WHAT IS PRIVATE RETIREMENT SCHEME (PRS) ?
The PRS is a voluntary investment scheme initiated by the Government to help Malaysians accumulate savings for a sustainable retirement income. This voluntary contribution scheme is meant to provide employee and self-employed with an additional avenue to save for their retirement.
Seen as the third pillar of the pension model framework, PRS will complement the existing Employees Provident Fund (EPF).
BENEFITS OF PRS
- Youth Incentive 😀
Malaysian aged between 20-30 years old for a minimum contribution of RM1,000, you will get a matching RM1,000 incentive from the government as a boost to kick start your retirement savings.
Understand more HERE
- Tax benefit
Individual tax relief of up to RM3,000 per year.
- Supplement retirement savings
PRS was introduced to help Malaysians accumulate savings for a sustainable retirement income. This voluntary contribution scheme is meant to complement the Employees Provident Fund (EPF) and alleviate the concentration risk from other investment platforms to help you safeguard your retirement fund.
You have a choice of investing as per lump sum basis or monthly basis based on your monthly commitment and switching between funds based on your risk appetite and investment profile.
- Transparent and affordable
All investment information will be provided upfront and funds are competitively priced.
- Retirement solution for all
PRS is available to anyone (Malaysian/ Foreigner) who is 18 years old and above.
Highly recommended for those who are self-employed like freelancer, businessman or do not have an EPF account.