Steady rise in number of Supplementary Retirement Scheme depositors following last year’s 15-per cent increase

On the number of people participating in the Supplementary Retirement Scheme (SRS), SMU Professor of Economics Hoon Hian Teck estimated that there has been a yearly increase of 19 per cent, and that if this double-digit growth continues, the number of beneficiaries from the scheme will eventually comprise a larger percentage of the population. The percentage of SRS depositors aged 56 to 61 has also increased from seven per cent in 2001 to 16 per cent in 2014, which implies that elderly employees are more concerned about increasing their financial security during retirement by means other than CPF.