2017 Budget Speech

189. To encourage youths to make long-term investment, the Government will introduce Private Retirement Scheme (PRS).

190. Effective 2017, the Government proposes to introduce a one-off increase of the existing RM500 incentive to RM1,000 to PRS contributors with a minimum accumulated investment of RM1,000 during the period of two (2) years. For this, an allocation of RM165 million will be provided.

This increased incentive is only for 1st time contributors? 

Yea, I agree Can't wait January to come soon 

Anyone mind teaching how to open account for this prs?
Can do it online?

Yea, but still it is worth. 100% gain. Not to forget the tax relief for the amount you invest, up to RM3K.

Is this promo available for those who already enjoy the free RM500 incentive?

Do we still get the benefit (tax relief) if one is >30 years old?

Tax relief - up to RM 3,000 per tax payer per year of assessment (Y/A) from Y/A 2012 to 2021.
did not mention age limit ....
https://www.fundsupermart.com.my/main/resea...s-Benefits-2965

ONLY PRS youth incentives has age limit
Aged 20 and above but have yet to reach the age of 31
https://www.fundsupermart.com.my/main/resea...tive-RM500-4558

yes, he talked about tax relief,...I provided more info ...cannot? 

aiayh...give them some time to update the RM 500 info...the Budget just announced today....and maybe the RM500 is still applicable for yr 2016 mah?

i keen to transfer all my unit in public mutual prs to new provider, is it only one off transfer fee right? and my old prs account in public mutual should be closed right?

sorry, don't seems to get what you mean....
could you pls elaborate?
Q1: what do you mean by...."why change when your prs fund is under your name and not public mutual. whatever provider you change means nothing". ?

Q2: what do you mean by...."unit trust on the other hand is different ball game?"

Correction, the annual charges was charge by PPA, you will get charge no matter which provider/channel you go to

Topup max rm3k/year until 2021 as after 2021 there's no more income tax relief

indirect answer....
Q: UPON REACHING THE AGE OF 55, DO I STILL NEED TO BEAR THE WITHDRAWAL COST?

A: No, you are NOT required to pay the 8% to Inland Revenue Board of Malaysia and PPA pre-retirement withdrawal fee of RM25 per transaction.The withdrawal can be in part or in full.
You can withdraw both your investments in account A and account B at any time.
https://www.fundsupermart.com.my/main/faq/1...me-PRS--8865#17

* subjected to change by the Govt... 

Be my guest to pay more income tax to the government. Thr government said thank you

This is going to follow what EPF does, if EPF change to 60, PRS would too. And it's just a matter of time that EPF would change to 60. So I'd rather grab the tax refund now and let me money grow in PRS la

Tax relief until 2021 only. After that, don't know if continue or discontinue.

Only put max rm3k/year and a single sen more. After reach 2021, you don't need to add anymore unless tax relief is continue.

The reason is all the funds are concentrated in Malaysia. Even the fund which is not focus on Malaysia focus on china. With emperor xi having his own way with the companies in china hence the china focus funds are not doing well.

That's why i move my prs to one with more allocation to prs.

Prs as long as can match EPF is ok. Some just simply buy regardless of performance.

Keep in mind if other fund house offer more US exposure that is available on FSM, I will switch without a moment of hesitation.

I will keeping my eye out for it. But unlikely to happen as
1. BNM unofficial directive
2. Heard from people in the industry that PRS is not profitable.