Even though the MCO 2.0 has just been extended, Malaysians have yet to see a decrease in the number of Covid cases. Investors’ confidence, both domestic and foreign hitting rock bottom and the stimulus package Perlindungan Ekonomi & Rakyat Malaysia (PERMAI) announced by the Prime Minister on 18 January 2021 is like a drop in the bucket in cushioning the impact of MCO 2.0 and the Emergency.
Unemployment is soaring. If there are no other aggressive measures, more SMEs will go under, leading to more job losses. To prevent this from taking a nosedive, we urge the government to urgently:
- impose automatic loan moratorium for 6 months for all similar to that introduced during MCO 1.0. This can remove anxiety and bureaucracy almost immediately. SMEs/individuals which are not affected can continue with their existing loan repayment. 6 months automatic loan moratorium will improve cash flow in the economy hence creating economic activities. Individuals and SMEs will have more cash at their disposal, which in turn will help to improve the bottom line for all businesses, encouraging them to keep and maybe increase employment (instead of cutting jobs) as they work through this pandemic.
- to increase the PERKESO wage subsidy of RM600 per worker to a higher amount (for those earning below RM4000) and to extend it for at least 6 months. The current RM600 subsidy for one month only is insufficient as the aftermath of MCO 2.0 and the Emergency are still in the process of unveiling itself for some sectors. 6 months wage subsidy will greatly encourage employers not to resort to cutting jobs and help carry them through half of this year as they face reduced sales and cash flow. For some, it may also encourage them to start recruitment again.
This is an extraordinary time. The government should take extraordinary measures to save jobs. The full consequences of rising unemployment may hurt the nation in ways no future stimulus package can aid. The Perikatan Nasional government has already lost out to our ASEAN neighbours in their competitiveness to attract foreign investors because of sheer incompetence, inefficiency and political instability. Further denial and stubbornness to do more for the business sector is one more nail in the coffin for our bleeding economy.
Darell Leiking
MP FOR PENAMPANG
Syed Saddiq
MP FOR MUAR
Mohd Azis Jamman
MP FOR SEPANGGAR
Hannah Yeoh Tseow Suan
MP FOR SEGAMBUT
Yeo Bee Yin
MP FOR BAKRI
Baru Bian
MP FOR SELANGAU
Datuk Rozman Bin Isli
MP FOR LABUAN
Salahuddin Ayub
MP FOR PULAI
Amiruddin Hamzah
MP FOR KUBANG PASU
Teo Nie Ching
MP FOR KULAI
Isnaraissah Munirah Majilis
MP FOR KOTA BELUD
Mahfuz Omar
MP FOR POKOK SENA
Khalid Samad
MP FOR SHAH ALAM
Tengku Zulpuri Shah Bin Raja Puji
MP FOR RAUB
Maria Chin
MP FOR PETALING JAYA
Wong Shu Qi
MP FOR KLUANG
Teresa Kok Suh Sim
MP FOR SEPUTEH
Dr Dzulkefly Ahmad
MP FOR KUALA SELANGOR
Dr Lee Boon Chye
MP FOR GOPENG
Kasthuriraani Patto
MP FOR BATU KAWAN
P. Prabakaran
MP FOR BATU
M. Kulasegaran
MP FOR IPOH BARAT
Chong Chieng Jen
MP FOR STAMPIN
Nor Azrina Surip @ Nurin Aina
MP FOR MERBOK
Sivarasa Rasiah
MP FOR SUNGAI BULOH