Press Releases

Singaporeans who wish to exchange their Economic Restructuring Shares (ERS) for cash will be able to give their instructions using ATMs from late December this year. The cash will be available from 1^st January 2003.

All they need will be their normal ATM cards to give the instruction on an ATM to exchange their ERS for cash. The money will be put into their bank accounts within four working days.

Details such as the participating banks and when the ATM ERS service will start are being worked out. They will be announced later.

Those who wish to exchange their ERS for cash can also use the internet or send a form to the CPF Board. Those who use the www.ers.org.sg website will get their cash within four working days. Those who use the form will get their cash only in two to three weeks.

As at 10^th November 2002, about 317,000 Singaporeans still have not put at least $50 into their CPF accounts to qualify for ERS. Those who put in $50 by 30^th November 2002 will get their ERS on 1^st January 2003. Those who do it in December 2002 will get their ERS on 1^st February 2003.

No one should miss out on the ERS. Singaporeans with an online banking account with DBS/POSB or UOB/OUB can make the $50 contribution through the CPF website (www.cpf.gov.sg, click on the ERS icon). Contributions can also be made by cheque payable to 'CPF Board' and sent to the CPF Board, at Robinson Road, P.O. Box 637, Singapore 901237, or through NETS or cash at CPF Offices or Singapore Post Branches.

For more information on the ERS, please visit the CPF website (www.cpf.gov.sg) or call the ERS hotline at 1800-5-377-377 (1800-5-ERS-ERS).

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MINISTRY OF FINANCE