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The Economic Restructuring Shares (ERS) is part of the Government assistance package to help Singaporeans cope with the GST increase from 3% to 5%. The ERS are given out in 3 lots from 2002 to 2004. To qualify for the final lot of ERS, you must have made a contribution of at least $50 to your CPF account in 2004.
If you put in $50 by 30 November 2004, you will get your ERS on 1 January 2005. If you put in your $50 in December 2004, you will get your ERS on 1 February 2005.
The ERS will be issued according to an individual’s age as of 31 December 2004 and NRIC address as of 1 December 2004. All Singaporeans aged 21 years and above can qualify. To receive the right amount of ERS, you must make sure your Identity Card has the correct address.
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| How you can top up |
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• ERS website at www.ers.org.sg
You need an internet banking account with DBS/ POSB or UOB.
• Cheque
Made payable to ‘CPF Board’ and sent to CPF Board, Robinson Road P.O. Box 197, Singapore 900347.
• NETS or Cash
At any Singapore Post Offices or Self-Automated Machines (SAM).
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| An easy way to qualify, if you're 62 years and above |
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| Elderly Singaporeans aged 62 years and above can choose to transfer $50 from their existing ERS or third lot of ERS (if they do not have sufficient existing ERS) to their CPF account instead of making the contribution in cash. They may complete Form CH1 that has been sent to them.
Don’t miss out on your entitlement for the final lot of ERS. You can help by reminding your family members, relatives and friends to top up their CPF accounts. You can also top up for them if they have not done so.
For more information on the ERS, please visit the ERS website (www.ers.org.sg) or call the ERS hotline at 1800-5-377-377 (1800-5-ERS-ERS).
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| If you own an HDB flat and are servicing the housing loan with your CPF savings, you are likely to be covered under the Home Protection Scheme (HPS).
The HPS protects you and your family against losing your HDB flat in the event of death or permanent disability. HPS will then pay off the housing loan, up to the amount of your HPS cover.
To enjoy the full protection of HPS, you should ensure that you are adequately covered. This also applies to your co-owner. As a rule of thumb, you should be covered for your share of the monthly instalment. For example, if you are paying 80% of the monthly housing instalment (using CPF savings and/or cash), you should be insured for 80% of the outstanding housing loan. Your co-owner should then be insured for the remaining 20% of the loan.
To adjust your HPS cover, apply online at the CPF website www.cpf.gov.sg or call 1800-227 1188 for more information.
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It is never too early to start planning for your retirement. Sign up for the Retirement Planning Seminar organised by the CPF Board. Learn how to manage your CPF savings and plan for a secure retirement. This seminar comes with a workshop where you can gain hands-on practice on financial planning.
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21 Nov 2004, Sunday |
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Time |
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9 am to 5 pm |
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NTUC Centre Auditorium, Level 7 |
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One Marina Boulevard |
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Fees |
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$18 per participant (Early bird discount if you register before 12 Nov) |
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$ 25 per participant (Registration after 12 Nov) |
The seminar and workshop will be conducted in English. For enquiries or to register, please call NTUC Media at 6236 0555 or go to www.ntuc.org.sg/members/member_benefits_CPF_Retirement.asp |
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| Apply online to revise or stop the CPF deduction for your property
Save yourself the hassle of coming down to the Board. You can now apply online to revise your monthly CPF deduction for your housing loan on your private property. If you decide to use cash instead to service your loan or have fully paid up the loan, you may also apply online to stop the CPF deduction. You will need your SingPass to use this online application.
New life events added to my cpf
my cpf at www.cpf.gov.sg is a very useful guide to CPF members on what to consider and anticipate at different life stages when planning for their retirement. We have added two new life events to help you make informed decisions on having children and planning for your healthcare needs.
• Having Children
Parents-to-be will find information ranging from Medisave Maternity Package to saving for your children’s education under this new life event
• Providing for Your Healthcare Needs
With the increase in healthcare costs, the information in this life event will help you to understand the basic healthcare framework in Singapore and make the right decisions to stretch your Medisave dollars.
my cpf Online Services
Check out my cpf Online Services at www.cpf.gov.sg. Simply log on with your SingPass to enjoy these services at your fingertips:
• My Statements consolidates more than 20 types of online CPF statements into a single statement and gives details of balances used for the various CPF schemes.
• My Messages features important messages which show you at a glance your participation in the various CPF schemes.
• My Requests guides you step-by-step to finding and completing the right online application.
• My Activities helps you to track the status of your online applications.
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Your SingPass is the key to your personal information.
Do keep your SingPass confidential and do not share it with anyone.
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| • CPF Housing Changes from Jan 2005
The CPF housing withdrawal limit will be reduced from 144% to 138% of the Valuation Limit for newly purchased private properties and HDB flats serviced by bank loans. The limit will be lowered by 6 percentage points each year until it reaches 120% of the Valuation Limit in 2008. The Valuation Limit is the lower of the purchase price or valuation of the property at the time of purchase.
CPF members who are buying HDB flats using bank loans will also need to pay a 4% cash downpayment instead of the current 2%. The cash downpayment will gradually increase to 10% in 2008.
• Yearly CPFIS Transaction Statement
If you have invested under the CPF Investment Scheme (CPFIS), you will receive a yearly CPFIS Transaction Statement instead of a half-yearly one from 2005. The CPFIS Transaction Statement will be combined with your yearly Statement of Account. To view your investment transactions at anytime, just log on to My Statement at www.cpf.gov.sg with your SingPass.
• No More CPF Statement for Third Parties
To protect CPF members’ confidential information, the Board will no longer issue CPF statements to third parties from 1 Dec 2004. The Board will also stop mailing out statements to requests made via email. Members can log on to the CPF website using their SingPass to view and print their statements at their own convenience round the clock. Our e-lobbies at all CPF offices are also open during office hours for members to view and print their statements.
Click here for more information. |
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