Exchanging The Economic Restructuring Shares (ERS) for Cash

News Release by: Central Provident Fund Board 31 DECEMBER 2003 --

The CPF Board has sent out letters to all eligible Singaporeans informing them of their allotted ERS and the options available to them to exchange their shares for cash if they wish to.

These are eligible Singaporeans who have topped up their CPF accounts by at least $50 by 30 November 2003. As at 29 December 2003, the Board has received about 330,000 applications via ATMs and the ERS website for encashment. These members will have the money credited to their bank accounts by 2 January 2004. Those who have submitted their instructions using forms for cash exchange can expect to get their money in their bank accounts according to the time-frame stated in the service standards set out below. Eligible Singaporeans who wish to exchange their ERS for cash may do so by the following means: Submission Method: Service Standards: Electronic submission via ATM or the ERS website (www.ers.org.sg) Money will be credited into member’s account within 4 working days upon receipt of application. Paper submission (forms can be collected from all SingPost and/or CPF offices; It can also be downloaded from ERS website.) For request of direct credit to bank account, money will be credited within 10 working days upon receipt of application. For request of cheque payment, cheque will be issued within 15 working days upon receipt of application. Those who topped up their CPF accounts in December 2003 will get letters informing them about their ERS allotments in the later half of January 2004. They can exchange their ERS for cash from 1 February 2004.

PUBLIC ENQUIRIES For more information, the public can check the ERS website at www.ers.org.sg or call 1800-5-377-377.