KUALA LUMPUR: CIMB-Principal Asset Management Bhd wants more Malaysians to participate in a Private Retirement Scheme (PRS) to ensure a better life for them when they retire.
“It is a much needed scheme as it is found that after retiring, the necessities grow larger and PRS is also a way for people to secure a better future.
“With the current global economy and the high living costs, this scheme would ensure that people would not be badly affected by the economic conditions,” Group Asset Management and Investments chief executive officer (CEO) Effendy Shahul Hamid said in his speech at the CIMB-Principal PRS Conference 2015 yesterday.
Meanwhile, CIMB-Principal CEO Munirah Khairuddin told reporters the implementation of the Goods and Services Tax (GST) is a good opportunity for people to invest in PRS.
“The GST has affected everyone in Malaysia and even investors are subjected to the tax, but there is a RM3,000 per year personal tax relief with those aged 20-30 getting RM500 per PRS contribution from the government,” she said.
Munirah added CIMB-Principal has 25,000 members with a total industry market capital of over 800 million.
The CIMB-Principal PRS, an additional voluntary scheme to boost total retirement savings, started in November 2012.
CIMB-Principal is 60 per cent-owned by CIMB Group Sdn Bhd, with the remaining 40 per cent owned by the Principal Financial Group. — Bernama