Marlo Dubreuil: RM250 Billion Economic Stimulus Package Malaysia

rm250 billion stimulus package

On March 27 2020, Prime Minister Tan Sri Muhyiddin Yassin unveiled the PRIHATIN Rakyat Economic Stimulus Package worth RM250 billion – a comprehensive initiative set to benefit everyone.

Earlier before, interim Prime Minister Tun Dr Mahathir Mohamad had also unveiled an emergency economic stimulus package to counter the economic impact of Covid-19.

What should e-wallet users know about these initiatives? Do we fit into the picture?

What is the PRIHATIN Rakyat Economic Stimulus Package?

An economic stimulus is typically a set of government policies and initiatives to help boost the economy during a downturn or recession.

With the recently announced package, funds were allocated to:

protect the welfare of the people
support small businesses and SMEs
support the healthcare front in combating Covid-19

The previous RM20 billion economic stimulus package announced in February just as Covid-19 began its toll on the country was mainly targeted towards emergency mitigation of the impact of Covid-19, spurring rakyat-centric economic growth and promoting quality investments.

e-Tunai benefits for BSH recipients

The Malaysian government – like most countries worldwide – is gearing up for the move towards a cashless society.

We saw this in the e-Tunai Rakyat program, where eligible e-wallet users were given RM30 each to encourage adoption of digital payments.

We continue to see cashless initiatives even during times of crisis with the RM20 Billion Economic Stimulus Package announced in February, where digital payments of RM50 will be paid out to eligible Bantuan Sara Hidup (BSH) applicants as e-Tunai.

This is stated under Measure 20 in the stimulus package booklet under “Bantuan Sara Hidup (BSH) Enhancements”.

These enhancements include:

Initially scheduled to be paid out in May 2020, the BSH payments of RM200 will be brought forward to March 2020 (payout of these payments have since kicked off beginning 16th March 2020).
Additional one-off cash payment of RM100 for all BSH recipients in May 2020
An additional RM50 to be given through e-Tunai

Hence, this e-Tunai initiative is only eligible for BSH applicants who have successfully registered for payout.

If you’re not in the know, Bantuan Sara Hidup (BSH) or Cost of Living Aid 2020 is a programme to provide financial assistance to the B40 group specifically. You may also know it by its previous name – BR1M.

For more info on this programme, visit the official site here.

How BSH recipients can make full use of their RM250

Application deadline for BSH has ended on the 15th of March 2020.

Despite this, successful BSH applicants can still stretch out their RM250 to reap even more value from it.

Simply follow the steps below or check out the infographic!

Step 1: Make sure you claim your RM50 e-Tunai. If you’re a successful BSH recipient, be sure to have an e-wallet account with either Touch ‘N’ Go eWallet, Boost or GrabPay in order to be able to receive the RM50 e-Tunai.

If you haven’t downloaded any of these e-wallets, click here to compare e-wallets and choose which is best for you!

Step 2: Check if you’ve received your RM200 payout. This will be credited into your bank account. You can check the status via MyBSH online.

Step 3: Top up the RM200 into your e-wallet. Congratulations! You’ve received the RM200 payout. Instead of keeping it held up in your bank account – transfer it into your e-wallet for extra value.

Step 4: Enjoy your extra RM250! The next time you make a payment, use the funds in your e-wallet instead.

Received your benefits? Upload them into your favorite e-wallet!

The most recent PRIHATIN Rakyat Economic Stimulus Package may not include any cashless incentives – here at eWhallet however, you can expect nothing short of e-wallet tips and tricks to help you make the most out of your Ringgit!

From the M40 group to students to e-hailing drivers, most aspects of the rakyat stand to gain from the recent announcement.

Whichever category you may fall under, once you receive your benefits, the best way to reap even more value is by uploading your benefits into your e-wallet of choice.

That way, you can reap rewards, points, cashback or even enjoy special promotions you wouldn’t have been eligible for if you had used cash instead.

And if you’re not sure what you’re eligible for, make sure to check out the full speech here. Some examples of the benefits announced for individuals include:

Single individuals aged 21 and above earning less than RM2,000 a month will receive RM800 (payment of RM500 will be made in April 2020 and the remaining RM300 in May 2020)

Single individuals aged 21 and above earning between RM2,000 and RM4,000 a month will receive RM500 (payment of RM250 will be made in April 2020 while the balance in May 2020)

Students at institutions of higher learning will receive RM200 (payment disbursed May 2020)

Civil servants of grade 56 and below will receive RM500 (payment disbursed April 2020)

Ongoing e-wallet reload promotions

You could top up your benefits into your e-wallet for extra points and rewards, but you could also go one step further. Make use of ongoing promotions specifically for e-wallet users who top up funds into their account!

To see what e-wallet top up promotions are currently available to you, visit our comparison site here and filter the search for “Bank Card Promo”.

Current e-wallet reload promotions at the time of writing include:

E-wallet top up promotion	Details	Expiry date
GrabPay x CIMB Lucky Draw	Stand a chance to win up to RM3,000 when you top up with CIMB	30/04/2020
Touch’n Go eWallet x HSBC Cashback	Enjoy 20% cashback when you reload with HSBC credit/debit card	30/04/2020
Boost x Standard Chartered Cashback	Top up with Standard Chartered Credit Card and Get RM10 Cashback	14/05/2020