Yesterday, Najib had launched the establishment of a private retirement
scheme, a highly significant move as it provided employees and the self-employed
with an additional avenue to save for their retirement.
The first set of schemes comprising 24 funds by several private retirement
scheme providers was approved by the Securities Commission and will be available
for offer to the public from September onwards.
A private retirement scheme (PRS) is a voluntary retirement savings scheme
structured by private sector fund providers which are licensed and approved by
the Securities Commission.
Commenting further, Dr Subramaniam said the scheme gave an opportunity to
private sector employees and the self-employed to save for their retirement.
"This scheme is voluntary and not compulsory. People should get the habit of
saving so that when they retire, their post-retirement period will be good," he
VSS AKT GR