The Malaysian government has initiated numerous financial aids to assist business owners in Malaysia throughout this pandemic. After the PSU 3.0, the government has recently undertaken another wage subsidy program – PSU 4.0 to ease the financial burden of the employers and help the business to survive through the pandemic.
What is PSU?
Program Subsidi Upah (PSU), also known as the Wage Subsidy Program, has been extended. While the PSU 3.0 is still open for applications till 31st July 2021, PSU 4.0 will commence on 1st August 2021.
The PSU initiative is to help businesses sustain their operation during the movement control period in Malaysia and avoid employees from losing jobs and sources of income.
Requirements for PSU 4.0
Under PSU 4.0, there will be no more employees wage limitations for application. Up to 500 workers will be supported, with each employee receiving assistance of RM600 for 2 months under the PSU 4.0. In addition, some specific sectors under the negative list will be receiving another 2 months wage subsidy.
As long as both the employers and employees contributed to SOCSO before 1st June 2021, you would be eligible. Apart from that, the company must be incorporated before 1st June 2021 with relevant authorities.
Suppose the businesses experienced a decline in their revenue or business income by 30% or more than any other months from 2019 till 2021 before the COVID-19 pandemic. They are eligible to apply for this PSU 4.0.
Related Read: What You Need to Know About PSU 2.0? »
What are the documents required to apply for PSU 4.0?
The list of documents that are needed for the PSU 4.0 application is as follow:
- Employee name list
- Employer’s bank account detail
- Business Registration Number (BRN) detail
- Copies of SSM / ROS / ROB / PBT or other organization registration
- PSU 4.0 Declaration document
How to Apply?
Employers can submit their applications online through the PERKESO website at prihatin.perkeso.gov.my
WeCorporate content team comprises experienced in-house and freelance writers who share trending and insightful content to empower and aspire entrepreneurs to change their gameplay in their business in Asia.