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      Planning & Budgeting

      Can You Get Aid from the Government’s Economic Recovery Plan?

      • Posted by Multiply
      • Categories Planning & Budgeting
      • Date June 18, 2020
      Can You Get Aid from the Government’s Economic Recovery Plan? 1 - Multiply - Planning & Budgeting

      As we start to recover from the Covid-19 crisis, the government has announced more aid and programmes to rebuild our lives and the economy. These are some benefits which you could get from one or more of the following categories: 

      Category Aid
      Work-from-home workers

      • Individual income tax exemption of up to RM5,000 for workers who get a handphone, notebook & tablet from their employer to work from home (from 1 July 2020).
      • Special individual income tax relief of up to RM2,500 for buying a handphone, notebook & tablet (from 1 June 2020).
      • PERKESO coverage under the Employment Injury Scheme for workers who get hurt while working at home.
      Working parents
      • RM800 in e-vouchers per household for mobile childcare services, valid until end-August 2020.
      • Higher income tax relief for childcare spending from RM2,000 to RM3,000 for 2020 and 2021 tax filing.
      General public
      • RM30 monthly travel pass to cover unlimited use of MRT, LRT, Monorail, Bus Rapid Transit, RapidKL and MRT feeder buses. 
      • Free 1Gb of Internet per day between 8am to 6pm, currently available from  Maxis, Celcom, Digi, Telekom Malaysia (TM), U Mobile, Tune Talk and Yoodoo.
      • RM 50 of e-wallet credits, plus RM50 in e-wallet vouchers, cashback and discounts for offline/physical spending, available for Malaysians 18 years and older who make less than RM100,000 annually. If you are eligible, you will need to download the Ministry of Health’s MySejahtera location tracking and health self-assessment app to help stop the spread of Covid-19 to get the e-wallet credits and benefits.
      Single mothers and the disabled
      • One-off RM300 cash aid for the disabled and single mothers registered with the Department of Social Welfare. Unregistered single mothers can register at http://www.jkm.gov.my/ until December 2020.
      Home ownership
      • Stamp duty exemption on legal documents for the transfer of ownership (instruments of transfer) and loan agreements for houses costing between RM300,000 and RM2.5 million, with a minimum discount of 10% from developers. The exemption on the instrument of transfer is limited to the first RM1 million of the house price. Full stamp duty exemptions will be given on loan agreements for houses in the RM300,000-RM2.5 million range, where sales and purchase agreements are signed between 1 June 2020 and 31 May 2021.
      • Real Property Gains Tax (RPGT) exemption for houses sold from 1 June 2020 to 31 December 2021, limited to three properties per person)
      • Removal of the 30% downpayment limit for the third housing loan onwards for properties worth RM600,000 or more until further notice.
      Car ownership
      • 100% sales tax exemption for cars assembled in Malaysia.
      • 50% tax exemption for imported cars.
      Unemployed To encourage companies to hire these unemployed groups, the Government will provide the following incentives to companies:

      • Youth: RM600 a month for up to 6 months for apprenticeships for school leavers and graduates.
      • Unemployed workers: 
        • Under 40 years: RM800 per month for up to 6 months for employing these workers.
        • 40 years and above: RM1,000 per month for up to 6 months for employing these workers. 
      • RM4,000 training allowance per individual to retrenched workers not covered by the Employment Insurance Scheme (EIS).
      Gig economy workers
      • To make sure gig economy workers are protected, a RM50 million matching grant will be given to gig economy platforms who contribute towards PERKESO’s employment injury scheme of up to RM162 and EPF’s i-Saraan contribution of up to RM250 a year.
      • MDEC will get RM25 million for the Global Online Workforce (GLOW) programme to train Malaysians to earn income by working for international clients from home. To learn more about GLOW, visit https://glowmalaysia.com/.
      B40
      • RM100 million for the PEKA B40 Programme to fund health screening, medical device assistance, cancer treatment and transport subsidy for healthcare.

      In addition to the above, the government’s economic recovery plan includes upskilling and reskilling programmes, incentives for employers to hire or keep their workers and aid for economic sectors. This could also mean indirect benefits for individuals like you.

      You can refer to https://penjana.treasury.gov.my/ for full details on the recovery plan. We’ll also update this post when the government shares more details.

      Tag:Planning & Budgeting

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