Parliamentary Replies

Parliamentary Question by Mr Melvin Yong Yik Chye:

To ask the Minister for Finance (a) in 2017, how many Singaporeans and foreigners contributed to the Supplementary Retirement Scheme (SRS) respectively; (b) what is the profile and income bracket of those contributing to the SRS; and (c) whether the Ministry has any plans to review the tax-relief provision under the SRS.

Parliamentary Reply by Minister for Finance Mr Heng Swee Keat:

The SRS is a supplementary savings scheme for those who wish to save for retirement, in addition to the CPF scheme. The SRS also provides an avenue for foreigners, who are not allowed to contribute to the CPF, to have a pension plan for retirement. 

2.    For Year of Assessment (YA) 2017, a total of 75,700 SRS members contributed to their SRS accounts. 72,300 (96%) were locals while the remaining 3,400 (4%) were foreigners.  The SRS members came from all income brackets, with a larger proportion from higher-income brackets. This is a natural result as the SRS is intended to encourage supplementary savings beyond what individuals save in CPF. 

3.    We do not currently have plans to revise the tax relief provided under the SRS scheme.