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Sarawak Businesses: Pakej Rangsangan Ekonomi Prihatin Rakyat COVID-19

RinggitCOVIT19

 

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1: Updates for Wage Subsidy Programme

All companies with local employees earning a monthly salary each of RM4,000 and below will receive wage subsidies as follows:

  • For companies with a workforce of more than 200 people, we will provide a wage subsidy of RM600 per month for every retained worker. However, the maximum number of workers that a company is eligible to claim for will be increased from 100 to 200 employees.
  • For companies with employees between 75 to 200 people, they will receive a wage subsidy of RM800 per month for every employee.
  • Finally, for companies with employees of less than 75 people, we will provide a wage subsidy of RM1,200 per month per employee. Through this improvement, companies will receive more benefits and assistance.
  • This assistance is for a 3-month period and is specifically for employers registered with the Companies Commission of Malaysia (SSM) or local authorities before 1 January 2020 and are registered with the Social Security Organisation (SOCSO). It is estimated that 4.8 million employees will benefit from this initiative.

For employers opting to accept this assistance, they are required to retain their employees at least for a period of 6 months, that is 3 months during the period receiving the subsidies and 3 months thereafter.

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2: Special PRIHATIN Grant

A Special PRIHATIN Grant amounting to RM2.1 billion will be established for eligible micro enterprises. A grant of RM3,000 will be provided to each company, benefitting almost 700,000 micro enterprises. The micro SMEs will have to register with LHDN to enjoy this assistance. The local authorities and SSM will provide the list of eligible micro enterprises to Government.

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3: Interest Rate reduced from 2% to 0%

Abolish the 2% interest rate to 0% under the Micro Credit Scheme amounting to RM500 million under Bank Simpanan Nasional (BSN). The soft loan scheme for micro enterprises is also extended to TEKUN Nasional with a maximum loan limit of RM10,000 at 0% for each enterprise. A total of RM200 million fund will be allocated for this purpose. Applicants are given an option to choose either scheme to ensure more beneficiaries of this facility.

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4: Waive or Discounts for Rentals to SMEs in Retail Sector 

Waive or provide discounts for rentals to SMEs in the retail sector which are operating on premises owned by Government-Linked Companies (GLCs). I would like to thank GLCs such as MARA, PETRONAS, PNB, PLUS and UDA as well as several State Governments who have agreed to give either discounts or rental waivers on their premises to SME tenants.

Owners of buildings or business spaces that provide rental reduction or waiver to tenants that consist of SMEs are given a further tax deduction which is equivalent to the amount of rental reduction for the months of April until June 2020. This further tax deduction is subject to the condition that the rental reduction is at least 30% of the original rental rate for that particular period.

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5: Reduce Levy on Foreign Workers by 25%

To reduce the levy on foreign workers by 25% to all companies with work permits that will expire in the period of 1 April to 31 December 2020. This reduction is not applicable to the domestic help sector.

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For more information related to point 1 to 5, please refer to
https://www.pmo.gov.my/2020/04/langkah-tambahan-bagi-pakej-rangsangan-ekonomi-prihatin-rakyat-prihatin/