The Malaysian government had begun the PSU program ever since the COVID-19 pandemic paralyzed the entire world. Those who sought it were primarily employers who were trying to make it better for their employees. Those who took the PSU 4.0 can also apply for PSU 5.0 irrespective of whether they received PSU 4.0.
What is the PSU 5.0 application?
Subsidy 5.0 is for the tourism sector employers alone. For PSU 5.0, all employers eligible for the program must submit a new application irrespective of whether they submitted an application for the previously offered subsidies – PSU 1, 2, 3, and 4.0. It actually is nothing but an extension of all the previous subsidies offered.
The program aims to support only the tourism-related sector alone and is a 3-month plan. Before submitting the SIP Targeted Wage Subsidy (PSU 5.0) application, you must update the ASSIST portal including the names of all your current employees.
PSU 5.0 Requirements
The PSU 5.0 would require the following documents for the process.
- The PSU 5.0 declaration documents are also to be incorporated.
- One must enter the business registration details for which they have hired the employees.
- List of all the employees.
- Bank account details of employees are a must.
- SSM/ROS/ROB/PBT and other different organization registrations are included.
- An individual company must have a minimum of 500 employees.
- They must show a revenue decline of 30% compared to previous years.
How to Apply PSU 5.0?
To apply to PSU, you need to create an account for yourself at http://www.prihatin.perkeso,gov.my/.
Register with them using a username and password.
- Add details about your organization and employees.
- Incorporate data about your revenue returns and the decrease in income.
- How it will compensate for the structural integrity of the firm is an essential addition.
- Choose the operating state of your business.
- Upload supporting documents and then click on the Submit tab.
PSU 5.0 Terms and Conditions
These are the following terms and conditions that companies need to maintain if they applied for PSU 4.0 and 5.0.
- As of 1st January 2021, they need to be already registered with SOCSO.
- Employers must be registered with SSM as of 1st January 2021.
- The wage subsidy program operated from 1st August to 1st October and thereby in 2022 they again have the option to enroll for PSU 5.0 if their company belongs to the travel sector.
- With PSU 5.0, there will be RM600 given to each employee from the approved organizations.
- Claims for PSU 5.0 can only be made for 500 employees from an organization.
FAQs (Frequently Asked Questions)
What was the last date for PSU 5.0 application?
The last date for PSU 5.0 application is already over and was on 31st March 2022.
Which organizations would not be eligible to participate in the travel sector for PSU 5.0?
Those organizations which have not participated in PERKESO ever since the 01st of January 2022 cannot take part in PSU 5.0 even if they are from the travel sector.
Is the wage subsidy program taxable in Malaysia?
No, the wage subsidy program is non-taxable in Malaysia and will not incur any kind of taxes for any of the organizations.
The Malaysian government is on a rescue mission for all those organizations that suffered brutally during COVID. The worst impact was travel and tourism in Malaysia as it is in other countries. But the Malaysian government suffered as the travel sector hit added up directly to their annual GDP. PSU 5.0 is one of the ways to revive the tourism industry. However, it is yet to be seen if the boost will be enough for the world to come back to normal.