Malaysia financial news: As of January 29, the Ministry of Finance Malaysia (MoF) has approved the Wage Subsidy Programme 1.0 (WSP). The wage has a total of RM12.76 billion.
WSP is the government’s effort to help employers experiencing revenue loss of above 50% since January 2020. Furthermore, the WSP covers for a total of six months, effective from 2020 April 1 or from the month applied.
Based on the 40th Implementation and Coordination Unit Between National Agencies (LAKSANA) report, Tengku Zafrul Abdul Aziz, Malaysia’s Finance Minister said the beneficiaries of the WSP 1.0 are 2.64 million employees and 322,177 employers.
Moreover, the employers who get the subsidiary are under the National Economic Recovery Plan (PENJANA) and the Prihatin Rakyat Economic Stimulus Package (PRIHATIN).
Meanwhile, WSP 2.0 under the Prihatin Supplementary Initiative Package (KITA PRIHATIN) has released a total of RM741.16 million to 64,345 employers. This is to enable them to retain 518,793 employees and ensure continuous operation.
MoF has also introduced targeted WSP to assist the tourism and retail sectors under Budget 2021. While sectors that are affected by the imposition of the Movement Control Order (MCO) this year are eligible to receive WSP 3.0. He also said that this WSP 3.0 is under the Malaysian Economic and Rakyat’s Protection Assistance Package (PERMAI)
MoF plans to create more job opportunities
Malaysia financial news: The Finance Minister has expected to generate more than 160,00 jobs via committed investments in 2021. This plan has to combine initiatives from the National Employment Council and MoF.
Tengku Zafrul said that Malaysia has reached 4.8 unemployment rate at the end of December 2020. Hence, he hopes that the joint efforts by multiple parties can decrease the unemployment rate in the following months.
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