The Prime Minister, Tan Sri Muhyiddin Yassin announced the RM10 billion PRIHATIN Supplementary Initiative Package (KITA PRIHATIN) on 23 September 2020. KITA Prihatin is expected to have a positive impact on the nation’s economic growth in the fourth quarter of 2020. The KITA PRIHATIN package comprises RM7 billion Bantuan Prihatin Nasional 2.0 (BPN 2.0), RM2.4 billion Targeted Wage Subsidy Programme and RM600 million Prihatin Special Grant (GKP).
RM 7 billion Bantuan Prihatin Nasional 2.0 (BPN 2.0)
- Aim to ease cash flow challenges, and allow individuals and families to purchase their daily necessities.
- The amount of assistance channelled under BPN 2.0 is as follows:
- RM1,000 to 3.7 million B40 households
- RM500 to 3.8 million B40 singles
- RM600 to almost 1.4 million M40 households
- RM300 to 1.7 million M40 singles.
RM2.4 billion Targeted Wage Subsidy Programme
- Aim to assist companies that are still affected by the pandemic
- The main features of the Targeted Wage Subsidy Program are as follows:
- wage subsidies are given to employers who are still affected, namely companies that since RMCO are still facing lower revenues of at least 30 percent compared to last year;
- the wage subsidy is given for up to 3 months at a rate of RM600 per month for each employee up to a maximum of 200 employees;
- applications will be open from 1 October until 31 December 2020.
RM600 million Prihatin Special Grant
- Aim to ease micro entrepreneurs ‘financial burden due to the spread of the Covid-19 pandemic and ensure that more micro businesses – which are eligible but have not yet availed themselves to the GKP – are able to obtain this assistance
- Eligible to be applied by micro-traders registered or holding a business license with the Companies Commission of Malaysia (SSM) or Local Authorities (PBT) until 31 August 2020
- Payment is targeted to be made starting 25 November 2020
Full speech of the KITA PRIHATIN package is available here.