SRS (Supplementary Retirement Scheme)

Finance

The Supplementary Retirement Scheme is a voluntary savings scheme that encourages people to set aside more for retirement on top of CPF. Contributions you make in a year can reduce your taxable income for that year, up to an annual cap that differs for citizens and PRs versus foreigners. The money can be invested in approved products while inside the account. Withdrawals before the statutory retirement age are penalised, while withdrawals at or after it are spread out and only half is taxable. It is optional and self-directed. Caps, tax treatment and rules are subject to the latest rules.

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