KUALA LUMPUR, Dec 21 — The Amanah Dana Anak Malaysia 2050 (ADAM50) announced by the government in Budget 2018 is the first such fund in the country’s history, and is a gift for the National Transformation (TN50) generation.

Communications and Multimedia Minister Datuk Seri Dr Salleh Said Keruak said that savings made in ADAM50 could only be withdrawn after the child reaches 18 years-old.

"Under ADAM50, a baby will receive RM200 as long as he  is registered within a year from the date of birth. Previously, a baby has to be at least six months to open account for Amanah Saham Bumiputera (ASB) or Amanah Saham 1Malaysia (AS1M).

"The young  are not the only ones excited about ADAM50. Young parents and the people in general are also excited. From Jan 1, 2018 until 2022, the government will give initial saving of RM200 via units of  ASB (for Bumiputera) and AS1M (for non-Bumiputera), " he said in his latest posting at sskeruak.blogspot.my blog today.

Salleh said that although the cost of implementing the scheme calls for a huge expenditure, the government is doing it for the wellbeing of the people.

"PNB (Permodalan Nasional Berhad)  group chairman Tan Sri Abdul Wahid Omar said the total cost for ADAM50 in the next five years is about RM560 million and will benefit some 2.8 million Malaysian babies.

"Indeed, ADAM50 is a windfall for the 2050 generation," he added.

For queries on ADAM50, visit www.asnb.com.my/v3_/asnbv2_5faq.php#adam50 — Bernama