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Put $50 into your CPF Account early to qualify for ERS

6 November 2002

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Singaporeans who put at least $50 into their CPF accounts between 1st January and 30th November this year will get their Economic Restructuring Shares (ERS) on 1st January 2003. Those who do it in December 2002 will get their ERS on 1st February 2003.

ERS will be issued according to the age and address on 1st December 2002. All Singaporeans aged 21 years and above can qualify. To receive the right amount of ERS, they must make sure their Identity Cards have the correct addresses.

The ERS are part of the package to help Singaporeans with the GST increase from 1st January 2003. They have to put at least $50 into their CPF accounts each year from 2002 to 2004 to get the ERS.

Those who live in properties with Annual Values (AVs) of up to $10,000 will get $400 worth of ERS every year from 2003 to 2005, or a total of $1200. This covers all HDB flats (except for a few large units) as well as smaller private homes. Those who live in properties with AVs above $10,000 will get $200 worth of ERS every year, or a total of $600. In addition, active NSmen will get a one time issue of $200 worth of ERS, while inactive NSmen will get $100 worth.

As at 1st October 2002, about 490,000 Singaporeans have yet to put $50 into their CPF accounts to qualify for their ERS.

Those who have 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 CPF Board, at Robinson Road, P.O. Box 1243, Singapore 902443, or through NETS or cash at CPF Offices or Singapore Post Branches.

No one should miss out on the ERS. Singaporeans can help by reminding their family members, relatives and friends about the scheme. Grassroots leaders will also be doing their part to remind as many residents as possible to make the $50 contribution.

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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