M’sians aged 20 to 30 can get FREE RM1,000 from Govt in Retirement scheme.

Updated: Nov 13, 2018

All of us know what’s EPF is but how many of you know about Private Retirement Scheme (PRS)?



What is PRS?

To put it simply, PRS is like your Employees Provident Fund (EPF) or KWSP. The objectives of both are identical: save money today and benefit from interest receivables and eventually withdraw the fund upon retirement.


The most important difference here is that PRS is a voluntary contribution unlike the EPF which is mandatory. Individuals are free to invest any amount, whenever they please.







Even though the PRS is managed by private companies but PRS is still being monitored closely by our government body to ensure the money invested are in good hands.


But here is the good news.


If you are under 30, now is a good time to sign up for Private Retirement Scheme (PRS) as the government is giving free RM1,000 to Malaysian! (until 31st December 2018 only) So for a minimum of RM1,000 that you contribute, you’ll get a matching RM1,000 from the government. Yes, just like that!


Who is eligible?

1. You need to be a new member of PRS

2. You are aged between 20 – 30 (based on your date of birth)

3. Accumulated investment with more then RM1,000


If you have two PRS accounts with RM500 invested in each of them within a year, you will not be qualified for the incentive. This incentive has been valid from 2014 and will end in 2018, but your account will stay open until you retire.


Aside from that, another important perks when you put money in PRS.


What are they? You will be able to claim the individual tax relief of up to RM4,000 per year on top of your EPF’s tax relief!! You will not just able to get RM1,000 but you also can get a tax relief from it!


Who are the PRS Providers?

There are currently eight PRS Providers who are approved by the Securities Commission (SC) Malaysia to provide and manage private retirement schemes.

They are: 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


How do I apply for PRS?

1. Choose your PRS Provider from the list above

2. Open a PRS and PPA account through your selected PRS Provider. This can be usually done at the PRS Provider's offices or branches.

3. Choose a suitable fund to invest in.

4. Top up your funds regularly. You may also view and monitor the latest fund prices, PRS contribution details and account summary of your PRS investments.


We know that the application process can be troublesome, and we are here to save your time.


TLC Wealth Consultancy is a proud partner of AIA Sdn Bhd. For the past 2 years, we had helped thousands of people secure PRS, without extra charges. One call is all it takes.


Contact us at: ☎️ 012 224 3515 (TLC Wealth Consultancy) 📱 Whatsapp: http://tlcwealthconsultancy.wasap.my/




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