It has just been announced by Prime Minister Tan Sri Muhyiddin Yassin an incredibly extensive short-term economy plan. So far, each individual and sector of business has been covered in the Penjana economic regeneration plan. Scroll on down to find out what are the highlights and what you can expect in the coming months:
Top Things To Take Note From The Penjana Economic Recovery Plan:
1. RM30 Monthly Unlimited Public Transportation Pass
A MY30 Monthly Unlimited Public Transportation Pass at RM30 per month has been introduced for those in the Klang Valley. It will take place starting 15 June 2020, for the next 6 months.
2. RM50 eWallet Credit
ePenjana focusing on increasing the use of eWallets is introduced as well. Individuals will get RM50 eWallet credit along with RM50 worth of discount vouchers and cash back. It is eligible for 18 years old & above with an income of less than RM100,000 per year.
3. Extension Of Wage Subsidy Programme
The wage subsidy programme introduced under Prihatin will continue to go on for another three months. Employers may apply for the scheme as it will pay out RM600 per employee for up to 200 of them in the company.
4. Local Cars To Be Exempted From Sales Tax
Local brand cars will be exempted from 100% of its sales tax, while foreign brand cars are to be exempted from 50% of its sales tax.
5. Home Ownership Campaign To Roll Out
Home Ownership Campaign will provide stamp duty exemption for houses worth up to RM2.5 mil. Property Tax exemption for individuals until 2021 and increased financing limit to RM600,000 for third party property owners for the entire campaign period
6. Hiring Incentives For Unemployed
RM800 to be given each month for workers under the age of 40 and RM1,000 a month for workers above the age of 40 or those who have special needs. This will be provided for six months.
7. Fresh Grads Stimulus Package
RM600 per month will be given to employers who provide internships for fresh graduates.
A Grand Economic Plan For The Entire Nation To Get Back Up
This is just a mere summary of what was announced in the almost an hour long announcement by PM Tan Sri Muhyiddin. With the RM35 bil Penjana plan for economic regeneration in mind, everyone is looking at ways on how to revive the businesses and lessen economic struggles. However, with all that going on, there’s still one thing left unclear – is the CMCO ending on 9 June as announced earlier last month? We’d have to wait for another timely announcement from the PM. For now, stay safe and practice the new normal!
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