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 18 years of age;
- Not an undischarged bankrupt; AND
- Not mentally disordered and is capable 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 tables show the yearly maximum SRS contribution for a Singaporean/SPR and a foreigner.
Years
|
Absolute Income Base* |
Maximum yearly SRS contribution for Singaporean/SPR |
| 2006 to 2010 |
(17 months x $4,500) = $76,500 |
15% of Absolute Income Base
(15% x $76,500) = $11,475 |
| 2011 onwards |
(17 months x $5,000) = $85,000 |
15% of Absolute Income Base
(15% x $85,000) = $12,750 |
Years
|
Absolute Income Base* |
Maximum yearly SRS contribution for Foreigner |
| 2006 to 2010 |
(17 months x $4,500) = $76,500 |
35% of Absolute Income Base
(35% x $76,500) = $26,775 |
| 2011 onwards |
(17 months x $5,000) = $85,000 |
35% of Absolute Income Base
(35% x $85,000) = $29,750 |
*Absolute Income Base
Based on 17 months of CPF monthly salary ceiling
SRS Contributions For Foreigners
The SRS operator will require you to complete the Declaration Form for SRS (77KB), 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 of the year and as often as you wish, subject to the maximum SRS contribution for the year. To be eligible for the tax relief, all contributions whether in cash or by cheque deposits must be made or cleared by 31 Dec of the year, or as specified by your SRS operator.
You and your employer can contribute as long as you have not made any withdrawals from your SRS account:
- At or after the statutory retirement age that was prevailing when you made your first SRS contribution; or
- On medical grounds.
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 (77KB) to declare your foreigner status.