The following 5 conditions apply for the incentive;
- Gross contributions cannot be sourced from employer contributions (whether via vesting schedule or otherwise), only individual contributions are eligible.
- Gross contributions cannot be achieved via transfer from a different Provider, however switching between funds is allowed.
- The RM1,000 incentive is only applicable to PRS contributions made for the period beginning 1 January 2017 to 31 December 2018.
- The minimum contribution amount must be a gross amount of RM1,000 which is inclusive of all fees and charges.
- The RM1,000 must come from a single PRS Fund. If an individual had invested RM500 into a Growth Fund, RM500 into a Moderate Fund and RM500 into a Conservative Fund of the same Provider, he would be excluded from receiving the incentive as he has not met the minimum contribution amount requirement in a single Fund.
Please also see Switching
If a Member has contributed RM1,000 in each growth, moderate and conservative fund, of the same/ different Provider the RM1,000 incentive from the government will be allocated based on which fund reaches the RM1,000 amount first.
If a Member has contributed RM1,000 in each growth, moderate and conservative fund, of the same/ different Provider on the same date, the RM1,000 will be divided equally among the funds which achieves the RM1,000 on the same date.
Please also see the Splitting of Incentive
Gross Contribution on a Staggered basis
The gross contribution amount of RM1,000 must be accumulated within 2017-2018.
Employer contributions made to PRS account as part of employee benefits are excluded from this incentive programme. Only individual contributions made will be considered for the incentive.
However, for contributions made via salary deduction, the individual will be eligible to receive the incentive (subject to fulfilling the other eligibility requirements), because the contribution is derived from the individual’s own salary.