PRS Youth Incentive

Private Retirement Scheme (PRS) Youth Incentive

Save early encourage better compounding return upon retirement, in Budget 2014, the Government has announced that it will make a RM500 one-off contribution under the Private Retirement Scheme (PRS) Youth Incentive.

This incentive aims to provide a good start up for Malaysian youths between the ages of 20-30 years.

This incentive is effective from 1 January 2014 for a period of five years from years 2014 to 2018.

Pursuant to Budget 2017, the incentive amount has been enhanced by the government to RM1,000.

 How to qualify?

Member will be given a RM1,000 one-off contribution when he/she made a gross contribution of RM1,000.

  • The gross contribution of RM1,000 must be made by a Malaysian youth:-
    1.  aged between 20 and 30, which have not reached the age of 31.
    2.  within one calendar year.
    3.  within the period of years 2017 to 2018.
    4.  in a single PRS fund of a Provider.
  • Contributions can be made on a lump sum or monthly saving basis within the calendar year.
  • The incentive will be reinvested into the fund.
  • For contributions with more than one PRS fund, the incentive will be given to the fund that first reaches the gross contribution of RM1,000.