THE Private Retirement Schemes (PRS) is a voluntary long-term savings and investment scheme designed to help Malaysians save more for their retirement.
PRS seeks to enhance choices available for all Malaysians both employed or self-employed to supplement their retirement savings under a well-structured and regulated environment.
In the recent Budget 2021, the government has extended the PRS tax relief of up to RM3,000 per year until 2025 where PRS members are eligible for a tax relief of up to RM3,000.
The PRS Tax Relief has proven to be effective in encouraging Malaysians to save more for their retirement.
“Extending the PRS Tax Relief until 2025 is a positive move by the government that views the Rakyat’s preparedness towards their retirement well-being as a national priority, especially during this challenging time,” said Private Pension Administrator Malaysia (PPA) chairman Datuk Zaiton Mohd Hassan.
To-date, close to half a million PRS Members have collectively saved RM4.4 billion in net asset value since it was launched in 2012.
In addition, the PRS industry remains resilient, despite a challenging year caused by the COVID-19 pandemic.
To onboard new members, PPA – the central administrator for the PRS – is organising the PPA’s ‘Jom PRS, Get Treats!’ contest from now till Dec 14, 2020 where monthly draws and prizes worth up to RM30,000 in units are up for grabs offering first-time savers stand a chance to boost their retirement savings further.
“If you have not started saving in PRS, then there is no better time to start taking advantage of the PRS Tax Relief and PPA’s PRS Online Enrolment service.
For PRS Members who have not maximised their tax relief for 2020, they can also top up their PRS accounts anytime, anywhere with the PRS Online application”, PPA added. – Dec 4, 2020
