The POSB Active Neighbours programme acknowledges that seniors can and want to continue to contribute to society after their retirement. It also provides a platform for seniors to stay engaged in the community after they stop working full time

For the pilot programme, POSB is looking to recruit about 60 seniors to help out at its branches, two days a week, up to five hours each time. Their tasks would include assisting other seniors with their banking transactions and encourage them to use self-service banking services for greater convenience.

Based on POSB’s experience, one in two customers above 50 years old prefer doing their banking over-the-counter, compared to one in four for those aged below 50. With POSB Active Neighbours engaging their peers and explaining the use of self-service banking services, the bank believes that more seniors would be open to using self-service banking services.

Interested seniors can register for the programme at any POSB branches from today. The bank will provide the necessary training. It is expected that the pioneer batch of POSB Active Neighbours will start work before the end of third quarter.  

It is encouraging to note that half the respondents under 50 in C3A’s “2008 Study on Public Perception and Attitudes towards Ageing and Seniors” have a financial plan to ensure financial security in their later years. But the fact that the other half do not showed that a lot more needs to be done to help Singaporeans better prepare for their old age financially.

Under the partnership, C3A and POSB will reach out and educate Singaporeans on planning ahead for their retirement as well as equip seniors with knowledge on everyday financial security and needs, covering savings, loans, insurance, financial planning and inter-generational wealth. Moving forward, C3A and POSB will work together to deepen and broaden the scope of the Financial Literacy for Seniors programme to serve the different and evolving needs of seniors segment.

Ageing Has Its Privileges

C3A and POSB also recognise the invaluable contributions of seniors to the nation and community. In this regard, and in conjunction with the Great Singapore Sale, the two organisations launched Ageing Has Its Privileges Programme. Having worked hard to provide for their families, it is now time for the seniors to enjoy the fruits of their labour.

The reward programme will help seniors stretch their dollars while doing the things they enjoy. Starting today, for the month of June, POSB seniors customers will receive vouchers entitling them to special benefits ranging from dining and travelling, to cooking and exercise classes. POSB’s senior customers can expect more of such privileges throughout the year.

For many years now, POSB has given seniors special attention. It is the only bank that waives fall-below fee for personal savings accounts held by senior citizens above the age of 62, the official retirement age in Singapore.

Since October last year, POSB branches have also had counters dedicated to serving customers over 50 for the first three opening hours each Tuesday. Dubbed “50-Plus Special Tuesdays”, those customers are also served with snacks and drinks as they wait to perform their banking transactions. POSB also offer 50-Plus Care, a specially designed personal accident plan for seniors. 50-Plus Care is well-received by customers who appreciate the extra protection as they may become more accident-prone with age.

About Council for Third Age (C3A)

Set up in May 2007, Council for Third Age is an independent body that promotes active ageing, so that seniors can achieve a better quality of life in all the six dimensions of wellness – social, intellectual, physical, vocational, emotional and spiritual. The Council plays a leadership role in driving the thrust towards creating an active ageing culture in Singapore, and partners businesses and community organisations to develop products and services that fulfill the aspirations and interests of seniors.


About POSB

A part of the DBS Group, POSB is the largest local bank in Singapore with more than 3.5 million customers. Having served generations of Singaporeans for the past 131 years, it is known as The People's Bank, and prides itself in being “Neighbours first, bankers second”. With a good understanding of Singaporeans through the years, POSB offers products and services that are relevant to the savings, borrowing, investment and insurance needs of all Singaporeans. In expanding its product mix, POSB launched the “POSB Everyday Credit Card” in 2005, offering savings where it matters – petrol, utilities, groceries and more. As part of its 130th anniversary celebrations, POSB refurbished its branches in 2007. With the opening of four new full service branches in December 2008, POSB has a network of 52 branches. With over 900 ATMs and close to 200 Cash Acceptance Machines across the island, POSB's self-service banking network is the largest in Singapore. POSB acknowledges the passion, commitment and can-do spirit in each of its staff. For more information, please visit www.posb.com.sg.

Please refer to the appendix for more information on the three new initiatives.