65) Benefits to Companies When Contributing into PRS for Staff

65) Benefits to Companies When Contributing into PRS for Staff.

1) Tax Deduction (from Gross Income) of up to 19% of Staff Salary Contribution to 3PF and PRS. Eg. 12% to 3PF, additional 7% to PRS.

2) By contributing PRS as incentive, the staff is not taxed on the additional money. Giving Cash bonuses attract additional tax.

3) Giving PRS as flexible and non fixed reward. Removes the employee mindset of comparison between current bonus vs previous bonuses.
 
4) Enhance employee welfare & attract talents.

5) Reward and retain good employees. Direct straight contribution or via Vesting Schedule contribution.

6) Reduce recruitment cost, training cost & the most important is to reduce employee turnover.

7) PRS contributed to employee can be used as Employee's Emergency Fund. Can withdraw vested Amount in Sub-Account B for Emergency use.