Economy & business — Topics

9 May 2022

Daily Withdrawal Limits for CPF Funds and Safeguards in Place Against Scams Involving Extraordinarily Large Sums

The CPF Board does not impose daily withdrawal limits or specific thresholds for large sums, focusing instead on verifying that withdrawals are made to the member’s own bank account.
Key safeguards include authenticating the member’s identity via Singpass or face-to-face verification, sending email or SMS notifications for withdrawals, and confirming bank account ownership before payment.
These measures align with industry practices, and the CPF Board will continue to review and update safeguards to protect against scams, while emphasizing the importance of member vigilance.

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9 May 2022

Full Scope of Economic Sanctions Imposed by Singapore on Russia for Invasion of Ukraine

Singapore imposed sanctions on Russia due to its violation of international law and the UN Charter, aligning with global efforts to uphold sovereignty and territorial integrity.
The sanctions include export controls banning military goods and dual-use items like electronics and telecommunications that could aid Russia’s war efforts.
Financial measures target designated Russian banks, restrict transactions related to controlled exports, prohibit funding the Russian government, and ban dealings with breakaway regions.
All financial institutions in Singapore must comply with these rules, including freezing assets and preventing digital payment transactions that could circumvent sanctions.

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9 May 2022

Singapore Tourism Board's Plans to Revive and Rejuvenate MICE Sector with Reopening and Easing of Travel Restrictions

The Singapore Tourism Board (STB) launched initiatives like the SingapoRediscovers campaign and Safe Business Event Framework to sustain the tourism and MICE sectors during the pandemic, which included successful trials of large-scale events and support for local tourism.
The government has allocated nearly half a billion dollars to support the tourism and MICE industries, focusing on strategic manpower capabilities and accelerating recovery plans even as travel restrictions ease.
STB is actively attracting international travelers through the SingapoReimagine campaign and has secured a pipeline of major MICE events, such as Asia Tech x Singapore and the Formula 1 Singapore Grand Prix, to drive recovery.
New initiatives like the Tourism Sustainability Programme and the Wellness Festival Singapore are being launched to capture emerging traveler segments and enhance the overall visitor experience.
The government will continue to monitor the tourism sector and adjust support measures based on the industry's needs to ensure a strong recovery post-pandemic.

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9 May 2022

Better Support for Families with Special Needs Children

Miss Cheryl Chan asked whether the Government plans to introduce additional tax reliefs or exemptions beyond the Handicapped Child Relief (HCR) and to raise the HCR amount to better reflect care costs.
Lawrence Wong stated that tax reliefs like HCR recognize parental support but are not intended to cover all costs, with direct subsidies for services such as early intervention and special education schools.
The Government highlighted employment support schemes for work-capable persons with disabilities and subsidized programs for those unable to work, including Day Activity Centres.
Commitment to regular policy reviews and the upcoming Enabling Masterplan 2030 was reaffirmed to build a more inclusive society.

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9 May 2022

Stamp Duties (Amendment) Bill

The Stamp Duties (Amendment) Bill seeks to amend the Stamp Duties Act 1929.
The bill was presented by the Minister for Finance, Mr Lawrence Wong, with the President's recommendation signified.
The bill was read the first time and scheduled for a second reading on the next available sitting of Parliament.
The bill will be printed as part of the legislative process.
This update ensures the Stamp Duties Act remains relevant and effective for current fiscal needs.

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9 May 2022

Impact of Reopening of Economy on Demand and Supply of Manpower and Measures Planned

The Minister outlined that sectors like construction, marine, food services, cleaning, and retail are facing severe manpower shortages due to the pandemic and border restrictions, but non-resident employment is rebounding as border controls ease.
The government is supporting local hiring through extended incentives like the Jobs Growth Incentive, targeted schemes for tourism and aviation, and initiatives to transition workers from COVID-19 roles to longer-term jobs in sunrise industries.
Businesses are encouraged to adopt technology, transform operations, and tap flexible work arrangements and local talent pools to build a resilient workforce amidst ongoing labour market tightness.

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9 May 2022

Financially-distressed Consumers Seeking Debt Management Assistance and Respite Measures for Consumers and Businesses With Short-term Liquidity Issues

The Minister of State reported that the number of financially-distressed consumers seeking debt assistance has not been high and has decreased over the past year, with household and corporate debt indicators remaining resilient.
He noted that while industry-wide credit relief measures from the pandemic have been gradually withdrawn, specific interventions and support exist for HDB homeowners and companies facing repayment difficulties, and borrowers are encouraged to approach lenders early for refinancing solutions.
In supplementary answers, he highlighted that the total debt servicing ratio framework and other prudential rules have helped maintain manageable household debt levels, and consumers can seek assistance from Credit Counselling Singapore or use resources like MoneySense.gov.sg for financial planning.

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9 May 2022

Projected Impact on Export Competitiveness from Strengthening of Singapore Dollar

The Minister of State explained that MAS's tightening policy, which strengthens the Singapore dollar, aims to curb inflation and is not expected to significantly harm export competitiveness, as demand and high value-added products drive exports more than exchange rate changes.
Desmond Choo inquired about the impact on GDP and whether the surge in the US dollar weakens Singapore's monetary measures, with the Minister responding that GDP growth is forecast at 3–5% and exchange rate movements are managed against a basket of currencies.
Assoc Prof Jamus Lim questioned if stronger appreciation of the Singapore dollar might be needed given current inflation, but the Minister declined to give forward guidance, emphasizing focus on medium-term price stability and sustained export competitiveness.

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9 May 2022

Assessed Impact of COVID-19 Lockdown in Chinese Cities on Supply Chains and Measures to Ensure Accessibility of Essential Goods and Services

The Minister of State for Trade and Industry confirmed that lockdowns in Chinese cities, including Shanghai, have caused supply chain disruptions and shipping delays, which may worsen global inflation, though most Singaporean firms have managed thus far by using contingency plans and inventory buffers.
Industries reliant on imports from China, such as electronics and machinery, are affected, but essential food and healthcare supplies are expected to remain stable due to low reliance on China and diversification efforts.
The government is supporting businesses with extended loan schemes and assisting lower-income households through enhanced ComCare assistance to cope with rising costs, while continuing to monitor the situation closely.

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5 Apr 2022

Safeguards to Ensure Core Aspects of Singapore's Culture are not Lost in Current Pandemic and Youths Continue to Develop their Cultural Identity

The government rolled out a $75 million Arts and Culture Resilience Package to support jobs, organisations, and over 1,500 digitalisation projects, ensuring continued access to arts and culture during the pandemic.
Educational and youth engagement programmes, such as the Singapore Youth Festival, Museum-Based Learning, and incubation initiatives like ArtsXplore, were adapted to hybrid or virtual formats to sustain cultural participation.
Plans for Our SG Art and Heritage Plans 2.0 will involve conversations with youths and the community to incorporate their views and preserve Singapore’s cultural identity.

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5 Apr 2022

Measures to Prevent Delays in Construction of HDB Flats due to Increase in Cost of Building Materials

HDB is informing flat buyers of delays of six to 12 months for ongoing projects, with median waiting times for 2020 and 2021 launches at 4.5 and 3.8 years respectively, but most buyers are expected to move in within four to five years after booking.
To address rising material costs and supply disruptions, HDB has worked with contractors to stockpile materials in advance, extended protection against steel price fluctuations, and supplied concreting materials at protected prices.
HDB is mitigating manpower shortages by collaborating with firms to recruit foreign workers safely and sharing costs, while closely monitoring construction material prices and remaining ready to provide further assistance as needed.

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5 Apr 2022

Data on Proposals Received, Rejected and Approved under CBD Incentive Scheme and Strategic Development Incentive Scheme

The Minister reported that the CBD Incentive Scheme has received 12 outline applications to date, with eight receiving in-principle approval, while the Strategic Development Incentive Scheme has received and approved four outline applications.
Approved developments under the CBD scheme can increase development intensity by up to 25% or 30%, based on the higher of the Master Plan or Approved Gross Plot Ratio, while the increase for the Strategic scheme varies based on site-specific factors like design concepts and infrastructure capacity.
The government will continue to monitor market trends and engage industry professionals to support the rejuvenation of the CBD and other strategic areas.

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5 Apr 2022

Measures to Diversify Business Offerings of HDB Commercial Premises

Yip Hon Weng asked if HDB considers business variety when approving commercial leases and whether proactive measures like limits on similar services can be introduced to promote diversity.
Desmond Lee explained that HDB already imposes trade mix controls in smaller rental shop clusters and standalone shopping complexes to meet residents' basic needs, while allowing more flexibility in traditional neighbourhood centres.
HDB sets quotas on trades that may cause disamenities, such as eating establishments and massage parlours, and applies similar controls to sold shops seeking a change of use.
With the rise of online retail, HDB is conducting a Heartland Shops Study to assess the social and economic value of heartland shops and may strengthen policy levers to better curate trade mix if needed.

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5 Apr 2022

Financial Risks Faced by Singaporean Companies in Russia

Leong Mun Wai asked the Ministry for Trade and Industry for a summary of financial risks faced by Singaporean companies in Russia, including those from sanctions, rouble decline, and cross-border payment difficulties.
Gan Kim Yong responded that Singapore companies in Russia face foreign exchange losses and transaction challenges affecting cash flows due to sanctions, restrictions, and economic uncertainties.
He noted Singapore's sanctions target specific Russian banks and goods to constrain Russia's war capacity, while also highlighting legal and operational risks from extraterritorial sanctions imposed by other jurisdictions.

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5 Apr 2022

Suspicious Financial Transaction Reports Related to Wildlife Crime Filed in Past Five Years

Financial institutions and related entities are legally required to report suspicious transactions linked to illegal wildlife trafficking, though detailed statistics on such reports are not publicly released.
The government enforces compliance through oversight by the Monetary Authority of Singapore and shares red flag indicators with banks and traders to improve detection.
Authorities emphasize collaboration between the public and private sectors to combat money laundering tied to wildlife crime, especially as criminal methods become more sophisticated.

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5 Apr 2022

Singapore's Petroleum Reserves and Evidence of Anti-competitive Behaviour among Fuel Retailers

Mr. Gerald Giam posed questions to the Minister for Trade and Industry about potential anti-competitive behavior by fuel retailers, the actions the Government would take, and the possibility of using petroleum reserves to mitigate price increases.
He also inquired about the Committee Against Profiteering's role in preventing unjustified price hikes, its scope for essential items, and the powers available to tackle profiteering.
Mr. Gan Kim Yong responded that the matters raised were already addressed in the Joint Ministerial Statement on Inflation and Business Costs delivered on 4 April 2022.

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5 Apr 2022

Managing Increases in Rental and Transport Costs for Private-hire Drivers Given Higher COE Premiums

Yip Hon Weng asked the Minister for Transport about government actions to manage rising rental and transport costs for private-hire drivers due to high COE premiums, when intervention is warranted, planned measures, and a possible COE system review to reduce speculative bidding.
S Iswaran responded that rental costs for private-hire cars have not increased despite higher COE premiums because ownership costs for existing vehicles remain unchanged, and the government does not regulate fares or rentals, allowing market forces to determine prices.
The COE system is market-based with measures to discourage speculation, such as non-transferable COEs for certain categories and a $10,000 deposit that is forfeited if the temporary COE is not used for vehicle registration within the validity period.
LTA has no plans to review COE rules and will continue monitoring the situation, with no specific interventions currently planned as market mechanisms are expected to efficiently match supply and demand for private-hire services.

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5 Apr 2022

Success Rate of Senior Worker Early Adopter Grant and Part-time Re-employment Grant Applications

More than 3,800 companies have successfully applied for the Senior Worker Early Adopter Grant and over 2,800 for the Part-time Re-employment Grant since their introduction in July 2020 up to January 2022.
The Ministry of Manpower observed higher application rates from the manufacturing, administrative and support services, and accommodation and food services sectors.
Data on the occupations of senior workers in companies that applied for the grants is not collected.

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5 Apr 2022

Success of Professional Conversion Programmes in Directing Singaporeans into Growing Industries

The Professional Conversion Programmes (now Career Conversion Programmes) placed over 24,000 locals into new jobs in the last three years, a 62% increase from the previous period, with top sectors including Air Transport, Financial Services, and General Manufacturing.
Nine in ten participants remained employed 24 months after starting the programme, and six in ten earned more than their previous salaries, showing the programmes’ effectiveness in skill acquisition and job retention.
The programmes focus on jobs rather than sectors, offering place-and-train for emerging roles and redeployment pathways to reskill at-risk workers, with 11,000 workers reskilled and redeployed over three years.
The programmes are customisable and rapidly scalable, as seen during the COVID-19 pandemic when over 3,000 workers in impacted sectors like Food Services and Retail were reskilled and redeployed.
To enhance future readiness, the government uses Jobs Transformation Maps to guide sector agencies in mounting relevant programmes, complementing Industry Transformation Maps for long-term manpower planning.

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5 Apr 2022

Financial Services and Markets Bill

The Minister of State explained that the Financial Services and Markets Bill is a comprehensive measure aimed at enhancing the efficiency and effectiveness of financial sector regulation in Singapore.
He highlighted that the Monetary Authority of Singapore (MAS) may consolidate existing powers into the Bill to better address sector-wide risks in the future.
The Bill was debated and passed without amendments, following a standard parliamentary procedure including second reading and committee review.

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