Save 10% or more in PRS
Studies recommend having at least two-thirds (67%) of your last drawn salary as the amount needed to maintain your standard of living after retirement. To achieve the two-third benchmark, Private Pension Administrator Malaysia (PPA) suggests setting aside one-third (33%) of your monthly salary.
In Malaysia, if you are working in the private sector, you are most likely already contributing 11% of your salary to a mandatory scheme, which comes with a minimum employer contribution of 12%. Thus, for most of us, our mandatory contributions add up to 23%.
Hence, you just need to save an additional 10% of your income every month in the Private Retirement Schemes (PRS), a voluntary long-term saving and investment scheme designed to help you save more for your retirement. Save 10% or more of your salary with PRS Online and pay yourself forward for your retirement.