- The 2016 global economy expected to be more challenging and economic groweth expected to fall from 3.6% to 3.4%.
- Malaysia not alone in facing global economic challenges. Current crude oil price stands at US$31 (RM131) per barrel.
- Latest developments indicate that the global economy is at a very volatile stage and requires a proactive move to revise Budget 2016.
- We are not in a recession, neither are we in a technical recession.
- Eleven recalibrated measures announced.
- 1. EPF contributions by employees to be reduced by 3%. This is expected to increase private sector spending by RM8bil.
- 2. Tax relief of up to RM2,000 to those with income RM8,000 a month or lower. Two million taxpayers to benefit.
- 3. To reduce cost of living, Govt to liberalise APs for agricultural products including coffee beans and meats.
- 4. Domestic Trade, Cooperatives and Consumerism Ministry ordered to increase enforcement and action against unethical traders.
- 5. 30% of contributions to the human resource development fund to be utilised for skills training, including those who are unemployed.
- 6. MyBeras programme to be introduced until Dec 2016. Each hardcore poor family will be given 20kg of rice every month.
- 7. The Government will update the management system of foreign workers, with levies clustered into two categories, not including foreign maids.
- 8. Government will exercise prudent spending on supplies and services and to continue with grant rationalisation.
- 9. Development budget to focus on projects and programmes that place the people first, have high multiplier effect and reduce imports.
- 10. Development financial institutions and Government venture capital funds to increase allocations by RM6bil for benefit of start-ups and SMEs.
- 11. GLCs urged to implement initiatives to reduce the income gap between senior management and workers, to be monitored by the Economic Planning Unit.
http://www.thestar.com.my/news/nation/2016/01/28/najib-presents-revised-2016-budget/
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