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 16 2 Collage 16 2
News2 hours ago

Ministry of Transport Allocates RM450 Millions To Upgrade LRT Service & Safety With 23 Initiatives

LRT train services have recently found themselves under fire for the constant issues which caused delays and inconvenience to its...

Ft Surau Ft Surau
News1 day ago

Mini School Bus Turned Mobile Surau in Terengganu Becomes First to be Recognised by JPJ

For Muslims, having to find somewhere suitable to perform prayers can sometimes be difficult especially when you’re out and about....

Collage 47 Collage 47
News1 day ago

JUST IN: Multiple Areas in KL Hit By Flash Floods After Continuous Rain Since Morning

After a couple of weeks of hot, sunny weather, it finally rained in KL this morning (25 May) but unfortunately,...

Collage Final 2 2 Collage Final 2 2
News2 days ago

Grab: Recent Price Hike Due to High Demand For Rides & Low Supply of Drivers

Complaints surrounding Grab’s e-hailing services such as the inability to book a car, unusually high fares as well as long...

Ft Weed 2 Ft Weed 2
News2 days ago

Ex-Diplomat Arrested After Largest Marijuana Farm in M’sian History Found on His Janda Baik Property

Although other countries in the world have slowly started to allow and legalise the use of marijuana for medical as...

Collage 43 Collage 43
News2 days ago

Abang Polis’ Powerful Words Save M’sian Woman From Jumping Off a Building in Shah Alam

Have you ever been in a situation where anything you say can mean life or death? This is what a...

Ft Tmj Ft Tmj
News2 days ago

TMJ Tells Kedah MB to Bring Facts After Claiming That ‘Someone’ is Controlling M’sia’s Football League

Local football fans are very well aware of the recent rift between Kedah Football Association (KFA) president Datuk Seri Muhammad...

Collage 5 3 Collage 5 3
News2 days ago

PDRM: Driver of Van Who Made Illegal U-Turn Causing Accident, a Foreigner With No License

Reckless driving does not only bring trouble to yourself but also to other road users. If the situation is bad...

Announcement

Latest Videos



TRENDING TODAY