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PRS is a voluntary long term investment scheme that accumulates savings for a sustainable retirement via a regular savings plan. a. What is PRS? A voluntary investment scheme initiated by the Government to help Malaysians accumulate savings for a sustainable retirement income. It Aims to provide both employees and self-employed individuals with an additional avenue to save for their retirement. It also provides yearly individual tax relief of up to RM3,000 for investors (until 2025). b. Who can invest in PRS? - Age 18 and above - Employed or self employed - Malaysians & foreigners - Also suitable for individuals who do not have a public mandatory retirement scheme c. Benefits of PRS i. Benefi¬ts for individuals - Supplements your retirement savings. - Flexibility to invest and switch between funds according to your risk appetite, investor pro¬le and retirement needs. - A wide range of conventional and Shariah-compliant PRS funds to choose from. - Individual tax relief of up to RM3,000 per year (until 2025). - Conditional withdrawal options. - Free insurance coverage (T & C Applies - for our members only) ii. Benefi¬ts for individuals - Attract and retain the right talents using PRS as an added benefits package. - Gain more with a customised vesting bene¬t for employees. - A convenient and secure online service platform for instant access to your account information and transactions. - A customised salary deduction system for easy management. - Contributions made on behalf of employees are tax deductible up to 19% of employees' remuneration. iii. Investment Benefits - Power of compounding - the ability of an asset to generate earnings, which is then reinvested in order to generate its own earnings. Compounding refers to generating earnings from previous earnings. - The longer you let compounding work, the larger the amount you will have in the end. Beneficial to spend less than what you earn and invest the rest through a regular savings plan. - This plan makes full use of the dollar cost averaging (DCA) investment strategy. DCA means investing an equal amount of money on a regular basis such as monthly, quarterly or half-yearly. - By practicing a disciplined regular investment contribution, an investor is able to average out the cost of investment through buying more units when the price is low and fewer when the price is high
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