Finance Minister: RM11.996 Billion Approved For Wage Subsidy Programme

Alex Cheong Pui Yin

22nd October 2020 - 2 min read

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said that RM11.996 billion worth of wage subsidies has been approved under the Wage Subsidy Programme as of 9 October.

According to the minister in the 26^th LAKSANA report, the approved amount is expected to benefit 322,134 employers and 2.6 million employees. The Wage Subsidy Programme was first introduced under the PRIHATIN economic stimulus package, running from April to June. It was later extended to September under the PENJANA economic recovery plan, and then prolonged once more until December via the KITA PRIHATIN economic package. Both extensions saw some amendments to the conditions for application, although the subsidy provided is unchanged at RM600.

The latest LAKSANA report also contained updated figures on several other stimulus package initiatives that have been implemented by the government, such as the RM50 ePENJANA credit programme. The programme, which ended on 30 September, provided eligible individuals with RM50 worth of e-wallet credit to encourage consumer spending. Tengku Zafrul noted that the programme had benefitted 11.36 million people, amounting to a total disbursement of RM567.9 million.

(Image: The Sun Daily)

“The e-wallet providers – such as Boost, GrabPay, and Touch ‘n Go eWallet – have also contributed benefits in the form of credit matching and various other incentives, amounting to RM433.8 million in an effort to boost the Malaysian economy,” said Tengku Zafrul.

Other highlights mentioned in the report include the PENJANA financing initiative to assist small and medium enterprises (SMEs), and the PENJANA Credit Micro Financing initiative for SMEs and micro SMEs in the retail and services sector (offered under Bank Simpanan Nasional). Tengku Zafrul also commented that the Finance Ministry is in the process of drafting Budget 2021, holding joint sessions between ministries to discuss proposals as well as operational and development needs.

You can read the 26^th LAKSANA report in full here.

(Source: The Star)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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