KUALA LUMPUR: Private Retirement Scheme (PRS) contributors can now withdraw a maximum of RM1,500 from their Account B.
Prime Minister Tan Sri Muhyiddin Yassin announced this when unveiling the Prihatin Rakyat Economic Stimulus Package today.
He said those who took out cash from their account are not liable to any tax penalty for the period of nine months beginning April this year.
PRS is a voluntary long-term savings and investment scheme set up by Securities Commission in 2012 to help Malaysians save for their retirement.
There are currently eight PRS providers serving more than 455,000 members nationwide.
As at end of 2019, the total size of the industry stood at RM3.5 billion.