Economy & business — Topics

15 Feb 2022

Update on Discussion with SPH Media Trust on Funding Support Measures to Ensure Sustainability in Competitive Media Industry and Limited Local Market

The Government will provide up to $180 million annually for five years to support SPH Media Trust's digital transformation, with funds allocated to technology, digital talent, and sustaining vernacular newsrooms.
Key performance indicators will track reach, engagement, and resilience, with half-yearly progress reports and a review after five years to ensure accountability and effective use of public funds.
Editorial independence will be maintained, as funding does not influence content, and the government emphasizes that trust and audience reach are the basis for support, not political interference.

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14 Feb 2022

Forecast of Onset of Negative Local Workforce Growth and Likelihood of It Stagnating

The Minister for Manpower highlighted that Singapore's resident workforce growth has been slowing due to lower birth rates and an ageing population, with average annual growth dropping from 55,200 (2011–2015) to 20,600 (2016–2020).
Despite earlier projections of stagnation within 10 years from 2017, the workforce is now expected to continue growing beyond 2027, driven by higher employment rates among senior workers and women.
The government is implementing measures like raising retirement ages, increasing CPF contributions for seniors, and promoting flexible work arrangements to support workforce sustainability.
As resident workforce growth slows, Singapore must focus on boosting productivity through technology and innovation to sustain economic transformation.
The exact point of workforce stagnation remains uncertain and depends on ongoing efforts to enhance employability and workforce participation.

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14 Feb 2022

Plans to Support SPH Media Trust in Digital Transformation

Miss Cheryl Chan asked if the Government has plans to support SPH Media Trust in digital transformation and specific areas of support.
Mrs Josephine Teo confirmed the Government's commitment to support SPH Media Trust in areas like digital innovation and capability development.
MCI will provide a detailed update to Parliament shortly on the specific plans.

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14 Feb 2022

Anticipated Respective Budgets Required for Each of Next Five Years for Expansion of Seniors' Mobility & Enabling Fund and Assistive Technology Fund

Mr Pritam Singh asked the Minister for Health about the anticipated budgets for each of the next five years to expand the Seniors’ Mobility and Enabling Fund and the Assistive Technology Fund as announced in January 2022.
The estimated average additional annual budget for the Seniors’ Mobility and Enabling Fund expansion is $49 million over the next five years, compared to an average annual utilisation of $27 million in the previous five years.
The estimated annual budget for the Assistive Technology Fund over the next five years is $7 million, compared to an average annual utilisation of $4 million in the previous five years.

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14 Feb 2022

Projected Annual Healthcare Spending for Next Decade

Hazel Poa asked the Minister for Health about the projected annual healthcare spending for the next decade.
Ong Ye Kung responded that Singapore's National Health Expenditure could rise from $22 billion in 2018 to $59 billion in 2030 due to an aging population.
The projection highlights a significant increase in healthcare spending over the next decade, driven by demographic changes.

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14 Feb 2022

Increasing Current Annual Withdrawal Limit for Outpatient Flexi-MediSave in View of Rising Outpatient Healthcare Costs

Patrick Tay Teck Guan proposed raising the current annual withdrawal limit for outpatient Flexi-MediSave to address rising healthcare costs.
Ong Ye Kung stated that the limit was recently increased to $300 in 2021 and most patients did not exhaust this amount, noting ongoing reviews to balance affordability and future savings.
The Ministry highlighted alternative support through MediFund and medical social workers for patients unable to afford treatments after subsidies and MediSave use.

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14 Feb 2022

Additional Funding Received by Social Service Agencies to Cope with COVID-19 Pandemic in Past Two Years

Over the past two years, all Social Service Agencies (SSAs) received support through the Jobs Support Scheme, and MSF maintained funding at pre-COVID-19 levels even when caseloads decreased.
MSF provided additional funding to all programs during FY2020 and FY2021 to cover ancillary COVID-19 costs, such as a 5.6% increase in funding for Family Service Centres and a 2.9% rise for residential homes.
SSAs also benefited from other support measures, including the ComChest Emergency Fund, The Invictus Fund (which raised $10 million from the community and received an additional $18.9 million from the government) to help with business continuity and technology transformation.

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14 Feb 2022

Annual Breakdown Amounts of Additional Buyer's Stamp Duty Collected from Singaporeans Buying Second, Third and Subsequent Residential Properties Respectively over Last Five Years

From 2017 to 2021, the average annual ABSD collected from Singapore Citizens purchasing a second residential property was approximately $244 million.
The average annual ABSD collected from Singapore Citizens purchasing third and subsequent residential properties was about $106 million over the same period.
IRAS identified and corrected errors in previously published data on stamp duties, providing updated tables and apologizing for the mistake.
For mixed-status purchases, such as SC-PR joint buyers, the transaction is categorized under the profile with the highest ABSD rate.

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14 Feb 2022

Highest Income Tax Rate for Each Year from 1991 to 2013

Leong Mun Wai requested the highest income tax rates for each year from 1991 to 2013.
Lawrence Wong noted that the same question had been asked earlier and the previously provided information remains valid.
The Ministry of Finance supplied tables detailing the highest marginal personal income tax rates and corporate income tax rates for the requested period.

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14 Feb 2022

Payments under Jobs Support Scheme Made in 2020 and 2021 to Profitable Companies

Leong Mun Wai asked how much of the Jobs Support Scheme payments in 2020 and 2021 went to profitable companies.
Lawrence Wong explained that the JSS was designed to provide cashflow to firms during the COVID-19 crisis, focusing on retaining local employees rather than profitability.
The scheme's eligibility was based on firms employing local workers and paying CPF, not on whether they were profitable.
The government emphasized that the JSS helped preserve local employment and enabled firms to survive and recover from the crisis.

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14 Feb 2022

Deepening and Widening Changi Airport's Strength in Cargo and Airfreight Handling

The Minister highlighted that Changi Airport remains a pre-eminent air cargo hub, contributing to Singapore's economic success by facilitating global trade and maintaining a strong network despite pandemic challenges.
Changi Airport has recovered to pre-COVID cargo levels, with 2021 airfreight throughput at 1.95 million tonnes, and is boosting capacity through collaborations with airlines and introducing new freighter aircraft from 2025.
Enhanced capabilities include dedicated temperature-controlled facilities for pharmaceuticals and perishables, supporting vaccine distribution and earning international certifications for quality and safety.
The aviation community, with funding from CAAS, is investing in innovative projects like autonomous vehicles to reduce reliance on manpower and improve efficiency in cargo operations.

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14 Feb 2022

Assessment of Resilience of Startups in Singapore during COVID-19 Pandemic and Their Prospects Going Forward

Startups in Singapore demonstrated resilience during the pandemic, with funding rising sharply to $11.2 billion in the first nine months of 2021, surpassing previous years.
Eleven new tech unicorns were established in 2021, bringing the total to 22, reflecting a strong innovation ecosystem and growth in accelerators and venture capital.
The government’s $25 billion RIE2025 investment aims to strengthen Singapore’s position as a global innovation hub, with deep tech startups seeing increased traction and venture interest.
Singapore is well-placed as Southeast Asia’s leading startup node, benefiting from regional digitalisation and demographic trends for future growth.
The ecosystem has expanded significantly, with more accelerators and early-stage VCs, supporting a optimistic outlook for startups in 2022 and beyond.

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14 Feb 2022

Projected Annual Government Expenditure on Subsidy for Hosting Formula One Singapore Grand Prix from 2022 to 2028

The Government will co-fund 60% of the estimated $135 million to $140 million annual costs of hosting the Formula 1 Singapore Grand Prix from 2022 to 2028.
The decision to extend support for seven more years was based on a cost-benefit analysis, with projected economic benefits outweighing the government’s expenditure.
Since 2008, the race has generated about $130 million in annual incremental tourist spending and attracted over 550,000 international visitors, with more than 30 MICE events clustered around it each year.
The Grand Prix also provides global branding benefits, with the 2019 event generating an estimated $70 million to $75 million in media value, and supports local business revenue and jobs.

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14 Feb 2022

Travel Agency Licences Revoked for Failure to Meet Minimum $10,000 Financial Asset Requirement under Regulation 9 of Travel Agents Regulations 2017

Mr Desmond Choo asked the Ministry for Trade and Industry how many travel agency licences have been revoked for failing to meet the $10,000 financial asset requirement under the Travel Agents Regulations 2017, the factors considered in setting this requirement, and whether the minimum financial requirement will be further reduced given the uncertain global travel outlook.
The Ministry explained that the minimum financial requirement ensures travel agents can fulfill commitments to customers, reduced to $10,000 in 2020 to ease cashflow during the COVID-19 pandemic, and extended through the end of 2022 due to the prolonged nature of the pandemic.
Since the reduction in 2020, no travel agent licences have been revoked for failure to meet the minimum financial requirement.

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14 Feb 2022

Cost of Legal Technology Platform Initiative and Target Take-up Rate Amongst Lawyers

The Government has set aside about $11 million for the first two phases of the Legal Technology Platform Initiative, with roughly half incurred to date.
The platform is targeted to onboard 1,300 users from small and medium-sized Singapore law practices within the first three years after its launch in Q2 this year.
Grants are being explored to help early adopters defray subscription costs for the platform and integrated solutions.

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14 Feb 2022

SMS Phishing Scams on Bank Account Holders and How Rapid Digitalisations in Financial Sector Could be Achieved without Compromising Security Against Potential Frauds and Scams

Sitoh Yih Pin inquired about the status of investigations into recent SMS phishing scams on bank accounts and the preventive steps regulatory authorities plan to take.
Liang Eng Hwa asked about lessons learned from the scams and how rapid digitalisation in the financial sector can proceed without compromising security against fraud.
Tharman Shanmugaratnam stated that the Prime Minister’s questions would be addressed through upcoming ministerial statements by Lawrence Wong, Josephine Teo, and Desmond Tan.

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14 Feb 2022

Further Steps to Rein in Escalating Prices of HDB Resale Flats

Lim Biow Chuan asked if further steps would be taken to control rising HDB resale flat prices, noting the escalating costs.
Desmond Lee highlighted recent cooling measures, including reducing the Loan-to-Value limit and Total Debt Servicing Ratio threshold, to promote financial prudence among homebuyers.
The government plans to ramp up BTO supply to up to 23,000 flats annually in 2022 and 2023, a 35% increase from 2021, to meet strong demand driven by factors like marriage trends and COVID-19 construction delays.
Measures aim to support a stable and sustainable property market in the medium term, with the government ready to launch up to 100,000 flats from 2021 to 2025 if needed, monitoring affordability and accessibility closely.

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14 Feb 2022

Number and Percentage of SingapoRediscover Vouchers Redeemed, Donated, Unused and Lapsed at End 2021 and Impact of Scheme on Tourism Sector vis-a-vis Initial Target Set to Justify Creation

The SRV scheme saw 56% of the $320 million budget redeemed by end-2021, with the remaining funds repurposed for other government priorities.
About $3 million of the redeemed vouchers were donated to non-profits, while unused vouchers lapsed, with the total generating $300 million in redemptions and top-ups plus $100 million in ancillary spending.
The scheme met its core objective of supporting hard-hit local tourism businesses and encouraging domestic rediscovery, though specific performance against STB’s initial targets was not detailed beyond these outcomes.

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14 Feb 2022

Incentivising Bus Operators to Offer Cheaper and More Flexible Options to Encourage Students to Take School Buses

Seah Kian Peng urged the Ministry of Education to incentivise bus operators to provide cheaper and more flexible options for students using school buses.
Chan Chun Sing explained that the government already supports affordable school bus fares through measures like exempting buses from Certificate of Entitlement and offering road tax rebates.
MOE provides transport subsidies, covering 60% of school bus fares for lower-income primary school students to ease financial burdens.
The government encourages school bus or public transport use to promote student independence, environmental sustainability, and reduced traffic congestion.
No new incentives were announced, as existing measures already aim to keep school bus costs low and accessible.

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14 Feb 2022

Business Costs for Point-to-point Sector for Passenger Transport in Past Two Years

Costs for point-to-point drivers have increased by about 6% since January 2020, mainly due to higher fuel prices and increased operating expenses as ridership recovers.
The largest cost components include vehicle rental, platform commissions, and fuel, with global fuel price fluctuations being a significant driver of recent increases.
The government has provided support through schemes like SIRS and CDRF, and ridership has recovered to nearly 80% of pre-COVID levels, helping to bolster drivers’ incomes.
Taxi operators have offered rental relief, and the government is monitoring the sector to ensure drivers cope with ongoing challenges.

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