KUALA LUMPUR: Permodalan Nasional Bhd (PNB) is allocating RM200 worth of unit trust for each of the 500,000 newborns this year to fund their respective initial savings under Amanah Dana Anak Malaysia 2050 (ADAM50).
PNB president and group chief executive officer Datuk Abdul Rahman Ahmad said the goal was for the savings under ADAM50 to create additional investments under Amanah Saham Bumiputera (ASB) or Amanah Saham 1Malaysia (AS1M).
“It is our goal for the RM200 to act as the early capital to push for additional investments in ASB or AS1M.
“Parents should take this opportunity to start investing for the future of their young ones,” he said during a visit to the maternity ward at Kuala Lumpur Hospital to present ADAM50 funds to babies born on the first day of 2018.
Abdul Rahman said the RM200 would be immediately credited to the children’s ASB or AS1M account upon registration.
To apply, the baby’s birth must be registered with the National Registration Department and their birth certificate, or identification card MyKid, must be brought to any ASNB outlet or agent who would facilitate registration for ADAM50.
ADAM50 is only applicable to Malaysian babies born to Malaysian parents between Jan 1 to Dec 31 this year, and up to one year after birth.
The initiative would continue five years starting this year, with a total cost of RM560 million, benefiting some 2.8 million Malaysian babies.
“To spread the word on ADAM50, the government and PNB will conduct promotional activities to inform parents about the programme which they should not miss. We will gauge feedback on the programme during these five years,” Abdul Rahman said.
Prime Minister Datuk Seri Najib Razak during the tabling of the 2018 Budget in October last year announced the fund ADAM50 for babies born in 2018, and described it as a “gift” for the “National Transformation 2050 generation”.
Siti Norain Raid, 26, who gave birth to this year’s first baby in Kuala Lumpur Hospital at 12.54am, was elated when her son received RM200 under the ADAM50 programme.
“Saving does not have to start only when our children are all grown up, but it should begin when they are young. I am grateful that I gave birth to my son today and he received RM200 in his ASB account.
“His funds will be kept for his future. It will go towards his education and whatever he needs during that time.”
New mother Nor Fatihah Mad Tahir who was overjoyed with the birth of her daughter, became ecstatic upon receiving the RM200 unit trust.
“I will keep the fund for my daughter and add to it as she grows up. I will ensure that it is only used for her, especially for education.”
Also present during the visit to the ward was Kuala Lumpur Hospital director Datin Dr Nor Akma Yusuf.