Press Releases

400,000 eligible Singaporeans have not put at least $50 into their CPF Account to qualify for the second lot of Economic Restructuring Shares (ERS). One-third of them are senior citizens who need only sign a form if they prefer not to put in the $50.

2. For all Singaporeans. Singaporeans who are at least 21 years old on 31 December 2003 will get their ERS on 1 January 2004 if they put the $50 into their CPF Account by 30 November 2003. The $50 CPF top-up must be a fresh contribution in the year 2003. Previous years' contributions and income from CPF investments do not qualify.

3. Singaporeans can do their CPF-top-up in the following ways:

Internet Direct Debit - at the ERS website if they have DBS/POSB or UOB Internet banking accounts

Cheque - made payable to 'CPF Board', and sent to CPF Board, Robinson Road, P.O. Box 197, Singapore 900347

NETS - at Singapore Post offices or Self-Automated Machines (SAM)

Cash - at Singapore Post offices

4. For senior citizens only.

Singaporeans who are 62 years old and above can either put $50 into their CPF account, or fill in a CPF form (Form VC7) to get their ERS. CPFB has sent the Form VC7 to all senior citizens who had not put in $50 by mid October 2003. This form is also available at Singapore Post offices or the ERS website(www.ers.org.sg). They must send the form to CPF Board by 30 November 2003 to get their ERS on 1 January 2004. Senior citizens must either contribute $50 or fill up the Form VC7 to receive their ERS.

5. Singaporeans who do their CPF top-up or send in their Form VC7 in December 2003 will only get their ERS on 1 February 2004.

MINISTRY OF FINANCE