fbpx
Connect with us

News

M’sians Aged 20 to 31 Can Get FREE RM1,000 from Govt in Retirement Scheme

Published

M'Sian Youths Can Get Rm1,000 From The Govt To Invest In Their Retirement Fund - World Of Buzz 5
Source: Ringgit Insider

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

A lot of Malaysians may think that their retirement is still a long way away so they don’t have to worry. Well, not to burst that bubble but even you yourself wouldn’t want to suffer when you are older, right?

Now is a good time to start saving early for your retirement as the government is giving free RM1,000 to Malaysian youths!

It is actually part of the Private Retirement Schemes (PRS) which is defined as a “voluntary long-term savings and investment scheme designed to help you save more for your retirement”. It’s not the same as your Employee Provident Fund (EPF) but they are similar in the sense that they tuck money away for you to use when you’re in your old age.

M'sian Youths Can Get Rm1,000 From The Govt To Invest In Their Retirement Fund - World Of Buzz 1

Source: potentash

According to PPA, the scheme is known the PRS Youth Incentive and the RM1,000 incentive has actually been introduced since Budget 2017. It was previously only RM500 during Budget 2014 but PM Najib has since increased the amount. If you have taken advantage of the RM500 incentive, sadly, you won’t be able to get the RM1,000 this time.

So for a minimum of RM1,000 that you contribute, you’ll get a matching RM1,000 from the government. Yes, just like that!

The government will make a one-off payment of RM1,000 to qualified individuals that will be used to purchase units in a PRS fund in the PRS account. It’s a long-term investment scheme! This scheme is aimed at Malaysian youths aged 20 to 31 years old and is meant to help them save more money for the future.

M'sian Youths Can Get Rm1,000 From The Govt To Invest In Their Retirement Fund - World Of Buzz 2

Source: hr in asia

Who is eligible?

  1. Malaysian nationals
  2. Individuals may be existing Private Pension Administrator (PPA) account holders or new members
  3. Individuals must be aged 20 and above but have not yet reached the age of 31 between 2017 – 2018
  4. Gross contributions reach RM1,000 during a period of two (2) years from 2017 to 2018 in a single PRS fund of a Provider

The RM1,000 will be automatically deposited into your account and you do not have to apply for it as PPA will be monitoring the accounts. The individuals that are eligible will be compiled into a list and given to the government. Payment will be made every six months, so keep a look out!

Currently, there are eight PRS providers in Malaysia so choose the one you want and head over to a branch to open an account.

These are the providers:

  1. Affin Hwang Asset Management Berhad
  2. AIA Pension and Asset Management Sdn Bhd
  3. AmFunds Management Berhad
  4. CIMB-Principal Asset management Berhad
  5. Kenanga Investors Berhad
  6. Manulife Asset Management Services Berhad
  7. Public Mutual Berhad
  8. RHB Asset Management Sdn Bhd

If you’re still unclear about the whole scheme, here’s the difference between PRS and EPF:

M'sian Youths Can Get Rm1,000 From The Govt To Invest In Their Retirement Fund - World Of Buzz

Source: hokangtao

Do take note that similar to EPF, you cannot make a full withdrawal until retirement age or only under certain circumstances. You can contribute any amount you like or whenever you like, but in the end, it will still be your money. Plus, you can get up to RM3,000 tax relief every year if you contribute!

For more information, visit PPA’s website here.

Plan ahead, people and start saving for your retirement! 

 

Also read: Malaysian Babies Born On January 2018 Onward Will Receive RM200!

Malaysian Babies Born On January 2018 Onward Will Receive Rm200! - World Of Buzz

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Collage 7 6 Collage 7 6
News17 hours ago

TLDM Tragedy: Deceased Officer Wanted to Take 1 Last Helicopter Ride Before Retiring & Living with Husband

What was meant to be a training ended up in a tragedy that robbed 10 precious lives, leaving many family...

Collage 5 6 Collage 5 6
News18 hours ago

TLDM Tragedy: Daughters of Fallen Officer Share How They Received the News at School, Say Teachers Cried Too

Malaysians are grieving over the unfortunate deaths of 10 officers of the Royal Malaysian Navy (TLDM), especially their family members....

My Post 1 2024 04 24T140215.309 My Post 1 2024 04 24T140215.309
News19 hours ago

Immigration Dept Clarifies That Officers CANNOT Reject Passport Renewal Over Failure to Speak BM

Recently, there was an incident where a Malaysian man could not renew his mother’s passport at UTC Pulau Pinang. In...

My Post 3 2024 04 24T123249.249 My Post 3 2024 04 24T123249.249
News21 hours ago

Muscleman Assaults Woman at Thai Gym for Rejecting His Advances After He Trained Her for Free

It’s truly heartbreaking to know that there are still many out there who react with violence upon realising their feelings...

Collage 3 6 Collage 3 6
News23 hours ago

“Respect the time” – Kedah State Govt Tells Pasar Malam Vendors to Pause Operations During Maghrib Prayer Time

The Kedah state government is taking measures to make sure the prayer time is utilised for the purpose. In a...

Feat Image Insult Feat Image Insult
News2 days ago

M’sian Driver Has Insufficient Card Balance, Insults Toll Booth Operator When He Can’t Get Through

A viral video has left Malaysians enraged recently, showing the action of a road user insulting and threatening a toll...

Feat Image Screen Feat Image Screen
News2 days ago

Study: M’sians Spend 48.41% of Their Time Awake Looking at Screens, 8th Highest in the World!

A recent study by Electronics Hub pretty much confirmed something that we Malaysians have known for a while, which is...

My Post 1 2024 04 23T145047.839 My Post 1 2024 04 23T145047.839
News2 days ago

Penang Woman Who Splashed Hot Water on OKU Man Gets 10 Years in Jail & RM6K Fine

A few days ago, it was reported that a woman had splashed scalding hot water on a man with Down...

Announcement

Latest Videos



TRENDING TODAY