Retirement savers to benefit from PRS tax relief extension

"For PRS members who have not maximised their tax relief for 2020, they can also top up their PRS accounts anytime, anywhere with the PRS Online application," it said.

KUALA LUMPUR: The Private Pension Administrator Malaysia (PPA) said the extension of the Private Retirement Schemes (PRS) tax relief of up to RM3,000 per year until 2025 is a positive move by the government that views the people’s preparedness towards their retirement wellbeing as a national priority.

In a statement on Friday, PPA chairman Datuk Zaiton Mohd Hassan said the PRS tax relief given to individuals who saved in the voluntary scheme had proven to be effective in encouraging Malaysians to save more for their retirement.