Free RM 500 for Every Malaysian Aged between 20 and 30

Do you want RM 500 for free? Then you need to pay attention here. This offer is valid between 2014 to 2018 (5 years). You have plenty of time to take advantage of it. So no rush. What I am going to share is the PRS Youth Incentive.

After having lunch this noon, I met someone who mentioned about the incentive to me and I figured out that it is cool. It is actually part of the 2014 Budget proposal announced last year in October. Few people talked about it and I missed it too.

The government will give an one-off RM 500 incentive to contributors who participate in the PRS (Private Retirement Scheme) scheme. PRS is actually your private saving and investment plan. It normally involves investing in mutual funds provided by banks.

The scheme providers are:

The incentive is only eligible for EVERY Malaysian aged between 20 and 30 with gross contributions within the calendar year (between 2014 – 2018) of minimum RM 1000 in a single PRS fund of a provider.

You don’t have to do anything (apart from funding your PRS fund) to get the incentive. It is given automatically to purchase units in a PRS fund in the PRS account.

Well, that’s not all. Free RM 500 is not the only benefit you get. You will also get a reduction in tax once involved. Someone actually spelled out the detail of the benefit you will get here.

I don’t know about you but I am going to fund my Public Mutual fund by the end of this month (after getting the salary).

  • Haohao Hao

    If you have a public mutual account, does it consider you already have PPA account?

    • Chok Leong Chai

      Yes, in that case, you already have a PPA account. The incentive is eligible for existing and new member too. What you need to do is to make sure you contribute to your fund at least RM 1000 within a calendar year (E.G.: from January to December of 2014, or from January to December of 2015, etc, any year between 2014 and 2018). You can read more about the incentive on the PRS website