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News Release by:
Central Provident Fund Board
07 NOVEMBER 2003 -- |
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It has come to the Board’s notice that some Singaporeans aged 62 years old and above are under the wrong impression that they do not have to top up their CPF Accounts in order to qualify for the Economic Restructuring Shares (ERS). This is inaccurate. |
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We have made a special arrangement for senior citizens to qualify for the ERS by transferring $100 from their second lot of ERS to their CPF Ordinary Account. $50 will qualify them for the second lot of ERS in 2004 and the other $50 will qualify them for the third lot of ERS in 2005. This special arrangement is meant to help senior citizens who may have difficulties topping $50 into their accounts for each lot of ERS as they may no longer be earning an income. |
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Singaporeans who are at least 62 years old on 31 December 2003 and have not topped up their CPF Accounts would have received a VC7 form enclosed in their ERS package sent to them in October 2003. They have to fill in the VC7 form and return it to the CPF Board in order to qualify for the second and third lots of ERS. This form will authorise the CPF Board to transfer $100 from their second lot of ERS into their CPF Ordinary Accounts on 1 January 2004. |
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For members to receive their ERS on 1 January 2004, they must return the VC7 form to the CPF Board by 30 November 2003. To receive their ERS on 1 February 2004, the form must reach the Board by 31 December 2003. |
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All other Singaporeans who are at least 21 years old on 31 December 2003 must deposit at least $50 cash in their CPF Accounts in 2003 to qualify for the second lot of the ERS. |
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For more information, the public can check the ERS website or call 1800-5-377-377.
Copies of the VC7 form are available at all Singapore Post offices. |
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