๐% โฎโณำพ โฑษโฆโณโฑ โฎษ ๐๐จ๐ซ ๐๐จ๐ฎ๐ฌ๐ข๐ง๐ ๐๐ง๐ ๐๐๐๐ฅ๐ญ๐ก๐๐๐ซ๐ ๐๐ข๐ญ๐ก๐๐ซ๐๐ฐ๐๐ฅ๐ฌ ๐๐ซ๐จ๐ฆ ๐๐๐
Private Pension Administrator Malaysia (PPA), the central administrator for the voluntary Private Retirement Schemes (PRS) welcomes the recent Budget 2020 proposal that will allow PRS members to make pre-retirement withdrawals for purposes of healthcare and housing without any tax penalty.
โPPA is grateful to the Government for the introduction of 0% tax penalty for pre-retirement withdrawals of PRS from sub-account B, which holds 30% of the savings for purposes of healthcare and housing. This move reflects the Governmentโs understanding and commitment to help all Malaysians use a portion of their retirement savings for their needs. With this proposal, which shall take effect from next year, we are positive that more Malaysians will come forward to save more for their retirements through PRS,โ said Husaini Hussin, Chief Executive Officer of PPA.
โIn recognition by the Government of rising healthcare cost, withdrawal for immediate family members is also allowedโ added Husaini.
To know more about PRS, please feel free to contact us.
Comments