KUALA LUMPUR: Private sector workers and the self-employed will have the opportunity to save for their retirement under a scheme announced by Datuk Seri Najib Tun Razak.

Under the Private Retirement Scheme, eight providers have been appointed to manage contributions to 24 funds to be regulated from September by the Private Pension Administrator chaired by Zaiton Mohd Hassan, a board member of the Companies Commission of Malaysia.

The contributions are to be made by the employees and employers without any fixed amount or interval, the Prime Minister said, when launching the PRS at the Securities Commmisssion here yesterday.

The providers are AmInvestment Manage-ment, American International Assurance, CIMB-Principal Asset Management, Hwang Investment Management, ING Funds, Manulife Unit Trust, Public Mutual and RHB Investment Management.

For the golden years: (From left) Shirley Chew, Razak Ahmad and Prema Nair reading the Private Retirement Scheme guide book in Kuala Lumpur.

Najib said: “The development of this third pillar of voluntary private retirement is part of my commitment to reform and strengthen the entire pension and retirement landscape.”

He added that employees and the self-employed would have the option of specifying the type of fund they want to contribute to.

To encourage savings, individuals are granted tax relief of up to RM3,000 and employers are provided tax deduction on contributions above the statutory rate of 19%.

Related Story:
More options to invest savings with new scheme

• Alliance Research 'Neutral' on IOI Corp, ups TP to RM5.41
• Petronas Chemicals to decide on Gebeng plant by year-end
• Petronas stocks, KLK drag KLCI into the red
• KPJ Healthcare Q1 earnings down 24.7% to RM25m
• Boustead Q1 earnings down 30.9% on weaker CPO prices
• More dividends from Pacific & Orient
• CIMB, Tenaga up as KLCI again eyes 1,800 (Update)
• Bumi Armada advances to high of RM4.14 on firmer earnings
• Samchem eyes Vietnam, to contribute 30% of group revenue
• BOJ keeps policy on hold; Kiuchi proposes looser price target timeframe
• Suria Capital, SBC Corp in RM1.8b Sabah JV
• CIMB advances in early trade, Dayang in focus
• RHB Research downgrades Dayang Enterprise to Neutral
• Alliance Research ups CIMB Group’s target price to RM9.64
• JF Apex Research ups Bumi Armada FV to RM4.27

• US experts reject murder theory in scientist's death
• Polish mine launches salt photo contest
• Thunder star Durant pledges $1mil for tornado relief
• Amazon plans greenhouse-style headquarters

• Injured Murray withdraws from French Open
• Ramy wins fiery battle of words and deeds
• Low Wee Wern fails to clear opening round again in British Open
• Teenager Addeen gets massive boost Down Under
• Hosts Malaysia make a tame exit at the hands of Germany
• Denmark not prepared to take on mighty China just yet
• Japanese upset Danes and Joo-bong is all smiles
• Dane loves to unwind with her Modern Family
• Tommy not afraid to play for country despite loss
• It’s the last $traw thanks to the BWF
• BAM: There will be no more sweeping under the carpet
• Cyclists give the thumbs up to world-class velodrome
• Australian Evans says Giro dream still alive
• Savinder Kaur is new middle distance queen after 1,500m victory
• Elena walks her way to a new record

• Please wait.

• Sarawak leaders triple their salaries
• HR manager laments declining standard of English
• Loan sharks making life hell for retiree
• EPF invests more abroad, investment assets exceed half-a-trillion ringgit
• Leave troubles behind with irresistible AirAsia deals
• Samchem eyes Vietnam, to contribute 30% of group revenue
• Suria Capital, SBC Corp in RM1.8b Sabah JV
• What is the Irish loophole behind iPhone maker Apple's low tax bill(update)
• Huge education workforce
• Child bride and hubby enjoying married life