Malaysia Doubles ERP Funding and Allocates MYR 100 Billion to Aid Tech Start-ups

The Government of Malaysia has increased the fund allotment for the Employment Retention Program (ERP) to MYR 240 billion from MYR 120 billion, whilst allocating an MYR 100 billion under the Technology Start-up Funding Relief Facility (TSFRF) to support technology start-up entities affected by the COVID-19 pandemic.

The ERP delivers financial assistance of MYR 600 per month for staff on unpaid leave for a period of six months and was launched as part of the extended Prihatin relief package to help companies deal with their financial losses due to the COVID-19 pandemic and the movement control order. According to Malaysia's Minister of Finance, Tengku Datuk Seri Zafrul Aziz, the doubling of ERP would help support more busi...