Malaysian

4 Initiatives In The Economic Stimulus Package That Can Help Self-Employed M’sians

On March 27, 2020, Prime Minister Muhyiddin Yassin made his official announcement as to the ways that the government would help Malaysians with a new Economic Stimulus Package or Pakej Rangsangan Ekonomi Prihatin Rakyat (PRIHATIN).

While not explicitly stating that these initiatives are geared towards the benefit of self-employed Malaysians, these could still alleviate their burden during the COVID-19 pandemic and Movement Control Order (MCO).

1. Relief For E-Hailing And Taxi Drivers

For full-time e-hailing drivers, the MCO has severely affected operations and rides.

Therefore, a one-off payment of RM500 will be given to about 120,000 drivers in total, with an allocation of RM60 million.

On the other hand, taxi drivers will be compensated with RM600 starting April 1, 2020.

2. Increasing The Skim Kredit Mikro Loan Amount

RM500 million has been allocated under the Skim Kredit Mikro initiative to provide micro-entrepreneurs (those in the creative industry, online merchants and small-time business owners, etc.) with lower-interest repayments.

Interest has been lowered to 2%.

The amount that can be loaned out has also increased from RM50,000 to RM75,000 for each micro-entrepreneur.

3. Delay Of PTPTN Loan Repayment

Although not a one-off payment, this stimulus also includes the delay of PTPTN student loans to all borrowers for a period of 6 months.

This affects a total loan amount of RM750 million.

This initiative will start from April 1, 2020 and will be in effect until September 30, 2020.

For all of those who are self-employed, it’s very possible that an income set in stone is not possible.

Therefore, the delay of PTPTN loan repayments is in fact a huge load off your shoulders.

4. Free Internet During MCO

If you’re used to paying hefty WiFi prices to work from home, you won’t have to do so starting April 1, 2020 up until the end of the MCO.

Free Internet service will be provided (worth RM600 million) and RM400 million more will be allocated to maintaining and improving coverage.

Featured Image Credit: Muhyiddin Yassin FB

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