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PETALING JAYA: The 2021 budget worth RM322.5bil has been designed to ensure the well-being, business continuity and economic resilience of the rakyat, with various forms of financial aid available for the B40 and M40 groups, says Tengku Datuk Seri Zafrul Abdul Aziz. (Photo).
The finance minister said that the B40 group is entitled to an automatic bank loan moratorium for three months, or the reduction of monthly installments by 50% for six months.
“They just need to inform the bank about which option is preferred,” he said, adding that 8.1 million people would receive this benefit.
Micro-entrepreneurs with debts of less than RM150,000 are also eligible to apply for the loan moratorium, starting in December 2020.
For those in the M40 group, Tengku Zafrul noted that the budget was aimed at increasing their disposable income, maintaining employment, and increasing income, either by improving skills or facilitating entrepreneurship.
Those in this income group are offered simplified bank loan repayment assistance, and borrowers only need to report their income reduction to the bank.
“They do not need to submit documents,” he said during a televised announcement on the 28th Implementation and Coordination of National Agencies Report of the Economic Stimulus Package (Laksana) on Thursday (November 12).
Tengku Zafrul said the extension of the moratorium and selective banking assistance were still in effect, as those who had lost their jobs could still request the extension of the moratorium, while those with pay cuts can request to reduce their monthly fees.
The Finance Minister emphasized that people also receive support in terms of employment and skills enhancement through the JanaKerja fund, with RM3.7bil allocated to create 500,000 job opportunities.
“This will be implemented through programs such as the Penjana Kerjaya hiring incentives, retraining and skills enhancement programs, as well as the Salary Subsidy Program.
“Under the Penjana Kerjaya program, the government will pay 40% of the monthly salary, up to RM4,000; to encourage employers to hire employees, “he said.
For the hiring of people with disabilities or people who have been unemployed for a long time, Tengku Zafrul said the government would pay 60% of their monthly salaries, capped at RM6,000 for six months.
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