Prime Minister Tan Sri Muhyiddin has announced additional support will be added to the Prihatin Rakyat economic stimulus package for small and medium enterprises (SME). There will be a total of RM10 billion stimulus package added to lessen the financial burden of the SME and help workers to continue working.
With the additional RM7.9 billion wage subsidy, all SMEs that employ up to 200 workers will get RM600 subsidy and those companies employing between 76 and 200 workers will be subsidized with RM800 per worker, whereas the firms that have less than 75 people will get RM1,200 for each worker. This will guarantee two-thirds of the total workers in this country will continue being employed.
The breakdown from Finance Minister's Twitter account
The SME subsidies are eligible for all companies that registered with the Companies Commission Malaysia (SSM) and Social Security Organization (Socso) before January 2020 and it will last for 3 months but with the condition that no workers be laid off for the next six months. Other than that, Muhyiddin also announced a special grant worth RM3,000 for micro-businesses that will cost RM2.1 billion, which is expected to benefit 700,000 micro-enterprises who registered with Inland Revenue Board, SSM, and local authorities.
With that said, Malaysians are to be less burden in unemployment and financial support during this MCO period. As per usual, do stay at home and take good care of your own hygienes. Stay tuned for more local news updates on TechNave.com!
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