In helping their economies cope with the ongoing impact of the COVID-19 pandemic, both Singapore and Malaysia's governments have revealed respective stimulus packages this week.
All the key updates for HR and employers to note can be found in the individual stories below (Click on each to read the full story).
Malaysia's PM Muhyiddin announces RM250bn 'Prihatin' package to combat COVID-19
Malaysia's Prime Minister Tan Sri Muhyiddin Yassin announced a new economic stimulus package to tackle the impact of COVID-19, named the Prihatin package, valued at RM250bn.
Of this RM250bn, RM128bn will be allocated to the people's welfare, RM100bn to support businesses, and RM2bn to the strengthening of the Malaysian economy. Further, healthcare workers can look forward to RM600 in special allowance per month starting 1 April till the end of the pandemic, up from RM400.
The government will also provide a one-off RM1,000 to households earning between RM4,000 to RM8,000, and RM500 one-off to singles aged 21 and above (earning between RM2,000 and RM4,000).
Singapore’s S$48bn COVID-19 Resilience Budget announced by DPM Heng Swee Keat
In Singapore's Parliament on 26 March, Deputy Prime Minister and Finance Minister Heng Swee Keat delivered a Supplementary Budget to announce the government’s additional support measures in response to the COVID-19 pandemic.
Minister Heng titled this the ‘Resilience Budget’, to reflect the government’s “determination that Singapore and Singaporeans remain resilient in the face of these challenges,” referring to the repercussions brought about by the outbreak.
Employers can look forward to support for over 1.9mn local employees, deferment on tax payments for companies, enhanced job support for affected sectors, and more.
Photos / Screenshot of PM Muhyiddin's speech on 27 March, and Minister Heng's earlier speech in February