Economy & business — Topics

4 Mar 2022

Committee of Supply Reporting Progress

The Deputy Leader of the House, Mr Zaqy Mohamad, sought consent to report progress and adjourn the session until Monday, 7 March 2022.
The Chairman approved the motion, and the procedure was formally recorded.
Mr Zaqy Mohamad reported that the Committee of Supply made progress on the 2022/2023 Estimates of Expenditure and requested to sit again on the specified date.
The Deputy Speaker confirmed the adjournment, concluding the proceedings.

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4 Mar 2022

Committee of Supply – Head S (Ministry of Manpower)

The Ministry of Manpower announced a new points-based COMPASS framework for Employment Pass applications, requiring candidates to meet both a qualifying salary and score points on complementarity and diversity factors, with implementation starting in September 2023.
S Pass qualifying salaries and levies will be raised in phases to align with local wages, aiming to reduce reliance on low-cost foreign labor and encourage job redesign, with the first increases effective from September 2022.
Changes to Work Permit policies, including reduced dependency ratios and new occupation lists for non-traditional sources, will be introduced from 2024 to support industry transformation and productivity growth.

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4 Mar 2022

Committee of Supply – Head V (Ministry of Trade and Industry)

Minister Gan Kim Yong outlined Singapore's economic recovery and future vision, highlighting strong 2021 growth, investment attraction, and the need to navigate external uncertainties like the Ukraine conflict through agility and the Singapore Economy 2030 plan focusing on services, manufacturing, trade, and enterprises.
Second Minister Tan See Leng detailed the Enterprise 2030 strategy to support local firms, including initiatives to cultivate global champions, enhance SME capabilities in digitalisation and innovation, and address near-term challenges like rising energy costs and manpower constraints.
Minister of State Low Yen Ling announced targeted support for hard-hit sectors, including a $70 million Food Services and Retail Business Revitalisation Package and a $50 million Our Heartlands 2025 programme, alongside extensions of financing schemes and the use of CDC vouchers to stimulate domestic spending.

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4 Mar 2022

Estimates of Expenditure for the Financial Year 1 April 2022 to 31 March 2023

The Committee of Supply convened on the 3rd Allotted Day to review and consider the Estimates of Expenditure for the financial year from 1 April 2022 to 31 March 2023.
Parliamentary procedures were formally initiated with the reading of the order for consideration in the Committee of Supply.
The Speaker was presiding over the session to oversee the debate on the proposed government expenditure.
The debate focused on the scrutiny and approval of the budget allocations for the upcoming financial year.
The session marked a key step in the parliamentary process for authorizing government spending for the fiscal period.

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3 Mar 2022

Plans to Educate Local Companies and Other Stakeholders on Potential Benefits from Regional Comprehensive Economic Partnership

The Ministry of Trade and Industry, together with Enterprise Singapore and the Singapore Business Federation, organized two webinars in 2021 that introduced over 400 participants from more than 200 Singapore-based companies to the RCEP Agreement and its benefits.
In 2022, the Ministry plans to continue holding outreach sessions and conduct in-depth sectoral meetings tailored to different business segments to highlight relevant RCEP benefits.
Three guidebooks were published to help businesses understand and use the RCEP Agreement, with examples of cost savings and practical benefits, and were distributed during webinars and made available online.
Businesses can access the Tariff Finder tool by Enterprise Singapore to check preferential tariffs, Rules of Origin, and export requirements for over 150 destinations under Singapore’s free trade agreements.
The Ministry has also worked with the media to improve understanding and reporting of the RCEP Agreement and its benefits for Singaporeans.

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3 Mar 2022

Updates on Regional Comprehensive Economic Partnership on Implementation of Tariff Concessions and Rules of Origin

Leon Perera requested updates on the implementation of tariff concessions and Rules of Origin under the Regional Comprehensive Economic Partnership (RCEP), as well as the timeline for an impact assessment on Singapore.
Minister Gan Kim Yong reported that RCEP is in force for 11 of 15 parties, with tariff concessions eliminating duties on about 92% of goods traded among members, though phased implementation varies by product and country.
The Minister highlighted that RCEP’s common Rules of Origin and input cumulation are effective immediately, allowing businesses to benefit from streamlined export processes and preferential market access.
He noted that more time is needed to analyze RCEP’s impact on Singapore, with further updates to be published when available.

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3 Mar 2022

Committee of Supply Reporting Progress

The Deputy Leader of the House sought and received consent to report progress on the Committee of Supply and ask for leave to sit again the next day.
The Chairman confirmed the consent and formally recorded the resolution to report progress and request to sit again.
Mr. Speaker left the Committee Chair and resumed the Chair of the House to receive the report.
Zaqy Mohamad reported that the Committee had made progress on the 2022/2023 Estimates of Expenditure and requested leave to continue the following day.
The Speaker acknowledged the report, concluding the session with the approval to sit again.

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3 Mar 2022

Committee of Supply – Head V (Ministry of Trade and Industry)

Concerns were raised about the impact of the Ukraine crisis and global economic recovery on Singapore's growth and inflation forecasts, with questions on whether the projected 3–5% growth for 2022 remains achievable and how imported inflation can be moderated.
MPs highlighted the need to support SMEs and workers through digitalisation, innovation, and upskilling, including calls for better access to training, talent, and government schemes, as well as exploring shared service models and offshore work options to address manpower shortages.
The debate emphasized enhancing Singapore's competitiveness in trade, digital economy, and sustainability, with questions on progress of Industry Transformation Maps, digital economic agreements, and strategies to position Singapore as a key global node amid post-pandemic and geopolitical challenges.

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3 Mar 2022

Exempted Business

The Deputy Leader of the House requested consent to extend the day's proceedings on the Estimates beyond 7:30 pm.
The Speaker gave consent and asked for the general assent of Members, which was provided.
A motion was put to extend proceedings on the business of Supply, and it was agreed to and resolved.
The debate continued beyond the usual time limit to accommodate the discussion on the Estimates for the Financial Year 2022/2023.

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3 Mar 2022

Second Supplementary Estimates of Expenditure for the Financial Year 1 April 2021 to 31 March 2022

The Chairman proposed and agreed to take the heads of expenditure en bloc for the Second Supplementary Estimates without amendments.
The Committee of Supply approved the Main Estimates totaling $2.7 billion and the Development Estimates totaling $233.9 million for the financial year ending 31 March 2022.
The Minister for Finance reported the resolutions and Parliament agreed to them, finalizing the supplementary expenditure for public services.

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3 Mar 2022

Compensation when Electricity Retailer Exits Market

Leon Perera questioned whether the Energy Market Authority (EMA) is responsible for ensuring electricity retailers comply with consumer protection laws upon exit and if there are set compensation standards.
The Second Minister for Trade and Industry confirmed that while the Consumer Protection Act and Code of Conduct regulate fair practices, there is no mandatory compensation upon exit, though some retailers have offered ex-gratia payments.
EMA requires exiting retailers to refund security deposits and facilitate contract novation, but consumers can switch retailers or seek recourse through CASE or the Small Claims Tribunal.
EMA is reviewing the regulatory framework to strengthen consumer protections, including considering standardizing compensation to ensure fairness across all affected consumers.
The debate highlighted that while some retailers voluntarily provide compensation, there is currently no transparent, standardized method for determining fair compensation upon market exit.

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2 Mar 2022

Clarification by Minister for Finance

The Minister for Finance clarified a factual error regarding the implementation date of the new Local Qualifying Salary (LQS).
The original statement incorrectly cited 1 April as the effective date, but it will now take effect from 1 September this year.
This correction was made in a written statement circulated with the Speaker’s leave in accordance with parliamentary standing orders.

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2 Mar 2022

Committee of Supply Reporting Progress

The Minister for Defence Dr Ng Eng Hen sought consent to report progress and request leave to sit again tomorrow, which was granted by the Chairman.
The Committee of Supply resolved to report progress and adjourn, with the Deputy Speaker then taking the Chair of the House.
Dr Ng Eng Hen formally reported that the Committee had made progress on the 2022/2023 Estimates of Expenditure and asked for leave to sit again tomorrow.

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2 Mar 2022

Committee of Supply – Head M (Ministry of Finance)

Members questioned the effectiveness, governance, and future lessons from Singapore’s extensive COVID-19 spending, seeking reviews on outcomes, controls, and continued support for hard-hit sectors like construction and tourism.
Debates focused on revenue measures, including the GST hike, with calls to exempt basic essentials and inquiries about the tax impact on lower-income households and businesses like taxi drivers.
The Second Minister for Finance outlined measures to ensure accountability, value-for-money in infrastructure projects, and support for businesses via timely payments and targeted schemes, while defending the GST approach as progressive through vouchers and rebates.

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2 Mar 2022

Estimates of Expenditure for the Financial Year 1 April 2022 to 31 March 2023

The Chairman outlined the procedures and time limits for the Committee of Supply debate on the FY2022 expenditure estimates, noting 639 amendments and strict time-keeping.
The debate focused on the Main and Development Estimates for the financial year 1 April 2022 to 31 March 2023, with totals taken from the scheduled pages of the Command Paper.
The discussion commenced with Head U – Prime Minister’s Office, as led by Ms Tin Pei Ling, following the order of amendments on the supplement.

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2 Mar 2022

Debate on Annual Budget Statement

Multiple MPs raised concerns about the mental health of caregivers and support for vulnerable groups, with calls for enhanced financial aid for informal caregivers and better protection for healthcare and education workers.
The debate focused on fiscal policy, with the government defending the GST hike and other tax measures as necessary for long-term revenue, while opposition parties proposed alternatives like higher wealth and income taxes and using more reserves.
The Finance Minister summarized the Budget's focus on economic recovery, climate action, and a fairer society, and defended the GST increase by highlighting offset packages that protect lower-income households.

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2 Mar 2022

Complementing Import of Antigen Rapid Test Kits with Local Supply

Six local companies have applied to manufacture or assemble antigen rapid test (ART) kits in Singapore, and once approved, they can access government support schemes to boost local production capacity.
The government ensures a steady supply of ART kits through a multi-pronged strategy including stockpiling, diversifying import sources from multiple countries, and working closely with distributors and retailers.
ART kits must meet stringent quality, safety, and performance standards for retail sale, with some brands recently approved and more under evaluation, while price considerations are part of the approval process to benefit consumers.

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1 Mar 2022

Data on Annual Number of People Placed under Pre-bankruptcy Debt Repayment Scheme in Last Five Years

Ms Mariam Jaafar asked for the annual number of people placed under the Debt Repayment Scheme (DRS) over the last five years and the percentage who failed to meet monthly repayments.
Minister K Shanmugam explained the DRS is a pre-bankruptcy scheme for those with unsecured debts up to $150,000, where failure to meet payments leads to exit and potential bankruptcy.
The minister provided a table with the annual numbers and exit rates, noting higher exit rates for older cases due to longer durations and factors like the end of COVID-19 relief measures.
The DRS take-up has steadily increased since implementation, with a notable rise in 2021 linked to changes in financial relief and debt thresholds.

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1 Mar 2022

Debate on Annual Budget Statement

Dr Shahira Abdullah highlighted rising inflation and cost-of-living concerns, supporting the Budget's progressive tax measures but questioning the eligibility criteria for GSTVouchers and calling for greater social support for vulnerable groups like migrant workers and persons with disabilities.
Xie Yao Quan argued that the unique design of Singapore's GST system makes it the fairest way to raise revenue for healthcare, as most GST is paid by foreigners and high spenders, and emphasized that a renewed social compact requires both higher contributions from the wealthy and stronger support for those in need.
Raj Joshua Thomas called for better work-life harmony for all workers, including lower-wage and outsourced workers, and urged a cap on social workers' caseloads, increased resources for research and community work, and fairer pricing in outsourced service sectors.
Louis Ng Kok Kwang advocated for systemic support for social workers, including caseload caps, dedicated funding for research and community work, and stronger resources to address the root causes of social issues rather than just symptoms.
Tin Pei Ling and Ang Wei Neng emphasized the need to manage the psychological impact of inflation, protect national reserves for future crises, and transform Institutes of Higher Learning to better equip students for a rapidly changing economy.

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1 Mar 2022

Debate on Annual Budget Statement

The debate highlights Singapore’s response to the pandemic and future challenges, emphasizing unity and the need to position the economy for growth amid global competition, digitalization, climate change, and an ageing population.
Key concerns raised include the impact of GST increases on households, the effectiveness of the Committee Against Profiteering, and the need for sector-specific industry transformation through refreshed Industry Transformation Maps (ITMs) to ensure inclusive growth and support for low-wage workers and SMEs.
Speakers stress the importance of building national resilience, innovation, and a sustainable future, with calls for more progressive taxation, support for platform workers, and ensuring that policies reflect diverse household structures and gender equity.

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