According to the Prime Minister, the government intends to allocate RM58.1 billion in subsidies, aid, and incentives in 2024. Over half of the sum going towards reducing the cost of growing products and services.
The Payung Rahmah initiative with RM200 million in financing will continue to be carried out.
In comparison to RM8 billion last year, the government has boosted Sumbangan Tunai Rumah (STR) to RM10 billion. The finance minister said that the maximum STR amount would rise from RM3,100 to RM3,700. Furthermore, the minimum STR amount would rise from RM350 to RM500.
8.7 million recipients benefitted last year and will continue to rise.
The first STR payments for 2024 will be made before Ramadan, which begins on March 10 of the next year,
To increase the participation in the Inisiatif Pendapatan Rakyat (IPR), RM 500 million will also be provided to boost the income of the hard-core poor.
Furthermore, the Programme Bina Kerjaya Perkeso will be expanded to make sure that gig workers have access to opportunities.
A budget of RM35 million would be set up, with money going towards paying for the training costs and providing incentives to replace lost revenue for the 9,000 gig workers enrolled in the training project.
The monthly wage cap for Socso contributions from RM5,000 to RM6,000 will increase as part of the social protection strategy. Lastly, this development will result in a 20.2% rise in the cash compensation for 1.45 million workers and their dependents.
