The Financial Management & Resilience Programme (URUS) has been launched for individual borrowers who continue to be affected by the pandemic.
The current salary increment rate ranges between 100% and 150%, while the cost of living has increased from 400% to 600%, said a senator.
The most common reasons why SME bank loan applications get rejected are insufficient cash flow, an unviable business, and high levels of debt.
Businesses are looking at cash flow continuity and survival, especially in industries hit hard by the pandemic, said the SME Association of Malaysia.
As of September 24, the support packages have benefited some 20 million Malaysians, and 2.4 million businesses.
The allocation of RM18 billion (US$4.3 billion) in wage subsidies has helped 2.9 million workers in the country keep their jobs so far, reports HR minister.
Training programmes should also be focused based on the skills needed in a particular area, said Prime Minister Datuk Seri Ismail Sabri Yaakob.
Malaysia has announced that all medically fit federal government employees must be vaccinated against COVID-19.
The government is aiming for all research, development, commercialisation, and innovation initiatives to be aligned with national interests.
Employers have been told not to impose mandatory vaccination requirements on their staff or penalise those who opt not to be vaccinated.
More than 376,000 job seekers have successfully been employed through initiatives implemented by the National Employment Council (NEC).
The current minimum wage of RM1,200 (US$286) per month can be revised upwards in stages, a former minister has suggested.
51% of the RM490 billion (US$116.93 billion) allocated under the eight pandemic stimulus packages has been disbursed so far.
Commencing from September 21, the disbursement will be rolled out twice, once in September and another in November.
The government has been urged to address gender gaps exacerbated by the pandemic when formulating next year’s budget.
The Malaysian Employers Federation (MEF) has urged help to be provided for SMEs in next year’s budget to enable employers to create more jobs.
The Science, Technology and Innovation Minister said at least 45% of the workforce needs to be highly skilled for Malaysia to compete on the global stage.
The 2022 budget will focus on job and income recovery and provide more targeted assistance to boost socio-economic resilience.
Employers are urging the government to allow people who have received their first vaccine dose to get back to work to prevent their businesses from shuttering.
The association warned that SMEs were in their most vulnerable stage and would likely shut down if the economy remained closed.
Factory owners who employ foreign workers have been advised to set up their own vaccination centres (PPVs) at their work premises.
Samenta also calls on for the exemption of hotel quarantines for business travellers who are fully vaccinated and have tested negative for COVID-19.
As some sectors of the economy reopen, The Small and Medium Enterprises Association of Malaysia reminds businesses to comply with existing SOPs.
As of July this year, some 150,000 formal workers have lost their jobs, while over 768,700 individuals remain unemployed.
Employees who need to be present at workplaces must undergo fortnightly RTK Antigen tests approved by the health ministry.
In 2020, the MSME sector, spanning over 1.15 million businesses, employed 7.3 million people, or almost half of the country’s workforce.
The unemployment rate rose month-on-month to 4.8% in June, according to the Department of Statistics Malaysia (DOSM).
Malaysia’s National Security Council is expected to announce the reopening of business sectors on the week of August 9.,
To help people find jobs, the government has allocated RM2 billion (US$0.47 billion) under the PenjanaKerjaya programme.
Fresh graduates and first-time job seekers need to brace themselves for stiff competition amid the economic downturn caused by the pandemic.