Load up on resilience
When AirAsia carried out two rounds of retrenchments11 earlier this year, laying off over 2,000 of its employees, many people were saddened, but not surprised.
The pandemic has highlighted the vulnerability of jobs, even at the world’s best low-cost airline. This economic uncertainty has come with an unsettling sense of job and financial insecurity.
In times like these, resilience is key. Protect your finances by building different streams of income, be it through investing in property or equities. Supplement your earnings with the gig economy, or even start a new business.
Budget 2021 is making this easier by offering more support to entrepreneurs and small and medium-sized enterprises (SMEs).
For instance, RM150 million will go towards training programmes and assistance for 100,000 entrepreneurs, while a RM2 billion assistance and rehabilitation facility is being introduced to SMEs through banking institutions.
To support nationwide efforts, RHB has also set up the RHB BizPower/-i Relief Financing to help SMEs with cash flow problems by loaning working capital. LEARN MORE >
At the same time, hunker down and secure your rice bowl as best as you can. Consider taking online classes to improve your credentials.
The Budget has allocated RM1 billion to reskilling and upskilling programmes that will benefit 200,000 trainees, including RM100 million to provide training for workers affected by the closure of international borders.
For businesses, building a workforce of the future will also mean staying ahead of the game in a post-pandemic world.
Weathering the storm
The storms that raged in 2020 have driven home the importance of preparing for a rainy day. If nothing else, the hard lessons learnt will help us better weather future crises.
During these uncertain times, we at RHB will offer all the help we can. Our financial experts are ready to advise you on how to manage your finances. Make an appointment with your Relationship Manager or visit your nearest RHB Branch today.
Sources:
1 S&P Global Market Intelligence. Malaysia enters recession in Q2; central bank downgrades GDP outlook. Aug 14, 2020.
2 Channel NewsAsia. Malaysia economy contracts 17.1% in 2nd quarter, worst slump since 1998 financial crisis. Aug 14, 2020.
3 Ministry of Finance Malaysia. Budget 2021 Speech. Nov 6, 2020.
4 Forbes. Researchers Examined The 2020 Market Crash. Here’s What They Found. Sep 8, 2020.
5 The New York Times. ‘This Market Is Nuts’: S&P 500 Hits Record, Defying Economic Devastation. Aug 18, 2020.
6 EY. Malaysia Budget 2021. Nov 6, 2020.
7 The Edge Markets. The State of the Nation: Saving for a pandemic: How prepared are Malaysians? May 4, 2020.
8 Channel NewsAsia. Malaysia's budget for 2021 is its biggest ever. Will it cushion the impact of COVID-19? Nov 6, 2020.
9 The Star. Are Malaysian households overly indebted? Apr 11, 2020.
10 World Bank. Malaysia Economic Monitor. Dec 2019.
11 Today.Second round of layoffs at Malaysia’s AirAsia. Sep 28, 2020.