What is Private Retirement Schemes (PRS)
With the increasing life expectancy and cost of living, Malaysians are living longer today than ever and ensuring we have sufficient funds to maintain a comfortable standard of living for the balance of our lives thus gaining more importance.
The introduction of PRS aims to provide an additional pillar to support the retirement needs of Malaysians.
A PRS is a voluntary long-term investment scheme designed to help individuals accumulate savings for retirement. It complements the mandatory contributions made to EPF.
It also helps the self-employed to build up their savings, and encourages employers to provide extra benefits for their workers beyond their mandatory contribution.
Each PRS will include a range of retirement funds that individuals may choose to invest in based on their own retirement needs, goals and risk appetite. Such funds are managed in a way that is consistent with the objective of building savings for retirement with a prudent spread of risk.
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