facebookHi Val, may I know what is SRS and how does that affect me? - Seedly

Anonymous

18 Nov 2020

SeedlyAMA

Hi Val, may I know what is SRS and how does that affect me?

Thank you.

AMA PolicyPal

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Val Yap

18 Nov 2020

Chief Executive Officer and Founder at PolicyPal

Hi Anon,

The Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement and the contributions for SRS are eligible for tax relief. It allows you to save on your tax payable.

However, any amount contributed to SRS cannot be withdrawn until the retirement age if not a penalty of 5% will be imposed.

IRAS:- https://www.iras.gov.sg/irashome/Schemes/Indivi...

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