PRS Vesting Programme (Private Retirement Scheme)
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Benefits of PRS Vesting Programme
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FOR EMPLOYERS |
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Talent Retention
- Employers get to retain talents by rewarding loyal employees.
Rights to Contribution
- Employers have the assurance that they have the right to claw back their contributions if the employee decides to leave before the vesting period.
Tax Deductions
- Employers are allowed tax deductions on contributions to PRS made on behalf of their employees up to 6% to 7% of employees’ remuneration.
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FOR EMPLOYEES |
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Free Personal Accident Insurance/Takaful Coverage
- PRS members aged between 18-59 are eligible for a free personal accident Insurance/ Takaful coverage (subject to terms and conditions).
Money in PRS is Protected from Creditors
- All members’ benefits/ money in PRS are protected from creditors as stipulated in Section 139ZA of the Capital Markets and Services Act (CMSA) 2007.
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