Latest news with #Singaporeans
Business Times
3 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at a bank to withdraw funds from their SRS accounts was time-consuming, and described the process as 'surprisingly outdated and frustrating' – particularly given that CPF withdrawals can already be done online.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.
Straits Times
5 hours ago
- Entertainment
- Straits Times
Ticket balloting opens for NTUC's NDP celebrations at Marina Bay; nearly 20,000 attendees expected
Ms Natasha Choy (centre, left), co-chairwoman of the NTUC NDP Bay Celebrations organising committee, with rapper Shigga Shay (centre, right) and youth volunteers. ST PHOTO: GAVIN FOO SINGAPORE – Close to 20,000 people will celebrate Singapore's 60th birthday at The Promontory @ Marina Bay in 2025, an increase from about 15,000 in 2024. This is because the NTUC National Day Parade (NDP) Bay Celebrations will take place on three days – July 26, Aug 2, and Aug 9 – up from two in 2024. The celebrations will take place alongside the NDP preview shows and the actual NDP at the Padang. The bay celebrations are part of an 'expanded canvas' to mark Singapore's 60th year of independence. Ticket balloting for the event – co-organised by the National Trades Union Congress (NTUC) and the National Day Parade executive committee (NDP Exco) – opened at 5pm on June 20 and will close at 5pm on July 4. Singaporeans and Permanent Residents can apply for tickets at Each person can ballot for only two tickets. All attendees will receive an NDP pack. On all three days of celebrations, doors will open at 4pm for attendees, and performances by local artistes like Estelle Fly, Regina Song, Shabir Sulthan and Shazza will begin at 4.15pm. This will be followed by a live broadcast of the NDP preview shows or the actual NDP. During the broadcast, the NTUC symbolic moment will take place, with youth dancers and youth motivators forming a flash mob set with a remix of National Day songs. The night will end with performances by local rapper Shigga Shay and DJ Caden. Ms Natasha Choy, who is the co-chairwoman of the organising committee, said: 'This year, the NTUC NDP Bay celebrations are back, bigger and bolder, as we celebrate Singapore's 60th birthday. 'The theme for our celebrations is 'Majulah SG Youth', and we want to shine the spotlight on ( our young people's) passion and purpose.' In 2025, 24 youth leaders are part of the youth organising committee for the bay celebrations, which will involve more than 1,000 youth volunteers. Shigga, who will headline the show, told the media on June 20 that he will perform a 30-minute set featuring songs that reflect Singapore culture. One of them is his newest track, Peng, which features Singlish lyrics and words used by Singaporeans in their daily lives. 'It's a song that I created for Singapore. It represents everyday sounds and everyday words that we hear, like when you go to a drink stall and order drinks (like) kopi peng and Milo peng,' said the 32-year-old singer, referring to iced coffee and iced Milo. He also performed at the NDP in 2022 and 2023. At the bay, attendees can also enjoy a series of interactive installations created by more than 11,000 participants of NTUC roadshows at 14 institutes of higher learning from April to July. Among the works is Dream Exchange, a phone booth-style installation that plays more than 6,000 greetings recorded by students during the roadshows. Dream Exchange, a phone booth-style installation that plays more than 6,000 greetings recorded by students during the roadshows. ST PHOTO: GAVIN FOO Another installation is a collage of doodles by students, depicting how they view and relate to Singapore. A third installation, titled The Future We Create, is an AI-powered visual showcase generated from words penned by students on their vision of Singapore's future. There will also be an NTUC booth which provides resources for youth to pursue their aspirations. One of these is a career personality quiz, Rise And Grind, which helps youth explore job options that match their personalities. Mr Timothy Lim Zhi Heng, a third-year student at Singapore Polytechnic, is one of the student volunteers who helped create the personality quiz. Mr Timothy Lim Zhi Heng, one of the student volunteers who helped create the career personality quiz Rise And Grind for an NTUC booth. ST PHOTO: GAVIN FOO The 19-year-old, who is part of the marketing and communications team for the bay celebrations, told The Straits Times that his team helped to proofread the text for the quiz. He also helped to man the Dream Exchange installation at some of the roadshows. 'It was very fulfilling to see our hard work for the past five months come together, seeing the different installations pieced together and being brought to life,' he said. Successful ticket applicants will receive an e-mail from the organisers by July 8. The collection of tickets can be done from July 12 to July 13 and from July 18 to July 20 at the Great World, at the atrium on level one. Those collecting tickets on behalf of successful applicants will need to present the notification e-mail, the applicants' NRIC and their own NRIC. Join ST's WhatsApp Channel and get the latest news and must-reads.
CNA
10 hours ago
- CNA
2 Singaporeans arrested in Thailand for alleged human trafficking, money laundering
Scroll up for the next video X 2 Singaporeans arrested in Thailand for alleged human trafficking, money laundering
Business Times
11 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.
The Star
12 hours ago
- Health
- The Star
S'poreans can test for genetic condition causing high cholesterol levels under new programme
The new genetic testing programme for familial hypercholesterolaemia comes amid broader efforts to enhance preventive care in Singapore. - AFP SINGAPORE: Eligible Singapore residents will be able to screen for a genetic condition which causes high cholesterol levels at a subsidised rate as part of a nationwide programme launching on June 30. In a statement on June 19, the Ministry of Health (MOH) said that the new genetic testing programme for familial hypercholesterolaemia (FH) comes amid broader efforts to enhance preventive care in Singapore. The initiative aims to identify individuals with FH early and reduce the risk of premature heart disease with timely interventions. FH is a hereditary condition that impacts the body's ability to process cholesterol, affecting roughly 20,000 people in Singapore. People with the condition are up to 20 times more likely to experience heart attacks at a younger age compared with the general population. In a Facebook post on June 19, Health Minister Ong Ye Kung said that the Government is looking to expand preventive care based on genetic testing to more diseases beyond FH. 'It is part of our longer term effort to develop predictive preventive care under Healthier SG,' he said. As part of this effort, the ministry aims to open three genomic assessment centres (GACs) to ensure effective, efficient and sustainable delivery of genetic testing services within each healthcare cluster. Genetics testing for FH at these centres will be subsidised for eligible Singapore citizens and permanent residents (PRs). They can also tap on MediSave to offset the cost. Those referred to GACs will undergo: Pre-test genetic counselling to understand potential outcomes and benefits before consenting to the test Blood drawing and the genetic test Post-test genetic counselling, to understand the implications of the results The first GAC will be operated by SingHealth and located at the National Heart Centre. It will start accepting referrals from June 30. This centre will serve all Singapore residents until additional centres open. GACs operated by National Healthcare Group and National University Health System will subsequently open to cater to residents' needs. Immediate family members of those found with the condition are at risk and encouraged to undergo genetic testing, MOH said. Known as cascade screening, this process enables early detection of FH within families. It also allows for more timely intervention and treatment, such as advising them to adopt healthier lifestyles or starting on cholesterol-lowering therapies. Under the programme, Singapore citizens and PRs with abnormally high cholesterol levels may be referred by their doctors for genetic testing. Eligible Singaporeans and PRs can receive subsidies of up to 70 per cent for the costs, which include the genetic tests, pre-test and post-test counselling, and phlebotomy services. Seniors from the Pioneer Generation and Merdeka Generation are also eligible for additional subsidies. After subsidies, referred patients can expect to pay between US$117 (US$91.06) and US$575. Those eligible for cascade screening can expect to pay between US$53 and US$253 after subsidies. The MediSave500 and MediSave700 scheme can be used to further offset the cost of the genetic test after subsidies. Patients who are 60 years old and above may also use Flexi-MediSave to further defray out-of-pocket costs. Under a moratorium on genetic testing and insurance introduced by MOH and the Life Insurance Association Singapore (LIA) in 2021, life insurers here are banned from using predictive genetic test results in assessing the outcome of insurance applications, unless certain criteria are satisfied. Insurers are also not allowed to use genetic test results from biomedical research or direct-to-consumer genetic test results. MOH said it has worked with the LIA to amend the moratorium to disallow life insurers in Singapore to use the results of all genetic tests conducted under the national FH genetic testing programme. They may, however, continue to request for individuals to disclose existing diagnosed conditions and family history. The amended moratorium will take effect from June 30. - The Straits Times/ANN
