BIG HELP: FOR SMALL AND MEDIUM BUSINESS [ECONOMIC PACKAGES]
1. Wage Subsidy
- More than 200 workers-RM600 per employee
- 76-200 workers-RM 800 per employee
- Below 76 workers-RM 1200 per employee
Terms and Condition
The employer must be able to demonstrate a decrease in revenue of at least 50% from January 2020 compared to the following months;
The wage subsidy is only in respect of employees who are earning RM 4,000 and below a month;
The employees must be registered with and contributing to the Employment Insurance System (“EIS”)
Disqualified for the Application
- Employers and employees who are not registered with and/or have not contributed to EIS;
- Employees who are earning above RM 4,000 a month
- Employees who have already been dismissed
- Civil servants or employees of statutory bodies and local authorities
- Foreign employees and trade officers
- Freelancers or independent contractors
2. Initiative for SMEs
- Interest-free RM10, 000 easy loan for companies under Tekun Nesional
- Abolish interest rate for micro credit scheme under Bank Simpanan Nasional
- Rental exemptions and discounts for premises owned by Government-Linked Companies (GLCs)
- Additional Tax deductions for premises owners who reduce or waive rentals by at least 30%
- Up to 25% reduction in foreign worker’s levy (Tax or fee) whose permits end between April 1 and Dec 31,200
3. Prihatin Special Grant
- RM3000 for about 700,000 micro small and medium businesses nationwide
- Must be registered with LHDN
- Local authorities and CCM will identify eligible micro SMEs
