B40, M40, T20. Everyone has heard of these income-related terms before, either from the 2020 Malaysia Budget or through the recent economic revitalization measures announced by our Prime Minister Muhyiddin Yassin.
However, do you know what the letters in front of B40/M40/T20 mean? And where do the numbers come from?
According to the 2019 statistics in Malaysia, our government classified our population into three main groups based on their household income: Bottom (low income), Medium (average income), and Top (high income). These three groups had a percentage of 40%, 40% and 20% respectively, thus creating the terms B40, M40, T20.
- B40 (Represents the Bottom 40% – low income earners)
- Bottom tier income earners account for 40% of the country’s total income
- Bottom tier families have an income of less than RM4850
- M40 (Represents the Medium 40% – average income earners)
- Medium tier income earners account for 40% of the country’s total income
- Medium tier families have an income of between RM4850 to RM10959
- T20 (Represents the Top 20% – top income earners)
- Top tier income earners account for 20% of the country’s total income
- Top tier families have an income higher than RM10959
Besides that, the B40, M40, and T20 income groups are further classified according to the 2019 Malaysia Statistics. Take a look at the table below!
Kita Prihatin – BPN2.0
After the Malaysian government announced the extension of The Recovery Movement Control Order (RMCO) till the end of the year, they launched “Bantuan Prihatin Nasional 2.0″ (BPN 2.0), a part of the “Kita Prihatin” economic stimulus package, on September 23rd at 2.30pm.
Prime Minister Muhyiddin announced the below benefits to these groups:
|· RM1000 for B40 families
(Benefits 3.7 Million families)
|· RM500 for B40 single Malaysians
(Benefits 3.8 Million individuals)
|· RM600 for M40 families
(Benefits 1.4 Million families)
|· RM300 for M40 single Malaysians
(Benefits 1.4 Million individuals)
The cash aid will be distributed to eligible Malaysians in two phases: RM700 at end of October 2020, and RM300 in January 2021.
Furthermore, the 10.6 million eligible Malaysians will not have to register for the “Kita Prihatin” cash aid and will automatically receive it from the government!
Check more on https://bpn.hasil.gov.my/
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