AFTER much delay, Prime Minister Tan Sri Mahiaddin Yassin announced the Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (People’s Protection and Economic Recovery Package) or Pemulih, to help the public and businesses who suffering effects from the extended lockdown triggered by the pandemic.
The relief package, worth a massive RM150 bil, involving RM10 bil in direct aid to the people depending on their household income.
This aid package the is second largest after Prihatin last year, which was worth RM250 bil.
Here are salient points to some of the goodies announced under the relief:
Bantuan Khas COVID-19 (BKC)
- For hardcore poor (household)
August: RM500
November: RM500
December: RM300 - For hardcore poor (single)
August: RM200
November: RM300 - For B40 (household)
August: RM500
December: RM300 - For B40 (singles)
August: RM200 - For M40 (household)
August: RM250 - For M40 (singles)
August: RM100
EPF withdrawal
- Contributors will be allowed to withdraw funds from EPF, under the i-Citra programme. Applicants can withdraw up to RM5,000, at a rate of RM1,000 a month for the next five months.
- Application starts on July 15 at icitra.kwsp.gov.my and first payment will begin in August.
Food basket initiative
- Every MP, irrespective of political affiliation, will receive RM300,000 to provide food baskets to constituents in need.
- The Government will also allocate RM10 mil specifically to help the Orang Asli community.
- Bank loan moratorium for individual borrowers.
Cooking oil subsidy
A bottle of 5kg cooking oil price will be capped at RM30, involving subsidy worth RM1 bil.
Bank loan moratorium for individual borrowers
- All individual borrowers can get a six-month moratorium on their bank loans. Interest parties can apply via the opt-in concept, with no conditions attached.
- The offer is also extended to SMEs but subject to the financial institutions’ approval.
Education loan repayment moratorium
- Those having loans from Government-run institutions can apply for a moratorium, under an opt-in system.
- For loans under the National Higher Education Fund Corporation (PTPTN), Perbadanan Tabung Pembangunan Kemahiran (PTPK) and MARA, the moratorium will last for three months.
- For Public Service Department (PSD) loans, the moratorium will last for six months.
Postponement on insurance/takaful payments
- Those interested can apply for postponement on their insurance payments until December. This applies to life insurance and family takaful schemes.
Assistance for the unemployed
- The Government will provide RM500 to those who lost their jobs this year, based on records by the Employees
- Provident Fund (EPF) and Social Security Organisation (Socso).
Job seekers
- The job seekers allowance, under the Employee Insurance Scheme (EIS), will be enhanced for those who are taking more than three months to get new employment.
- With this, job seekers will be subsidised a portion of their last drawn salary for up to nine months, up from a maximum of six months under the initial scheme.
Incentive for COVID-19 volunteers
Volunteers at COVID-19 vaccination centres will receive RM100 daily, provided they work for more than 12 hours a day, starting this month. Volunteers at other facilities such as quarantine centres will also enjoy the allowance.
Aid for the disabled
- Over 20,000 disabled people will receive RM1,500, over a three-month period.
- Putrajaya will also be channeling RM20 mil, via seed funding, to encourage the disabled and homeless to start their own business under the Jaringan Inisiatif Umum (Jitu) programme.
- Homes for the disabled will received RM1,500 grants over the next three months.
Allowances for frontliners
- The special allowances for about 14,000 healthcare frontliners serving during the pandemic will be increased from the current RM200 to RM600, for six months beginning July.
Electricity tariff discount
- Domestic power users will enjoy discounts between July and September. The discount rates begin at 40% to 5% for the highest tier users.
- Six selected industries will receive a 10% discount from April until September, while other SMEs will be enjoy 5% discount.
In terms of business, here are some benefits announced under the Pemulih stimulus package:
Government guarantee for businesses
- Putrajaya will increase the ceiling for the Government guarantee programme involving small businesses to RM56.5 bil.
- As of now, about 45,000 companies have registered for the scheme where 80% of their loans are guaranteed by the Government.
- Bank Negara Malaysia had also topped up RM2 bil for a special loan fund for SMEs.
MARA business loan moratorium
- Entrepreneurs with loans from Majlis Amanah Rakyat (MARA) will enjoy a three-month moratorium or extend their loan period to up to 36 months.
- The 30% discount for tenants at Mara premises will be extended for another five months until December.
One-off grants
Owners of registered private pre-schools, daycare centres and sport complexes will receive a one-off grant of RM3,000.
School canteen operators
School canteen operators will enjoy a one-off grant worth RM1,000.
MORE TO COME
