OverviewThe SRS is part of the Singapore government’s multi-pronged strategy to address the financial needs of a greying population by helping Singaporeans to save more for their old age. It began in 2001 and is operated by the private sector. The SRS complements the Central Provident Fund (CPF). CPF savings are meant to provide for housing and medical needs and for basic living needs after retirement. Unlike the CPF scheme, participation in SRS is voluntary. SRS members can contribute a varying amount to SRS (subject to a cap) at their own discretion. The contributions may be used to purchase various investment instruments. Show
BenefitsThe SRS offers attractive tax benefits. Contributions to SRS are eligible for tax relief. SRS contributions made on or after 1 Jan 2017 are subject to a cap on personal income tax relief of $80,000 per Year of Assessment from Year of Assessment 2018. Investment returns are accumulated tax-free and only 50% of the withdrawals from SRS are taxable at retirement (referred to as a “50% tax concession”). Please refer to IRAS' website for more information on how withdrawals will be taxed. <New> Personal Income Tax Relief Cap from 1 Jan
2017 Latest Enhancements to the SRSWe review and enhance the SRS periodically to better meet the retirement needs of SRS members. Some recent enhancements to the SRS include:
Increase in SRS Contribution CapFrom 1 January 2016, the annual SRS contribution cap will be increased to:
More information can be found in Q12 of the SRS Booklet (  Downloads
Please click on the SRS FAQs to learn more of the scheme.
If you do not already have Adobe Reader or Microsoft Word, please download the software for free here: [Adobe Reader] [Microsoft Word]. The Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings. Contributions to SRS are eligible for tax relief. Investment returns are tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement. Find out more on
Tax on SRS withdrawals. Singapore Citizens, Singapore Permanent Residents (SPRs) and foreigners who derive any form of income may make SRS contributions in the current year. You must be: You can only have 1 SRS account at any point in time. It is an offence and there are penalties to open SRS accounts with more than 1 operator. SRS accounts are managed by 3 bank operators: You may approach the banks listed above to open an SRS account and start to contribute. Documents required for opening an SRS account:
Please note that you will not be permitted to open a new account if you previously had an SRS account which was closed after withdrawing all the
monies due to the following reasons:
(* The statutory retirement age that was prevailing when you made your first SRS contribution.) You may refer to the Ministry of Finance’s website for the FAQs on participating in SRS. Changing of SRS bank operatorYou may change the SRS bank operator of your SRS account by obtaining the “Transfer of Account Form” from the new SRS operator, who will then liaise with your existing operator to effect the transfer. SRS contributions and tax reliefAll SRS contributions must be made by 31 Dec of the year or as your SRS operator requires, to be eligible for SRS tax relief in the following Year of Assessment. However, you are advised to check with your SRS bank operator about the cut-off date for SRS contributions. Please note that for each Year of Assessment, a personal income tax relief cap of $80,000 applies to the total amount of all tax reliefs claimed (including relief on SRS contributions). There will be no refund for SRS contributions made. Please evaluate whether you would benefit from tax relief on your SRS contributions, and make an informed decision. Making SRS contributionsYou and/or your employer (on your behalf) may contribute at any time, and as often as you like, subject to the maximum SRS contribution for the year. Contributions must be made in cash. However, SRS contributions cannot be made if you start withdrawing from your SRS account:
Contributions made by your employer to your SRS account on your behalf constitutes your remuneration. Such contributions are taxable and must be declared by your employer in your Form IR8A for the relevant Year of Assessment and you will be given a tax relief for such contributions. Yearly maximum SRS contributions
For foreigners: Annual declaration form required by bank operator You are required by the SRS bank operator to complete the Declaration Form for SRS (For Foreigners) (DOC, 77KB) and declare your foreigner status. This allows the operator to calculate your maximum SRS contribution. If you become a Singapore Citizen or Singapore Permanent Resident during the year, please update the SRS bank operator as your maximum contribution amount will have to be recalculated even if you have already made contributions for that year. The SRS bank operator will re-compute your SRS contribution cap for the year on a pro-rata basis. Penalties may be imposed for excess contributions if a wrongful declaration has been made to the SRS bank operator. For example, if, at the time of contribution, you are already a Singapore Permanent Resident, you cannot declare that you are a foreigner. If you require more information on SRS, you may refer to the Ministry of Finance’s website for the FAQs on SRS contributions. Qualifying for SRS tax reliefYou will be allowed SRS tax relief in the Year of Assessment following the year of contribution, provided you are a tax resident for that Year of Assessment. However, a personal income tax relief cap of $80,000 applies to the total amount of all tax reliefs claimed (including relief on SRS contributions). You will not be allowed SRS tax relief if:
Example 1: Contribution and withdrawal were made in the same yearScenario 1: Contribution made before withdrawal in the same year Ms Jasmine, 40 years old, first made a contribution of $10,000 and then made a withdrawal of $8,000 in the same year. SRS relief will not be granted on the amount of $8,000 she contributed and withdrawn, and there will not be any tax and penalty on the amount withdrawn. If Ms Jasmine made a withdrawal of $15,000 instead of $8,000, there will be no tax relief allowed on the $10,000 contributed, as the amount withdrawn exceeds the amount contributed in the year. The remaining amount of $5,000 ($15,000 - $10,000) will be subject to tax and a 5% penalty. Scenario 2: Withdrawal made before contribution in the same year Ms Jasmine, 40 years old, first made a withdrawal of $15,000 and then made a contribution of $10,000 in the same year. The withdrawal of $15,000 will be brought to tax in full and a 5% penalty will be imposed. Subsequently, the SRS contribution made after will be allowed SRS tax relief. Amount of SRS tax reliefIf you are eligible for the SRS tax relief, the relief amount is the actual amount of SRS contribution made by you and/or your employer (on your behalf) in the preceding year.
Example 2: SRS contribution madeMr Tan, a foreigner, has made a contribution of $20,000 to his SRS account in 2021. In Year of Assessment 2022, the SRS bank operator will transmit the contribution information to IRAS and SRS tax relief of $20,000 will be included. How to claim SRS tax reliefYou do not need to make a claim in your Income Tax Return as it will be allowed automatically based on the information provided by the SRS operator. The SRS tax relief will be reflected in your Income, Deductions and Reliefs Statement when you e-File. For Foreigners and Singapore Permanent Residents If you are leaving your employment and leaving Singapore, and wish to claim the SRS tax relief on your contributions made in the year of departure, you must obtain a SRS statement of contributions/withdrawals (for tax clearance) (PDF, 61 KB) from the SRS bank operator specifically for the purpose of tax clearance. FAQsWhen can I use my SRS?You can withdraw your SRS funds anytime. If you withdraw from your account at or after the age of 62 (statutory retirement age), only 50% of the withdrawn amount is subject to tax.
Why do software engineers use SRS?Software Requirement Specification (SRS) Format as name suggests, is complete specification and description of requirements of software that needs to be fulfilled for successful development of software system. These requirements can be functional as well as non-functional depending upon type of requirement.
What is the SRS cap for Singaporeans What are the benefits of SRS?The SRS offers attractive tax benefits. Contributions to SRS are eligible for tax relief. SRS contributions made on or after 1 Jan 2017 are subject to a cap on personal income tax relief of $80,000 per Year of Assessment from Year of Assessment 2018.
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