NAJIB PROMOTES ADAM50
Babies born from next year to 2022 will get RM200 in Amanah Saham units
PRIME Minister Datuk Seri Najib Razak encourages the people to save through Amanah Dana Anak Malaysia 2050 (ADAM50) for their wellbeing.
In promoting a savings and investment culture, Najib shared a six-minute informative video on ADAM50 on Facebook yesterday.
The video, which featured Permodalan Nasional Bhd (PNB) chairman Tan Sri Abdul Wahid Omar, received more than 700 likes in three hours.
Many Netizens praised Najib for giving the people a head start in life through ADAM50.
In quoting Wahid, Najib said: “RM200 is just the beginning. We expect people to top up from time to time, and the RM200 cannot be withdrawn until a child reaches 18 years old.”
Announced in the 2018 Budget, ADAM50 is the first of its kind in the country and a gift for the Transformasi Nasional 2050 generation.
Under ADAM50, a baby will receive RM200 as long as he or she is registered within a year of birth.
From Jan 1 to 2022, the government will give an initial savings of RM200 via Amanah Saham Bumiputera units for Bumiputeras and Amanah Saham 1Malaysia for non-Bumiputeras.
They will receive 200 free incentive trust fund units, which will be credited automatically into unit trust funds managed by Amanah Saham Nasional Bhd (ASNB), a wholly-owned subsidiary of PNB, after the registration process was completed by their parents or guardian.
Prior to the announcement, ASNB unit trust funds were open to individuals as young as 6 months old. But with ADAM50, all Malaysian babies born next year to 2022 will have an account with the government, with PNB providing the initial incentive units.
Additionally, as part of PNB’s effort to encourage additional investments in the infants’ accounts, parents or guardians of non-Bumiputera infants can also invest up to 50,000 units.
ADAM50 will cost RM560 million in the next five years and will benefit 2.8 million babies.