Economy & business — Topics

24 Feb 2021

Proposal for Projects with Four or Fewer Units to be Covered by Housing Developers (Control and Licensing) Act

Leon Perera questioned the basis for the HDCLA’s threshold of more than four units and proposed including projects with four or fewer units under the Act.
Minister Desmond Lee explained that the threshold is because such small projects are typically built by individual owners for their own use or by small developers where purchasers can negotiate terms without the standard agreements.
The Minister noted that projects with four or fewer units make up only 0.5% of the pipeline supply and have not generated adverse feedback in the past three years.
The Government committed to periodically reviewing the HDCLA to explore necessary regulations for safeguarding purchasers’ interests.

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24 Feb 2021

Employment Trends of Resident and Non-resident Population in Singapore and Expected Severity of Retrenchments

Total employment fell by 172,200 in 2020 due to a 16% drop in foreign employment, while resident employment grew modestly by 9,300, driven by sectors like Infocommunications & Technology, Financial Services, and Health & Social Services.
Sectors most affected by COVID-19, such as F&B Services, Community, Social & Personal Services, and Arts, Entertainment & Recreation, saw the largest declines in employment.
Retrenchments in 2020 totalled 26,570, with the fourth quarter showing a decline to 6,100, though the incidence rate remained low compared to past recessions, and further challenges are expected in sectors like Air Transport.

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24 Feb 2021

Setting of MediSave Withdrawal Limits and Tracking of Medical Costs for Seniors

MediSave withdrawal limits are set to keep basic subsidised healthcare affordable while balancing current treatment costs and future savings needs, taking into account government subsidies and MediShield Life payouts.
The government has expanded MediSave use for seniors, including raising Chronic Disease Management Programme limits and introducing Flexi-MediSave for younger seniors and MediSave Care for those with severe disability.
Regular reviews are conducted to ensure healthcare financing schemes remain relevant and adequate for Singaporeans’ needs, especially seniors with higher expenses and chronic conditions.

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24 Feb 2021

Breakdown of Cost Per Year for Government to Subsidise Each Public Rental Household

The government spends about $10,000 per year on average to subsidize each public rental household, with total annual costs for all 50,000 households amounting to roughly $500 million in rent subsidies and $145 million in building and management costs.
Building, land, finance, and upgrading works account for 60% of the total costs, while administrative, maintenance, and ancillary costs make up the remaining 40%.
Public rental rents are highly subsidized, with monthly rents as low as $26 for a 1-room flat and $44 for a 2-room flat, compared to open-market rates.
The median stay in public rental housing is seven years, during which households receive ongoing support to achieve home ownership through partnerships with social service agencies.
Total costs can vary yearly due to factors like major upgrading works for older rental blocks, but the average remains consistent over time.

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24 Feb 2021

Debate on Annual Budget Statement

The Budget supports economic recovery and workforce adaptation through measures like the Jobs Support Scheme and Jobs Growth Incentive, with emphasis on strengthening the Singaporean core and assisting hard-hit sectors such as aviation and tourism.
Parliamentarians highlight the impact of remote work trends and global competition, urging updates to manpower policies, investment in future skills, and improvements to programs like SkillsFuture and infrastructure to keep pace with technological advancements.
Discussions focus on supporting vulnerable groups, including senior workers, women, and gig workers, through extended CPF contributions, flexible work arrangements, respite care, and better social protections, while promoting tripartite collaboration to leave no one behind.

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24 Feb 2021

Debate on Annual Budget Statement

The debate centered on Budget 2021's response to COVID-19, with support for its expansionary measures but calls for more targeted aid for hard-hit sectors, greater transparency on the use of public funds, and a review of the immediate petrol duty hike which was seen as poorly timed for struggling groups like private-hire drivers.
Members stressed the need for deeper investment in workforce transformation, including enhancing the Capability Transfer Programme, expanding the Progressive Wage Model to more sectors, and ensuring that multi-billion-dollar initiatives like the $24 billion Emerging Stronger package yield measurable outcomes for workers, especially mature and low-income Singaporeans.
The debate also highlighted long-term challenges, with speakers supporting the issuance of green bonds for infrastructure and the Singapore Green Plan 2030, while urging stronger safeguards against digital scams, better support for vulnerable families, and a reconsideration of institutions like CDCs and Mayors to redeploy finite resources more effectively.

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24 Feb 2021

Fourth Supplementary Supply (FY 2020) Bill

The Fourth Supplementary Supply (FY2020) Bill aims to provide additional funding for the financial year 1 April 2020 to 31 March 2021
The bill was presented by the Second Minister for Finance on behalf of the Deputy Prime Minister and Minister for Finance
The bill has been read for the first time and will undergo a second reading after the conclusion of proceedings on the Estimates of Expenditure for FY2021/22

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24 Feb 2021

Supply Bill

The Supply Bill authorises the withdrawal of funds from the Consolidated Fund and Development Fund to cover government spending for the 2021/2022 financial year.
It is presented by the Second Minister for Finance on behalf of the Deputy Prime Minister and Minister for Finance, following the President's recommendation.
The Bill undergoes its First Reading and is scheduled for a Second Reading after the conclusion of the Estimates of Expenditure proceedings.

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24 Feb 2021

Revamp of Bus Routes Given Staged Opening of Thomson-East Coast Line

The Senior Minister of State for Transport highlighted that as the MRT network expands, bus services with low ridership, especially those parallel to rail lines, will be reviewed and adjusted to maintain financial prudence and avoid escalating subsidies, which currently amount to about $1 billion annually for buses.
In 2019, only 11 out of 356 bus services covered their operating costs through fares, while in 2020, just two feeder services did so, with the shortfall made up by government subsidies to ensure connectivity, particularly for new housing estates.
The government emphasized the need to balance service quality, fare affordability, and financial sustainability by reallocating resources from underused routes to meet new demand, such as for upcoming HDB developments, without increasing the overall fiscal burden.

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16 Feb 2021

Trends of Property Prices in 2020 for HDB Flats and Various Types of Private Housing

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16 Feb 2021

Expected Structural Changes to Hospitality Sector over Near to Medium Term and Expected Impact on Skills and Workforce

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16 Feb 2021

Number and Percentage of Active and Inactive CPF Members who have Met Different Retirement Sums Upon Turning 55

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16 Feb 2021

Economic Agencies' Targets for Promotion of Green Businesses in Singapore

Minister Chan Chun Sing stated that economic agencies like Enterprise Singapore and the Economic Development Board offer incentives such as grants for energy efficiency and waste reduction to promote green businesses, supported by initiatives like the Monetary Authority of Singapore’s Green Finance Action Plan.
The government highlighted that sustainability offers competitive advantages, citing examples like Neste Singapore’s renewable diesel and Greenpac’s eco-friendly packaging solutions.
While not explicitly confirming formal ESG evaluation frameworks, the minister emphasized ongoing government and agency efforts to support businesses in the green economy and protect the environment.
The response did not directly address the request for public disclosure of targets and frameworks, focusing instead on existing incentives and partnership opportunities.

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16 Feb 2021

Numbers of Borrowers who Applied for Relief from Loan Obligations due to COVID-19 Disruptions and Borrowers with Problems Transitioning Back to Full Loan Repayment

Foo Mee Har asked for the number of borrowers who applied for COVID-19 loan relief and those expected to have trouble returning to full repayment.
Between April and December 2020, over 36,000 property loans and 2,800 other loans were deferred, with additional support for SMEs and unsecured credit.
Extended relief options were made available after initial measures expired, with only a small proportion of 2020 relief recipients seeking further assistance.
As of end-2020, approved extensions included about 2,800 reduced property loan instalments and 1,000 SME principal payment deferments.
Authorities and the financial industry will continue monitoring the situation, noting a general economic recovery outside hard-hit sectors like aviation.

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16 Feb 2021

Firms Identified as Anchor or Queen Bee Companies and Benefits Brought to SMEs and Individuals

The government has onboarded 221 SkillsFuture Queen Bee companies, selected for their industry standing and ability to influence business networks, such as Bosch Rexroth, IBM, Kwong Wai Shiu Hospital, and Prudential across various sectors.
These companies receive government support, including funding to deliver training in emerging skills and to hire "Skills Managers" to identify and address skills gaps for other companies in their value chains.
Since July 2019, over 400 companies, 93% of which are SMEs, have benefited from skills development programs delivered by SkillsFuture Queen Bee companies, enhancing workforce upskilling and supporting enterprise transformation.

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16 Feb 2021

Annual Budget Statement

The government will draw up to $11 billion from past reserves to fund a new $11 billion COVID-19 Resilience Package, which focuses on public health, continued wage support for hard-hit sectors, and targeted aid for industries like aviation and arts.
Budget 2021 allocates $24 billion over three years for economic transformation, emphasizing business innovation, workforce upskilling through an expanded SGUnited Jobs and Skills Package, and strengthening regional and digital connectivity.
To address long-term fiscal needs, the GST rate will be increased sometime between 2022 and 2025, while a new law will be introduced to allow government borrowing for major infrastructure projects.

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16 Feb 2021

Financial Support Schemes for Working Care-givers of Cancer Patients

The government offers means-tested subsidies for cancer treatment, MediShield Life and MediSave coverage, and a $200 monthly Home Caregiving Grant, alongside tax reliefs for caregivers who meet specific conditions.
Caregivers can use their MediSave for approved dependants’ medical expenses, but withdrawal limits exist to balance supporting the patient and preserving the caregiver’s own future healthcare funds.
For cases exceeding current financial support, families are encouraged to seek case-by-case assistance through Medical Social Workers or MediFund, which provides a safety net without depleting the caregiver’s MediSave.

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16 Feb 2021

Reports of Unauthorised Online Banking Transactions and Proportion that Involves Suspected Mobile Device Hacking

In 2020, there were 1,848 reports of unauthorised online banking and card transactions, with figures rising from 114 in 2018 and 329 in 2019, reflecting an upward trend as electronic transactions grow.
While multi-factor authentication is required, many scams occur when victims are tricked into revealing login details or OTPs; some cases involve transactions without SMS OTPs, prompting ongoing investigations and bank precautions like transaction limits.
If a consumer suspects fraud, they should immediately file a police report and contact their bank; if the bank is at fault, the customer will not bear financial loss if they practiced proper cyber hygiene and were not negligent.
Consumers are urged to practice good cyber hygiene, keep passwords and OTPs confidential, update security software, and heed advisories from banks, MAS, and the Singapore Police Force.
Banks have implemented additional controls, such as rejecting payments to certain merchants or setting transaction limits, as part of ongoing security measures.

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16 Feb 2021

Assessment Criteria in Granting Approval to Organise In-person Global Conferences Amidst COVID-19 Pandemic

The Minister of State explained that approvals for in-person conferences like the World Economic Forum’s Special Annual Meeting are guided by the Safe Business Events framework, which mandates strict public health protocols such as testing and safe management measures.
He noted that the government is still finalizing logistical details and cannot yet disclose costs and revenues, but emphasized the event’s expected benefits for Singapore’s economy, international standing, and local companies.
The decision to host the event in-person was influenced by the World Economic Forum’s choice of Singapore, with the government aiming to signal confidence in safely hosting major international events and to highlight Asia’s economic role.
In response to a follow-up, the Minister highlighted Singapore’s growing expertise in hybrid events and the need to balance in-person interactions with safety measures, while continuously monitoring the global COVID-19 situation.

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16 Feb 2021

Requests for Consular Assistance from Singaporeans in Myanmar Following Military Coup

The Ministry of Foreign Affairs confirmed a small number of Singaporeans in Myanmar have returned home, while the embassy continues to maintain contact with registered citizens and advises them to avoid public gatherings and monitor local laws and communications.
Singapore supports ASEAN’s non-interference policy but notes the ASEAN Chair’s statement calling for dialogue and the return to normalcy in Myanmar, and the government urges all parties to seek a peaceful, democratic resolution.
The Minister highlighted Singapore’s significant economic stakes in Myanmar, with US$24 billion in investments and a tenfold increase over the last five years, while advising companies to assess political risks amid the ongoing situation.
Singapore is engaging with ASEAN and major powers to foster inclusive dialogue on Myanmar, discouraging widespread sanctions to avoid harming ordinary citizens, and reaffirming that domestic political issues from other countries should not be imported into Singapore.

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