Khairy Jamaluddin says it may be counter-intuitive to start saving when you are young but it is for the best.—Picture by Miera Zulyana
New to Versa? It’s an app designed to help you grow your savings easily. Deposit RM100 and get a RM10 bonus with the code VERSAMM10
By Malay Mail
Wednesday, 27 Nov 2024 10:49 AM MYT
KUALA LUMPUR, Nov 27 — “It’s difficult to save for your future but you absolutely must. It’s counter-intuitive for a young person to save, I know,” said Khairy Jamaluddin, Versa’s marketing ambassador and former Youth and Sports Minister, echoing his statement in 2018, when he launched the “TN50 PRS Youth Incentive”.
“When Versa first approached me, I was impressed by how they were able to capture a large base of young Malaysians. More so when they secured Securities Commission’s grant to on-board and promote PRS on their platform.
“As I mentioned in 2018, it is hard enough for youths to set aside funds, I applaud Versa’s initiative to lessen the friction and empower Malaysians to invest at their own pace.”
“Many Malaysians are missing out on the long-term advantages of PRS contributions to help EPF savings.” said Teoh Wei-Xiang, CEO of Versa.
“The government’s initiative to continue PRS’ tax benefits helps in building a stronger financial foundation for the future. PRS offers a smart way to align both short-term savings and long-term goals.”
As the year ends, Malaysians are rushing to maximise tax reliefs through popular deductions in education, healthcare and lifestyle incentives.
Education-related expenses top the list, allowing up to RM7,000 in claims while contributions to life insurance and EPF offer a relief of RM7,000.
Education and medical insurance deductions are also significant, with up to RM3,000 in relief.
Save for your retirement and get up to RM3,000 in tax relief… it is never too early to save for your retirement.
In addition, the RM2,500 relief for lifestyle and RM1,000 sports equipment deductions are a popular option, as they tie in with the current lifestyles of Millennials and Gen Zs.
An often overlooked yet powerful form of tax relief comes from contributions to the Private Retirement Scheme (PRS), which allows Malaysians to claim up to RM3,000 in tax relief annually.
Despite its benefits for long-term financial security, PRS remains underutilised compared to other relief options.
By contributing to PRS, individuals not only save on taxes but also build a retirement nest egg, making it a smart financial strategy for future stability.
How PRS via Versa can help
PRS is a simple and flexible way to enhance your retirement savings while enjoying tax relief. Here’s how it works:
Tax relief: Contributions to the PRS are eligible for up to RM3,000 in annual tax relief, putting money back in your pocket each year.
Complements EPF: PRS works alongside your EPF savings, giving you an extra boost to ensure you’re better prepared for retirement.
Flexible investment choices: PRS offers a range of investment funds, allowing you to tailor your savings plan according to your risk appetite and retirement goals.
Versa, Malaysia’s rising homegrown wealth management app, offers PRS funds via its mobile application, which allows Malaysians to seamlessly create an account and manage their savings and investments online.
Versa is currently rewarding users with a RM100 Versa Cash bonus with the promo code VMMPRS100 when users deposit RM3,000 into any PRS fund by Dec 30, 2024.
A total of six PRS funds are available via Versa to cater all risk appetites with Shariah-compliant options.