Latest news with #SRS
Business Times
8 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at a bank to withdraw funds from their SRS accounts was time-consuming, and described the process as 'surprisingly outdated and frustrating' – particularly given that CPF withdrawals can already be done online.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
12 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.
Time of India
14 hours ago
- Health
- Time of India
Assam free from high MMR burden, infant mortality rate also down: CM
1 2 Guwahati: Assam CM Himanta Biswa Sarma on Thursday said the state has come out from the historical backlog of high burden of maternal mortality ratio (MMR), which has been recorded by the sample registration survey (SRS) special bulletin for 2020-22, released recently. He added that the state's infant mortality rate (IMR) and under-5 mortality ratio (U5MR) have also improved significantly. "Assam is no longer the state with the highest MMR in the country. Assam's MMR is now better than Madhya Pradesh (159), Chhattisgarh (141), Uttar Pradesh (141) and Odisha (136) as per SRS 2020-22," Sarma said. As per SRS 2020-22, MMR of Assam has come down to 125. "This shows, 70 points (36%) drop in MMR in just two years. No other states in the country have shown such decline," Sarma added. He said from MMR of 490 in 2001-03, Assam improved to 125 by 2020-22, "almost reducing MMR to 1/4th. It is a great achievement for the state of Assam to bring such a great reduction of MMR even during the period of the Covid-19 pandemic." He attributed this high historical MMR to poor maternal health conditions and health infrastructure in the state. "Now, it is time to move forward and capitalise on all our effective strategies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Scam Exposed: What They Won't Tell You about zero trust! Expertinspector Click Here Undo We must push Assam towards one of the five best states in the country in health sector," Sarma said, acknowledging that the state still has a great distance to go. "With renewed commitment and by adopting focused strategies for improvement of health sector with collective efforts of all members of health and family welfare department, medical education and research department, NHM and all other related departments we shall achieve our goals," he said. "In the last two decades, tremendous efforts have been undertaken, especially in the last 10 years, for which, significant improvement has been observed in reduction of maternal mortality," he said. He said it is not just MMR, but IMR also has improved tremendously. "Now, our performance (IMR) is at par with Odisha (32) and better than Uttar Pradesh (38), Chattisgarh (38) and Madhya Pradesh (40)," Sarma said. "Our Under 5 Mortality Rate (U5MR) was as high as 88 per 1000 live births in 2008. This has also come down from 40 (SRS 2020) to 37 (SRS 2021) and further down to 35 (SRS 2022), almost reducing to 1/3rd. Similarly, our neonatal mortality rate also has improved from 33 per 1000 live births in 2005 to 22 in 2020-22," he added.
Straits Times
14 hours ago
- Business
- Straits Times
Forum: SRS withdrawal process to be improved
We thank Mr Francis Yeoh for his letter 'Take the queueing pain out of SRS withdrawals' (Jun 16). The Supplementary Retirement Scheme (SRS) aims to help Singaporeans save more for their retirement. Currently, SRS operators require members to be present in person for withdrawals and account closures, so that they can receive customised advice based on their individual 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. We agree that the current withdrawal process can be improved for greater convenience. The Government will take Mr Yeoh's feedback into account, and work with the SRS operators to improve the current process. Farah Abdul Rahim Director, Communications and Engagement Ministry of Finance More on this Topic Forum: What readers are saying Join ST's Telegram channel and get the latest breaking news delivered to you.
Time of India
20 hours ago
- Health
- Time of India
Assam makes strides in reducing Maternal Mortality, Infant Mortality and Under 5 Mortality ratios
Assam shows great improvement in reducing Maternal Mortality Ratio, Infant Mortality Rate and Under 5 Mortality Rate. Chief Minister Himanta Biswa Sarma shares the state's progress since 2001. Assam's MMR is now better than several other states. The state government will provide jobs and is working to boost the animal husbandry sector. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Guwahati: Assam has made promising strides towards reducing the Maternal Mortality Ratio (MMR), Infant Mortality Rate (IMR) and the Under 5 Mortality Chief Minister Himanta Biswa Sarma said this on Thursday while adding that while the recent reports of Sample Registration System (SRS) published by the Office of the Registrar General of India the MMR of Assam has come down to said that historically, Assam recorded the highest Maternal Mortality Ratio (MMR) in the country till the last SRS report of 2018-20. In 2001-03, the MMR in Assam was 490 per 1 lakh live births. At that time, the national MMR was 301.'The maternal health conditions were poor and the health infrastructure in the state was unable to provide necessary support to our mothers. In the last two decades, tremendous efforts have been undertaken, especially in the last 10 years, for which, significant improvement has been observed in reduction of maternal mortality,' the Chief Minister said adding that with the wholehearted efforts of Government of Assam in the last 20 years, the MMR has improved to 125 in 2020-22 from 490 in said that the Special Bulletin on Maternal Mortality in India 2020-22 was released in the month of June 2025. 'As per SRS 2020-22, MMR of Assam has come down to 125 with a further 42 points (25.1%) drop in MMR compared to 2019-21. This shows 70 points (36%) drop in MMR in just 2 years. No other States in the Country have shown such decline,' he said, adding that Assam's MMR is now better than Madhya Pradesh (159), Chhattisgarh (141), Uttar Pradesh (141) and Odisha (136) as per SRS 2020-22.'It is a great achievement for the State of Assam to bring such a great reduction of MMR even during the period of COVID pandemic,' he Chief Minister further added that it is not just MMR, but Infant Mortality rate also has improved tremendously. 'The IMR in 2005 in Assam was 68, way above the national IMR of 58, being one of the last states in the country. The Infant Mortality Rate (IMR) of Assam improved to 36 as per SRS (2020). It has come down to 34 as per SRS (2021) and further down to 32 as per SRS (2022),' he said adding that in terms of IMR, Assam's performance is at par with Orissa (32) and better than Uttar Pradesh (38), Chattisgarh (38) and Madhya Pradesh (40).'From 68 in 2005, we have improved to 32 by 2020-22, almost reducing IMR to 1/3rd,'he said, adding that the Under 5 Mortality Rate (U5MR) was as high as 88 per 1000 live births in 2008. This has also come down from 40 (SRS 2020) to 37 (SRS 2021) and further down to 35 (SRS 2022), almost reducing to 1/3rd,' Sarma said.'Similarly, our neonatal mortality rate also has improved from 33 per 1000 live births in 2005 to 22 in 2020-22,' he said adding that improvement in health infrastructure, improvement in health Human Resources (HR), Motivated and incentivised ASHA(s) and grassroots workers, improved health service delivery and the social support programmes contributed towards this stated that nearly 40,000 youths would be provided government jobs in a single recruitment drive scheduled for 10 appointment letters were distributed to 443 Veterinary Field Assistants in the Animal Husbandry & Veterinary Department, 12 Tourism Development Officers in the Tourism Department, and 23 DIET Lecturers and 3 SCERT Assistant Directors in the rank of Assistant Professors under the Education Department. With the inclusion of these 481 appointments, the total number of government jobs secured under the present administration now stands at 1,20, expressed confidence that the State Government is well on course to reach a total of 1.60 lakh appointments by 10 October. He emphasised that the transparent nature of this recruitment process has not only upheld merit, but also played a vital role in fostering a more robust educational ecosystem across the his attention to the animal husbandry sector, the Chief Minister underscored its growing importance in the vision of a self-reliant Assam. He noted that, while this sector has increasingly become a pillar of the rural economy, Assam still lags behind other states in fully realising its potential. To address this, he stated that the government has partnered with the National Dairy Development Board to establish the North East Dairy and Foods Limited – an initiative aimed at producing, processing, and distributing 10 lakh litres of milk daily. He highlighted a series of infrastructural developments already underway to support this goal, including the setup of milk processing centres with one lakh litre capacities in Dhemaji, Jorhat, Dibrugarh, and Cachar, a 25,000 litre unit in Bajali, and a three lakh litre facility in Guwahati. He further mentioned that a new 1 lakh litre milk processing unit would also be established in Rani, near Guwahati by AMUL. These efforts, he affirmed, would serve as an incentive for farmers across Assam to expand stated that the state government would provide a subsidy of Rs. 5 per litre for milk brought in for processing. He added that the College of Veterinary Science, in collaboration with the National Dairy Development Board, is working to develop a new breed by crossbreeding Assam's indigenous Lakhimi cows with Gujarat's high-yielding Gir breed. Additionally, he shared that efforts are also underway to improve yield through artificial insemination. With these measures, he affirmed, the government aims to scale Assam's daily milk production to 15 lakh litres by livestock development, the Chief Minister emphasised the state's renewed focus on poultry and duck farming, noting that 90% of Assam's daily egg demand is currently met through imports. He observed that if merely 1,000 entrepreneurs' step forward, the state could achieve a daily production of one crore eggs within three years. Despite the Northeast hosting the country's largest pork market, he lamented the region's insufficient local production and stressed the government's commitment to addressing this gap. He also highlighted a national campaign to promote biogas and bio-CNG production, adding that efforts are underway to enable dairy enterprises to generate these from cattle dung - an initiative poised to offer farmers a valuable supplementary income stream.
