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Jason Sing
30 Nov 2018
School Of Hard Knocks And Life at School Of Hard Knocks And Life
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Jim Ng
11 Nov 2018
Marketing Strategist at https://www.bestseo.sg
Supplementary Retirement Scheme 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 helps Singaporeans enjoy tax reliefs.
It began in 2001 and is operated by the private sector. The SRS complements the Central Provident Fund (CPF). CPF savings are meant to provide for housing and medical needs and for basic living needs after retirement.
Unlike the CPF scheme, participation in SRS is voluntary. SRS members can contribute a varying amount to SRS (subject to a cap) at their own discretion. The contributions may be used to purchase various investment instruments.
Read more about it here: https://www.mof.gov.sg/MOF-For/Individuals/Supp...
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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.
https://www.iras.gov.sg/irashome/Schemes/Indivi...