One of the most complicated things that every Singaporean will have to deal with, is undoubtedly, our CPF system. Despite being built for our good and to prepare us for retirement, it remains misunderstood by Singaporeans.
But as if that wasn’t difficult enough, now we also have the SRS to think about! Oh bless, I can already feel the headache coming along. Fret not, let’s break it down slowly.
What is SRS?
The Supplementary Retirement Scheme, or SRS for short, is a scheme to supplement retirement planning under the CPF board. This was mainly due to the fact that most Singaporeans wipe out most of their CPF-OA to pay for their housing. As such, by creating the SRS, Singaporeans would likely be more prepared for their eventual retirement.
One thing to note, however, is that the SRS is a voluntary scheme, unlike the CPF.
