Malaysia disburses RM$12.6 billion in wage subsidies
As of December 11, 2020, the Malaysian government has approved RM12.608 billion (US$3.11 billion) in wage subsidies, highlights a government report detailing the nation’s various economic recovery plans and economic stimulus packages.
The government’s hiring incentive and training assistance programme has helped a total of 106,443 employees secure employment. This includes 85,242 workers under the age of 40; 13,513 individuals in the age group 40 to 60; 6,420 apprentices; and 1,268 persons with disabilities.
Meanwhile, sectors that benefited from the programme include manufacturing, wholesale and retail trade, which actively hired workers.
As of December 11, the nation’s reskilling and upskilling programme has also received participation from 129,144 individuals, with courses involving entrepreneurial knowledge being the most popular.
So far, there have been 5,576 successful applications for SMEs seeking to apply for financing at a concessionary rate, said the government. Out of the RM2 billion (US$493.79 million) of funds that the government has set out for this purpose, a financing value of RM1.097 billion (US$270.84 million) has been approved as of December 11.
Meanwhile, the government’s financing facility for SMEs in the tourism sector has seen 245 approvals, out of 537 applications. As at December 11, the total funding approval amounts to RM49.9 million (US$12.32 million), out of the RM1 billion (US$246.9 million) that the government has set aside for it.