On the back of the prolonged MCO 3.0/FMCO lockdown or National Recovery Plan (NRP), the government has introduced the wide-reaching PEMULIH stimulus package, worth some RM150 Billion to further stimulate the economy and aid citizens and businesses affected by the loss of earnings and the stagnating economy.
The PEMULIH package is claimed to addresses the grouses of not just the lower-income (B40) group but also medium (M40) and high-income (T20) groups with a moratorium of personal and business loans, income tax exemptions as well fiscal injections for industries such as tourism, creative arts, SME and micro-SMEs that have been hit hard by the pandemic.
With regard to personal mobility, the PEMULIH package crucially offers the following features to help address the challenges faced by the public:
An automatic six-month moratorium will be given to all individual borrowers, applies to all income groups as well as micro-entrepreneurs.
This covers hire purchase loans for cars and is similar to the moratorium that was effected between March and August 2020. There are no pre-requisite conditions – such as loss of job or reduced income - to qualify for the loan. Borrowers are simply required to contact their lender bank to verify and alter the tenure of their loans, and if required sign a formal agreement.
Maintained fuel ceiling price of RM2.05 for RON95, and RM2.15 for EURO 2M Diesel and LPG
The government has pledged subsidies of approximately RM6 Billion to maintain the retail price of RON95 petrol, diesel, and LPG in line with the capped prices announced in February of this year. Therefore, the price of fuel will not rise regardless of global price fluctuations for the public.
The above-mandated features of the PEMULIH packages also go hand-in-hand with other programs such as the i-Citra EPF withdrawals and one-off payments (for households and singles) to further aid the public in this tough time.
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