Government introduces 40 initiatives worth RM35 billion under PENJANA

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© Jurairat Saechan/ 123RF

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

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