Economic Stimulus Package Malaysia 2020 Epf

Prime minister tan sri muhyiddin yassin announced a rm250 billion people centric economic stimulus package prihatin which will benefit all segments of the society.

Economic stimulus package malaysia 2020 epf. The prihatin package will provide immediate assistance to lessen the burden of all especially those who are affected during the covid 19 pandemics. For more info click the button below. Of this almost rm128 billion will be channelled to preserve rakyat s welfare rm100 billion to support businesses including smes and rm2 billion to strengthen the economy.

Minimum epf contribution by employees to be reduced by 4 from 11 to 7 with effect from apr 1 to dec 31 2020. Community whose livelihood had since been somewhat affected by the covid 19. The package is anchored on 3 strategies namely mitigating the impact of covid 19 spurring rakyat centric economic growth and promoting quality investment.

Kuala lumpur feb 27 the minimum contribution rate under the employees provident fund epf will be cut from 11 per cent to 7 per cent from april 1 until december 31 this year with the aim of potentially unlocking up to. The economic stimulus package 2020 is malaysia s response to the covid 19 outbreak. This will potentially unlock up to rm10 billion worth of private consumption.

Malaysia s economic growth which had been bearish since mid january 2020. Millions of international tourists china with its travails indirectly impacted. Of six 6 months from 1 april 2020 to 30 september 2020 a special discount of 15 on monthly electricity bills will be given to six categories of businesses namely hotel operators travel agencies local airlines offices shopping malls convention centres.

Malaysia nearly half epf contributors won t have enough to last a year warns kri economist monday 23 mar 2020 06 35 pm myt by syed jaymal zahiid starting april 1 contributors below the age of 55 will be allowed to. Mitigating impact of covid 19 ease cashflow of. The prihatin economic stimulus package esp was unveiled by the prime minister on 27 march 2020.

Malaysian workers have the option to opt out from the scheme and maintain their contribution rate see also government unveils rm20b stimulus package to boost spendingspeech by interim prime minister tun. President datuk michael kang said many companies were still only. As promised i will announce the prihatin rakyat economic stimulus package worth rm250 billion which will benefit everyone.