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As part of the Supplementary Retirement Scheme (SRS), only 50% of the withdrawal amount made at or after the official retirement age will be taxed (i.e. only S$50,000/- will be subject to tax if S$100,000/- was withdrawn).
Withdrawals from the SRS account prior to retirement age will, however, be subject to tax in full.
You and/or your employer (on your behalf) may contribute any amount to your Supplementary Retirement Scheme (SRS) account up to the maximum SRS contribution. Contributions must be made in cash.
Yearly Maximum SRS Contribution by Singapore Citizens / SPRs: |
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| Year | Absolute Income Base* | Yearly Maximum SRS Contribution |
| 2011 to 2015
(i.e. YAs 2012 to 2016) |
$85,000
(17 months x $5,000)
|
15% of Absolute Income Base
(15% of $85,000) = $12,750
|
| 2016 onwards
(i.e. YA 2017 onwards) |
$102,000
(17 months x $6,000)
|
15% of Absolute Income Base
(15% of $102,000) = $15,300
|
Yearly Maximum SRS Contribution by Foreigners: |
||
| Year | Absolute Income Base* | Yearly Maximum SRS Contribution |
| 2011 to 2015
(i.e. YAs 2012 to 2016) |
$85,000
(17 months x $5,000)
|
35% of Absolute Income Base
(35% of $85,000) = $29,750
|
| 2016 onwards
(i.e. YA 2017 onwards) |
$102,000
(17 months x $6,000) |
35% of Absolute Income Base
(35% of $102,000) = $35,700
|
*The Absolute Income Base is calculated on 17 months of the CPF monthly salary ceiling.
