Our Prime Minister Tan Sri Muhyiddin Yassin today unveiled a special stimulus package worth RM10bil to cater to small and medium-sized enterprises (SMEs) that contributed 40% to the country's economy.
One of the initiatives is to increase the wage subsidy of RM600 monthly for employers from RM5.9bil (announced on March 27) to RM13.8bil, an additional RM7.9bil.
Previously the Wages Subsidy Program only allows subsidy for 100 employees but has been increased to 200, The increased amount of subsidy applies differently for companies depending on the number of total employees as below:-
For companies that employ between 76-200 employees, the company will receive a wage subsidy of RM800 for each worker.
For companies that employ between 1-76 employees, the company will receive a wage subsidy of RM1,200 for each worker.
We understand that the above subsidy program may not sufficient aid to sustain certain businesses. To seek free advice as to how we can help SMEs, please click here.