Economy & business

5,376 debates and bills about economy & business

6 Jul 2021

Opportunistic Profiteering amongst Businesses during COVID-19 Pandemic

Mr Chua Kheng Wee Louis asked whether the Ministry of Trade and Industry monitored business practices for opportunistic profiteering during COVID-19 health measures and what safeguards exist to prevent it.
Minister Gan Kim Yong stated that the government monitors essential goods prices and investigated retailers, such as those raising mask prices, noting profiteering incidents are not widespread.
The government continues to work with companies to ensure supply and cites competition as the best safeguard, with the Competition and Consumer Commission of Singapore investigating price surges from anti-competitive behavior.
Consumers are encouraged to report cases of suspected profiteering to the authorities.

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6 Jul 2021

Proposal for Longer Leases for Livestock Farms beyond Current 20-year Lease

Leon Perera questioned the rationale behind the 20-year lease for livestock farms and proposed longer leases, while also asking why the Agri-Food Cluster Transformation Fund provides higher co-funding for leafy vegetables, food fish, and hen eggs compared to other food types.
Grace Fu Hai Yien explained that the 20-year lease balances productive land use, lease premiums, and farmer certainty, and will be reviewed as technologies evolve.
She noted that higher funding for leafy vegetables, food fish, and eggs is due to their commercial sustainability, innovation potential, and contribution to food security.
For other food types, funding levels have been increased compared to previous schemes, even if they are less commonly consumed.

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6 Jul 2021

Possibility and Impact of Quickened Pace of Inflation in Singapore

Desmond Choo questioned whether Singapore would face a quickened pace of inflation and its potential economic impact over the next 12 months.
Gan Kim Yong stated that MTI expects inflation to average between 1% and 2% this year, citing moderate consumer price increases despite elevated global inflationary pressures from higher oil prices and inflation in major trading partners.
MTI noted that the projected inflation reflects normalising prices during an uncertain recovery and is not expected to adversely affect the Singapore economy, with the government continuing to monitor trends and assist Singaporeans with cost of living pressures.

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6 Jul 2021

Measures to Better Regulate Fluctuations in COE Prices

The Minister explained that COE prices are determined by market forces of supply and demand, with motorcycle COE supply stable since 2018 and tied to deregistrations.
He noted that recent high prices reflect post-reopening demand without evidence of speculation, as most COEs are being used for registration.
The government will continue monitoring the situation and study further measures to regulate COE price fluctuations.

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6 Jul 2021

Appeals Received for COVID-19 Driver Relief Fund

Mr Gan Thiam Poh asked the Minister for Transport about the number of appeals received for the COVID-19 Driver Relief Fund (CDRF), the success and failure rates relative to private hire car drivers, and whether the 200-trip monthly criterion could be reviewed due to lower ridership and to include delivery trips.
Between January and May 2021, 850 appeals were received, with about 190 approved and 660 rejected; half of the rejections lacked valid reasons, while around 300 were from new drivers not active during the qualifying period.
The CDRF targets active taxi and private hire car drivers dependent on driving for income, with the 200-trip criterion set to ensure support reaches existing drivers, though appeals consider factors like COVID-19 impact, delivery trips, and medical or compassionate grounds.

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6 Jul 2021

Tax Rebates and Baby Bonus Incentives for Single Parents

The Minister explained that tax rebates and Baby Bonus are intended to encourage parenthood within marriage, which is why they are not extended to single unwed parents.
The government provides alternative support for all Singaporean children regardless of marital status, including Child Development Account benefits, education and healthcare subsidies, and childcare leave.
Targeted assistance for single unwed parents includes financial aid through Social Service Offices, family support from Family Service Centres, and pandemic-specific grants like the COVID-19 Recovery Grant.

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6 Jul 2021

Impact of Wage Increases for Cleaners on Subvention Grant to Town Councils

Sharael Taha asked whether the Ministry for National Development would increase subvention grants to Town Councils after the announcement of wage increases for cleaners under the Progressive Wage Model in June 2021.
Desmond Lee stated that Town Councils primarily fund cleaning operations through Service and Conservancy Charges collected from residents, supplemented by an annual operating grant from the Ministry.
The Ministry has no plans to increase grants to address cleaners’ wage costs since the Progressive Wage Model was introduced in 2012, but will continue monitoring the situation.
Town Councils are encouraged to manage finances carefully and adopt technology to reduce reliance on manpower for cleaning.

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6 Jul 2021

Free Trade Agreements and Foreign Manpower

Ministers Ong Ye Kung and Tan See Leng defended Free Trade Agreements (FTAs), especially the India-Singapore Comprehensive Economic Cooperation Agreement (CECA), stating they are fundamental to Singapore's economic survival and not the cause of job challenges faced by local professionals, managers, executives, and technicians (PMEs).
The ministers clarified that CECA does not allow an unfettered inflow of Indian professionals, explaining that immigration and work pass policies remain fully under Singapore's control and all foreign PMEs must meet local employment criteria.
They acknowledged genuine concerns about job competition, nationality concentration in some sectors, and unfair hiring practices, and outlined measures such as raising Employment Pass salary thresholds, enforcing fair employment frameworks, and supporting skills development for locals.
During the debate, some MPs and Nominated MPs raised issues about discrimination, requested more data on foreign manpower, and suggested stronger enforcement or legislation to protect local workers, with the ministers committing to review and strengthen existing frameworks.

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6 Jul 2021

Impact of Revising Wages for Cleaning Sector on Cleaners and Workers in Other Sectors

The government explained that the Progressive Wage Model (PWM) for cleaners is designed through tripartite consensus to raise wages sustainably, with cleaners’ wages growing 26% cumulatively from 2014–2019 and local employment rising 3%, and it plans to expand PWM to sectors like food services, retail, and waste management to cover up to 218,000 workers.
Officials emphasized that PWM aims to avoid disemployment by aligning wage increases with productivity improvements and job redesign, supported by government grants and training, and that stakeholders—including employers, service buyers, and consumers—must share the cost to ensure sustainability.
The government noted that low-wage workers’ real wages at the 20th percentile grew 39% from 2009–2019, outpacing median growth, and that Workfare Income Supplement (WIS) will be reviewed to complement PWM without offsetting wage gains, while tripartite clusters will tailor sector-specific implementation timelines.

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6 Jul 2021

Additional Financial Aid for Hawkers Affected due to their Proximity to COVID-19 Clusters

The government has provided substantial financial support to hawkers during the pandemic, including seven months of rental waivers, five months of cleaning subsidies, and frozen rental increases from April 2020 to March 2021, with case-by-case reviews for those facing difficulties.
Rental adjustments for hawkers are based on independent valuations, with most recent renewals resulting in decreases or no change, and the government has committed to providing rental waivers specifically for hawkers affected by COVID-19 cluster closures.
Efforts to restore public confidence and attract crowds back to affected hawker centres involve deep cleaning, hygiene assurances, and community engagement through grassroots and hawker associations to support reopening.

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6 Jul 2021

Impact of Singapore-India Comprehensive Economic Cooperation Agreement on Trade, Job Growth, Employment of Singaporeans

Members of Parliament raised questions on the economic benefits, job creation, and foreign workforce growth since the Singapore-India CECA, including effects on local employment and nationality-based discrimination.
The Minister for Manpower sought permission to address these oral questions together with written questions via upcoming ministerial statements, indicating a comprehensive government response on CECA's impact.
The debate highlighted concerns over FTAs' outcomes, foreign PMET numbers, local talent development schemes, and how CECA commitments compare with other agreements.

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5 Jul 2021