Economy & business — Topics

5 Apr 2021

Rate of Redemption of SingapoRediscover Vouchers

Chan Chun Sing reported that as of 28 March 2021, over 760,000 adult Singaporeans had used their SingapoRediscover Vouchers at least once, while about 2.2 million had not redeemed them, with over $108 million spent under the scheme.
The Minister emphasized that the digital scheme was designed for accessibility and fraud prevention, with no cases of fraud or profiteering detected, and noted that improvements and enhanced efforts are being made to encourage redemption.
The redemption deadline of 30 June 2021 remains unchanged, with the Ministry monitoring redemption rates to decide on any potential extension.

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5 Apr 2021

Measures to Ensure Employers are More Proactive about Workplace Safety

Mrs Josephine Teo outlined that the Ministry of Manpower (MOM) uses a mix of commercial incentives, such as the CheckSafe e-service and sharing injury data with insurers, to encourage employers to proactively prioritize workplace safety and health (WSH) as a business interest.
The government has strengthened deterrence through higher fines and imprisonment terms for negligence, with the maximum fine rising to $400,000 and courts imposing imprisonment sentences since 2018, alongside measures like the Business Under Surveillance (BUS) programme and demerit points for construction firms.
For Safe Management Measures (SMM) during COVID-19, MOM conducted nearly 17,000 inspections and issued 178 composition notices totaling $178,000 by March 2021, targeting non-compliances like inadequate remote work arrangements and physical distancing in workplaces.
MOM supports small and medium enterprises (SMEs) with practical guides, checklists, and grants to implement SMMs, noting that the latest measures are relaxed and designed to be easy to follow, with most SMEs already compliant under previous rules.

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5 Apr 2021

Training and Financial Support for Re-skilling of Oil and Gas Workers

The Minister for Manpower stated that companies and jobseekers can access support schemes like the Productivity Solutions Grant and Workforce Singapore’s career conversion programmes, which offer up to 90% funding for training and wages to facilitate reskilling and redeployment into growth sectors, including for oil and gas workers.
Since 2016, over 34,000 placements and redeployments have been facilitated through these programmes, with specific examples of oil and gas workers successfully switching to new roles, such as in advanced manufacturing.
Institutes of Higher Learning are collaborating with industry to develop relevant programmes, including sustainability-focused degrees and diplomas, to prepare students for emerging jobs in green sectors.

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5 Apr 2021

Impact of Transition to Low-carbon Emission Regime on Petrochemical Industries and Workers

Minister Chan Chun Sing stated that Singapore's Energy and Chemicals sector employed 27,000 workers in 2020, with 4,600 being work permit holders, and highlighted government studies on the low-carbon transition's implications.
The sector faces risks of downsizing or displacement if companies cannot decarbonise quickly, but it also offers opportunities by supplying materials for green technologies and aiding in carbon capture innovations.
The government is committed to supporting the sector's adaptation to become globally competitive and energy-efficient, aiming to sustain good employment opportunities for Singaporeans amid the transition.

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5 Apr 2021

Grant to IMF's Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries

The Minister for Transport moved a resolution to authorize a maximum grant of 680,000 Special Drawing Rights (approximately 970,000 US Dollars) from the Monetary Authority of Singapore to support Somalia's debt relief through the IMF's Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries.
The motion was made under section 6A(2)(d) of the Bretton Woods Agreements Act and was agreed to by Parliament.
The grant is part of Singapore's bilateral agreement with the IMF to assist heavily indebted poor countries, specifically targeting Somalia's debt relief efforts.

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5 Apr 2021

Grant to IMF's Crisis Capacity Development Initiative

The Minister for Transport, Mr Ong Ye Kung, moved a resolution to authorize a grant of up to 2 million US dollars (about 1.4 million Special Drawing Rights) to the IMF's Crisis Capacity Development Initiative.
The grant would be provided by the Monetary Authority of Singapore on behalf of the Singapore Government under a bilateral agreement with the IMF.
The resolution was made under Section 6A(2)(d) of the Bretton Woods Agreements Act and was approved by Parliament.
The purpose is to support the IMF's initiative to build crisis management capacity in member countries.
The decision reflects Singapore's ongoing commitment to international financial cooperation and stability.

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5 Apr 2021

Grant to IMF's Catastrophe Containment and Relief Trust

The Minister for Transport argued that contributing to the IMF's Catastrophe Containment and Relief Trust supports vulnerable countries ravaged by the pandemic and aligns with Singapore's national interest in a cooperative global system where benefits outweigh costs for a small city-state.
He emphasized transparency through IMF oversight and Singapore's representation, while highlighting that contributions are modest, based on formula-driven quotas, and part of a long tradition of sharing expertise and capacity building rather than merely financial aid.
The motion was passed, authorizing a grant of up to 17.6 million US Dollars to the IMF trust for debt relief and disaster response, reflecting Parliament's support for international cooperation and humanitarian assistance.

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5 Apr 2021

Grant to IMF's Catastrophe Containment and Relief Trust

The Minister for Transport moved three motions to grant a total of approximately US$20.57 million to the IMF’s Catastrophe Containment and Relief Trust, COVID-19 Crisis Capacity Development Initiative, and the Trust for Special Poverty Reduction and Growth Operations for Somalia, citing the need for collective action to support low-income countries amid the COVID-19 pandemic.
Parliament approved a single substantive debate on all three motions, with the Minister noting that the grants align with conditions under the Bretton Woods Agreements Act and will not affect Singapore’s Official Foreign Reserves except for the first two grants, which will reduce reserves by US$19.6 million.
Members of Parliament broadly supported the motions, emphasizing Singapore’s moral duty and self-interest in global recovery, while some called for increased development assistance and better public awareness of Singapore’s international contributions.

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5 Apr 2021

Postal Services (Amendment) Bill

The Postal Services (Amendment) Bill introduces a nationwide, open-access parcel locker network operated by Pick Network, a subsidiary of IMDA, to address growing e-commerce parcel volumes and improve last-mile delivery efficiency.
The Bill includes regulatory provisions to ensure the network’s security, accessibility, and neutrality, while also mandating wholesale access to SingPost’s letterboxes for small parcels to level the playing field for delivery service providers.
Amendments clarify obligations for letterbox maintenance in buildings and streamline existing postal regulations to reduce unnecessary licensing, aligning Singapore’s postal framework with current market and technological trends.

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5 Apr 2021

COVID-19 (Temporary Measures) (Amendment No 2) Bill

The Bill extends temporary relief measures for the construction sector, such as cost-sharing and contract extensions, by six months to 30 September 2021 to prevent a wave of disputes and support industry recovery.
Amendments to Part 8C of the Act aim to streamline the process for developers and purchasers to handle construction delays, including clearer reimbursement methods and assessor appointments for fair resolutions.
Concerns were raised about the impact on individuals and businesses not covered by the extension, such as the end of Part 3 relief for financially distressed entities, and the need to address manpower shortages and high costs in the construction sector.

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5 Apr 2021

Land Betterment Charge Bill

The bill introduces a tax on the increase in land value from chargeable consents.
It includes consequential amendments to other related Acts.
The Second Minister for Law presented the bill and it received a first reading.
The bill will be read a second time in the next parliamentary sitting.

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5 Apr 2021

Significant Infrastructure Government Loan Bill

The bill authorises the Government to raise loans via the Development Fund to finance nationally significant infrastructure projects.
It amends the Development Fund Act and Financial Procedure Act to capitalise related infrastructure expenditure.
The Deputy Prime Minister and Minister for Finance presented the bill, which was read for the first time and scheduled for a second reading.
The bill also repeals and makes consequential amendments to other related Acts.
The President's recommendation for the bill was signified before its presentation to Parliament.

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5 Apr 2021

Progress of Industry Transformation Maps

The Deputy Prime Minister highlighted that the 23 Industry Transformation Maps (ITMs) launched in 2016 have shown encouraging progress, with labour productivity and median income growth improving up to 2019, though COVID-19 disrupted sectors like air transport and retail, prompting targeted support measures.
The government is refreshing the ITMs to address accelerated trends such as digitalization, innovation, and sustainability, with updates to be completed by next year to focus on job growth, upskilling, and inclusive support for vulnerable workers through initiatives like the Jobs Growth Incentive and Senior Employment Credit.
Supplementary questions emphasized the need to share best practices across ITMs, incorporate pandemic lessons for future resilience (e.g., healthcare capacity), and leverage remote work opportunities, with the DPM affirming ongoing tripartite collaboration and skill-building efforts to ensure inclusive economic transformation.

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5 Apr 2021

Published Government Cash Surplus Numbers and Impact on Government's Fiscal Space and Decision on GST Rate Increase

The Minister clarified that cash surpluses, largely from land sales, do not represent available revenue for spending, as such proceeds are transformed assets invested for future needs and cannot justify pausing the GST increase.
The government explained its constitutional requirement to balance the budget over a term, leading to conservative spending early on and use of unexpected surpluses for citizen bonuses, future funds, or adding to reserves, while drawing reserves is reserved for crises like COVID-19.
Despite concerns raised about the regressive nature of the GST hike and suggestions to reconsider the Net Investment Returns Contribution (NIRC) framework, the Minister defended the GST increase as necessary due to constrained revenues from the pandemic and the need for a sustainable, intergenerational fiscal policy, with measures to protect lower-income groups.

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8 Mar 2021

Acknowledgement to the Chair

The Leader of the House acknowledged the extensive Budget 2021 debate, highlighting record participation and unanimous support for measures addressing COVID-19, healthcare workers, economic transformation, inclusivity, mental health, women's development, and the Singapore Green Plan 2030, while discussing fiscal strategies including GST increases and reserve use.
The Speaker reflected on the debate's conduct, emphasizing perspective on national trade-offs like land use, the importance of respectful discourse, and gratitude for Singapore's collective response to the pandemic, drawing parallels to global admiration for Singapore's approach.
Both speakers expressed thanks to Parliament staff, translators, and external teams for facilitating the session, with the Speaker also distributing roses on International Women's Day and quoting local songs to underscore unity and contribution.

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8 Mar 2021

Fourth Supplementary Supply (FY 2020) Bill

The Second Minister for Finance moved the Second Reading of the Fourth Supplementary Supply Bill for FY 2020 to authorize additional expenditure beyond the original Supply Act 2020, citing constitutional provisions and prior parliamentary approval.
The minister explained that the supplementary sums were approved in the Supplementary Estimates of Expenditure for the financial year from 1 April 2020 to 31 March 2021.
The House agreed to the question put for the Second Reading, and the Bill was accordingly read a second time.
The minister then moved the Third Reading of the Bill, which was also agreed to by the House.
The Bill was read a third time and passed, completing the legislative process for the supplementary supply.

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8 Mar 2021

Supply Bill

The Supply Bill was introduced to legislate government expenditure for the financial year 2021-2022, as required by the Constitution, to authorize spending from the Consolidated Fund and Development Fund.
The Bill outlines all Heads of Expenditure and their approved sums, which were previously endorsed by Parliament in the Main and Development Estimates for the period.
The Second Minister for Finance moved for the Bill's Second and Third Readings, which were approved, allowing the Minister to issue warrants for expenditure up to the specified amounts.

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8 Mar 2021

Committee of Supply – Total Sums for Main Estimates, Development Estimates and Resolutions

The Committee of Supply approved a sum of $101.42 billion for the Main Estimates for the financial year 2021-2022.
The Committee of Supply also approved a sum of $32.41 billion for the Development Estimates for the same financial year.
The Second Minister for Finance reported these resolutions to Parliament, which were subsequently agreed to and adopted.

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8 Mar 2021

Committee of Supply – Heads B, C, D, F, G and Z

The Chairman moved to approve the Main Estimates for Heads B, C, D, F, G, and Z en bloc, and the motion was agreed to.
The Chairman then moved to approve the Development Estimates for Heads B, C, and F en bloc, and the motion was agreed to.

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8 Mar 2021

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

The Minister for Finance presented the budget estimates for the financial year from 1 April 2021 to 31 March 2022, outlining planned government expenditures across various ministries and agencies.
Parliament proceeded to consider the estimates in the Committee of Supply, with detailed scrutiny and debate expected over the coming days.
The Speaker presided over the session, guiding the procedural steps for the committee's examination of the budget proposals.

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