.427 My Post 1 2024 06 20T101046.427
News3 days ago

British Researchers Have Detected Signals That Could Lead to the Discovery of MH370

10 years after the disappearance of Malaysia Airlines flight MH370, new signs have popped up as British researchers detected signals...

My Post 1 2024 06 19T170718.079 My Post 1 2024 06 19T170718.079
News4 days ago

Pudu LRT Passengers had the Fright of Their Lives After Train Became Hot Due to Very Close Building on Fire

Imagine being on the LRT, like any other day, only for the LRT to suddenly be surrounded by heat and...

Announcement

Latest Videos



TRENDING TODAY