Malaysian Prime Minister Anwar Ibrahim just announced a slew of financial aid to help Malaysians deal with inflation this year!
Anwar Ibrahim Announces Financial Aid For Malaysians!
On Thursday, 27 July 2023, Malaysia Prime Minister announced a slew of financial aid during the launch of Ekonomi Madani: Memperkasa Rakyat (Madani Economy: Empowering the People) in Kuala Lumpur.
Here is a summary of the financial aid Anwar Ibrahim announced to help Malaysians deal with inflationary pressures this year.
Adults Earning Less Than RM100K To Get RM100
The Malaysian government will give RM100 e-Tunai cash incentive to all Malaysian citizens aged 21 years and above, earning RM100,000 or less in annual wages.
This cash incentive will be distributed via e-wallet, based on the success and impact of the e-Belia Rahman e-wallet credit rollout programme in the past. This incentive is also expected to spur digital payments, and the economy.
The government estimates that this cash incentive will benefit 10 million citizens in the B40 and M40 categories, and cost the treasury about RM1 billion (about US$ 220.9 million).
The estimated number of eligible recipients is expected to be around 10 million Rakyat comprising those of the B40 and M40 with allocations of around a billion ringgit.
Recommended : Bantuan Tunai Rakyat Malaysia 2023 Scam Alert!
Civil Servants To Get RM300
Civil servants at Grade 56 and below will receive RM300 in special assistance aid within the next two weeks.
This special assistance is expected to benefit 1.3 million civil servants, while they wait for the adjustment of their salaries and allowances.
Government Pensioners To Get RM200
Government pensioners will receive RM200 in special assistance aid within the next two weeks. This special assistance is expected to benefit over a million pensioners.
Civil Servant Salaries To Be Reviewed
The Malaysian government will review the salaries of civil services, and adjust them according to the nation’s financial ability.
Minimum Wage To Be Reviewed
The Malaysian government will review the minimum wage, and explore the progressive wage model to reduce reliance on foreign workers.
120% Financing For Homes <RM300K
The Malaysian government will enhance the Housing Credit Guarantee Scheme (HCGS) provided by the Housing Credit Guarantee Company Berhad (SJKP).
The SJKP will now provide housing loans of up to 120% of the house’s value, for houses worth up to RM300,000. This will allow purchasers to cover the legal cost of the purchase, as well as renovations and furnishing their home.
The government will guarantee the scheme with a fund of RM5 billion (about US$1.1 billion).
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