The first set of schemes comprising 24 funds by several private retirement scheme providers was approved by the Securities Commission and will be available for offer to the public from September onwards.
A private retirement scheme (PRS) is a voluntary retirement savings scheme structured by private sector fund providers which are licensed and approved by the Securities Commission. "PRS offers opportunities for the rakyat. In the case of the individual, the PRS can provide an environment for individuals to build retirement funds for career mobility, while for employers, PRS may be utilised as a tool for retaining and attracting talent.
Tax measures in the Federal Budget last year have already been announced. This includes personal tax relief of up to RM3,000 for contributions by individuals to PRS approved by the Securities Commission and tax deductions to employers for contributions above the statutory rate of up to 19 per cent of employees' remuneration.
He said in addition to the mandatory EPF scheme and various public sector pension schemes, the government has also pursued other related initiatives, including the proposal to increase the retirement age to 60, which are needed to reflect the realities of people living longer
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