Business Economics Local

Covid-19: Forty initiatives under National Economic Recovery Plan

Written by TheMole

KUALA LUMPUR — June 6 2020: The post Covid-19 National Economic Recovery Plan (Penjana) unveiled by Prime Minister Tan Sri Muhyiddin Yassin yesterday consists of 40 initiatives worth RM35 billion.

Some of the main points:

Empowering the people:

1. Wage subsidy — RM5 billion

2. Hiring and training assistance for businesses — RM1.5 billion

3. Flexible work arrangement incentives – RM800 million

4. Child-care subsidy — RM200 million 

5. Social assistance support for vulnerable groups – RM108 million 

6. Gig economy, social protection and skilling — RM75

Propelling businesses:

1. Penjana SME financing – RM2 billion

2. Tourism financing — RM1 billion

3. Bumiputera relief financing — RM500 million

4. Tax relief for Covid-19-related expenses – RM600 million

Stimulating the economy:

1. Incentives for property sector — RM1 billion

2. Tax incentives for purchase of passenger cars- RM897million

3. Agriculture and food sector support — RM400 million

4. Arts, culture, entertainment, events and exhibitions sector support — RM225 million.



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