Prime Minister Tan Sri Muhyiddin Yassin announces a RM35 bil short-term economic recovery plan, with RM10 bil direct cash injection from the government, bolstering state support for the economy hit hard by the global Covid-19 pandemic.
This is on top of the RM260 bil stimulus under three packages announced earlier.
The short-term economic recovery plan consisted of 40 initiatives.
Below are the key initiatives announced :
- RM5bil to extend wage subsidy programme that had already saved 2.2 million jobs.
- RM1.5bil hiring incentives that will benefit an estimated 300,000 job seekers.
- RM2bil for skill development programmes targeted for the youth and the unemployed. Expected to benefit 200,000 people.
- RM1bil for small and medium-sized tourism enterprises
- Stamp duty exemption for first-home purchases
- Sales tax exemption for locally assembled cars and 50% tax break for imported cars
- Export duty exemption for palm oil from July-December
- Tax breaks for corporate spending on temperature scanners, protective equipment and upgrading premises
- Tax deferments extended for airlines and tourism businesses
- Establishment of a national jobs task force
- Policy to be drafted for the gig economy