9.4% BONUS FOR ERS & NSS16 Feb 2006
Holders of Economic Restructuring Shares (ERS) and New Singapore Shares (NSS) will receive 9.4% of bonus shares. This is 3% above the real GDP growth rate of 6.4% for 2005. The bonus shares will be paid on 1 March 2006.
HIGHER ERS BONUS RATE
2. The ERS and NSS bonus rates are set at real GDP growth rate plus 3%, subject to a minimum of 3%. Singaporeans who have not exchanged their ERS for cash can expect to receive up to $124 worth of bonus shares, while those who have not exchanged their NSS for cash can expect to receive up to $186 worth of bonus shares.
3. The ERS was a major part of the offset package to help offset the increase in Goods and Services Tax (GST) from 3% to 5%. It was given out in three lots. Eligible Singaporeans received their first, second and third lots in 2003, 2004 and 2005 respectively.
4. The NSS was given out in 2001 to help lower income Singaporeans weather the transition period of economic restructuring.
5. Members can check their ERS and NSS balance and bonus shares at the website www.ers-nss.org.sg.
MINISTRY OF FINANCE