SRS - benefits and information

Supplementary Retirement Scheme (SRS)

The Supplementary Retirement Scheme (SRS) is:

§ a voluntary scheme that offers attractive tax benefits.

§ SRS account can be started with from just S$100

§ Maximum contribution to SRS per year for Singaporeans is $11,475

§ Contributions to SRS are eligible for tax relief.

§ Only 50% of the withdrawals from SRS are taxable at retirement.

§ Withdrawal from SRS account can be made over a maximum of 10 years (starting from statutory retirement age) to obtain even more tax savings.

§ SRS account can be used for selected investments to obtain higher returns

§ Reduce Tax and Invest at the same time.

Example 1:

	No SRS Contribution	With SRS Contribution
Earned Income Less All Relief(s)	$80,000	$80,000
CPF Contribution1	$10,800	$10,800
SRS Contribution	-	$11,475
Taxable Income	$69,200	$57,725
Total Tax Payable2	$3,382	$2,407
Tax Savings	-	$975
Tax Savings Over 20 Years	-	$19,500
Potential returns from SRS investments over 20 years3	-	$470,423

Example 2:

	No SRS Contribution	With SRS Contribution
Earned Income Less All Relief(s)	$100,000	$100,000
CPF Contribution1	$10,800	$10,800
SRS Contribution	-	$11,475
Taxable Income	$89,200	$77,725
Total Tax Payable2	$5,588	$4,107
Tax Savings	-	$1,481
Tax Savings over 20 years	-	$29,620
Potential returns from SRS investments over 20 years3		$470,723

1. Based on existing income ceiling of S$4,500 per month

2. Based on existing tax rates for individuals below 55 years for Year of Assessment 2007

3. Funds returns estimated on 7% p.a.

Examples above are for illustrations only.

Calculations for fund returns are done using a financial calculator. If you would like to know how much tax benefit you can enjoy, feel free to let me know, I will do the calculations for you.

Year of Assessment 2007

Chargeable Income	Rate (%)	Gross Tax Payable ($)
First $20,000 Next $10,000	0 3.50	0 350
First $30,000 Next $10,000	- 5.50	350 550
First $40,000 Next $40,000	- 8.50	900 3,400
First $80,000 Next $80,000	- 14.00	4,300 11,200
First $160,000 Next $160,000	- 17.00	15,500 27,200
First $320,000 Above $320,000	- 20.0	42,700

SRS Contribution cap = SRS contribution rate x Absolute Income base

Contribution rate:

- Singaporean/SPR -> 15%

- Foreigner -> 35%

Based on YA2007 and onwards

• Maximum SRS contribution for Singaporean/SPR is $11,475

• Maximum SRS contributions for Foreigners is $26,775

Pls note that all contributions have to be made before 31st Dec each year.

Free quotation for Personal Accident Plans

For free quotation, please fill up the coverage required using the form below, and fax to me at 6417-5522, Attention to "Melvin Lim" please. Thanks. I will revert to your request asap.

If there are any questions, feel free to check with me.

Travel Insurance

+++

• Up to S$1,000 for delay baggage
• Up to S$5,000 for loss or damage of luggage
• One-way Trip cover for those travelling overseas to stay for a long period of time
• Annual Travel Plan to provide cover for the whole year, regardless of the number of trips you make
• Fire cover for your home contents whilst you are overseas
• Up to S$300,000 in the event of accidental death and permanent disablement
• Up to $600,000 in the event of accidental death on public transport

Round the clock - 24 hours Travel & Medical Assistance

Take advantage of our 24 hours Travel & Medical Assistance through International SOS Pte Ltd, which provides a host of information and services including:

• Arrangement of appointments with doctors
• Arrangement of emergency medical evacuation
• Arrangement of hospital admission
• Arrangement of repatriation of mortal remains
• Embassy referral
• Emergency travel assistance
• Foreign exchange information services
• Inoculation and Visa requirement information
• Interpreter referral
• Legal referral
• Lost luggage/passport assistance
• Medical service provider referral
• Telephone medical assistance
• Weather information services

New benefits:

• Up to S$300,000 reimbursement of medical expenses incurred overseas including treatment by Chinese Physician (subject to a maximum limit of S$350 in the aggregate per trip)
• Daily hospital allowance of up to S$200 if hospitalized overseas or in Singapore upon return
• Up to S$6,000 reimbursement for one relative or friend to accompany your children home in event of your hospitalization overseas
• Enhanced coverage for trip delay, cancellation, curtailment, overbooked flight/missed connections and hijack
• Coverage for trip postponement, interruption, hostage/kidnap and rental vehicle excess
• Free automatic extension of cover up to 30 days in the event of return trip being delayed under specified circumstances. For instance, hospitalization or been quarantined overseas
• Loss of personal money and travel documents of up to S$5,000
  

Brochure -1: Coverage and Benefits Details - click picture to zoom in




Brochure -2: Premiums and details you need to know - click picture to zoom in



For asap activation or brochure, please email me here

10 ways to overcome the shrinking dollar

Straits Times just published a very good article yesterday on inflation corroding the value of money. It gave suggestions on how to stop our money from shrinking. Click on news-article below to zoom up for reading. The article highlighted that if inflation is at 5%p.a., it will take just 10 years for the money to be reduced to $5,987 only. Huge sums of money in ordinary savings accounts will be affected most.

The gist of the article and towards financial independence is to ensure our value of monies will not reduce overtime...Imagine someone earning $3,000 monthly, and inflation is 5%p.a, meaning the actual pay is only $2,850 monthly. Calculate this, and you will find a loss in the money value of $150/mth, multipy that by 12 months...and the money loss is $1,800 yearly.! And this salary/money will keep on depreciating in value if there's no income increment and inflation keeps on maintaining the pace.

Singapore CPI was at 6.6% in Jan 2008, below is a new article for your reference.

Singapore's inflation hits 25-year high of 6.6%
By Margaret Perry, Channel NewsAsia | Posted: 25 February 2008 1328 hrs

http://www.channelnewsasia.com/stories/singaporelocalnews/view/330959/1/.html

All of us, from low to high income, need to protect our hard earned monies from corroding due to inflation , and price hikes (e.g. recent articles on rice being sold out and prices going up). Inflation is part and parcel of our life, it grows as our economy, Asia, China and India grows, we really need to ensure that we stay ahead of this race

Singapore Divers, Diving Accident Insurance with SOS

Dear friends, personal accident plans are designed because no one can predict what the future holds. And it may be important to protect ourselves and loved ones from the consequences of an accident...its one way to shelter yourself and your loved ones from life's uncertainties.

In an unforeseen accident, the last thing an individual wants on the mind is financial commitments...but to concentrate on recovering....and above all, to have a peace of mind, knowing that a personal accident plan is in place.

Other than functioning as a Personal Accident plan, this plan also provides coverage for some sports that has a higher risk compared to others

Plan main features:

• Medical reimbursement, including treatment by chinese physicians
• Hospitalisation daily cash
  
• Evacuation and repatriation - SOS
• Exclusive 20% extra coverage for women
• Full benefits option for motor cyclist
• Extensive 24 hour worldwide protection with special terrorism coverage
• Coverage for death
• Major permanent disablement
• Other permanent disablement
• Total disability
• Partial disability

Section 1: Sports covered

• Winter sports or ice-hockey
• Horse riding or polo-playing
• Bicycle racing
• Canoeing, sailing or windsurfing

Section 2: Sports covered

• Mountaineering, rock-climbing, caving, pot-holing or hunting
• Hang-gliding, sky-diving or parachuting
• Scuba diving
• Boxing, wrestling or any martial arts activities,
• Military or police serving of a peace-time nature
• Please check with me if there are doubts or need more information.
• Email: Melvin.Lkw@gmail.com
  

For scuba diving, the Life Assured must is a registered member of a recognized national diving association or federation and is diving in accordance with the rules and regulations of that association or federations.

Important : This plan is not suitable if an individual engages in the sports/activities in a (1) professional capacity., (2) participates regularly in any hazardous activity or sports.

Schools step up checks as more kids hit by HFMD

Looks like its getting serious ..
But the childcare centres, schools are taking steps to prevent it from spreading
Below is an article from Straits Time today, pls click the picture to zoom it for your reading.

Eldershield information

About ElderShield

What is ElderShield?
ElderShield is an insurance scheme introduced by the Ministry of Health (MOH) to help people who become severely disabled. ElderShield provides $300 cash payout every month (for up to 60 months) to those who are not able to do at least 3 of the 6 Activities of Daily Living (ADLs). The 6 ADLs are washing, dressing, feeding, toileting, mobility and transferring.

This money can help to pay for a type of care that is suitable to the patient's needs (e.g. home nursing services, day rehabilitation, nursing homes, etc).

Who Is Eligible For ElderShield?
All CPF Members (Singapore Citizens and Permanent Residents) who reach the age of 40 will be covered automatically. As it is an auto-cover scheme, you do not have to sign up to join ElderShield.

An Affordable Insurance Scheme
Premiums for ElderShield are affordable.

Moreover, it is hassle-free as ElderShield premiums will be deducted from your Medisave Account. You may also choose to pay using the CPF Medisave Accounts of your spouse, parents, children or grandchildren or pay by Interbank GIRO, Cheque or Cash.

Background on ElderShield
Singapore Citizens and Permanent Residents aged 40 - 69 (as at 30 September 2002) and with a CPF Account formed the Initial Auto-Coverage Cohort. They received an auto-cover package in June 2002 and their ElderShield policy commenced on 30 September 2002, unless they opted out before 30 September 2002 or were "disabled".

Singapore Citizens and Permanent Residents who turn 40 after 30 September 2002 and with a CPF Account formed the Steady State Auto-Coverage Cohort. The first Steady State Auto-Coverage Cohort (consisting of those who turned 40 years old in October 2002) received their auto-cover package by end July 2002 and their ElderShield policy commenced on 31 October 2002, unless they opt-out before 31 October 2002 or are "disabled".

Benefits Illustration of ElderShield Basic & Upgrade

ElderShield Basic & Upgrade

Benefits	ElderShield Basic Plan	Upgraded ElderShield Plan
Monthly Benefit Payout	$300	$400
Duration of Benefit Payout	Up to 60 months	Up to 72 months
Maximum Potential Payout	$18,000	$28,800
ElderShield Supplements	NIL	PH can purchase supplements from any of the 3 insurers as long as they have a basic ESH plan
Insurers	Great Eastern NTUC Income	Great Eastern NTUC Income Aviva

More recent news on HFMD - Hand, foot & Mouth Disease

More recent news on HFMD

Main features of plan

- Hospital Cash cover arising from dengue fever, Hand, Foot & Mouth disease, and Food poisoning (up to $100/day)
- Transport allowance (up to $60/accident)
- Medical reimbursement (Traditional Chinese Medical Treatment included)
- Daily companion allowance arising from accidents up to $80/day
- continue reading about plan - click here

Below are recent news on HFMD:

• Singapore reports 2,727 HFMD cases - March 14, 2008
  • http://news.xinhuanet.com/english/2008-03/14/content_7788757.htm
• HFMD: 585 hit, childcare centres on alert - March 27, 2008
  • http://www.straitstimes.com/Free/Story/STIStory_220870.html
• Main culprit for latest HFMD cases more deadly - March, 2008
  • http://www.straitstimes.com/Latest%2BNews/Singapore/STIStory_220992.html

Symptoms, Treatment, Prevention - HFMD

Symptoms

• fever
• sore throat
• ulcers in the throat, mouth and tongue
• headache
• a rash with vesicles (small blisters-- 3-7 mm) on hands, feet and diaper area. The vesicles are typically on the palm side of the hands the sole side of the feet and very characteristic in appearance.
• loss of appetite

Treatment
There is no specific treatment for the infection other than symptomatic relief of symptoms.

Treatment with antibiotics is not effective and is not indicated. Acetaminophen can be used to treat fever. Aspirin should not be used in viral illnesses in children under age 12 years.

Salt water mouth rinses (1/2 teaspoon of salt to 1 glass of warm water) may be soothing if the child is able to rinse without swallowing. Ensure an adequate fluid intake because swallowing may be painful. Extra fluid is needed when a fever is present.

HFMD in Singapore
HFMD is present all year round in Singapore. Outbreaks do occur in childcare centres, kindergartens and schools. HFMD became legally notifiable on 1 October 2000. Although usually a mild disease, it has been associated with fatalities usually due to complications involving the heart and nervous system.

Advice for parents
Parents are advised to consult a doctor early if their child has symptoms of HFMD. They should also be alert to any change in their child's normal behaviour, e.g. irritation and sleepiness. Should they refuse to eat or drink, have persistent vomiting or drowsiness, parents should bring their child immediately to hospital.

Prevention
Children should be kept away from crowded public places (such as schools, preschools, play groups, markets and public transport) if they show signs of infection. Family members are advised to follow good hygiene practices, including frequent hand washing, to limit the spread of the infection.

• Read more - Article 1 Health Promotion Board: Hand, Foot and Mouth Disease - HFMD
  
  
• Read more - Article 2 More HFMD cases reported this year
  
  
• Are you (your child) able to get any medical reimbursements? Find out more here