Monday, 03 May 2021 09:06 PM MYT
Datuk Zaiton Mohd Hassan gives her opening remarks during the launch of the Public Transport Fund in Kuala Lumpur May 2, 2019. Picture by Ahmad Zamzahuri
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KUALA LUMPUR, May 3 The private retirement schemes (PRS) have exceeded RM5 billion in total net asset value (NAV) to-date, with half a million Malaysians saving for their retirement, representing an increase of 43 per cent from RM3.5 billion as at Dec 31, 2019.
In a statement today, the Private Pension Administrator Malaysia (PPA) said the NAV growth was made possible by the resilient and strong performance of PRS funds, despite going through volatility last year and witnessing its fair share of market movements over the past nine years.
AS small and medium enterprises (SMEs) are the backbone of the nation and are the biggest employers in the country, it is of utmost importance to not only help smaller businesses tide through the Covid-19 storm, but also to foster more entrepreneurs to drive the economy.
This rationale is reflected in one of the core focus areas of Budget 2021, which covers the development of business- and entrepreneurship-related initiatives.
To encourage entrepreneurship among Malaysians, there are numerous initiatives that build upon the foundation of existing programmes, such as the RM510mil allocated to the National Entrepreneur Group Economic Fund (Tekun) and Perbadanan Usahawan Nasional Bhd (PUNB) to finance Bumiputera entrepreneurs and micro SMEs, which also includes RM20mil for the Indian Community Entrepreneur Development Scheme and RM5mil for the entrepreneurship development of other minority communities.