In response to the possibility of an economic fallout due to the coronavirus pandemic, a new economic stimulus package was recently announced valued at RM250bn. The plan benefits are eligible for all locals in general that include private workers, FELDA settlers, farmers, fisherman, small traders and any individuals that belong to the M40 group.

 

How much money is it for individuals?

The eligible category and payments schedule for the following:

Households earning RM4,000 and below will receive payment of RM1,000 in April and RM600 in May

Households earning RM4,001 – RM8,000 will receive payment of RM500 in April and RM500 in May

Single individuals aged 21 years and above earning RM2,000 and below will receive payment of RM500 in April and RM300 in May

Single individuals ages 21 years and above earning RM2,001 to RM4,000 will receive payment of RM250 in April and RM250 in May

Students in higher education will receive payment of RM200 in May

Civil Servants and Pensioners will receive RM500 in April

E-hailing and taxi drivers will receive a one-off payment of RM500 in addition to the earlier RM600.

 

What other benefits are included in the package?

Workers

Employees earning RM4,00 monthly and below will receive a payment of RM600 a month for three months

Employees forced to take unpaid leave from March or contributors to the EIS earning below RM4,000 a month will receive a payment of RM600 a month for six months

Employees who lost their source of income or were not paid during MCO will receive a payment of RM100 daily.

Medical staff including doctors and nurses will receive a payment of RM600 a month starting on April 1st until the end of the pandemic

Police, customs, immigration, armed forces and voluntary corps involved in enforcing the MCO will receive a special allowance of RM200.

 

Telecommunication

Free Internet access to all customers starting from April 1 until the end of the MCO

 

Electricity

Discounts of between 15% and 50% will be offered on electricity usage up to a maximum of 600kW a month. All households will be able to enjoy a discount of 2% for six months starting from April 1st.

 

B40

Individuals under MySalam can claim RM50 per day for 14 days if they are undergoing hospital treatment for COVID-119 or individuals under quarantine

Six-month rent exemption for PPR residents

 

Higher education students 

PTPK loans deferred for six months starting from April 1st till September 30th

PTPTN loan repayment deferment until September 30th

 

Private Retirement Scheme

Withdrawal of up to RM1,500 from Account B without incurring penalties from April to December 2020

 

Income tax deadline extended by two months until June 30th

 

EPF withdrawal(members under 55) of up to RM500 from Account 2 until March 2021

 

Those who are eligible will receive a payment of RM500 zakat from Federal Territories Islamic Religious Council in early April

 

Muslim applicants who have been staying in Selangor for at least three months with household income below RM4,360 or those who are affected due to the outbreak will receive a payment RM200 to RM500 from Lembaga Zakat Selangor from April 6th

 

Will I have to apply to receive a payment?

For those who are eligible for financial assistance under the stimulus package, you are required to register with the Inland Revenue Board(IRBB). For those who have previously registered for Bantuan Sara Hidup(BSH) need not register. Households and individuals will receive their payment via their bank accounts linked to BSH and LHDN. For those who have not registered, new applications can be made starting April 1st via LHDN’s website at http://www.hasil.gov.my/.

 

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You Jing is a content writer who writes career and lifestyle contents to inspire job seekers and employers alike on their journey to work-life balance, empowerment and transformation in their career path.

Reach me at youjing@jobstore.com

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