KUALA LUMPUR (July 18): Prime Minister Datuk Seri Najib Razak on Wednesday launched the Private Pension Administrator (PRA) and the first set of 24 approved voluntary private retirement funds, in laying the final foundation stones to the retirement savings initiative.
The Private Retirement Scheme (PRS) is a voluntary scheme structured by private sector fund providers licensed and approved by the Securities Commission (SC).
The PRA will be helmed by Zaiton Mohd Hassan, who is currently a board member of the Companies Commission of Malaysia, MIDF and Bank Islam Bhd.
The PRA will be tasked with enabling infrastructure for the PRS while the SC will regulate all intermediaries in the PRS.
Individuals are granted tax relief of up to RM3000 while employers are given tax deductions on contributions to PRS made on behalf of their employees above the statutory rate and up to 19% of employees remuneration.