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Business Times
2 hours ago
- Business
- Business Times
MOF says SRS withdrawal process ‘can be improved', will work with banks on this
[SINGAPORE] The government will work with Supplementary Retirement Scheme (SRS) bank operators to smoothen account holders' process of withdrawing funds from their account. The response comes shortly after The Straits Times (ST) published a letter on its Forum page on Monday (Jun 16) by account holder Francis Yeoh, who described the current process as inconvenient, as it requires an individual to be physically present at a bank. The SRS is a voluntary scheme that was created to complement the Central Provident Fund (CPF), and to help Singaporeans save more for their retirement by allowing them to contribute up to a maximum of S$15,300 into accounts operated by DBS, OCBC and UOB. In late 2024, a proposed framework aimed at expanding and streamlining the SRS was shelved after the three local banks withdrew their joint application. This prompted the Competition and Consumer Commission of Singapore to halt a review it was to undertake on the framework, which sought to improve access to SRS products and boost competition among providers. Unlike withdrawals, contributions to SRS, which are eligible for tax relief, can be processed digitally. In his letter, Yeoh noted that the process of requiring individuals to be physically present at a bank to withdraw funds from their SRS accounts was time-consuming, and described the process as 'surprisingly outdated and frustrating' – particularly given that CPF withdrawals can already be done online. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He added that this seems 'misaligned with Singapore's push for digitalisation'. On the ability to make digital withdrawals, the CPF Board told The Business Times (BT) that this is supported by a 'digital-first, not digital-only' approach – offering members convenient digital access while retaining non-digital alternatives. A spokesperson said that robust security measures are in place for all online transactions, including Singpass two-factor authentication, real-time SMS and e-mail alerts, and verification to ensure funds are credited only to bank accounts belonging to the member. Additional anti-scam measures include a default daily withdrawal limit of S$2,000 for members aged 55 and above (adjustable up to S$50,000), a CPF Withdrawal Lock feature, and a 12-hour cooling-off period for changes to withdrawal limits or account settings. Yeoh had asked why a similar level of digital convenience could not be extended to SRS withdrawals. 'As our population ages, more retirees will seek access to their SRS funds,' he noted. 'Requiring them to queue for hours to manage their retirement savings is inefficient, inconvenient and, frankly, unnecessary.' He added that he hopes the banks and the authorities can review this process. In response to Yeoh's letter, the Ministry of Finance's (MOF) director of communications and engagement Farah Abdul Rahim acknowledged on Friday that the current withdrawal process 'can be improved for greater convenience'. She said, however, that the current process of requiring account holders to be physically present at a bank when making a withdrawal enables SRS operators to give customised advice to the individual. 'This helps ensure that members are aware of their eligibility for tax concessions and/or penalties, if any, relating to the nature of their intended transaction.' BT has sought a comment from the Association of Banks in Singapore, of which the three local banks are members. Financial advisers told BT that the feedback was valid, and highlighted the need for more flexible withdrawal options. Dr Ben Fok, chief executive of Bill Morrisons Capital, noted that since both CPF and SRS are designed to provide retirement income, their withdrawal processes should be aligned to promote clarity and ease of use. He added that integrating both schemes into a single digital interface could help reduce confusion and ensure they work more seamlessly together – minimising the need for physical visits and improving overall user experience. 'This approach would support retirees in managing their retirement funds more efficiently, offering a seamless and convenient way to access their savings,' he felt. Christopher Tan, group chief executive of Providend, suggested that banks offer three tiers of access to cater to varying user preferences. The first would be a fully digital option, through which account holders can use the bank's mobile application or an online portal to transfer funds from their SRS account into their preferred bank account. A second option could involve submitting a physical application form, with the funds either sent by cheque or credited directly. The third option is for those who are less digitally inclined or prefer face-to-face service. For them, visiting a bank branch should remain an option.
Business Times
4 hours ago
- Business
- Business Times
Singapore shares end Friday in the red amid mixed regional showing; STI down 0.3%
[SINGAPORE] Local stocks ended lower on Friday (Jun 20), amid a mixed regional performance and growing concerns over a possible US military strike on Iran. The benchmark Straits Times Index (STI) fell 0.3 per cent or 10.75 points to 3,883.43. Across the broader market, advancers beat decliners 253 to 203, with 1.3 billion securities worth S$2.2 billion changing hands. While the news that the US is giving itself two weeks to decide whether to intervene in Iran has slightly eased tensions, the looming uncertainties still pushed US and European equities lower. 'The worsening global geopolitical weather keeps investors in a cautious mode, and will likely prevent them from taking too much risk before the weekend,' said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Amid this geopolitical uncertainty, key regional indices in Asia-Pacific were mixed. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Japan's Nikkei 225 and Australia's ASX 200 both slipped by 0.2 per cent. Meanwhile, South Korea's Kospi Composite Index climbed 1.5 per cent, Hong Kong's Hang Seng Index rose 1.3 per cent and the Bursa Malaysia Kuala Lumpur Composite Index edged up by 0.1 per cent. The Hang Seng Index is now nearly back to its March 2025 highs following the announcement of the trade war truce, noted Kai Wang, Asia equity market strategist at Morningstar. He highlighted that markets were volatile from January to April due to tariff concerns and suggested that the second half of the year will highly be dependent on tariffs again, but 'tariffs may finally rear its ugly head'. 'We could see their consequences and whether earnings are under pressure as there are still headwinds to consumer confidence,' he added. The top gainer on the STI was Hong Kong-based conglomerate Jardine Cycle & Carriage (C&C), which gained 3.3 per cent or S$0.77 to close at S$24.45. The biggest decliner among the constituents was Frasers Logistics and Commercial Trust (FLCT) , which shed 2.4 per cent or S$0.02 to S$0.815. The three local banks ended mixed. UOB edged up 0.5 per cent or S$0.18 to S$34.89, OCBC fell 0.6 per cent or S$0.09 to S$15.90, while DBS slipped 0.1 per cent or S$0.05 to S$43.88.
Business Times
4 hours ago
- Business
- Business Times
Market Focus Daily: Friday, June 20, 2025
Asian shares edge up today; South Korea's share benchmark outperforms; The PBOC holds the benchmark lending rates steady; The Swiss National Bank cut rates to zero and gold prices ease half a percent. Synopsis: Market Focus Daily is a closing bell roundup by The Business Times that looks at the day's market movements and news from Singapore and the region. Written by: Howie Lim (howielim@ Produced and edited by: Chai Pei Chieh & Claressa Monteiro Produced by: BT Podcasts, The Business Times, SPH Media --- BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Follow BT Market Focus and rate us on: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Feedback to: btpodcasts@ Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. Discover more BT podcast series: BT Money Hacks at: BT Correspondents: BT Podcasts: BT Branded Podcasts: BT Lens On:
Time Business News
5 hours ago
- General
- Time Business News
Managing Mango Pests: Biological Control for Caterpillars
My twenty-four years of expertise in mango orchard cultivation has brought me many pest control struggles. Caterpillars together with blackfly larvae prove to be the most enduring threats against my mango tree's health. These damaging pests cause severe harm to leaves and fruits which results in consequences for the entire tree's health and productive capabilities. My goal became protecting mangoes through eco-friendly methods while I searched for solutions which would not affect the environment. My investigation into sustainable pest management methods exposed me to the effective biological controls known as BT Thuricide and Bacillus thuringiensis israelensis (Bti). Mango trees lose their leaves as well as suffer fruit decay because the larval stage of moths and butterflies known as caterpillars eat extensively. The orchard loses its visual charm and the trees weaken through suppressed photosynthesis because of their presence. Blackfly larvae remain inconspicuous yet represent a substantial danger to mango trees because they attack the roots and tender shoots. Blackfly larvae inhabit slurried soil where they eat plant roots and organic matter therefore causing growth reduction and disease susceptibility in mango plants. The adoption of biological solutions requires implementing cultural practices which make the environment hostile to pests. The removal of common fruit debris together with leaves on a regular basis removes spaces where caterpillars and blackfly larvae can reproduce. A basic but efficient method of pest control through this practice combines population management of pests with reduced damage to tree health. Diversifying the orchard with plants that do not serve as hosts disrupts insect life cycles causing pests to struggle with sustaining their presence in the mango plantations. Blackfly larvae thrive best in conditions which result from excessive irrigation of crops. The combination of drip irrigation systems combined with proper drainage controls soil moisture effectively which makes these pests less likely to survive. Organic compost application to the soil creates two benefits: productive tree growth and stronger mango tree pest resistance. The fundamentals of pest prevention emerge from cultural practices yet biological controls incorporating BT Thuricide and Bti give further safeguards to the system. Through partnership with microbial agricultural experts from the University of Sustainable Agriculture I gained knowledge about how bio-products integrate into pest management plans. BT Thuricide: The BT biological insecticide known as BT Thuricide comes equipped with Bacillus thuringiensis (Bt) which exists in nature. The BT Bacillus thuringiensis spray works as an effective caterpillar-specific treatment when sprayed. When the pests feed on BT toxin-contaminated plant leaves they consume these toxins which break down their stomach tissue and result in their death. The chosen spraying technique safeguards both pollinators and natural predators in the orchards while sustaining the intact natural habitat. Bacillus thuringiensis israelensis: Blackfly larvae management requires Bti as an important biological insecticide. The natural bacterium Bti specifically kills dipteran insect larvae and avoids damaging other soil insects that live in the same habitat. Bacillus thuringiensis israelensis Bti used as a soil-developed product creates toxins which cause lethal effects to blackfly larvae when consumed by them. Bti is a biological insecticide which decomposes naturally throughout the environment thus creating no lasting negative effects on soil health or its beneficial microorganisms. The microbial agricultural specialist Dr. Emily Ramirez from the University of Sustainable Agriculture stresses that BT and Bti should become part of integrated pest management systems. The sustainable approach to pest control has been achieved through BT Thuricide and Bti because they provide chemical-free pest treatments for agricultural applications. The targeting ability of these products for pests achieves effective pest control without harming beneficial insects or harming orchard health according to Dr. Emily Ramirez. Dr. Ramirez points out the beneficial connection that exists between cultural practices and biological control methods. Using BT and Bti alongside proper irrigation and sanitized orchards with improved soil quality creates a total pest population management system which protects mango trees from future outbreaks. I have achieved outstanding results after implementing bt biological insecticide and Bti in my mango orchard management approach. The number of caterpillar outbreaks in the area decreased while blackfly larvae discontinued their recurring appearances. The tree health improves along with increased mango production of superior quality. The use of eco-friendly solutions which protect my orchard ensures that I feel calm because they produce positive impacts on environmental health. The successful regulation of mango pests consisting of caterpillars and blackfly larvae demands multisectoral methods that unite agricultural solutions with biological pest management technologies. My use of BT Thuricide and Bacillus thuringiensis israelensis (Bti) within my pest management plan allows sustainable and efficient protection of my mango trees. My application of these bio-products received additional expertise from microbial agricultural specialists which ensured my orchards will maintain long-term health and productivity. Mango growers who want sustainable pest control measures should implement BT biological insecticides and Bti because these approaches create opportunities for healthy orchard development as well as abundant harvests. Make your mango trees thrive by doing the correct cultural techniques and biological pest controls which will result in continuous successful harvests that align with nature's standards. TIME BUSINESS NEWS
Business Times
5 hours ago
- Business
- Business Times
Japan won't fixate on July 9 in US trade talks
[TOKYO] Japan won't fixate on the looming date for so-called reciprocal tariffs to go back to higher levels, Tokyo's top trade negotiator said, signalling that the Asian nation stands ready for the possibility that talks will drag on. 'To avoid any misunderstanding, I would like to confirm that I have not said at all that July 9 is the deadline for negotiations between Japan and the US,' Economic Revitalisation Minister Ryosei Akazawa told reporters on Friday (Jun 20) in Tokyo. 'Japan and the US are in regular communication through various channels, and we will continue to consider what is most effective and engage in appropriate consultations.' Akazawa deflected a question over whether Japan will seek an extension of the deadline for the across-the-board tariffs. The US is poised to return the duties to their original levels on July 9 for many nations, which would mean an increase to 24 per cent from 10 per cent at present for Japan. US Treasury Secretary Scott Bessent has indicated the US may grant an extension to countries that are negotiating in good faith. Asked what Japan would do if the levy returns to 24 per cent or the US puts out a different level unilaterally past the deadline, Akazawa hinted at optimism for an extension. 'We are proceeding with the negotiations in good faith and so we understand that various matters will proceed under that premise,' he said after attending a ruling Liberal Democratic Party's tariff task force meeting. The task force didn't urge him to seek an extension of the July 9 deadline, either, Akazawa said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'In negotiations, setting a deadline and trying to wrap things up by a certain date weaken your position,' he said. 'Once you try to wrap up negotiations, you will have no choice but to accept the outcome.' Japanese Prime Minister Shigeru Ishiba and US President Donald Trump failed to reach a deal earlier this week on the sidelines of the Group of Seven leaders' summit in Canada, despite holding three phone calls to discuss the tariffs prior to their in-person meeting. Akazawa on Friday said he's yet to schedule the next round of negotiations with his US counterparts and that Japan won't set a specific deadline for the talks. He once again described the trade discussions as similar to 'walking through fog,' a phrase he used before the G-7 gathering. The Japanese trade negotiator also hinted at some trouble in vying for time with the US when various matters including rising tensions in the Middle East compete for Washington's attention. 'It is also possible that the US side may find it difficult to allocate sufficient time domestically to make substantial progress in the Japan-US negotiations,' Akazawa said. 'This is truly the case for both sides. We are not solely doing the tariff negotiations.' Akazawa spoke a day after Ishiba met with opposition party leaders, who came away from the conference with the notion that Japan's trade surplus in autos with the US is a sticking point between the two sides. As with other nations, Japan has also been slapped with a 25 per cent tariff on cars and related parts as well as a 50 per cent levy on steel and aluminium. 'Both Japan and the US have national interests that can't be compromised,' Akazawa said. 'Protecting the profits of the automotive industry, which is our key industry, is in Japan's interest.' BLOOMBERG
