Should You Care About PEMULIH?

Not everyone has a long attention span. So, when the Prime Minister read his 21-page speech on the PEMULIH Aid two weeks back, we know for sure that only SOME info got absorbed. 

To make it easy for you, the PEMULIH aid should only concern you if…

You’re in a financial bind. 🙁

The govt gave two options if you’re in this situation

  1. Take up a bank moratorium
  2. Withdraw money from your EPF account

Option 1: Six-months bank moratorium 🏦

A moratorium is essentially a repayment plan that allows you to delay your loan payment. If your loan falls under these categories: purchase hire loan 🚗, housing loan 🏠, personal loan💁🏼‍♂️, and business loan 💼, then you can apply for this payment delay. Unfortunately, credit card loans are not on the list. 

To apply, you can give your bank a call or head to their website to find out more. The application starts on 7th July 2021. 

According to the Finance Minister, this moratorium will not include any compounded interest and penalty charges. Banks are not charity organisations, though. That’s why it would be best to check with your respective banks on the T&Cs first before you decide whether you should take it up. Bank Negara suggests continuing to pay your loans if you can afford to do so. If you really can’t, then only you should consider this option. 

Option 2: Retirement savings withdrawal from EPF 🧧

i-Citra is a scheme that lets you withdraw money from your EPF account (i.e., retirement savings). If you have heard of i-Sinar and i-Lestari before, don’t let them confuse you.

i-Citra is quite similar to that, but your withdrawal amount is much lesser. Here’s how i-Citra works:

  • To apply, you need to be an EPF member below 55 years old with a savings of at least RM150 in your account.
  • The minimum withdrawal amount is RM 50, and it’s capped at RM5,000.
  • Payment will be made monthly for five months. So, if you decide to withdraw RM4,500, you will be getting RM900 each month.
  • You will need to have at least RM100 in your EPF account after your withdrawal (to maintain the account). 
  • Application date: 15th July 2021 to 30th September 2021

You’re not a T20

Under the Covid Special Aid (Bantuan Khas Covid), everyone who is not in the T20 tier will be given cash assistance starting in August. The amount differs depending on your household income and whether you’re single or with a family. Here’s the breakdown of the cash aid and when you will be getting them.

Bantuan Khas Covid Aid breakdown

You’re unemployed

New graduates, jobseekers, and informal workers not covered under SOCSO can apply for the Job Seeker Allowance via the MYFutureJobs portal. Successful applicants will receive an allowance of RM300 for two months or RM400 on a one-off basis. 

Looking for a job gif

If you’re retrenched due to Covid, you will be given a one-off RM500 cash aid in August based on the data provided by EPF/SOCSO. 

You need to postpone paying for your student loan. 👩🏻‍🎓

  • MARA is allowing their borrowers to defer their loan repayments for three months or reschedule their monthly instalments for as low as RM100 for 12 months.
  • PTPTN and PTPK borrowers get a three-month targeted moratorium.
  • Those with PSD federal education loans can postpone their loan repayment and payment of compensation claims for federal scholarships for up to six months.

The application dates are yet to be announced. 

P/S: Those covered by PAMA Ptd Ltd (Papa and Mama’s own pocket) are not included in this moratorium, but you might be able to get away from this loan by showing your parents some filial piety. 🙇🏻 #anakmithali

You are disabled. 🦽

People with disabilities (PwD) will receive financial aid of RM500 per person for three months. PwDs who are not currently receiving the Disabled Workers Allowance will also be eligible for this financial assistance. 

PEMULIH also reveals that the govt is planning to give assistance to PwDs who are interested in starting a small business through the JITU programme. However, the details of this programme haven’t been announced yet. 

You need free internet. 💻

Excited for free items

Telco companies will continue to provide daily free internet of 1GB until the end of this year, but it’s only limited to productivity and online learning use. This means the free data doesn’t cover online gaming and streaming as well as social media. For work and study = okay 😎👍🏻 . For entertainment = a no no 🙅🏽‍♀️ (you must find a way to entertain yourself at home without the internet). 

To obtain the free 1 GB of data, you’ll need to go to your telco app and activate it. 

Did any of these apply to you?

If they do, use the assistance mindfully. Grab all the free stuff, but make sure to think carefully about money decisions that could potentially affect your future financial standing (e.g., moratoria and savings withdrawal). Whatever it is, don’t lose hope. Things will get better!🤗

Cat kissing a camera

If none applies to you, then that’s great! It means that you’re in a good financial situation. In this case, you might want to look around and offer some help to those who need it. Today, many people are struggling to even put some food on their tables. If you can extend your hands to assist them, that would make the world a much better place. 

To know more about where you can donate or get food assistance, you can refer to our foodbank/food aid guide here. 🥪