PM launches new voluntary Private Retirement Scheme

KUALA LUMPUR: The voluntary Private Retirement Scheme (PRS) was launched on Wednesday by Prime Minister Datuk Seri Najib Tun Razak that will allow employees and self employed the opportunity to save for their retirement.

To encourage savings under the scheme, individuals are granted tax relief of up to RM3,000 and employers are provided with tax deduction on contributions to the PRS on behalf of their employees above the statutory rate of 19%.