MCO 3.0 financial aid for employees & the self-employed

On May 31, 2021, Prime Minister Muhyiddin Yassin made an announcement regarding an aid program to be deployed in light of MCO 3.0.

PEMERKASA + is worth 40 billion RM, with 5 billion RM in direct tax injection. It has three main objectives:

  • Increase the capacity of the public health system
  • Continue the previous wellness programs under the Prihatin Rakyat agenda
  • Helping businesses overcome tougher foreclosure

For employees and the self-employed, these are the specific initiatives that you will benefit from.

1. Bantuan Prihatin Rakyat

The government allocates RM 2.1 billion for Bantuan Prihatin Rakyat the funds being split from the end of June as such:

  • An additional RM500 for households with a monthly income of up to RM2,500
  • An additional RM300 for households with a monthly income between RM2.501 and RM5,000
  • An additional RM100 for those who are single

2. Wage subsidy program

There will be a one-month wage subsidy program under PERKESO, worth RM 1.5 billion. It will benefit 2.5 million eligible employees and 200,000 employers. Each employer is limited to 500 employees per application.

3. One-off assistance to tourism and travel stakeholders

68 million RM will be used to provide one-time assistance of 500 RM to employees and self-employed in the tourism and travel sector:

  • 17,000 tourist guides
  • 40,000 taxi drivers
  • 11,000 school bus drivers
  • 4000 tourist buses
  • 62,000 drivers of rental cars and electronic telephony

4. Sanctions appeals and postponements

The Inland Revenue Board will review penalty appeals and defer payment of penalties until 2022. At the same time, it will reschedule payment of back taxes for affected taxpayers and businesses.

5. An automatic moratorium on loans

Those in the B40 who have suffered loss of income will be eligible for an automatic 3-month loan moratorium. This also applies to SMEs that do not operate during the lockdown.

Eligible parties can choose to resume the moratorium or pay their loan installments at a reduced rate of 50% over 6 months. Up to 5 million borrowers worth RM 30 million would benefit from this initiative.

  • You can read more about the economic stimulus packages here.

Featured Image Credit: Muhyiddin Yassin

Our sincere thanks to
Source link

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *