Hello Grasshoppa,
Recently I have learned a new skill where I can predict your whereabouts. I guarantee the you are reading this blog from home now. LOL. Yes, we are all at home due to the Movement Control Order (MCO) with an additional 14 days in line with the recent extension announcement by our Prime Minister . Not sure if it’s a good or bad thing but I think it’s a good thing that the government actually extended the MCO to fight against the Covid-19 virus but as a business owner, it is definitely taking a toll on my business.
While other countries were trying to fight this deadly virus, Malaysian politicians were going through an internal dispute that resulted in a change of government & Prime Minister. However, I’ve got to give credit to the new government for working extra hard to solve this. Of course, our Health Minister have came up with the best solution to “KILL” Covid-19 virus by drinking warm salt water. Not sure if you have tested it but I guess it works since he’s a doctor.
How Can Malaysians Benefit From Covid-19 Economic Stimulus Package?
Government RM250bil Economic Stimulus Package
Healthcare workers will get RM400-RM600 special allowance effective 1st April until the end of pandemic. RM200 per month additional to frontliners like customs, police officers & immigration officials.
RM10bil allocation under Bantuan Prihatin Rakyat (National Caring Aid) to be paid to B40 & M40 group. B40 group will be entitled for RM1600 which will be paid in 2 transactions. M40 group will be entitled for RM1000 which will be transferred in April & May.
Singles in Malaysia above 21 with income below RM2000 will get RM800 & singles with income between RM2000-RM4000 will get RM500.
Students of higher education institution will get RM200 one-off.
E-Hailing drivers will get RM500 in April. Taxi drivers will get RM600 one-off.
Government Pensioners to get RM500 one-off.
Government will provide wage subsidies of RM600 x 3 month for business that drops 50% since early of the year for the workers salary below RM4000.
15% discount for electric bills for 6 months. (April – September 2020)
Early payment of Bantuan Sara Hidup (BSH) effective March 2020 worth RM200 & additional RM100 in May 2020. Another RM3.7bil allocation of BSH to be paid in July.
Telco companies will also be giving free internet from April onward until the end of MCO.
Insurance & Takaful agencies to setup at RM8mil fund for Covid-19 screening test worth RM300.
mySalam National Health Protection Scheme for B40
It is a free Takaful Health Protection Scheme that was introduced by Pakatan Harapan Government during their previous time as government. Those who are quarantined as Person Under Investigation(PUI) will be entitled for RM50 per day up to 14 days.
You may also read mySalam FAQ
Perbadanan Tabung Pendidikan Tinggi National (PTPTN)
If you are still paying for your PTPTN student loan,good news for you as the government have announced a deferment of payment for the next 6 months until September 2020. In other words, you will have extra few hundreds during this period.
Employees Provident Fund (EPF)
Ex Prime Minister Tun Mahathir have announced earlier in end February on reduction of EPF contribution from 11% to 7% as part of the Economic Stimulus Package. To ease Malaysians current situation, current Prime Minister Muhyiddin has also announced RM500 withdrawal per month under EPF Account 2 for the next 12 months effective 1st April 2020. This applies for contributors below the age of 55.
EPF members can apply for EPF i-Lestari Account 2 Withdrawal Scheme effective April 2020 & the expected process time may take up to a month for your EPF savings to be deposited to your bank account. More information will be made available soon but don’t worry, you don’t have to go to EPF office to apply. LOL. The procedure can be done online.
RM500/month or RM6000/annum is a lot to some individual or families out there. Even if you don’t have the needs to withdraw it, you can also consider to withdraw it for investment purpose. With current market situation, you may able to find a good stocks with a huge discount.
Bank Negara Malaysia (BNM)
BNM has also announced 6 months grace period for loan to ease SME & individuals burden. Those loans include Housing Loan, Hire Purchase Loan, Personal Loan & Company Loan. Loans that exceed 90 days & credit card are not part of the deferment. We don’t have to go to bank to apply as it will be automatic effective April to September 2020.
Honestly it will be very helpful to many Malaysians as most of us are stuck with multiple loans. Hire Purchase Loans & Housing Loans usually take a huge chunk of our salary but with this deferment, it will actually ease most of our burden during this period.
You can also refer the Press Release by BNM & FAQ by clicking on it.
Conclusion :
Times are tough. With the MCO extension of 14 days, I guess many of us will get very unhealthy with no workout & eating packets of instant noodle. To be honest, I miss working out at my gym so much. Anyway, government effort to ease our burden may help us in a way but it may also be bad for some people. I guess some of you may be browsing some e-commerce platform during this period to buy something you don’t need. Avoid spending those unnecessary money & start saving your money. We won’t know how long will this actually last. If you have extra, you may consider investing in the curWarren Buffett once said “Be fearful when others are greedy and greedy when others are fearful”.
OSS!
