PM announces additional RM 10 billion aid

(Photo by Mohd RASFAN / AFP)

Prime Minister Tan Sri Muhiyiddin Yassin has announced an additional RM 10 billion to help sustain SMEs and retain employment nationwide.

The announcement made by the PM increases total wage subsidies to RM 13.8 billion, which is expected to benefit 4.8 employees nationwide.

Further measures included special grants worth RM 3,000 that will be offered to micro finance companies. This is expected to benefit up to 700,000 micro SMEs.

Additionally, companies with up to 75 employees will receive RM 1,200 in wage subsidy for each employee while organisations with 76 to 200 employees will receive RM 800 in wage subsidy.

Companies with more than 200 employees will receive wage subsidies of up to RM 600.

The wage subsidies are granted for up to three months and for employers who have registered under SSM before January 1.

The Government has also allocated RM 200 million in order waiver Micro Credit Scheme interest rates from two percent to zero percent while easy loan schemes for micro SMEs will be extended to a limit of RM 10,000 with zero percent interest rate.

SMEs renting in government buildings will either receive rental discounts or be exempted from paying rents.

Putrajaya has also announced a 25 percent levy for foreign workers starting April 1 until the end of the year.

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