As we approach the end of the year, we’re sure many of you are going through your year-end financial checklists, ticking off the remaining to-dos before 2023 bids goodbye. Two important areas that deserve some attention are maximising tax reliefs for the year, as well as reviewing your retirement savings plan – you can tick both off the list with Private Retirement Schemes (PRS).

In recent times, it has become increasingly clear that the contributions to the Employees’ Provident Fund (EPF) will not be enough for many Malaysians to retire with. In fact, the EPF stated that only 18% of members are on track to meet the RM240,000 Basic Savings benchmark by the age of 55. And with a shocking 44% of Malaysian adults yet to start planning for retirement, as revealed by the recent RinggitPlus Malaysian Financial Literacy Survey 2023 (RMFLS 2023), we should be playing a more active role in saving for retirement. 

Therefore, it’s essential to explore other options tailored to help you meet your retirement savings goals based on your individual post-retirement lifestyle. This is where PRS, a voluntary retirement scheme regulated by the Securities Commission of Malaysia, can complement your EPF contributions.

Diversify Your Retirement Investment Portfolio With PRS Via Versa

PRS allows you to play a more active role in saving for your retirement by allowing you to invest in SC-approved funds managed by reputable asset management firms. The PRS funds are usually available in three risk profiles: Growth, Moderate, and Conservative, allowing you to invest based on your preferred risk tolerance. In addition, there are also Shariah-compliant PRS funds available, too. 

To further encourage Malaysians to invest in PRS for their retirement, PRS fund contributions start from as low as RM100 and have a 0% sales charge, making it accessible to more investors compared to unit trust funds.

As a fully digital platform, Versa enhances the user experience by making it extremely easy and convenient to make PRS contributions. You can effortlessly sign up, manage, monitor, and, of course, contribute to your PRS investments directly from the Versa app.

PRS Via Versa: Enjoy Up To RM3,000 In Tax Relief & Get RM110 In Versa Cash

Aside from the potential long-term returns, PRS also offers tax advantages, notably the opportunity to claim up to RM3,000 in income tax relief. These contributions reduce your chargeable income for the year, allowing you to enjoy savings in the form of tax refunds when you file your taxes the following year.

Interested to know how much tax savings you can get by investing RM3,000 in PRS? Versa’s PRS page has a calculator here – simply key in your estimated annual taxable income to find out how much income tax savings you may be eligible for. To further simplify, Versa also has this handy table:

To further encourage Malaysians, Versa will offer additional rewards for PRS contributions! For a limited time only, contributing RM3,000 in PRS via Versa from the 22nd to 28th of December 2023 also earns you an RM50 welcome Versa Cash bonus, with an extra RM60 Versa Cash bonus, totalling up to RM110 in your Versa Cash.

Exclusively For RinggitPlus Readers: Win Amazing Prizes When You Invest In PRS Via Versa

We’ve also collaborated with Versa to further reward you with an exclusive referral code – VERSARP2. Be among the first 500 new users to use this code and get a guaranteed RM100 Cash via DuitNow*.

If you’re not among the 500 new users, don’t worry. Anyone who uses the referral code will also have the chance to win exciting prizes as long as you complete your initial cash-in of RM3000 to the PRS fund via Versa.

All you need to do is to follow the steps below:

1. Download the official Versa Asia app here.
   
2. Sign up as a user using the code VERSARP2.
   
3. Complete your first initial cash-in of RM3,000 to any PRS fund via Versa.
   
4. Be among the first 500 new users to receive RM100 Cash via DuitNow*.
   
5. Stand a chance to win* the following prizes: 

• 1st Prize: Dyson Pure Cool Purifier 
• 2nd Prize: JBL Pulse 4 Wireless Waterproof Bluetooth Speaker 
• 3rd Prize: Samsung LED 24-inch Monitor

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Investing in PRS via Versa, with its flexible contributions, tax advantages, and user-friendly digital management, can be an ideal choice for enhancing your retirement strategy. Don’t miss out on this opportunity to enhance your retirement planning with PRS and enjoy additional tax reliefs along the way.

Find out more about Versa PRS here or download the Versa app, and remember to use code VERSARP2 to receive RM100 Cash via DuitNow* plus the chance to win amazing prizes! 

*Terms and conditions apply.

• TAGS:
• Additional Income Tax Relief
• Income Tax 2023
• Income Tax Reliefs
• PRS