While most Singaporeans would be familiar with the Central Provident Fund (CPF), most might still be unaware of the Supplementary Retirement Scheme (SRS). Check out the Ministry of Finance (MOF) comprehensive writeup on SRS
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What is SRS?This is a voluntary savings scheme that encourages one to save for retirement. As some would know, the main benefit of an SRS account is the tax relief that it accrues. For example, if you contribute an amount to your SRS account up to your SRS contribution cap by 31 Dec 2019, you will be able to enjoy tax relief in Year of Assessment 2020.
Currently that contribution cap is S$15,300 for Singapore Citizens and PRs while it is at S$35,700 for foreigners.
Is SRS only for the rich?There might be some misconceptions that SRS only applies to high-income earners. While the benefits of SRS
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