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Supplementary Retirement Scheme (SRS)
Who is eligible to open an SRS account?
All Singaporeans, Singapore Permanent Residents (SPRs) and foreigners who
· are at least 18 years old;
· are not undischarged bankrupts; and
· are not of unsound mind.
Who is allowed to contribute to SRS?
If you earned any form of income (including directors’ fees) in the current year, you are allowed to contribute to SRS. With effect from 1 Oct 2008, the SRS is no longer restricted to individuals with employment income.
Can my employer contribute to my SRS account?
Yes. With effect from 1 Oct 2008, your employer can contribute to your SRS account on your behalf. Such contributions are fully tax deductible as staff costs to the employer. As part of your remuneration, they are taxable in your hands and will be declared by your employer in your Form IR8A for the relevant year. Based on the information provided by the SRS operator, you will then be given a tax relief for such contributions in the subsequent year of assessment.
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