Easier for Prisoners to Qualify for ERS

The Government is making it easier for prisoners to qualify for the third lot of Economic Restructuring Shares (ERS). Needy prisoners can now transfer $50 from their ERS to their CPF Account, and do not need to contribute $50 cash upfront. This will greatly benefit those who cannot afford $50 and are estranged from their family and friends. 5,000 prisoners could potentially benefit from this new arrangement.

2 This arrangement was earlier offered to elderly citizens aged 62 and above and needy Singaporeans. About 40,000 Singaporeans have benefited from this thus far.

3 As at end November 2004, 200,000 Singaporeans have yet to qualify because they have not put $50 into their CPF Account. The CPF Board has just sent out the last reminder letters to these Singaporeans, to urge them to do so before the closing date of 31 December 2004.

4 Singaporeans can contribute $50 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

5 No one should miss out on the ERS. Singaporeans should remind family members, relatives and friends to contribute, or contribute on behalf of family members. For more information on the ERS, please visit the ERS website (www.ers.org.sg) or call the ERS Hotline at 1800-5-377-377 (1800-5-ERS-ERS).

MINISTRY OF FINANCE