Launch of the RM20 billion “Pemerkasa” stimulus plan
Posted on: Wednesday March 17, 2021
Prime Minister Tan Sri Muhyiddin Yassin said Pemerkasa will focus on 20 strategic initiatives to boost economic growth, support businesses and pursue targeted assistance to people and sectors that are still affected. (Photo: Bernama)
Kuala Lumpur: Prime Minister Muhyiddin Yassin announced a 20 billion ringgit economic program to revive the economy. In a televised address, he said the initiative, known as “Pemerkasa”, involved a direct tax injection of Ringgit 11 billion, FMT reported. Muhyiddin had previously announced six strategies to deal with Covid-19 and the economic recovery, the fifth strategy being to “revitalize” the economy.
Since the pandemic hit the country last March, the government has introduced various economic packages and measures amounting to some RM300 billion. Muhyiddin announced that the government will increase the budget for the national Covid-19 vaccination program from RM3 billion to RM5 billion to accelerate its goal of achieving collective immunity by December. “To achieve this goal, 15,000 workers will be placed in nearly 950 vaccination centers across the country,” he said, adding that RM200 would be given to all officials involved in the program each month. To protect workers, Muhyiddin said the Ministry of International Trade and Industry would implement an initiative called [email protected] to ensure that employers provide adequate accommodation and offices for their workers. He explained that companies registered under the [email protected] The program will have the possibility of isolating its workers identified as close contacts, placing them in a “secure work bubble”. Tax incentives of up to RM50,000 will be granted to manufacturing and service companies for expenses related to workers’ housing. Muhyiddin also announced an increase in allocations for small-scale projects costing RM2.5 billion to RM5 billion, and that the government would simplify its project procurement process to facilitate the implementation of these projects. .
He also said that the government, through various agencies, would provide an additional 500 million ringgit for microcredit facilities, in addition to the billion ringgit allocated in the national budget. Prihatin’s special grant has been extended for the third time, where micro-enterprises, as well as small and medium-sized enterprises (SMEs), can receive a one-time payment of RM1,000 from April 1. The government will expand its recruitment incentives to include temporary workers and temporary workers with an allowance of RM 300 million for some 60,000 workers. Companies registered with the Social Security Organization (Socso) and offering jobs to this group of workers will receive 200 RM for each worker hired. The hiring incentive program, PenjanaKerjaya, will also continue for an additional six months and interns under the program will receive an incentive of RM800 per month. The wage subsidy program will be extended for another three months, with a total of RM700 million allocated, especially for the tourism, wholesale and retail sectors, as well as other businesses that were closed during the MCO. . Muhyiddin also said that Bank Negara has increased the Targeted Relief and Recovery Facility for SMEs by RM 2 billion and the automation and digitization facilities by RM 700 million. This brings the total amount of facilities provided by Bank Negara to SMEs to RM 6 billion. In an effort to encourage SMEs to embrace automation to help reduce their dependence on foreign workers, SME Bank will provide loans worth 200 million ringgit to finance the purchase of machinery and equipment. ‘equipment. Meanwhile, the government will provide RM300 to households to purchase devices for their school children from May. “I urge telecom companies to offer affordable internet plans and continue to provide additional data quotas,” Muhyiddin said, adding that the Malaysian Communications and Multimedia Commission will launch a program to collect and repair laptops. used before distributing them to the “Internet”. community centers ”. * Subscribe to the official Daily Express Telegram and or WhatsApp channel (s) for the latest news you don’t want to miss * Do you have access to the Daily Express electronic newspaper and exclusive online news? Check subscription plans available