Latest news with #CPF
Business Times
4 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at a bank to withdraw funds from their SRS accounts was time-consuming, and described the process as 'surprisingly outdated and frustrating' – particularly given that CPF withdrawals can already be done online.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.
The Citizen
6 hours ago
- The Citizen
Brakpan cops rescue boy (4) abandoned in cold after hijacking
A tense search for a four-year-old boy kidnapped during a hijacking on Wednesday evening ended in a happy reunion. Brakpan Herald reports that with help from local security teams and CPF patrollers, Brakpan police officers found the child unharmed. Local SAPS rural safety and sector managers Sergeant Phatudi Mashifane and Constable Zunaid Rustoff were patrolling along the R23 (Heidelberg Road), a notorious hijacking hotspot, when at around 23:00, they came across a family that had been hijacked and kidnapped by three armed men in Kempton Park. The couple had been left stranded in their vehicle. 'They told the SAPS members that the men left them inside their hijacked VW Polo GTI after the vehicle ran out of petrol on the R23 towards Tsakani, not far from a petrol station,' says Constable Audrey Buthelezi, Brakpan SAPS Sector 1 manager and communications officer. 'The couple was frantic. They informed the officers that one of the hijackers had left with their four-year-old boy. 'The two SAPS members called for backup and started searching the area for the missing child and suspects. 'While searching, the SAPS members and personnel from private security companies were calling out for the child with hope that the child would respond if he heard them. 'The boy responded to one officer's voice, and he was found in the wet and icy bushes alone and unharmed.' The child was reunited with his parents, and the search continued for the suspects. With the assistance of a drone, the suspect who left with the child was located in the bushes near Dalpark Ext 1. 'The victims positively identified the suspect as the one who left with the boy. The 28-year-old was immediately arrested and detained at the Brakpan Police Station, charged with hijacking and kidnapping.' He was expected to appear in court within 48 hours. Brakpan SAPS Vispol commander Colonel Robert Makopo applauded the outstanding rescue efforts of the police members, the CPF patrollers and private security companies. He further commended the officers for their dedication and vigilance, and their efforts to combat crime. The security companies involved were Secure Tech Security, CP Security and Graphite Security. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
12 hours ago
- The Citizen
Village residents living in fear of criminals
Violent crime has gripped Malamulele, where residents fear for their lives as armed criminals continue to terrorise homes and families. Residents of Malamulele near Giyani in Limpopo are living in fear of gun-wielding criminals who attack them in their homes. Recently, community members protested and accused the police of not doing enough to arrest the criminals, who recently shot and killed a 20-year-old young man and raped his 17-year-old sister in Malamulele Extension B. They fled the scene with stolen property including a cellphone, laptop, chainsaw, TV, bicycle and grinder collectively valued at R36 300. Many more housebreakings in Malamulele Authorities said there were many more housebreaking cases reported in the area. Yesterday, Limpopo police provincial commissioner LieutenantGeneral Thembi Hadebe, together with transport and community safety MEC Violet Mathye, visited the area to assess the progress made so far in the fight against crime. 'Crime-related incidents prompted the deployment of multidisciplinary forces in the area to stabilise the situation. The area has experienced a spate of violent crime, including house robberies and other violent incidents in which several homes were targeted,' Hadebe said. ALSO READ: R213m down the drain as Limpopo residents still have no water 'Our team has done a good job as three suspects linked to the recent case were arrested, while 11 other suspects, including foreign nationals, have also been arrested for other crimes committed in the area.' 'We have deployed more officers in Malamulele after realising that crime is on the rise. We have relaunched the Community Policing Forum (CPF) at some of the crime hotspots to make sure that they assist in the fight against crime. 'We are appealing to the community members to join the police as reservists and to be part of the CPF,' he said. Residents under siege Hadebe said the police were doing well to address the situation at Malamulele and neighbouring villages. Several residents who spoke to The Citizen confirmed that they were under siege and they were even afraid to go out on the street at night. 'Things are out of hand here, the crime rate in our area is too high and we are being attacked every day by armed criminals,' said a resident who asked not to be named. ALSO READ: Limpopo's Rain Queen suspends initiation schools in 2025 'People are being raped, killed and robbed of their belongings. 'Every night when we go to sleep, we don't know whether we will make it through the night.' He said the rampant crime in the area started a few years ago when the police started to fight illegal mining in the area. Rampant crime started when police started fighting illegal mining He alleges that most of the criminal activities are committed by foreign nationals and the locals who were involved in illegal mining. 'Since the police interrupted their illegal mining projects, they started to commit crime and terrorise the community members.' Another resident, a single mother, said it was hard for them because every night she feared that they might be attacked by criminals. NOW READ: Daughter pleads guilty to brutal murder of father in Limpopo
Business Times
12 hours ago
- Business
- Business Times
Finance ministry 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 published a forum letter 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) 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'. 'As our population ages, more retirees will seek access to their SRS funds,' said Yeoh. '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 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.' The Business Times 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 said. 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
17 hours ago
- Business
- Business Times
MOF says SRS withdrawal process ‘can be improved'; to work with banks
[SINGAPORE] The government will work with Supplementary Retirement Scheme (SRS) bank operators to improve the process of withdrawing funds from their account. The response comes shortly after The Straits Times published a forum letter on Monday (Jun 16) by an 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) 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, prompting the Competition and Consumer Commission of Singapore to halt its review . The framework had 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'. 'As our population ages, more retirees will seek access to their SRS funds,' said Yeoh. '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 director of communications and engagement, Farah Abdul Rahim, acknowledged on Friday that the current withdrawal process 'can be improved for greater convenience'. However, she explained that the current process of requiring account holders to be physically present at a bank when making a withdrawal is to allow SRS operators to give customised advice based on the individual's circumstances. '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.' The Business Times has sought comment from the Association of Banks in Singapore, of which the three local banks are members. Christopher Tan, group chief executive officer of independent wealth adviser and fund management firm Providend, told BT that the feedback was valid, and highlighted the need for more flexible withdrawal options. Tan suggested that banks could offer three tiers of access to cater to different user preferences. The first would be a fully digital option, where 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. For those who are less digitally inclined or prefer face-to-face service, he said visiting a bank branch should remain an option.
