2 latest initiatives to ease Rakyat financial difficulties

2 latest initiatives to ease Rakyat financial difficulties
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2 latest initiatives to ease Rakyat financial difficulties

This ongoing pandemic that has run amok for continuous two years has caused most Malaysians to suffer. Business is closed. Employees become jobless.

To combat and ease the financial constraint, our government has been giving financial grants, assistance and subsidies to business owners and rakyat.

A lot of us are still suffering without question. The damage from the pandemic is too big for most of us.

Wait no more. Goodies are coming to town.

Latest action from banks

Malaysian banks are instructed by MOF to offer an interest-free loan moratorium from October to December 2021.

Latest action from the EPF

The Employees Provident Fund (EPF) launches two new initiatives targeting employers, to ease the management of their cash flow during the pandemic and simultaneously allowing them to undertake their statutory obligation.

Interest-free loan moratorium from Oct to Dec 2021

Banking institutions have been instructed by the ministry of finance (MoF) to immediately work on the exemption from interest payments for recipients of bank loan moratoriums.

It will target moratorium recipients in the B50 segment.

Exemption from interest payments will be applicable for a period of three months from October to December 2021.

Banks would waive compounded interest and penalty charges for borrowers who take up the moratorium.

EPF late payment charges

The exemption from late payment charges refers to charges imposed on employers who fail to remit their EPF mandatory contributions by the 15th of every month.

Applicable to contribution for the salary from September to December 2021.

Employers are allowed to remit until the end of every month instead of 15th.

Automatic exemption ie employers are not required to apply for this exemption.

EPF Employer Pay Reduction Initiative (e-PaR)

e-PaR initiative offers employers up to a 70% reduction in outstanding late payment charges imposed for any period before August 2021.

Application for e-PaR initiative is required.

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