How many of you still don't know what is PRS so far ?
PRS stand for Private Retirement Schemes (PRS).
What does PRS function ?
Private Retirement Schemes (PRS) is a voluntary long-term savings and investment scheme designed to help you save more for your retirement. PRS seek to enhance choices available for all Malaysians whether employed or self-employed to supplement their retirement savings under a well-structured and regulated environment. Each PRS offers a choice of retirement funds from which individuals may choose to invest in based on their own retirement needs, goals and risk appetite. The fund options under PRS are intended to enhance long-term returns for members within a regulated framework.
What is PRS Objectives ?
A high income nation must have a sound and sustainable social security framework to ensure adequate retirement savings. The PRS is an integral feature of the private pension industry as part of the Economic Transformation Programme under Entry Point Project 6 (EPP 6), with the objective of improving living standards for Malaysians at retirement through additional savings. With the regulatory framework developed by the Securities Commission Malaysia, PRS forms the 3rd pillar of Malaysia’s multi pillar pension framework.
Who are qualify for joining PRS ?
Any adult who are self-employ, employers can join PRS.
What is PRS Youth Incentive ?
The PRS Youth Incentive was initially launched under the Budget 2014 in Oct 2013 by the Prime Minister where youth aged between 20-30 years will be given a RM500 one-off incentive by the government with a minimum contribution of RM1,000 in the PRS.
Pursuant to Budget 2017, the incentive amount was enhanced by the government to RM1,000. That means, for a minimum contribution of RM1,000, you get a matching RM1,000 from the government as a boost to kick start your retirement savings. This is great news for you!
For anyone wish to know more PRS in details, can private message to me at Facebook. I am willing to share more.
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