Search results
The Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings. Contributions to SRS are eligible for tax relief. Investment returns are tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement.
The SRS is part of the Singapore government’s multi-pronged strategy to address the financial needs of a greying population by helping Singaporeans to save more for their old age. It began in 2001 and is operated by the private sector. The SRS complements the Central Provident Fund (CPF).
Feb 1, 2023 · You are eligible to sign up for an SRS account if you are a Singaporean, Permanent Resident (PR) or foreigner; at least 18 years old and not an undischarged bankrupt; have no existing or pending SRS account or account application with any bank; and can contribute varying amounts, subjected to a cap.
Jun 14, 2024 · In very simplified terms, SRS is a retirement savings bank account which you can voluntarily open at DBS/POSB, OCBC, and UOB. As an incentive, SRS contributions are eligible for tax relief the following year.
Jun 26, 2024 · The Supplementary Retirement Scheme (SRS) is part of the Government's multi-pronged strategy to address the financial needs of a greying population. It is a voluntary scheme that complements the CPF. Participants can contribute a varying amount to SRS (subject to a cap) at their own discretion.
Enjoy the full benefit of your SRS savings and investment when you make withdrawals upon reaching the statutory retirement age**. SRS gives you the flexibility to withdraw your SRS funds in cash or investments. Depending on your needs and lifestyle, you may choose to make a lump sum withdrawal, or spread it out over 10 years ^.
Singapore's Supplementary Retirement Scheme (SRS) can be a great way to save for retirement while taking advantage of tax savings. In this blog post, we will discuss the benefits of contributing to SRS, tax planning strategies for SRS withdrawals, and how to make the most of your SRS funds with investment options.
When a foreigner or Singapore Permanent Resident withdraws from his SRS account, the withdrawal is subject to withholding tax. On this page: 10-year withdrawal period. Balance in SRS account. 10-year withdrawal period.
Oct 20, 2021 · What is a Supplementary Retirement Scheme (SRS)? Unlike the Central Provident Fund (CPF), SRS is a voluntary savings scheme that is a part of the government’s initiative to complement CPF and encourage Singaporeans to save more for their retirement.
Dec 7, 2017 · ELIGIBILITY. 1. Who is eligible to open an SRS account? . All Singaporeans, Singapore Permanent Residents (SPRs) and foreigners who . are at least 18 years old; . are not undischarged bankrupts; and. an. 2. Who is allowed to contribute to SRS?
