Monday, March 18

No sales charge for youths investing in PRS online


KUALA LUMPUR: The number of new members joining the Private Retirement Scheme (PRS) increased by 36 per cent to 301,279 members in 2017 from 221,235 in 2016, with youths under 30 years, making up 27 per cent of the member-base.

Securities Commission Malaysia chairman, Tan Sri Ranjit Ajit Singh said the total Asset Under Management (AUM) rose 47 per cent to RM2.23 billion in 2017 from RM1.51 billion, surpassing the initial RM2 billion mark.

“To attract more volunteers to the PRS, we decided that youths investing in it online would not incur any sales charge, effective today (Friday),” he said in his speech at the TN50-PRS Youth Event yesterday.

Ranjit also said this move was aimed at encouraging young investors to start saving, even in small amounts from RM100.

Meanwhile, the SC and the Ministry of Youth and Sports (KBS) announced a new collaboration under the National Transformation 2050 (TN50), dubbed,TN50 PRS Youth Incentive, to encourage youths to save and invest for the future.

TN50 PRS is at enhancing awareness and understanding of the importance of early retirement planning and encourage participation in PRS among youths.

Under TN50 PRS, Malaysians between the ages of 20 and 30, who contribute RM1,000 to any PRS fund, will receive a  matching contribution of RM1,000 from the government in 2018. — Bernama