A helpful guide compiling Coronavirus relief and stimulus measures affecting Malaysians’ personal finances.
Updated: Jun 6, 2020
- Ministry of Health (MOH) Malaysia on Covid-19 (moh.gov.my)
- Prime Minister’s Office on Covid-19 (pmo.gov.my)
- World Health Organization Global Situation on Covid-19 (who.int)
We are a nation at war with invisible forces. The situation we are now facing is unprecedented in history. And, this government may not be the government that you voted for. But I want all of you to know that this government cares for you. I resigned to the fact that I came in as your Prime Minister not at the best moment. I face political, economic and health crisis all at the same time.
This unprecedented situation of course requires unprecedented measures. So, my dear brothers and sisters, and the children of this beloved country, whether you are a Malay, Chinese, Indian, Sikh, Iban, Kadazan, Dusun, orang asal, please bear with me and my friends in the cabinet and the government. We are not perfect, but we are doing the best we can to pull through this crisis together, as one nation. God willing, we will come out stronger when this crisis ends and the dust settles. InsyaAllah.
~Muhyiddin Yassin, Malaysia’s Prime Minister
Individuals & Families
- EPF i-Lestari EPF Account 2 RM500 x 12 months from April 2020 – March 2021 (ilestari.kwsp.gov.my)
- Internet: Free internet from April 1, 2020 until end of MCO
- PRS: RM1,500 withdrawal from PRS Sub Account B with no penalty from April 1 – December 31, 2020.
- TNB: electricity bill discount for usage up to 600kWh/month.
- Below 200 kWh: 50% discount
- 201 kWh-300 kWH: 25% discount
- 301 kWH- 600 kWH: 15% discount
- Credit and Relief Facilities
- Special Relief Facility for SMEs: RM3b at rate of 3.5% (previously 3.75%).
- Micro Credit Scheme RM700m allocation: up to RM75,000 at 2% rate without guarantor.
- CGC BizMula-i and BizWanita-i loan for SMEs operating below 4 years: up to RM300,000
- SJPP increase of loan guarantee rate to 80% (previously 70%) for SMEs facing difficulty getting loans.
- EPF employer consultative services to defer, restructure and reschedule employer EPF contribution.
- HRDF contribution levy 6 months suspension from April 1, 2020.
- LHDN SMEs tax payment deferment for 3 months starting from April 1, 2020
- TNB electricity bill discount for Residential, Commercial, and affected Sectors (tnb.com.my)
- Businesses in 6 affected sectors: 15% discount
- Commercial (Other than the 6 sectors: additional 2% discount
- Wage subsidy program for employees earning below RM4,000. No pay cut or unpaid leave allowed and have to retain employees for minimum period of 6 months. Update: April 6, 2020: Subsidy given to employers will be increased from RM5.9 billion to RM13.8 billion
- Companies > 200 people: RM600 per employee up to 200 employees (previously 100).
- Companies 76 to 200 people: RM800 per employee.
- Companies < 76 employees: RM1,200 per employee.
- Gerak Khas Prihatin (GKP) RM2.1 billion worth of grant will be given to SMEs registered with LHDN for an amount of RM3,000. (gkp.hasil.gov.my)
- Rent exemption or discount is given to companies using any government premise.
- Private landlords that reduce rents by at least 30% for SME tenants will be given a tax cut based on the amount reduced from April to June.
- Levy reduction of foreign workers (except house helpers) by 25% for those permits expiring in 2020.
- Submission of documents to “Suruhanjaya Syarikat Malaysia” (SSM) will be delayed by 30 days for SMEs.
- SMEs with financial year ending September to December 2019 will be given a 3-month delay in submitting income statements with no late fee charges with application to SSM for extension.
Income Aid/Loss of Income
- Bantuan Prihatin Nasional (BPN) one-off payment:
- Household income RM4,000 below: RM1,600 (April RM1,000 + May RM600)
- Household income RM4,001 – RM8,000: RM1,000 (April RM500 + May RM500)
- Single individuals age 21 above with monthly salary RM2,000 below: RM800 (April RM500 + May RM300)
- Single individuals age 21 above with monthly salary RM2,001 – RM4,000 : RM500 (April RM250 + May RM250)
- Students in institutes of higher education: RM200 (May)
- e-Hailing drivers: RM500 one-off payment (April).
- Taxi drivers: RM600 one-off payment (April).
- Front liners: special allowance to front liner medical industry personnel (Doctors, nurses) increase from RM400 to RM600 monthly from 1/April until end of Covid-19. RM200/monthly to police, army, customs, RELA to all those involved in the direct efforts of the MCO from 1/April until end of Covid-19.
- Government servants grade 56 and below: RM500 one-off payment (April); Retirees: RM250 one-off payment (April).
- MySalam for B40: RM50 for loss of income up to 14 days due to admission/quarantine from Covid-19
- NADMA (National Disaster Management Agency) RM100 daily special aid (Bantuan Khas Covid-19) (nadma.gov.my)
- Qualification: Employed Malaysian citizen undergoing quarantine or treatment for Covid-19
- Perkeso Employment Retention Program (ERP) for employees with EIS affected by Covid-19 (perkeso.gov.my)
- Affected: Employee on unpaid leave by employers economically affected by Covid-19
- Eligibility: Employment Insurance Scheme (ERS) contributors with monthly salary RM4k below
- Assistance: 1 to 6 months
- ATM cash withdrawal RM1 fee waived during MCO
- BNM: Automatic Bank Loan Payments Moratorium for individuals and SMEs for 6 months starting from April 1, 2020 (excluding credit card balances) (bnm.gov.my)
Financial Institution Compounding Arrears Link Contact Number Repayment Affin Bank & Affin Islamic Bank Interest not compounding www.affinonline.com Consumer: firstname.lastname@example.org; SME: email@example.com; Corporate: firstname.lastname@example.org 03-8230 2222 Extend 6 months Agrobank Interest not compounding www.agrobank.com.my - 1-300-88-2476 Alliance Bank & Alliance Islamic Bank Interest not compounding www.alliancebank.com.my - 03-55169988 Increase instalment or extend 6 months Al-Rajhi Bank Interest not compounding www.alrajhibank.com.my email@example.com 03-2332 6000 AmBank Interest not compounding www.ambank.com.my firstname.lastname@example.org 03-2178 8888 Extend 6 months Bank Islam Interest not compounding www.bankislam.com email@example.com 03-2690 0900 Bank Mualamat Interest not compounding www.muamalat.com.my firstname.lastname@example.org 1-300-88-8787 Bank Rakyat Interest not compounding www.bankrakyat.com.my email@example.com 1-300-80-5454 Bank Simpanan Nasional Interest not compounding - - 1-300-88-1900 CIMB & CIMB Islamic Interest not compounding www.cimbbank.com.my Individual: firstname.lastname@example.org; Business: email@example.com 03-6204 7788 Extend 6 months Hong Leong & Hong Leong Islamic Interest not compounding www.hlb.com.my HLonline@hlbb.hongleong.com.my 03-7626 8899 Extend 6 months HSBC & HSBC Amanah Interest not compounding www.hsbc.com.my - 1300-88-2626 Increase instalment or extend 6 months Maybank & Maybank Islamic Interest not compounding www.maybank2u.com.my firstname.lastname@example.org 03-
Increase instalment MBSB Bank Interest not compounding www.mbsbbank.com email@example.com 03-2096 3000 Increase instalment OCBC & OCBC Al-Amin Interest not compounding www.ocbc.com.my - 03-8314 9310 Increase instalment or extend 6 months Public Bank & Public Islamic Interest not compounding www.pbebank.com - 1800-22-5555; 03-21766408; 03-21763066; 03-21768222 Extend 6 months RHB Bank & RHB Islamic Interest not compounding www.rhbgroup.com - 03-9206 8118 Extend 6 months Standard Chartered Bank Interest not compounding sc.com Malaysia.Feedback@sc.com 1300 -888-888 Increase instalment or extend 6 months SME Bank Interest not compounding www.smebank.com.my firstname.lastname@example.org 03-2603 7700 UOB Bank Interest not compounding www.uob.com.my email@example.com 03-2612 8121 Increase instalment
- For all loan/financing repayments/payments, principle and interest in MYR, and not in arrears exceeding 90 days.
- For conventional loans, interest will continue to be charged on the outstanding balance comprising of both principal and interest portion (i.e. compounded) during the moratorium period.
- For Islamic financing, profit will continue to accrue on the outstanding principal amount. Such profit however will not be compounded in line with Shariah principles.
- Not classified as rescheduled and restructured, and not classified as credit impaired.
- Credit card balances option to be converted to term loan/financing not more than 3 years and not more than 13% p.a.
- Organisations registered under the Moneylenders Act 1951 to provide a loan moratorium to SMEs for 6 months.
- Abolishment of 2% interest rate for “Skim Kredit Mikro” worth RM500 million under Bank Simpanan Nasional.
- Provisions up to RM200 million will be prepared for extending lending schemes for micro-companies under TEKUN Nasional with a maximum loan of RM10,000 with a 0% interest rate.
- Hire purchase loans and fixed rate Islamic financing 6 month loans deferments requiring payback after deferment ends or subject to interest/profit rate on deferred instalments.
- Waiving interest/profit rate: Agrobank
- Life Insurance Special Assistance Program for Covid-19
Insurer Upon Diagnosis (RM) Death Benefit (RM) Hospitalisation Benefit (RM) Coverage Period End Special Assistance Deferment AIA - 10000 200/day (max 30 days) 2020-06-30 www.aia.com.my www.aia.com.my AmMet Life - 6000 - 2020-04-30 www.ammetlife.com AXA Affin Insurance 3000 - - 2020-06-30 www.facebook.com/MYAXAAffin/ Etiqa Insurance & Takaful 5000 - - 2020-06-30 www.eti.qa FWD Takaful 5000 (family members) 20000 200/day (max 60 days) 2020-06-30 fwd.com.my Great Eastern Life Assurance - 20000 200/day (max 60 days) 2020-12-31 www.greateasternlife.com www.greateasternlife.com Hong Leong Assurance - - 200/day (max 30 days) 2020-06-30 www.hla.com.my Manulife - 10000; 15000 for medical staff 200/day (max 30 days) 2020-06-30 www.manulife.com.my MCIS Life 5000 10000 - 2020-04-30 www.mcis.my Prudential - 5000 - 2020-04-30 www.prudential.com.my www.prudential.com.my Tokio Marine - 10000; 20000 for medical staff 250/day (max 30 days) 2020-06-30 www.tokiomarine.com
- Life insurance and takaful policy holders Covid-19 testing costs up to RM300.
- Life insurance and takaful premium payment deferment for 3 months for those income affected.
- LHDN tax payment for YA2019 extended by 2 months from the original deadline. (hasil.gov.my)
- Resident resident individuals who do not carry on a business: 30th June, 2020
- Resident individuals who carry on a business: 30th August, 2020
- PTPTN & PTPK automatic monthly loan payment deferment for 6 months until Sep 30, 2020 (ptptn.gov.my)
Mental Health Resources
- Befrienders Helpline (befrienders.org.my)
- Mercy Malaysia Covid-19 Psychology First Aid Hotline: 03-2935 9935 (mercy.org.my)
- Talian Kasih 15999 and WhatsApp Talian Kasih: 019-261 5999 (kpwkm.gov.my)
Leisure & Education
- Free educational resources provided to learners affected by coronavirus outbreak (accessdunia.com)
- Astro Go Stream for Free during MCO (astrogo.com.my)
- HBO Go Stream for free until May 15, 2020 (hboasia.com)
- Forward School’s Virtual Classroom is a new initiative providing free online classes to working professionals and students taught by industry-practitioners with new classes everyday covering topics from Artificial Intelligence to Cloud Computing and Business until Apr 30, 2020 (forwardschool.co)
- Netflix free educational documentaries on YouTube
- Play cards online for free with 6 friends including a Cards Against Humanity clone called Remote Insensitivity (playingcards.io)
- SPM & PT3 online tuition Free until Apr 28, 2020 (spmflix.com)
- TheStar free ePaper until Apr 30, 2020 (thestar.com.my)
- UBSM International Education’s partners, PPAS, PNS, PNM and friends from the global community have come together to support and help provide premium reading and educational resources for FREE (ubsm.com.my)
- Collection of free courses from online learning marketplace (udemy.com)
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