What you should know about the Private Retirement Scheme (PRS)
PRS is a voluntary scheme for all individuals who are 18 years old and above. It is an additional way to boost total retirement savings, whether you are an Employees Provident Fund (EPF) member or not. If you are an EPF member, then PRS can complement your EPF savings.
In the recent Budget 2022, the government has maintain the PRS tax relief of up to RM3,000 per year until 2025 where PRS members are eligible for a tax relief of up to RM3,000. The PRS Tax Relief has proven to be effective in encouraging Malaysians to save more for their retirement.
Enjoy up to RM3000 per year personal tax relief on top of the RM6000 per year tax relief for the mandatory retirement savings contribution and life insurance premiums.
