How can savers / investors / residents in Malaysia benefit from it? What is the Private Retirement Scheme (PRS)?
The PRS is a defined contribution pension scheme which allows people
(or their employers) to voluntarily contribute into an investment
vehicle for the purposes of building up their retirement income. Having a voluntary scheme in addition to the EPF also allows private
company employees and self-employed persons to voluntarily contribute
towards their retirement in a systematic way.
Unlike the EPF, PRS contributions are not mandatory, and they can be
made by either an individual or an employer. There is no statutory
minimum amount (although individual PRS providers may specify a minimum
amount as per their own internal investment policy) and no statutory
time interval for contributions.
Thus, personally I will recommend to those pensioners or individuals who are interested in this scheme.
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