Economy & business — Topics

10 May 2021

Criteria for Inclusion of Medical Specialists into Insurer's Panel for Integrated Shield Plans

MOH's Senior Minister of State explained that empanelling doctors for Integrated Shield Plans aims to control healthcare costs and reduce bill variations, with pre-authorisation allowing patients to see non-panel doctors if approved, and the Multilateral Healthcare Insurance Committee is working to expand panels and streamline processes.
The government outlined measures to protect policyholders, including co-payment caps for panel doctors, regulatory oversight of insurers' financial health, and the Policyowners' Protection Scheme to ensure continuity if an insurer exits the market, alongside existing dispute resolution via FIDReC and a planned claims complaints panel under MHIC.
MOH tracks healthcare bills and has implemented fee benchmarks and care guidelines, while emphasising that MediShield Life provides universal coverage as a safety net, and that patient education and transparent information will help consumers make informed choices about their insurance plans.

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10 May 2021

Sustainability of Local Print News Industry amidst Shift Towards Digital News

Darryl David and Jessica Tan sought government action to sustain the local print news industry amid digital shifts and international competition.
Dr Janil Puthucheary requested permission to address the questions in a ministerial statement by Minister Iswaran later that day.
The Deputy Speaker granted consent and moved to Question No 22, indicating the debate was deferred for a formal government response.

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5 Apr 2021

Priority for Local Companies in Bidding for Pilot Tampines Municipal Services Project and Plans to Delegate Law Enforcement Powers to Successful Bidder

Leong Mun Wai queried whether local companies would be prioritized in the pilot Tampines Municipal Services project tender to build local capability and how law enforcement powers would be delegated to a commercial entity.
The Ministry of National Development emphasized that while building local FM sector capability is important, tenders are assessed on merit in line with Singapore’s international trade commitments to ensure best value.
Existing laws already allow for the appointment of non-public officers for certain enforcement functions, and the selected Tampines Pilot operator will be similarly empowered under current legislation.

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5 Apr 2021

Two-time Limit for HDB's Housing Loan Eligibility and Advisory Protocol for HDB Loan Officers to Fully Articulate Impact of Having One's Name in HDB Flat Ownership Following Death of Parent

Assoc Prof Jamus Jerome Lim proposed that HDB consider waiving the two-time limit for housing loan eligibility for individuals who derive no monetary benefit from property ownership and review its advisory protocol to better explain the consequences of adding one’s name to a flat after a parent’s death, preventing unintended loss of loan opportunities.
The Ministry explained that HDB allows up to two concessionary rate loans per eligible household, and all buyers are deemed to have taken a loan once disbursed, regardless of profit, though flexibility is exercised case-by-case for those in urgent need.
HDB advises applicants at multiple stages—including in the Loan Eligibility letter, terms and conditions, and on completion day—that co-owning a flat after a parent’s death counts as using one HDB loan, and suggests considering bank loans to preserve future HDB loan eligibility.

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5 Apr 2021

Plans to Increase Percentage of Foreign Domestic Workers from Other Countries In Light of Indonesia's Zero Placement Fee Policy

Mr Melvin Yong inquired about the potential impact of Indonesia's zero placement fee policy on other countries, plans to increase FDWs from less common source countries like Thailand and Cambodia, and whether the list of approved countries could be expanded.
Mrs Josephine Teo clarified that Indonesia's policy is not yet in effect, similar policies exist in the Philippines, and employers will be informed of any cost changes, with existing rules requiring fee transparency from agencies.
She noted that while the list of source countries is diverse, employer demand dictates usage, with low interest in some countries like Cambodia despite their approval since 2016.
The Ministry emphasized a multi-pronged approach, including household support schemes and alternative care services, to meet domestic needs beyond relying solely on FDWs.

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5 Apr 2021

Funding and Amounts Paid Out of Special Fund Used to Ensure No Foreign Worker is Denied Medical Care

Hazel Poa asked about a special fund used to ensure foreign workers receive medical care, specifically whether it is fully government-financed and the amount paid out for workers' medical bills when employers cannot pay.
Manpower Minister Josephine Teo stated employers are responsible for medical costs and must buy insurance covering at least $15,000 annually, which pays for about 95% of hospital bills for such workers.
In extenuating circumstances, the Ministry steps in to support cases where employers cannot pay, with an average of 25 employers and workers assisted yearly over the last three years, each averaging $29,000 in support.
The Ministry is reviewing medical coverage for migrant workers and will provide updates later.

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5 Apr 2021

Plans to Encourage Higher Redemption Rates of SingapoRediscovers Voucher and Extending Its Expiry Date to End of December 2021

As of end-March 2021, over 760,000 adult Singaporeans have used their SingapoRediscovers Vouchers (SRV) at least once, with more than $108 million in vouchers and additional expenditure spent under the scheme.
The Ministry plans to intensify efforts to encourage higher redemption rates by sharing products and promotions across attractions, tours, and hotels, and encouraging merchants to create appealing products or bundles.
The current redemption deadline remains 30 June 2021, and any extension will be considered after monitoring the redemption rate over the remaining months, with an encouragement for early redemption.

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5 Apr 2021

Number of Family Offices Currently Set up in Singapore and Their Contribution to Singapore's Economy

MAS estimates about 400 Single Family Offices were operating in Singapore as of the end of 2020.
These offices were attracted by Singapore's stability, competitive business environment, available talent, and deep investment opportunities as an international financial center.
Family offices directly employ advisors and investment professionals and generate indirect employment through partnerships with finance, tax, and legal experts.
They contribute to the economy by expanding patient capital for Singapore-based startups, business ventures, and funds that invest in such companies.
Many principals of family offices are successful business owners who may provide guidance to companies they invest in, further enhancing economic contributions.

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5 Apr 2021

Facilitating Manufacture of COVID-19 Vaccines with Pharmaceutical Companies and Ensuring Production Capabilities Locally in Future Pandemics

Singapore is engaging multiple pharmaceutical companies to manufacture vaccines and therapeutics locally, with Thermo Fisher Scientific establishing a new US$130 million facility to produce up to 30 million sterile doses per month starting in 2022.
The government aims to build a resilient and competitive biomedical sector by developing skilled talent, supporting local R&D, and enhancing manufacturing capabilities to prepare for future pandemics.
Ongoing efforts include nurturing local biomedical companies and training executives with niche skills to strengthen Singapore’s ability to respond to public health crises.

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5 Apr 2021

Claims against Home Renovation Firms for Failure to Deliver after Accepting Deposits in Past Three Years and Actions Taken

Between 2018 and 2020, there were 627 renovation dispute cases filed with Small Claims Tribunals and 278 civil writs in State Courts, but no specific data on claims against firms that accepted deposits and failed to deliver is available.
The Ministry of Law stated that court judgments for refunds must be complied with, and if a firm is insolvent, standard insolvency laws apply, allowing consumers to file as creditors; directors can face personal liability for fraudulent or wrongful trading.
Consumer protection measures include the Consumer Protection (Fair Trading) Act, which allows for court injunctions against unfair practices, and initiatives like CASE’s advisories and the CaseTrust-RCMA accreditation that requires deposit bonds.
The government cannot intervene in genuine business failures, emphasizing the need for consumer due diligence, especially with large prepayments; HDB also restricts errant contractors from its directory.

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5 Apr 2021

Statistics on Local SMEs Contributing to Defence Sector and Share of Defence Budget Benefiting Them During Current Economic Slowdown

Mr Mark Chay asked the Minister for Defence for statistics on local SMEs in the defence sector, including their number, employees, and share of this year’s defence budget during the economic slowdown.
The Minister replied that MINDEF and the SAF work with a wide range of local companies, including SMEs, and pay about $6 billion annually to local firms for products and services.
About 2,000 local SMEs, each with up to 200 employees, are directly contracted by MINDEF and the SAF, with the total number higher if SME sub-contractors are included.

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5 Apr 2021

Impact of Rapidly Rising US Long-term Interest Rates on Singapore and Singaporean Households with Exposure to Property Mortgages

Rising US long-term interest rates, driven by expectations of a strong US economic recovery and higher inflation, are expected to lead to higher domestic interest rates in Singapore, which will increase debt servicing costs for borrowers.
The Singapore economy is projected to grow 4–6% this year, benefiting from global recovery, with improved employment and income prospects, though households with mortgages may face higher repayment costs.
Most households should be able to manage mortgage payments due to the Total Debt Servicing Ratio framework, which limits repayments to 60% of income based on a 3.5% interest rate, but a small segment in the private property market could experience cash flow strains.
Households are advised to exercise caution in property purchases, assuming interest rates will rise and ensuring they can service loans before committing to long-term financial obligations.

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5 Apr 2021

Service Standard for Payout of SGUnited Funding Programmes

Mrs Josephine Teo explained that Workforce Singapore collaborates with the Singapore Business Federation to administer the SGUnited Traineeships and Mid-Career Pathways programmes, with SBF handling claims processing and payouts for host organisations.
As of 1 April 2021, around 27,000 claims were received, with 60% processed and paid, 20% pending clarifications, and 20% still being processed, prompting SBF to expand its team and launch a new claims portal.
SBF aims to disburse payouts within four weeks for claims with complete documentation and is working to clear pending claims by the end of April 2021.

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5 Apr 2021

Helping Workers Transit from COVID-19-related Jobs to Longer Term Work

The Minister reported that nearly 93,000 local jobseekers have been placed into jobs and skills opportunities since the launch of the SGUnited Jobs and Skills Package, with about 12,000 in short-term COVID-19 roles like swabbing, safe management, and patient services.
For workers in temporary COVID-19 positions, the government plans to help them find permanent jobs after their stints through extended and enhanced incentives like the Jobs Growth Incentive and career conversion programmes.
Career conversion programmes are available to support reskilling, with 10,000 places this year and new programmes targeted at growing sectors such as Manufacturing, ICT, and Professional Services.
Job seekers can access assistance from WSG, NTUC’s Employment and Employability Institute, and 24 SGUnited Jobs and Skills Centres, with additional support from a new placement partner, Adecco Personnel Pte Ltd.
The response also highlighted redeployments, such as flight attendants acting as care ambassadors in hospitals, with expectations that they will return to their parent companies as demand recovers.

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5 Apr 2021

Factors to Determine Fees Charged for Administration of Un-nominated CPF Monies by Public Trustee

The minimum fee of $15 and the schedule of charges for administering un-nominated CPF monies are determined by the actual costs involved in tracing next-of-kin, identifying beneficiaries, and verifying relationships.
The fee model is designed to be affordable, with a minimum fee for small amounts and a sliding scale based on the sum of money being administered, and is regularly reviewed for inflation and process improvements.
The Public Trustee may waive fees in part or full for very small amounts or upon appeal based on the applicant's financial circumstances.
The public is encouraged to make and update CPF nominations to allow faster distribution to preferred beneficiaries without incurring fees.

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5 Apr 2021

Impact of COVID-19 Spending on HDB's Estate Improvement Programmes

Darryl David asked if HDB estate improvement programmes like HIP, SLRP and NRP are affected by COVID-19 spending in the short to medium term.
Desmond Lee confirmed that funding for selected projects under these programmes was secured before project selection and remains unaffected by the pandemic.
He added that HDB will continue implementing HIP, SLRP and NRP for eligible blocks, contingent on the government's overall fiscal position and budget availability.

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5 Apr 2021

Reduced Revenue and Donations Received by Mosques during COVID-19 Pandemic

The Minister acknowledged that mosques faced reduced donations due to COVID-19, especially during circuit breaker closures, and highlighted efforts to boost digital donations through online platforms and the OurMasjid.SG portal, which raised about $4.4 million.
MUIS provided additional grants to mosques for safe resumption expenses, such as temperature screening equipment and personal protective gear, while mosques also received wage support via the Jobs Support Scheme, totaling about $9.9 million in 2020.
The combination of government support, MUIS grants, and increased online donations has helped cushion the financial impact on mosques, with ongoing efforts to ensure their financial stability during the pandemic.

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5 Apr 2021

Size of Crypto Asset Market in Singapore

MAS reports that the cryptocurrency market in Singapore is small relative to traditional assets, with combined peak daily trading volumes of major cryptocurrencies representing only 2% of SGX securities trading in 2020.
Cryptocurrencies are deemed highly volatile and unsuitable for retail investors, with MAS issuing advisories and restricting such funds from retail sale, while securities tokens are regulated under existing securities laws.
Crypto exchanges are regulated under the Payment Services Act for money laundering and terrorism financing risks, with MAS empowered to impose additional measures as needed.
MAS has enhanced surveillance, licensing, and public education efforts to address risks associated with crypto assets and will continue to adapt regulations as the market evolves.

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5 Apr 2021

Limited Number of Exchange-Traded Funds under CPF Investment Scheme

The CPF Board limits ETFs under the CPF Investment Scheme to protect members' retirement savings from excessive risk, considering varying member knowledge and product complexity.
ETFs are allowed for investment from both the Ordinary and Special Accounts, and the CPF Board welcomes more applications, subject to careful review of fees and track records.
Only ETFs listed on the Singapore Exchange or registered with local authorities are included to ensure regulatory oversight and avoid foreign jurisdiction risks.

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5 Apr 2021

Impact of Recent Egg Recalls on Supply and Prices

The recent egg recalls from two Malaysian farms had minimal impact on Singapore's egg supply, as these farms accounted for only 5% of imports and importers shifted to other accredited sources.
There is no evidence of price increases or profiteering, with average retail egg prices remaining stable over the past month.
The Singapore Food Agency is collaborating with Malaysian authorities on investigations and will only lift suspensions after ensuring the affected farms implement satisfactory safety measures.
The incident highlights the importance of food supply diversification, with eggs sourced locally and from multiple countries like Thailand, Ukraine, and Poland, while SFA continues to accredit farms with strong biosecurity practices.

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