Economics Local

Covid-19: Govt. to spend RM250 billion for economic stimulus package

Tan Sri Muhyiddin Yassin

TheMole
Written by TheMole

PUTRAJAYA — March 27, 2020: Prime Minister Tan Sri Muhyiddin Yassin today announced an economic stimulus package valued at RM250 billion to assist Malaysians in these tough times.

About half — RM128 billion — will be used to protect the welfare of the people and RM100 billion to support businesses, particularly small and medium enterprises.

The government had earlier announced an allocation of RM600 million for the Health Ministry while RM130 million will be distributed to all states to help fight the outbreak.

The package announced today include:

– A higher special allowance for healthcare workers, from RM400 to RM600 a month from April 1 to end of the outbreak.

– Additional allowance of RM200 per month for other frontliners

– Aid of RM1,600 for households earning below RM4,000, with RM1,000 paid next month and RM600 in May.

– A one-off cash payment for the B40 and M40 groups, including farmers and fishermen. Four million households earning RM4,000 or below will receive RM1,600 each while those earning RM4,000 above will receive RM1,000 will single Malaysians aged 21 and above earning between RM2,000 and RM4,000 will receive RM500.

– A RM200 one-off aid for higher institution students.

– Free Internet from next month till the end of the movement control order.

– Discounts of between 15 and 50 per cent for electricity usage up to a maximum of 600kW a month for six months from next month’s bill.

– Exemption of rental for those staying at Projek Perumahan Rakyat and other public housing for six months.

– One off payment of RM500 for 120,000 e-hailing drivers by next month.

– Government will pay the salaries of those providing cleaning services and supply of cooked food in government agencies that were previously borne by contractors.

– Wage subsidy of RM600 a month for three months for employers with a 50 per cent drop in business since January 1 for workers with a salary of below RM4,000.

– Human Resource Development Fund levy exempted for all sectors for six months starting next month.

– Pensioners to receive RM500 one-off cash aid.

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TheMole

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