Medac plans to introduce insurance scheme for small entrepreneurs
KUALA LUMPUR,. The Ministry of Entrepreneur Development and Cooperatives (Medac) is planning to introduce an insurance scheme for micro entrepreneurs and informal business operators in the B40 group nationwide.
Its minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the measure would be implemented following concerns that most entrepreneurs do not have any protection or insurance to fall back on during challenging times like the Covid-19 pandemic.
“Hence (to face) such situation, I propose that we introduce an insurance scheme and I have discussed the mechanism with Medac but this cannot be announced yet.
“Insya Allah we will have an insurance scheme for small entrepreneurs to help them when their businesses are affected or if a similar situation arises in the future,” he told reporters after visiting Putra World Trade Centre (PWTC) vaccination centre, here, today.
Wan Junaidi said the scheme might take some time to materialise, but it is expected to benefit nearly 2.5 million micro and informal entrepreneurs nationwide, including 900,000 entrepreneurs who are registered with the ministry and related agencies.
In another development, he said Medac’s recommendation to include micro entrepreneurs and informal business operators in its vaccination list has been accepted by the Science, Technology and Innovation Ministry (Mosti).
He said the programme mechanism has also been discussed with the Federal Territories Ministry and and Housing and Local Government Ministry.
Last month, Medac announced that it is working to ensure that micro entrepreneurs and informal business operators are included as vaccine recipients as the group deals directly with the public and should be considered as frontliners.