PM Announces RM35 Billion 'Penjana' Economic Recovery Plan

  • 05 Jun 2020

Prime Minister Muhyiddin Yassin today unveiled a RM35 billion national economic regeneration plan, known as "Penjana".

In a televised address, the premier said the plan, of which RM10 billion will be in the form of direct fiscal injections, was established with three main goals - to empower the people, propel businesses, and stimulate the economy, which have taken a hit from the COVID-19 pandemic, and the Movement Control Order (MCO) enforced to contain it.

This initiative is on top of the previous RM260 billion Prihatin Rakyat announced by Putrajaya, since the outbreak. 

Here are some pertinent points from Muhyiddin's speech that you ought to know: 

  • The wage subsidy programme, which allocates RM600 per worker to encourage companies to not lay off workers amid the pandemic, will be extended for another three months. It was initially supposed to last until July. 
  • Almost RM9 billion allocated by the government to address rising unemployment. It is expected to benefit some 3 million workers nationwide. 
  • A six-month employment subsidy programme RM1.5 billion given to companies to encourage them to employ jobless people. This programme is expected to benefit 300,000 people. Under this initiative, companies which employ the jobless aged under 40 will get RM800 per worker, while RM1,000 will be given for employing those aged above 40, and the disabled (OKU). 
  • Public transport users to get the My30 unlimited pass, where they can pay RM30 for unlimited rides within the Klang Valley, from June 15 to the end of this year. 
  • Childcare centre (daycare) operators to get grants for implementing and adhering to the SOPs (standard operating procedures) set by the government, for reopening. 
  • Parents to get up to RM3,000 in individual tax exemption for paying taska and kindergarten fees. 
  • RM1 billion fund to be given to the tourism industry, which is among the hardest hit in the pandemic. 
  • The government will credit RM50 into e-wallets to encourage cashless payments. This amount will be matched by RM50 in vouchers and cashbacks. 
  • Locally-assembled cars will get 100% exemption in sales tax during purchase, while for imported cars, it will be 50% exemption.
  • Free 1GB internet daily initiative have been extended until the end of the year. 

The premier further thanked frontliners for relentlessly fighting the outbreak from day one, and Malaysians in general, for abiding by the rules set to keep the spread of the disease contained. 

Muhyiddin, however, did not announce whether the Conditional Movement Control Order (CMCO), which is currently being enforced, will end on June 9 as initially stated, or will be extended further.

He urged Malaysians to continue observing social distancing, so that the infection rate remains low. 

Catch Muhyiddin's speech in full, below: 

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