Putrajaya set to introduce economic revitalisation plan worth RM 35 billion

(Photo by Mohd RASFAN / AFP)

The government is set to introduce a RM35 billion’s worth National Economic Revitalisation Plan as part of its initiative to revitalise the economy in the wake of the coronavirus pandemic. RM 10 billion will be set aside as fiscal injection.

In a televised address, Prime Minister Tan Sri Muhiyiddin Yassin said that the plan will feature 40 initiatives.

In a breakdown, he further announced that the Government has allocated RM 9 billion set benefit three million workers dealing with unemployment.

Additionally, aid in the form of matching grants worth RM50 million will be allocated to the gig economy platform for workers who contribute under SOCSO Employment Disaster Scheme & EPF i-Saraan.

Putrajaya will also be allocating RM 75 million to aid the gig economy, and in order to further encourage freelancing, MDeC will allocate RM25 mln for the Global Online Workforce (GLOW) programme.

Furthermore,  the Wage Subsidy Programme will be extended for another three months while 300,000 disabled people (OKU), single mothers registered with Welfare Dept eligible to receive one-off payment of RM300 each before Aidiladha.

Financial incentives will also be introduced for companies to offer jobs to the unemployed and the youths. As for SMEs and mid-tier companies, Putrajaya will also be allocating grants and loans to qualifying companies.

As part of the efforts to encourage spending via e-commerce platform, the Government will be introducing the Shop Malaysia Online.

Full sales tax exemption will also be implemented on locally assembled passenger cars with 50 percent sales tax exemption on imported passenger cars throughout the period of June – December 2020.

“I am confident the initiatives introduced will revitalise the economy and further instill confidence among foreign investors,” the Prime Minister said.

 

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