KUALA LUMPUR: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) has thanked the government for considering some of its requests in the RM10 billion stimulus package announced yesterday for small and medium enterprises (SMEs).

“We are pleased that the package has taken care of the plight of microbusinesses (about 700,000) through special grants and zero interest rate soft loans to help them through this tough time.

“It is vital to safeguard SMEs against businesses’ closures and bankruptcies as this will result in massive retrenchments and the loss of income for workers as well as be detrimental to the economy,” ACCCIM president Tan Sri Ter Leong Yap (pic) said in a statement.

The revised wage subsidy of RM600, RM800 and RM1,200 per month per employee (depending on the size of business operations from April to June) costing RM13.8 billion, and which will benefit 4.8 million employees, certainly provides a timely financial relief to businesses, Ter added.

“We are relieved that the government has agreed to encourage mutual discussions between employers and employees pertaining to terms and conditions, including the options of a pay cut and no pay leave during the MCO (movement control order) period. It gives employers flexibility to engage with employees in coping with this turbulent time,” he said.

Ter, who is also the president of the National Chamber of Commerce and Industry of Malaysia, said the ACCCIM will continue to work with the government to protect public health and the economy during the period of the Covid-19 pandemic.

“We strongly believe that the government would continue to engage with businesses, to review policy actions from time to time and make pragmatic decisions, taking into account the evolving developments concerning the economy and businesses,” said Ter.