The RM1,000 is a one-off incentive and qualified individuals will only receive it ONCE for the entire period between 2017 to 2018 and not once every year.
Payment will be made on a bi-annual basis and PPA will notify the members once the incentive payout is made into the members’ qualified PRS Fund.
Once an individual is eligible, the RM1,000 will be utilized to purchase units which will then be created in sub-account A of the PRS fund that the Member has contributed the RM1,000. The number of units the Member would receive would depend on the NAV per unit of the PRS fund.
Any transfer occurs after the cut off date but before the incentive is paid to the Member’s account, the member is eligible to receive the incentive.
Individuals do not need to apply for the incentive and no documentation is required from the Member in order to receive the incentive. PPA will monitor the eligible accounts and compile a listing of those qualified and notify the Government of the individuals eligible to receive the incentive. A report is compiled by PPA bi-annually, in order for the pay-out to be made to the qualified individuals. Once eligible, the incentive will be automatically credited into the Member’s sub-account A of the PRS fund.
Members may view the transaction once the notification is given to the members through their PPA Online account. If you have not activated your PPA Online Account, please click here. If you do not have a PPA Online account, please contact our Call Centre at 1-300-131 772 or e-mail us at askPPA@ppa.my
Splitting of Incentive Where There are 2 or More PRS Funds which have satisfied the Minimum Gross Contribution Amount
For members who have several PRS Funds, either with a single PRS Provider or multiple Providers, in the event that multiple Funds received the RM1,000 gross contribution on the same date, the Incentive would be divided equally among these Funds. Otherwise, the Fund that received the RM1,000 gross contribution first, will receive the full RM1,000 incentive.
Pre-Retirement Withdrawal from Sub-Account B
As the full RM1,000 will be utilized to purchase units which will then be created in sub-account A, this incentive is therefore not available for pre-retirement withdrawal from sub-account B.
However, where pre-retirement withdrawals occur after the cut-off date but before the incentive is paid to the Member’s account, the Member is eligible to receive the incentive.
See FAQ under PRE-RETIREMENT WITHDRAWAL