MOF says SRS withdrawal process ‘can be improved’, will work with banks on this
But the ministry adds that the current face-to-face process enables operators to give advice tailored to the individual
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[SINGAPORE] The government will work with Supplementary Retirement Scheme (SRS) bank operators to smoothen account holders’ process of withdrawing funds from their account.
The response comes shortly after The Straits Times (ST) published a letter on its Forum page on Monday (Jun 16) by account holder Francis Yeoh, who described the current process as inconvenient, as it requires an individual to be physically present at a bank.
The SRS is a voluntary scheme that was created to complement the Central Provident Fund (CPF), and to help Singaporeans save more for their retirement by allowing them to contribute up to a maximum of S$15,300 into accounts operated by DBS, OCBC and UOB.
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