Economy & business — Topics

4 Jul 2022

Increasing MediSave Additional Withdrawal Limits for Private Insurance Premiums for CPF Members with Ample MediSave Savings

Joan Pereira proposed raising the MediSave Additional Withdrawal Limits (AWLs) for private insurance premiums under Integrated Shield Plans, especially for CPF members with ample MediSave savings.
Ong Ye Kung explained that AWLs currently range from $300 to $900, with higher limits for older policyholders, and are designed to balance support for optional private insurance with preserving MediSave for future healthcare needs.
He noted that IP premiums can rise quickly and may be unexpected, making it important to conserve MediSave savings for other old-age healthcare expenses.
The Ministry of Health is continuously reviewing healthcare financing policies, including MediSave usage, as new data and evidence emerge.

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4 Jul 2022

Projected Take-up Rate of Energy Efficiency Grant for Local SMEs

The Ministry does not have specific projections for the take-up rate of the Energy Efficiency Grant for local SMEs in the food services, food manufacturing, and retail sectors, despite inflationary pressures and economic uncertainty.
The Government provides substantial support of up to 70% under the grant to encourage SMEs to invest in energy-efficient equipment, aiming for longer-term financial and environmental sustainability.
Additional measures complement the grant, including NEA's Energy Efficiency Fund for manufacturing SMEs, the Energy Efficiency Technology Centre for capability building, and BCA's Green Mark Incentive Scheme for building retrofits.

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4 Jul 2022

Level of Stockpile Across Key Food Items in Government's Inventory

The Government works with industry partners to maintain adequate stockpiles of essential food items, such as the Rice Stockpile Scheme requiring importers to hold inventory buffers, to ensure supply stability during disruptions.
Since COVID-19 in 2020, the Government has expanded and built up food stockpiles to higher levels, with target amounts periodically reassessed to address risks in an uncertain environment.
As part of Singapore’s multi-pronged strategy for food resilience, the Government will continue to diversify import sources and strengthen local food production capabilities.

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4 Jul 2022

Renovation Contractors Registered with Accounting and Corporate Regulatory Authority, Accredited with CaseTrust and Complaints Received in Past Three Years

As of June 2022, there were 6,758 renovation contractors registered with ACRA.
From 2019 to 2021, CASE received an average of 1,100 complaints per year involving renovation contractors, with a spike in 2021 due to pandemic-related shortages and pent-up demand.
There are 139 CaseTrust-accredited renovation contractors committed to fair trading practices, and consumers can use CASE and CCCS resources for guidance and recourse against unfair practices.

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4 Jul 2022

Pre-emptive Measures to Reduce Impact from Any Stagflation or Recession Within Next 24 Months and Effects of Increase in Global Interest Rates

Shawn Huang Wei Zhong asked the Minister for Trade and Industry about Singapore's risk of stagflation or recession within 24 months and the pre-emptive measures to mitigate impacts on businesses and livelihoods.
Desmond Choo questioned how global interest rate increases would affect lending, mortgage rates, and economic growth in Singapore.
Gan Kim Yong stated that these matters had already been addressed in the Ministry of Trade and Industry's combined oral reply to parliamentary questions on 4 July 2022.

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4 Jul 2022

Reasons for JTC Charging Building Premiums for Properties under Management

JTC charges building premiums when leasing land with existing buildings, as industrialists pay for the property's value based on the lease tenure.
For empty land leases, only a land premium is charged, with no building premium, as tenants develop their own buildings.
During lease renewals or extensions, building premiums continue to apply based on the updated valuation of the building for the renewed tenure.

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4 Jul 2022

Outcome of Cases of Disputed Rental Waiver under COVID-19 (Temporary Measures) Act 2020 Rental Waiver Framework

As of 15 June 2022, 111 applications were received from landlords seeking assessment of tenant eligibility or compliance, and 115 applications sought reversal or reduction of rental waiver obligations due to financial hardship or just and equitable grounds.
Rental Waiver Assessors made 46 determinations in favor of the tenant in the first set of applications and 85 determinations in favor of the tenant in the second set, meaning rental waiver obligations were not reduced in those cases.
Determinations by the Assessors are binding and non-appealable, and eligible tenants can apply the waiver automatically by operation of law without the landlord’s agreement.
In cases where the waiver cannot be applied automatically, landlords must refund two weeks of rent, deemed as a debt due to the tenant, who can commence legal proceedings to recover it, with legal aid available for eligible SME tenants.

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4 Jul 2022

Number of Households with GST Voucher-U-Save Net Balances of More Than $20 by HDB Flat Type

About 6% of HDB households, or 60,673, had GST Voucher-U-Save balances exceeding $20 as at 31 March 2022.
A higher proportion of 1- and 2-room HDB households have balances above $20 due to receiving larger rebates and lower utilities bills.
The $20 threshold represents roughly a quarter of the average monthly utilities bill for these households.
Households can continue using their U-Save balances to offset future utilities expenses.
A detailed breakdown by HDB flat type is provided in Table 1 of the Minister's response.

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4 Jul 2022

Number of Family Offices Registered in Singapore, Aggregate Business Spending, Amount of Assets under Management and Invested Locally in Last Five Years and Year-to-date

Chua Kheng Wee Louis asked for the number of family offices registered in Singapore, their aggregate business spending, assets under management, and locally invested amounts for each of the last five years and year-to-date.
Tharman Shanmugaratnam responded that Single Family Offices (SFOs) are not required to register with MAS, so authoritative data is unavailable; estimates show about 400 SFOs at end-2020 and 700 at end-2021, but no data on spending, AUM, or local investments.
SFOs seeking tax incentives must meet criteria on business spending, AUM, and local investments, with requirements tightened in April to boost economic spillovers and professionalism.

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4 Jul 2022

Incentives or Regulations to Promote and Achieve Basic Competency Standards in Green Financing Amongst Financial Institutions

The government is adopting a multi-pronged approach through the Monetary Authority of Singapore (MAS) to promote sustainable finance, focusing on enhancing resilience to environmental risks, improving climate-related disclosures, supporting market development, and building capabilities.
MAS plans to introduce mandatory disclosure requirements for financial institutions once global sustainability reporting standards are established, alongside initiatives like Project Greenprint to improve ESG data quality and a taxonomy for classifying environmentally sustainable activities.
Financial incentives such as the Sustainable Bond Grant Scheme and Green and Sustainability-Linked Loan Grant Scheme are available to help corporates defray costs and encourage green financing, particularly for small and medium-sized enterprises.
MAS and the Institute of Banking and Finance have launched Sustainable Finance Technical Skills and Competencies to set proficiency standards and are developing a talent ecosystem through university centres and training providers.
Singapore Exchange has set a roadmap for mandatory climate disclosures by listed companies, with plans to align with international standards and expand requirements across sectors over time.

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4 Jul 2022

Implementation of Further Restrictions on Cryptocurrency Trading Platforms to Protect Members of Public

Murali Pillai asked the Prime Minister whether MAS intends to impose further restrictions on cryptocurrency trading platforms to protect unsophisticated individuals from high-risk trades.
Tharman Shanmugaratnam, responding for the Prime Minister, stated that MAS has long warned cryptocurrencies are unsuitable for retail investors and has already restricted their public advertising and marketing.
MAS is considering additional consumer protection measures, such as limits on retail participation and leverage rules, but emphasizes the need for international regulatory coordination due to the borderless nature of cryptocurrency markets.

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4 Jul 2022

Proposal to Regulate Practices to Encourage Bulk Buying ahead of GST Rate Increase

Saktiandi Supaat asked if there have been more complaints about businesses pushing customers to buy in bulk before the GST hike and whether the government plans to regulate such practices, like requiring a cooling-off period.
Gan Kim Yong responded that no complaints have been received from agencies or CASE, and that payment and delivery terms are commercial decisions best left to businesses and consumers.
He stated that the Ministry of Trade and Industry does not intend to impose new regulations, such as a cooling-off period, but has engaged retailers to improve transparency and responsible marketing.
The government will continue monitoring market practices to ensure fairness without restricting legitimate commercial activities.

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4 Jul 2022

Appeal to Delay Introduction of Sea Space Leases to Give Smaller Fish Farms Time to Review Business Models

Dennis Tan asked if the government would delay introducing sea space leases to give smaller fish farms time to review their business models.
The Ministry explained that sea space leases are being introduced to provide farms with longer tenures for sustainable technology investment and better financing access.
A ten-year transition period is already in place, allowing farms to continue under Temporary Occupation Licences with phased fee increases and waived fees for 2023.

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4 Jul 2022

Take-up Rates among Smaller businesses and Building Owners for Energy Efficiency Fund and Green Mark Incentives Compared with Larger Businesses

Leon Perera asked the Minister for Sustainability and the Environment to compare energy efficiency fund and Green Mark incentive take-up rates between smaller and larger businesses and to consider additional grants for small entities.
The Energy Efficiency Fund (E2F) supports smaller manufacturing companies with turnover under S$500 million, with 24 approved applications to date.
The Green Mark Incentive Scheme for Existing Buildings & Premises, which expired in 2019, saw over one-third of approved applicants as SMEs and required at least 10% SME tenants for building owners.
The E2F grant was enhanced with a higher 70% support cap, streamlined processes, and strengthened support through the Energy Efficiency Technology Centre for SMEs.
A new Energy Efficiency Grant will target SMEs in food services, manufacturing, and retail, with schemes under ongoing review to broaden participation.

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4 Jul 2022

Monitoring of Bulk Purchases of Private Property by Non-Singaporeans

Yip Hon Weng asked whether the Ministry monitors bulk purchases of private property by non-Singaporeans and if measures will be introduced to assure Singaporeans they can afford private property.
Desmond Lee stated that the Government closely monitors the property market to ensure stability and sustainability.
He noted that foreigners account for about 3% of private housing transactions this year, with only 0.4% involving purchases of more than one unit in a development.
In response to rising prices and transaction volumes, the Government introduced cooling measures in December 2021, including higher Additional Buyers’ Stamp Duty, tightened Total Debt Servicing Ratio, and increased housing supply.
The Government is monitoring the impact of these measures and will adjust policies as needed to maintain a stable property market.

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4 Jul 2022

Consolidation in Tech Sector and Impact on Singaporeans' Tech Jobs

Ms He Ting Ru asked for statistics on Singaporeans in tech, recent redundancies, and the impact of industry consolidation on the job market.
Minister Tan See Leng reported 128,900 residents in the I&C sector as of March 2022, with low retrenchments (260 in the last two quarters) and continued employment growth.
Despite global tech layoffs, hiring demand remains strong with job vacancies rising from 8,400 to 10,800, though moderation is expected due to macroeconomic challenges.
The government is investing in the I&C workforce and has a taskforce to support retrenched workers with career resources and coaching.
Businesses' ongoing digitalisation is expected to sustain demand for digital skills across the economy.

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4 Jul 2022

Consequence of Raising Minimum Salary Requirements for Work Passes and Preventive Measures in Place

Hazel Poa questioned whether companies could shift working hours and wages to meet new work pass salary rules and asked if this was intended, with a request for preventive measures.
Minister Tan See Leng stated that such practices are not intended and have not been observed, emphasizing the goal is to ensure foreign workers complement locals rather than undercut wages.
He noted local wages have grown despite past salary requirement increases and that reducing locals’ hours and pay is bad business due to talent loss and S Pass quota issues.
If unfair practices occur, workers can raise them with TAFEP, which will review salaries to uphold fair employment guidelines.

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4 Jul 2022

Average Duration to Investigate Scam-related Case and Resolution and Release of Bank Accounts Frozen and Proportion of Funds Lost Recovered

The Minister stated that police do not track average investigation times for scam cases, as duration varies based on factors like scam type, how well the scammer covers tracks, and whether the scammer is overseas.
Bank accounts involved in scams are frozen as part of investigations, and funds are returned to victims through court disposal orders after investigations end, with the timing depending on case specifics like multiple claimants or ongoing legal proceedings.
Since June 2019, the Anti-Scam Centre has recovered about $200 million out of over $822 million reported losses, representing a roughly 25% recovery rate, though recovery is harder when funds are transferred abroad.

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4 Jul 2022

Inclusion of Headcount as Criterion in Determining Support for Large Families Residing in Private Estate Homes

Henry Kwek proposed considering headcount in private estate homes to better support large families when determining taxes and financial support.
Lawrence Wong explained that current schemes already factor in family size, using measures like Per Capita Household Income and providing higher tax reliefs for dependents and children.
He noted that broader government support for healthcare and education is provided on an individual basis, which naturally benefits larger families.
The government remains committed to reviewing support criteria to ensure assistance targets those with greater needs.
Existing tax and social policies aim to balance support across different living arrangements, including private estate residents.

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4 Jul 2022

Annual Amount Disbursed from One-off Baby Support Grant and Proposal for Further Support Given Rising Cost of Living

He Ting Ru inquired about the annual disbursement of the $3,000 one-off Baby Support Grant and whether further support would be provided for families amid rising living costs.
Indranee Rajah stated the grant disbursed $92 million in its first year and $69 million in its second, noting it was a one-off COVID-19 measure complemented by broader family support packages.
The government has introduced comprehensive measures including CDC vouchers, U-Save rebates, and a $200 top-up for children’s accounts to alleviate cost-of-living pressures.
A recent $1.5 billion Support Package offers additional targeted aid, such as GST Voucher cash payments and utility credits, with ongoing monitoring to assess further needs.
The government reaffirmed its commitment to supporting Singaporeans in marriage and parenthood through continuous review of family-oriented policies.

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