My wish for budget 2006 - SRS

If I were the Finance Minister, I would ... Review the Supplementary Retirement Scheme and make it more effective in helping people to make additional savings for retirement.

I will increase the amount of contribution to a flat 15% of annual income, or $16,000 whichever is higher.

For non-residents who do not contribute to CPF, I will allow an additional contribution of 20% of earnings, subject to a cap of $9,600 (being 20% on $4,000 X 12).

The other features of the SRS can remain the same.