Another attempt to create feel good feeling sees the
Finance Minister launching private pension fund scheme.
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PM launches new voluntary Private Retirement Scheme
By MARTIN CARVALHO & RAHIMY RAHIM
KUALA LUMPUR: The voluntary Private Retirement Scheme (PRS) was launched on Wednesday by Prime Minister Datuk Seri Najib Tun Razak that will allow employees and self employed the opportunity to save for their retirement.
To encourage savings under the scheme, individuals are granted tax relief of up to RM3,000 and employers are provided with tax deduction on contributions to the PRS on behalf of their employees above the statutory rate of 19%.
A total of 24 funds will be managed by eight Private Retirement Schemes providers which would be available to the public this September.
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A finance minister is suppose to be overseeing the compliance of its finance industry players, and not becoming their sales promoter. There is clearly a conflict of interest but just for the sake of looking nice, anything could be politicalised.
The description itself is clear, "PRIVATE" means private sector driven, not by public servants on public's money and time.
Do you ever see Obama/Margaret Thatcher/Angela Merkel or even Mahathir become spoke person for commercial product while in office?