Zeti: ADAM50 initiative to be discontinued by year end

PNB Group Chairman, Tan Sri Dr Zeti Aziz speaks to the media at Menara PNB, December 21, 2018. — Picture by Choo Choy May
PNB Group Chairman, Tan Sri Dr Zeti Aziz speaks to the media at Menara PNB, December 21, 2018. — Picture by Choo Choy May

KUALA LUMPUR, Dec 21 — Amanah Dana Anak Malaysia 2050 (ADAM50), introduced in January by the Barisan Nasional government, will be discontinued by year end, said Permodalan Nasional Bhd (PNB) Group Chairman, Tan Seri Zeti Akhtar Aziz. 

Under the scheme, a baby born within Jan 1, 2018 until 2022 will receive initial savings of RM200 via units of ASB (for Bumiputera) and AS1M (for non-Bumiputera) as long as the child is registered within a year from the date of birth, but the savings could only be withdrawn after the child reaches 18 years.

Zeti said the response for the programme has been relatively low with only about 25 per cent of the babies born in the year 2018 registered thus far.

“The government allocated RM10 million for this purpose and the fund has been fully utilised. Given the fact that the current government’s financial position needs to be strengthened, it would not be able to allocate further funds.

“So, all the excess of the RM10 million provided by the government, PNB has been providing an allocation of RM10-20 million to honour the initiative,” she told reporters after announcing the income distribution for Amanah Saham Bumiputera and Amanah Saham Nasional for the financial year ending Dec 31, 2018. — Bernama

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