How much can I contribute to SRS each year as a Singapore citizen or PR?

Annual Supplementary Retirement Scheme (SRS) Contribution Limit for Citizens/PRs

The maximum amount you can contribute to the Supplementary Retirement Scheme (SRS) each year as a Singapore Citizen or Permanent Resident (PR) is SGD 15,300.

Key SRS Features and Comparison to CPF

• Contribution Cap: The annual cap is SGD 15,300 for citizens/PRs. This is separate from CPF contribution caps. The total tax relief cap across all reliefs (including SRS contributions) is SGD 80,000 (IRAS).
• Tax Deferral: SRS contributions provide tax deferral. When you withdraw the funds after the statutory retirement age (currently 63 if you open the account now), only 50% of the withdrawn amount is subject to income tax.
• Withdrawal Rules: You have a 10-year withdrawal window after reaching the statutory retirement age. Withdrawing before this age incurs 100% tax on the amount withdrawn plus a 5% penalty (though same-year withdrawals can avoid the 5% penalty).
• Investment Requirement: Unlike CPF accounts which offer guaranteed interest (e.g., 4% on SA/RA), SRS accounts earn a very low interest rate of only 0.05%. Therefore, contributions to SRS must be invested to achieve meaningful growth (e.g., in stocks, ETFs, or bonds).

Example of Tax Efficiency:

To achieve effective zero tax on withdrawals after retirement age, you could aim to withdraw SGD 40,000 per year. The first SGD 20,000 is tax-free, and the remaining SGD 20,000 is taxed at 50% (taxable amount of SGD 10,000).

Actionable Tip: To lock in the current statutory retirement age of 63 for future withdrawals, you must open an SRS account before 1 July 2026.