SINGAPOREANS who hold Economic Restructuring Shares (ERS) will get 10.7% of bonus shares on Saturday.

This is the final dividend payment for ERS. All remaining shares will automatically be exchanged for cash thereafter, said the Finance Ministry in a statement.

The ERS was a major part of the GST Offset Package in 2002 to help offset the increase in GST from three to five per cent. It was given out in three lots.

High ERS bonus rate
The ERS bonus rate is set at real GDP growth rate plus three per cent, subject to a minimum of three per cent.

The real GDP growth rate for 2007 was 7.7 per cent Singaporeans who have not exchanged their ERS for cash would have received up to $672 worth of bonus shares over the five years.

ERS closure
About 800,000 Singaporeans have yet to fully exchange their ERS for cash.

The Central Provident Fund Board (CPFB) will send a letter to these Singaporeans by March 10 informing them of how they will receive their ERS payment.

Singaporeans who have previously received their GST Credits or encashed part of their ERS through their bank accounts will receive their ERS payments automatically through the same bank accounts by April 7.

The remaining Singaporeans will receive a cheque from CPFB by April 7. However, if they prefer to have their ERS paid into a bank account, they can provide their bank account details by March 24 at www.ers.org.sg or return a completed form (available at all Community Centres/Clubs, Community Development Councils and CPF Service Centres) to the CPFB.

All cheques have to be encashed by July 7, after which the cheques will be void and the ERS payments will be credited directly into the individuals' CPF Ordinary Accounts.

The ERS will close on Sept 1.

Public enquiries
Members can check their ERS balance and bonus shares at the website www.ers.org.sg.

For any queries, they can call 1800-5-377-377 (1800-5-ERS-ERS) or email ers@cpf.gov.sg.