Malaysia unveils new COVID-19 economic stimulus package
The Malaysian government has unveiled another economic stimulus package worth 10 billion RM (2.4 billion USD) to bolster the country's economy and weather the impact of COVID-19.
Kuala Lumpur (VNA) – The Malaysiangovernment has unveiled another economic stimulus package worth 10 billion RM(2.4 billion USD) to bolster the country's economy and weather the impact ofCOVID-19.
In a special televised address on September 23, 2020,Prime Minister Tan Sri Muhyiddin Yassin announced that the government isrolling out the Kita Prihatin Programme which is a special initiative aimed athelping micro entrepreneurs, the country's workforce and those from the B40 aswell as the M40 income group.
Under the Kita Prihatin Programme, Muhyiddin said thegovernment has set aside 600 million RM for the Special Prihatin Grant that isexpected to benefit 200,000 micro entrepreneurs, according to the New Strait Times.
Those eligible for the grant must be registered microentrepreneurs as well as those holding license with the Companies Commission ofMalaysia or local authorities before August 31.
Muhyiddin said the government has also decided to extendthe wage subsidy programme that was first introduced under the Prihatin Rakyateconomic stimulus package.
For the Kita Prihatin Programme, Muhyiddin said thegovernment has allocated 2.4 billion RM to carry out the Wage Subsidy Programme2.0 that is expected to benefit 1.3 million workers from October until the endof the year.
The subsidy will be given to affected employers who hadsuffered at least a 30 percent loss since the Recovery Movement Control Orderperiod, compared to last year.
The wage subsidy is granted up to three months at a rate of600 RM per month for each employee at a maximum of 200 people.
Applications will be open from October 1 to December 31, 2020, hesaid.
This programme will also be open to companies that haveregistered with the Social Security Organisation (Socso) as of August 31 thisyear.
New applications that have never received the subsidy would also beeligible for this programme, and would receive the subsidy for up to sixmonths./.
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Illustrative image (Photo: Reuters) 
