Economy & business — Topics

3 Aug 2021

Pegging Temasek Holding’s Performance to Performance of Broad-based Market Indices

The Government assesses Temasek’s performance using multiple indicators, including risk-adjusted returns, with a focus on long-term performance rather than year-to-year fluctuations.
Performance is evaluated based on Temasek’s unique investment strategy as an active, bottom-up investor across both listed and unlisted assets, which differs from broad market indices.
Market indices like the MSCI World Index serve as useful reference points, and Temasek already publishes comparisons of its performance against such indices on its website.
Public information on returns and risk metrics for both Temasek and GIC is available, including annual returns and derived risk-return ratios.
The Government does not plan to introduce new mandatory metrics like the Sortino ratio, as existing disclosures already provide transparency on performance and risk.

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3 Aug 2021

Nurturing a Thriving, Innovative and Sustainable Hawker Industry as a Cornerstone of Singaporean Culture

Leon Perera proposed three key strategies to enhance Singapore's hawker industry, focusing on protecting hawkers through affordable rents, professionalizing the trade with permanent ambassadors and a national academy, and promoting hawkers globally with support for overseas expansion and documenting traditional recipes.
Dr Amy Khor acknowledged the challenges faced by hawkers, especially during COVID-19, and outlined government measures such as rental waivers, financial grants, and support programs like the Hawkers’ Development Programme and Hawker Centres Transformation Programme to sustain the industry.
Both speakers emphasized the importance of keeping hawker culture vibrant and affordable, with Perera suggesting innovative allocation methods like tasting committees and discount cards for low-income Singaporeans, while Khor highlighted the success of existing initiatives and the need for continued stakeholder collaboration.

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3 Aug 2021

Ex-offenders Hired under Jobs Growth Incentive

The Jobs Growth Incentive (JGI) supported the hiring of about 780 ex-offenders between September 2020 and February 2021, with the top sectors being Environmental Services, Food Services, Logistics, Wholesale Trade, and Construction.
The Minister explained that employers are incentivized to retain workers after the 18-month support period because they have invested in training, and programmes like Yellow Ribbon Singapore provide additional career support for ex-offenders.
It was noted that 96% of ex-offenders assisted by Yellow Ribbon Singapore were placed in jobs during the pandemic, with 56% eligible for JGI, while others were ineligible due to employer headcount criteria.

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3 Aug 2021

Support for Food Catering Businesses

The Minister acknowledged the challenges faced by food catering businesses and highlighted the 60% wage support provided to them under the Jobs Support Scheme during the Phase Two (Heightened Alert) period.
The Minister emphasized that caterers may need to adapt to changing consumer preferences and encouraged them to pursue transformation efforts, such as developing new business models or diversifying into new areas, with government support.
An example was provided of a caterer, Kitchen Haus Group, which used government funding to launch a cloud kitchen concept and virtual brand, opening new growth opportunities.
The Minister urged food caterers to tap on available government schemes like the Enterprise Development Grant to strengthen their resilience and explore new opportunities in a changing environment.

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3 Aug 2021

Update on Government's Study on Use of Sustainable Aviation Fuels

The Government has completed a study on integrating sustainable aviation fuels at Changi Airport, identifying operational, commercial, and feedstock options, and is reviewing the findings for further action.
Despite COVID-19, Singapore is participating in the voluntary phase of CORSIA, with CAAS and local carriers monitoring and reporting emissions as required.
The Government is exploring Singapore’s potential as a production and export hub for sustainable aviation fuels, leveraging its petrochemical strengths, while focusing on cost, supply, and viability challenges.

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2 Aug 2021

Breakdown of Industries Benefiting from and Singapore Citizens Hired under Jobs Growth Incentive as of February 2021

The Jobs Growth Incentive supported the hiring of over 270,000 locals across 42,000 employers from September 2020 to February 2021, with top sectors being Food Services, Wholesale Trade, Professional Services, Retail, and Information and Communications.
The proportion of Singapore Citizens among JGI-supported hires aligns with their share in the resident labour force, and the scheme aims to support all locals including those with Singaporean dependants.
Median wages for JGI-supported hires in each sector were higher than the median for all new hires in the same sector, with six in 10 earning the same or higher wages compared to their previous jobs.
Specific salary band breakdowns by monthly income (e.g., less than $3,000, $3,000–$4,500, etc.) for Singaporean Citizens were not provided in the response.

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2 Aug 2021

Age Gates for Arts Groups to Produce Digital Non-"G"-rated Work and Enjoy Funding from Digital Presentation Grant for the Arts

Leon Perera asked if the government would work with ticketing companies to introduce age gates so arts groups can produce non-"G" rated digital works and still access the Digital Presentation Grant for the Arts (DPG).
Edwin Tong explained that the DPG was part of a 2020 support package to help arts groups go digital, but it required content to be suitable for all audiences due to the difficulty of enforcing age restrictions online.
The DPG supported nearly 700 digital projects and created over 9,000 work opportunities, with a focus on inclusivity and accessibility for all ages.
After the DPG closed, arts practitioners can now use enhanced grants like the Presentation and Participation Grant for digital or hybrid works, including those with higher-than-General ratings.
The government has maintained regular grant schemes that have been updated to support digital works, including those that are not "G"-rated.

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2 Aug 2021

Expectation of Fifth Consecutive Quarter Rise in Private Property Prices and Plans to Manage Trend

Sitoh Yih Pin asked whether private property prices are expected to rise for a fifth consecutive quarter and if the government plans to manage this trend.
Desmond Lee noted that price increases have slowed, with a 0.8% rise in Q2 2021 compared to 3.3% in Q1 2021, driven by broad housing demand and low interest rates.
The government aims to ensure a stable and sustainable property market where prices align with economic fundamentals.
Authorities continue to monitor economic and property market conditions closely.
No specific new measures were announced, but the focus remains on maintaining market stability.

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2 Aug 2021

Total Contract Value and Number of Singaporeans Employed by China- and India-headquartered Companies Offering Finance, ICT and Professional Services to Government

Hazel Poa asked the Ministry of Finance how many China- and India-headquartered companies are government contractors in finance, ICT, and professional services, the total contract value, and the number of Singaporeans they employ.
Lawrence Wong replied that government procurement is based on transparency, open competition, and value-for-money, without tracking the headquarter locations of suppliers.
In 2020, over 1,400 suppliers for ICT, finance, and professional services were engaged, with 86% based in Singapore and accounting for 97% of about $1.5 billion in contract value.
Statistics on employed residents by industry sector are publicly available from the Ministry of Manpower’s annual Labour Force reports.

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2 Aug 2021

Coordinated Purchasing and Distribution of Food Supplies to Prevent Mass Wastage from Required Closing of Certain Markets and Hawker Centres to Contain Spread of COVID-19

Ms Nadia Ahmad Samdin asked the Minister for Sustainability and the Environment to consider a coordinated purchasing and distribution of food supplies to prevent wastage from the closure of markets and hawker centres due to COVID-19.
Grace Fu Hai Yien explained that many market stallholders receive daily supplies and that agencies quickly worked with distributors and supermarkets to divert supplies to alternative outlets after closures.
The government is reviewing long-term plans for the fresh produce sector, including studies on enhancements to wholesale markets and wet markets, incorporating lessons from the episode.

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2 Aug 2021

Working with Hawker and F&B Associations to Establish Centralised Hawker Food Platform and Help for Less Technologically-inclined

The Government is working with hawker and F&B associations through the Alliance for Action (AfA) to support hawkers, including the less technologically inclined, by raising awareness of online platforms and lowering adoption costs.
The AfA complements existing schemes like NEA’s Food Delivery Support Scheme and IMDA’s Hawkers Go Digital programme, with Digital Ambassadors assisting hawkers in digitalisation.
The Alliance aims to enhance ease of adoption and consumer demand for hawker online services, with recommendations expected in the last quarter of 2021.
No one-size-fits-all solution is proposed, as the approach is tailored to diverse hawker profiles and needs.
Community initiatives and government programmes are integrated to provide comprehensive support for hawkers’ digital transition.

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2 Aug 2021

Ministry's Forecast of Job Creation in Industries Covered by Industry Transformation Maps and Steps Taken to Meet Demand

The Ministry noted that before the COVID-19 pandemic, the original Industry Transformation Maps (ITMs) contributed to an increase of about 111,400 in total employment from December 2016 to December 2019.
The Government has refreshed the ITMs into ITM 2025 to address structural shifts caused by the pandemic, with reviews currently in progress and updates to be shared progressively.
To support businesses and workers through the pandemic and prepare for the future, the Government has implemented measures such as the SME Working Capital Loan, Temporary Bridging Loan Programme, Jobs Support Scheme, and Jobs Growth Incentive.
Tripartite partners are collaborating to uplift worker productivity and wages, create good jobs, and prepare Singaporeans for future jobs and skills.

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2 Aug 2021

Government Assistance Received by Nightlife Businesses that Pivot to Other Industries Besides F&B and Reason for Low Take-up of Pivot Grant Support

Nightlife businesses can apply for a pivot grant from Enterprise Singapore to switch to permitted activities like F&B, fitness gyms, or co-working spaces, but they must halt their nightlife operations for at least 12 months.
The low take-up of the pivot grant, with only 18 out of 400 businesses applying, is primarily due to the mandatory 12-month moratorium that prevents firms from resuming nightlife activities even if the sector reopens.
All businesses, whether they receive the grant or not, must comply with Safe Management Measures and regulatory requirements of their new sector, with grants rescinded for any violations.

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2 Aug 2021

Reasons for Second Review of India-Singapore Comprehensive Economic Cooperation Agreement Taking Eight Years to Complete

Hazel Poa asked the Minister for Trade and Industry why the second review of the India-Singapore CECA took eight years, what the main contentious issues were, and what is being reviewed in the third review.
The Minister explained that FTAs are periodically reviewed to stay relevant, there is no set timeline, and the second review involved careful study, consultations, and mutual agreement on amendments including expanded tariff concessions and updated rules of origin.
The Minister stated that details of negotiations are confidential to protect trust and future negotiations, but the outcomes and texts of reviews are publicly available.

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2 Aug 2021

Promoting More Widespread Remuneration Disclosures by Listed Companies

Assoc Prof Jamus Jerome Lim proposed that the government consider adopting industry best practices for remuneration disclosures by state investment entities like Temasek and requiring bonus disclosures.
Lawrence Wong responded that Singapore’s Code of Corporate Governance applies only to listed companies, not to GIC and Temasek, which are commercial entities overseen by their boards.
The government monitors GIC and Temasek’s long-term performance and expenses, and their boards are responsible for disclosure decisions while upholding good corporate governance.
Both entities already disclose compensation approaches linked to performance and have increased disclosures over time, with the government encouraging further meaningful additions to support long-term returns.

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2 Aug 2021

Improving Access to and Sustainability of the Rare Disease Fund

Miss Cheryl Chan raised concerns about the low uptake and limited scope of the Rare Disease Fund (RDF), which has only assisted seven patients with six medicines for four conditions, and proposed expanding eligibility to include more diseases like neuroblastoma and Krabbe Disease, improving awareness, and ensuring sustainability through long-term donations, insurance involvement, and drug manufacturer support.
Senior Minister of State Dr Koh Poh Koon acknowledged the RDF’s progress but emphasized that adding more conditions or drugs requires sufficient funds, noting the high costs of rare disease treatments and the reliance on public donations, with the government offering a $3-to-$1 matching grant and tax incentives to encourage giving.
Both speakers highlighted the need for community and corporate support to sustain the RDF, with Dr Koh clarifying that some diseases like neuroblastoma are covered by existing schemes like MediShield Life and MediFund, while Krabbe Disease lacks effective treatments, and stressed that MediShield Life provides universal coverage for rare diseases.

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2 Aug 2021

Long-term Affordability for Mental Healthcare Treatments

The government provides subsidies, MediShield Life, and MediSave options for mental health treatments, with regular reviews to increase limits and ensure affordability.
Concerns about mental health record confidentiality and insurance coverage were addressed, with the Ministry committing to work with insurers to improve mental health parity.
The withdrawal limits for mental health treatments are under regular review, and the government is assessing infrastructure needs, including potential new psychiatric institutions.

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2 Aug 2021

Proposal for MediSave Contribution Requirements to be Lowered Temporarily to Allow Self-employed Persons to Qualify for Workfare Income Supplement

Leon Perera questioned the number of self-employed persons (SEPs) unable to qualify for Workfare Income Supplement (WIS) due to missing MediSave contributions and proposed temporarily lowering MediSave requirements for SEPs during COVID-19, citing their financial vulnerability.
The Senior Minister of State for Manpower explained that WIS eligibility requires CPF contributions to promote personal responsibility for retirement and healthcare, noting that most SEPs meet MediSave obligations within two years and have flexible payment options, while alternative COVID-19 grants are available.
Perera clarified whether SEPs could receive WIS payouts before completing MediSave contributions, emphasizing low-income SEPs' urgent financial needs, and the Minister responded that existing flexibilities like instalment plans and deferments are reasonable, distinguishing WIS as an income supplement rather than direct aid.

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2 Aug 2021

Proportion of Self-employed Persons Who Could Not Receive COVID-19 Recovery Grants due to Insufficient MediSave Payments

Leon Perera asked about the proportion of self-employed persons who could not receive the COVID-19 Recovery Grant due to insufficient MediSave payments, to which the Minister replied that less than 1% of unsuccessful CRG applications by SEPs were due to not meeting MediSave contribution criteria, specifically 0.04%.
The Minister explained that SEPs must contribute to their own MediSave accounts based on past declared earnings, with a waiver for first-time CRG applicants but a requirement for subsequent tranches to either have no arrears or commit to a GIRO instalment plan.
Applicants failing to meet other criteria like job search or training accounted for less than 1% of unsuccessful CSG applications and around 3% for CRG, with exemptions for those still employed or on no-pay leave.
The Minister encouraged those facing difficulties to approach Social Service Offices for alternative support, while emphasizing the high compliance rate of SEPs in MediSave contributions.
In a follow-up, the Minister clarified that the rejection rate due to MediSave issues is very low, and while help is extended wherever possible, the commitment to MediSave contributions is crucial for long-term healthcare and retirement needs.

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2 Aug 2021

Number of and Actions against Licensed Cleaning Companies that Have Failed to Comply with Progressive Wage Model

Since the Progressive Wage Model began in 2014 until 31 May 2021, the National Environment Agency penalized 57 licensed cleaning companies and warned 52 others for violations such as failing to pay bonuses or progressive wages.
The government is implementing strategies under the Environmental Services Industry Transformation Map to professionalize the cleaning workforce through technology, upskilling, and improved procurement practices.
In response to concerns about companies circumventing requirements, the Minister stated that authorities will consider tips from whistleblowers and conduct enforcement checks to ensure compliance with the PWM.

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