ECONOMIC RESTRUCTURING SHARES

Column No : 3120

ECONOMIC RESTRUCTURING SHARES: 3.

Mr A Nithiah Nandan asked the Deputy Prime Minister and Minister for Finance whether he will consider granting Economic Restructuring Shares (ERS) to those who have reached 21 years old between 1st and 31st December 2002, as this group of Singaporeans has been excluded due to the cut-off date being set at 30th November 2002.

The Deputy Prime Minister and Minister for Finance (Mr Lee Hsien Loong): Mr Speaker, Sir, under the current rules, Singaporeans who are 21 years of age as at 1st December of the year before, and not 30th November, are eligible for the Economic Restructuring Shares (or ERS). The cut-off date was set at 1st December to tie in with the cut-off date for making the $50 CPF contribution in order to get the shares on 1st January.

I take note of Mr Nandan's concern that Singaporeans born between 1st and 31st December would be 21 years old when the shares are allotted. For the next tranche of ERS, I have therefore decided to extend the cut-off date to those who turn 21 by 31st December this year, but they must still make their $50 contribution by 30th November to get their shares on 1st January, or if they make their contribution by December, then they will get their shares on 1st February.

Mr A Nithiah Nandan (Nominated Member): I would like to thank the Deputy Prime Minister for his kind gesture.