The Covid-19 pandemic, which has caused many people to lose their jobs or even be unable to get jobs resulting from business disruption, has led to a rise in financial anxiety among the rakyat, mainly due to loss of income.There are various factors for this financial stress – including the pending end of the loan repayment moratorium, PTPTN loan repayments, inability to secure jobs in the current market situation, insufficient retirement savings.
The bank loan moratorium has been extended for another three months only for targeted groups such as those who had lost their jobs due to Covid-19 and remain unemployed. Monthly instalments have also been reduced for those who faced pay-cuts. These, together with the reopening of more economic sectors during the recovery movement control order period have gradually helped in easing the country’s unemployment problem.
Eventually also, people will retire from their jobs and there is a need to have adequate savings as their emergency funds. Statistics show that 52% of Malaysians experienced difficulties in raising RM1,000 at any one time for an emergency.Two things should be the focus. However, the 11,368 only make up 3.8% of the 300,000 job seekers who are expected to benefit from the scheme – a miniscule amount. So, hopefully more companies will take part and provide greater opportunities to more people.
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Source: msianinsight - 🏆 8. / 63 Read more »
Source: msianinsight - 🏆 8. / 63 Read more »