Borneo post
KUCHING: Permodalan Nasional Berhad (PNB) has confirmed that Amanah Dana Anak Malaysia (ADAM50), announced in Budget 2018, will be implemented beginning Jan 1 next year.
Through ADAM50, all Malaysian babies born from Jan 1, 2018 to Dec 31, 2022 will receive 200 free incentive trust fund units to be credited into unit trust funds managed by Amanah Saham Nasional Berhad (ASNB), a wholly-owned subsidiary of PNB after registration by their parents or guardians. In an emailed statement from Kuala Lumpur, PNB explained that ADAM50 involves two funds namely Amanah Saham Bumiputera (ASB) for Bumiputera babies and Amanah Saham 1Malaysia (AS 1Malaysia) for non-Bumiputera babies.
“Prior to this announcement, ASNB unit trust funds are readily open to individuals as early as six months of age, but with ADAM50, all Malaysian babies born from 2018-2022 will have accounts, with the government and PNB providing the initial incentive units. The 200 incentive units and all dividends received on this initial amount can only be redeemed when the child reaches 18 years of age,” it said in the statement.
Additionally, as part of PNB’s effort to encourage additional investments in the infants’ account, the parents or guardians of non-Bumiputera infants can invest up to 50,000 units.
For Bumiputera unit holders, PNB is proposing to increase the investment limit of Akaun Remaja ASB from 50,000 units to 200,000 units, subject to compliance requirements. PNB Group chairman Tan Sri Abdul Wahid Omar said PNB is honoured to be given the opportunity to work with the government in an effort to promote a savings and investment culture among Malaysians.
“The total cost of ADAM50 which will be implemented for five years from 2018 to 2022 is estimated to reach RM560 million and will benefit about 2.8 million Malaysian infants.”
Further information on ADAM50 will be announced at the launch soon.
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