By Poovenraj Kanagaraj
Private Retirement Scheme (PRS) members will now be able to withdraw a maximum of RM 1,500 from Account B with the exemption of the eight percent tax penalty. PRS members may submit their application for the pre-retirement withdrawal from April 30 to Dec 31.
Principal Asset Management Berhad believes the announcement will help Malaysians to brace through the outbreak and is in full support of the measure.
According to Munirah Khairuddin, chief executive officer of Principal Asset Management, “We are committed to providing assistance to Malaysians during this pandemic, including helping our customers to keep the focus on their long-term financial goals. We’re encouraging investors who are financially able to stay invested in their PRS account to help achieve maximum returns over the long-term and meet their lifetime financial goals.”
Principal has also planned to expand their charitable efforts in partnership with Principal Islamic Asset Management to provide cash contribution to PERTIWI (Pertubuhan Tindakan Wanita Islam) for its Soup Kitchen starting May 8 in conjunction with the month of Ramadan.
This initiative is part of the efforts by the company to assist small business operators and B40 families who have been financially affected by the MCO.
Additionally, Principal had also partnered up with food providers, La Cucur and Rotol Food-Chain, to make food deliveries for the medical personnel at Kuala Lumpur Hospital during the early phase of the MCO.
The asset management service provider expects the world economy to recover gradually after the number of new Covid-19 cases peak. Investors will also have the opportunity to reap the benefits of market gains if they ae still invested in their PRS account and other investment vehicles when the economy recovers.