Forum: Expand use of SRS for investments in overseas equity markets
The Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their Central Provident Fund savings.
- by autobot
- Aug. 28, 2024
- Source article
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The Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their Central Provident Fund savings. Contributions may be used to purchase various investment instruments, and the SRS offers attractive tax benefits. The funds are meant to be used for local equities and for government-linked securities like T-Bonds. Keeping the funds in the account hardly attracts any interest. I believe it is time to expand the use of the scheme to allow investment into overseas equity markets, such as the New York Stock Exchange, as more young Singaporeans are drawn to these markets given the better returns and greater depth of the markets. The local equity market provides a narrower scope, and we should allow Singaporeans to decide on their investment options. I have stopped investing in SRS as the options are limited.