PUTRAJAYA, June 5 — In the face of the economic challenges following the global COVID-19 pandemic, the government today unveiled the National Economic Recovery Plan (PENJANA) to empower the people and stimulate the economy.
Prime Minister when announcing the short-term plan themed “Building the Economy Together”, said that it was also aimed to propel businesses.
The plan features 40 initiatives worth RM35 billion to boost sustainable economic recovery, RM10 billion of which is a fiscal injection from the government.
The key agenda in empowering the people is to tackle the people’s concern of losing their jobs and source of income as many economic activities had been badly affected following the implementation of the Movement Control Order (MCO) since March 18.
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The government also allocated almost RM9 billion, which will be channelled through various initiatives, to tackle the rising rate of unemployment and to ensure job sustainability, which is expected to benefit three million workforces in the country.
Here’s the full list of the 40 initiatives under PENJANA:
EMPOWER PEOPLE:
1. Wage Subsidy Programme – RM5 billion
2. National Employment Services Job Portal Upgrade – to benefit 50,000 unemployed
3. Hiring and Training Assistance for Businesses – RM1.5 billion
4. Reskilling and Upskilling Programmes – RM2 billion
5. Gig Economy Social Protection and Skilling – RM75 million
6. Flexible Work Arrangement Incentives – RM800 million
7. Child Care Subsidy – RM200 million
8. MY30 Public Transport Subsidy – RM200 million
9. Social Assistance Support for Vulnerable Groups – RM108 million
10. PEKA B40 Healthcare Support – RM50 million
11. Internet Connectivity for Education and Productivity – RM3 billion
PROPEL BUSINESSES:
12. Micros and SMEs E-commerce Campaign – RM70 million
13. “Shop Malaysia Online” for Online Consumption – RM70 million
14. Technical and Digital Adoption for SMEs and MTCs – RM700 million
15. MyAssist SME One-Stop Shop – RM5 million
16. PENJANA SME Financing (PSF) – RM2 billion
17. PENJANA Tourism Financing (PTF) – RM1 billion
18. PENJANA Microfinancing – RM400 million
19. Bumiputera Relief Financing – RM500 million
20. SME Go-scheme for Liquidity Support – RM1.6 billion
21. Accelerated Payment Terms for GLCs and Large Corporates’ Supply Chain – to benefit companies in the supply chain of selected GLC and large corporations
22. Tax Relief for COVID-19-Related Expenses – RM600 million
23. Financial Stress Support for Businesses – RM2.4 billion
24. Social Enterprises Elevation – RM10 million
25. Spurring Set Up of New Businesses – RM300 million
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STIMULATE THE ECONOMY:
26. Dana PENJANA Nasional – RM1.2 billion
27. National Technology and Innovation Sandbox – RM100 million
28. Digitalisation of Government Service Delivery – RM20 million
29. National “Buy Malaysia” Campaign – RM20 million
30. ePENJANA Credits in e-wallet – RM750 million
31. Incentives for Property Sector – RM1 billion
32. Tax Incentives for Purchase of Passenger Cars – RM897 million
33. Extended Service Hours in the New Normal – RM20 million
34. Malaysia as Attractive Horizon for Businesses – RM50 million
35. Tourism Sector Support – RM1.8 billion
36. Arts, Culture, Entertainment, Events and Exhibitions Sector Support – RM225 million
37. Agriculture and Food Sector Support – RM400 million
38. Commodity Sector Support – RM200 million
39. Proposed COVID-19 Temporary Measures Act – to benefit manufacturers and renters
40. Sukuk Prihatin – RM500 million
-BERNAMA