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Sunday, March 10, 2013
Private Retirement Scheme-Myths and Concerns
We are back after 1 month observing the market response on the PRS. To our surprise, many PRS provider who market the product are jumping in with the advantage of tax savings rather than on the reason of retirement planning. Many people who take up are employees from the Multinational companies(MNCs) who have the financial muscle to provide the top up on the EPF statutory rate of 12-13% for the corporate tax savings advantage.
Many we spoke to are still on the look-and-see situation due to some concerns and myths. Some are valid concerns need to be addressed. Seeing this situation, we decide to conclude the PRS series with the intention to answer some of the concerns and debunking the myths, hopefully.