Who can contribute
You and your employer (see note 1 below) are allowed to make SRS contributions in the current year if you are:
- A Singaporean, Singapore permanent resident (SPR) or foreigner who earns any form of income (eg employment income including directors' fees, trade income, rental income);
- At least 21 years of age;
- Not an undischarged bankrupt; AND
- Not mentally disordered and incapable of managing yourself or your affairs.
Note 1 : Your employer's contribution to your SRS account is part of your remuneration and taxable in your hand as income.
How to open SRS account
You can open an SRS account at the participating branches of any of the three SRS operators:
- DBS Group Holdings Ltd
- Overseas-Chinese Banking Corporation (OCBC) Ltd
- United Overseas Bank (UOB) Ltd
You should only have one SRS account at any point in time. It is an offence for an SRS member to open SRS accounts with more than one SRS operator and there are penalties for doing so. However you may transfer your SRS account between different SRS operators.
How much you and your employer can contribute
You and your employer may contribute any amount to your SRS account up to the maximum SRS contribution. The contributions must be made in cash.
- Maximum SRS Contribution
The following table shows the yearly maximum SRS contribution for a Singaporean/SPR and a foreigner.
| |
Singaporean/SPR
|
Foreigner |
| SRS Contribution rate |
15% |
35% |
| Maximum SRS contribution= SRS contribution rate X Absolute income base |
(15% x $76,500) = $11,475 |
(35% x $76,500) = $26,775 |
- Absolute Income Base
The current absolute income base is $76,500. This is based on 17 months of $4,500, which is the current CPF monthly salary ceiling.
SRS Contributions For Foreigners
The SRS operator will require you to complete the Declaration Form for SRS (177KB), to declare your foreigner status for the calculation of your maximum SRS contribution. Once you become a Singaporean or SPR, you should inform the SRS operator to have your maximum contribution amount recalculated if you have made contributions for that year.
Please note that penalties may be imposed if there are excess contributions due to wrongful declaration made to the SRS operator. For instance, you declared that you are a foreigner and contributed at the rate of 35% even though you are already a SPR at the time of contribution.
When to contribute
You and your employer may contribute to SRS at any time and as often as you wish on or before 31 Dec each year, subject to your maximum SRS contribution for each year.
You and your employer can contribute as long as you have not made any penalty-free withdrawals previously.
Documents to submit
For Singaporean and SPR
You need to produce your identity card to the SRS operator when making SRS contributions.
For foreigners
You need to complete the Declaration Form for SRS (177KB) to declare your foreigner status.