The Government of Malaysia under the leadership of the Prime Minister is committed to helping its citizen who is in need, especially during the COVID-19 pandemic.
For that reason, PENJANA (Pelan Jana Semula Ekonomi Negara) or the National Economic Recovery Plan is introduced. The Government is taking an inclusive and holistic approach to Malaysia’s economic recovery, and it is important that everyone is part of this journey.
Towards this end, PENJANA will focus on 3 key thrusts:
- Empower People
- Propel Businesses
- Stimulate the Economy
For more info, please visit the PENJANA’s website.
Here are some of the initiatives introduced under the PENJANA for quick reference:
Wage Subsidy Programme
To promote employee retention and reduce layoffs by extending the wage subsidy programme. Employers are given wage subsidy to retain their employees with a salary below RM 4,000
Social Protection for Gig Economy Workforce
To promote gig economy and provide a social safety net system for the gig economy and informal sector workforce
PENJANA Kerjaya
The Hiring Incentive Programme, PENJANA Kerjaya is an economic recovery initiative under Ministry of Human Resource, administered by SOCSO’s National Employment Services to promote job creation among employers while increasing employment prospects. #PENJANAKERJAYA
Special Aid for Childcare Centres
Incentives to encourage child care centres to comply with the new normal and to incentivise certification of early education practitioners
Social Support for Vulnerable Groups
To provide social assistance to vulnerable groups such as the Disabled and Single Mothers
Internet for Education and Productivity
Expanding network coverage and capacity to maintain telecommunication network availability and quality
EPF i-Lestari Withdrawal Facility
The i-Lestari Withdrawal Facility is intended as a financial relief to assist EPF Members during the current period of COVID-19 pandemic and is effective until 31 March 2021.
PRS Pre-Retirement Withdrawals
Temporarily allows early withdrawal of up to RM1,500 from Private Retirement Scheme (PRS) account B without tax penalty from April to December 2020
Funds to Assist SMEs
Additional fund of RM 500 million under the Micro Credit Scheme through BSN at 2% interest rate without collateral Financing up to RM 300,000 to SMEs with businesses less than 4 years under CGC
Micro and SMEs E-Commerce Campaign
Eligible Micro, Small and Medium-Sized Enterprises (MSMEs) will be on-boarded onto e-commerce to shift towards business digitalisation. Participating e-commerce platforms will support MSMEs in on-boarding training, seller subsidy and sales support
SMART Automation Grant
SMEs and mid- tier companies in the services sector are now able to kickstart their digital adoption journey and increase their digital capabilities to continue striving forward in this new norm. Each successful application will receive up to 50% of the total project cost, subject to a ceiling limit up to RM200,000 or, whichever is the lowest
MyAssist SME One Stop Centre
To provide guidance and facilitate the recovery process for Micro enterprises and SMEs. An online one-stop business advisory platform for the Micro enterprises and SMEs will be set up to enhance the outreach of the existing physical SME Hub
Bumiputera Entrepreneurship Financing
To ensure sustainability of Bumiputera entrepreneurs through financial support. Financing can be applied from PUNB as well as MARA
SME Go Scheme
To assist contractors who have been awarded a contract from Federal or State Governments, Ministries, Departments or Agencies. The contract will be financed by SME Bank via MySMEBina for construction or infrastructure contracts and/or MySMEBekal for supply or maintenance contracts.
Shop Malaysia Online
The Shop Malaysia Online campaign is to encourage e-commerce consumption using e-vouchers which is co-funded by the government and e-commerce platforms.
PENJANA Tourism Financing
To finance transformation initiatives by SMEs in the tourism sector to remain viable and competitive in the new normal
Social Impact Matching (SIM) Grant
The SIM grant totaling RM10 million, a PENJANA initiative, was introduced to support social enterprises and social innovation in Malaysia. For every ringgit earned through crowdfunding, SIM Grant will match that amount, in a 1:1 ratio.
Buy Malaysian Campaign
Promotes the consumption of local products and services through the “Buy Malaysian” campaign by the Government and relevant agencies, ensuring local product tagging or identification is compulsory for big supermarket chains and create dedicated Malaysian products channels on major digital platforms
ePenjana
To encourage e-wallet usage for safe, contact-free payment experience and to boost consumer spending
National Technology and Innovation Sandbox
To encourage innovation and creativity that can propel the digitalisation of service delivery
Dana PENJANA Nasional
To support the digitalisation of Malaysian businesses by channelling funding from international investors into the local venture capital space
Agriculture and Food Sector Support
To provide financial relief for agriculture and food players affected by COVID-19 and MCO