STATUTORY & FINANCIAL AID IMPACT TO EMPLOYER & EMPLOYEE - COVID-19 MALAYSIA Understanding of Economic Stimulus Package Offered - Propay Partners
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31 March 2020
COVID-19 MALAYSIA
STATUTORY & FINANCIAL AID IMPACT TO
EMPLOYER & EMPLOYEE
Understanding of Economic Stimulus Package Offered
& Movement Control Order By the Malaysian’s Government
Impacts on Employee
Impacts on Employee
CATEGORY ITEM REFERENCE LINK
PTPTN Deferment of PTPTN loan repayment for all https://www.ptptn.gov.my/m
borrowers for 6 months. akluman-bayaran-balik-
side/penangguhan-bayaran-
balik-pinjaman-ptptn-akibat-
penularan-covid-19
SOCSO SOCSO's early benefit payment. https://www.perkeso.gov.my
/index.php/en/pengumuman
SOCSO has revised the pension and benefit
payments schedule to insured persons and their
dependants.
Monthly benefit payment will be credited earlier,
beginning this month.
1) Invalidity pension / Survivor's pension
2) Dependant's benefit
3) Periodic Permanent Disablement Benefit
4) Constant-Attendance AllowanceImpacts on Employee (Cont’d)
CATEGORY ITEM REFERENCE LINK
SOCSO Implementation of Employment Retention Program https://www.perkeso.gov.my
(ERP) for employees who received unpaid leave /index.php/en/kenyataan-
notice. ERP is an immediate financial assistance media
provided for employees who have been instructed
to take no paid leave by their employers who are
economically affected by Covid-19 pandemic.
Skills Training Programme.
SIP PLUS 600 - Temporary financial incentive worth
RM600 a month for a maximum of 3 months for
Insured Persons with Loss of Employment and are
registered with EIS but do not meet the Contribution
Qualifying Conditions (CQC).
EPF Reduction of statutory contribution rate for https://www.kwsp.gov.my/-
employees from 11% to 7%. /reduction-of-statutory-
contribution-rate-for-
employeesImpacts on Employee (Cont’d)
CATEGORY ITEM REFERENCE LINK
EPF Under the “i-Lestari Withdrawal” scheme, eligible https://www.kwsp.gov.my/-
EPF members can withdraw up to MYR500 per /basic-faq-i-lestari-
month from Account 2 for a period of 12 months withdrawal
starting from 1 April 2020 until 31 March 2021. This
is open to all members aged below 55 years old.
LHDN Submission timeline of Return Form Filing for year http://www.hasil.gov.my/bt_
2020 will be extended. goindex.php?bt_kump=10&b
• Form BE - Extended to 30.06.2020 t_skum=1&bt_posi=1&bt_uni
• Form B - Extended to 31.08.2020 t=1&bt_sequ=322&cpage=0
• Form M (Non-business) - Extended to 30.06.2020
• Form M (Business) - Extended to 31.08.2020 http://lampiran2.hasil.gov.m
y/pdf/pdfam/faq_2.pdfImpacts on Employee (Cont’d)
CATEGORY ITEM REFERENCE LINK
LHDN Tax incentive for donation to tabung Covid-19. In http://www.hasil.gov.my/bt_
order to encourage donation from the public, tax goindex.php?bt_kump=6&bt
deduction will be given for donation made to the _skum=1&bt_posi=2&bt_unit
following fund for the year of assessment 2020. =1&bt_sequ=522
http://lampiran1.hasil.gov.m
y/pdf/pdfam/Media_LHDNM
_26032020_INSENTIF_POTO
NGAN_CUKAI_BAGI_SUMBA
NGAN_KEPADA_TABUNG_CO
VID19.pdfImpacts on Employee (Cont’d)
CATEGORY ITEM REFERENCE LINK
HOUSING The Government welcomes the willingness of banking https://www.pmo.gov.m
LOAN institutions to offer a 6-month moratorium, conversion y/2020/03/speech-text-
DEDUCTIONS of credit card balance to term loans and restructuring of prihatin-esp/
corporate loans.
Implement a six-month moratorium on loan repayments
and restructure outstanding credit card balances
involving about RM100 billion starting April 1.
(*Note: For those employer who has got hire purchase
and housing loan deductions from employees monthly
payroll, please take note.)Impacts on Employer
Impacts on Employer
CATEGORY ITEM REFERENCE LINK
HRDF Levy Exemption for all 63 sub-sectors for six (6) https://www.hrdf.com.my/ec
months, starting March 2020 salary. onomic-stimulus-package/
2020 Training Stimulus Package – 80% subsidy on
training course fee for all registered employers.
SOCSO Wage Subsidy Programme https://www.perkeso.gov.my
/index.php/en/wage-
subsidy-programme
LHDN Submission timeline of Return Form Filing for year http://www.hasil.gov.my/bt_
2020 will be extended. goindex.php?bt_kump=10&b
• Form E 2019 - Extended to 31.05.2020 t_skum=1&bt_posi=1&bt_un
it=1&bt_sequ=322&cpage=0
http://lampiran2.hasil.gov.m
y/pdf/pdfam/faq_2.pdfImpacts on Employer (Cont’d)
CATEGORY ITEM REFERENCE LINK
LHDN PCB (CP39) / CP38 payment deduction for Mar 2020 http://www.hasil.gov.my/bt_
salary will be due on 30.04.2020. goindex.php?bt_kump=10&b
t_skum=1&bt_posi=1&bt_un
it=1&bt_sequ=324&cpage=0
Withholding tax which falls between 18 to http://www.hasil.gov.my/bt_
14.04.2020 can be made beginning 15.04.2020 - goindex.php?bt_kump=10&b
30.04.2020. t_skum=1&bt_posi=1&bt_un
it=1&bt_sequ=322&cpage=0
http://lampiran2.hasil.gov.m
y/pdf/pdfam/faq_2.pdf
EPF The EPF will introduce the Employer Advisory https://www.pmo.gov.my/20
Services (EAS) programme on 15 April 2020. This 20/03/speech-text-prihatin-
service includes options for deferral of payments, esp/
restructuring and rescheduling of employer
contributions.MALAYSIA (HQ) SINGAPORE THAILAND
F507, Phileo Damansara 1, off Jalan 37th Floor, Singapore Land Tower, 33 Soi. Pradipat 17,Pradipat Road
Damansara, 46350 Petaling 50 Raffles Place, Samsenai, Phayathai,
Jaya, Selangor , Malaysia. Singapore 048623. Bangkok,10400, Thailand.
T: +603 7665 6688 T: +65 3159 0661 T: +66 6 000 35470
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