Economy & business — Topics

1 Feb 2021

Basis of Land Allocated for Sandcrawler Building and Breadtalk HQ

Mr Chua Kheng Wee Louis inquired whether the land for the Sandcrawler building and Breadtalk HQ was allocated directly to Lucasfilm and Breadtalk without an open tender, what JTC considers before approving sales, and if JTC would only allow reselling directly back to JTC under exceptional circumstances.
Minister Chan Chun Sing stated that JTC, with EDB and ESG, allocates industrial land based on factors like productivity, job creation, investment, and growth plans, with the Sandcrawler and Breadtalk land awarded after reviewing their business plans and industry contributions.
JTC restricts lessees from selling or assigning leases unless conditions are met, such as completing a no-assignment period or fulfilling investment commitments, and may allow assignments or buy back sites to optimize industrial land use.

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1 Feb 2021

Allow Use of SingapoRediscover Vouchers at Food and Beverage Outlets in Tourist-targeted Areas

Christopher de Souza asked if the SingapoRediscover Vouchers could be used at food and beverage outlets in tourist-targeted areas.
Chan Chun Sing explained that the vouchers were designed specifically for tourism businesses like hotels, attractions, and tours, which were heavily impacted by the decline in international travel due to COVID-19.
He noted that F&B merchants can already partner with eligible tourism businesses to create bundled offers that qualify for the vouchers, and can also benefit from Singapore Tourism Board marketing initiatives.
The response emphasized that the scheme's focus remains on supporting tourism establishments, with F&B outlets able to participate indirectly through collaborations.
The debate highlighted the need to balance support for tourism businesses with broader economic relief for other sectors like F&B.

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1 Feb 2021

Measures to Control Private and Public Healthcare Costs following MediShield Life Council's Recommendation to Reduce Proportion of Private Healthcare Bills Covered by MediShield Life

Leong Mun Wai asked the Minister for Health about additional measures to control private and public healthcare costs beyond the proposed reduction in MediShield Life coverage for private bills from 35% to 25%.
Gan Kim Yong outlined measures including publishing private sector surgeon fee benchmarks and total bill sizes, mandating a minimum 5% copayment in Integrated Shield Plans, and reviewing MediShield Life coverage for costly cancer therapies to ensure sustainability.
The government is promoting cost-effective, evidence-based care through the Agency for Care Effectiveness, emphasizing responsible choices by all stakeholders, and encouraging health promotion and regular screenings to manage long-term healthcare costs.

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1 Feb 2021

Subsidies Provided for In-Vitro Fertilisation (IVF) Treatments in Past Five Years and Expected Increase in Subsidies Expenditure

From 2015 to 2019, annual co-funding for IVF treatments increased by more than 40%, from approximately $14 million to $20 million.
The government provides up to 75% co-funding for a maximum of three fresh and three frozen IVF cycles to support couples' parenthood aspirations while balancing financial support and clinical evidence.
Clinical data shows significantly lower success rates for additional cycles beyond the sixth, with rates falling to 6.7% for women aged 40 and above, reinforcing the policy of limiting co-funding to six cycles.

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1 Feb 2021

Seeking Assistance with MediShield Life Premiums Payments

The government provides premium subsidies of up to 50% for lower and middle-income households, with additional subsidies for Pioneers and Merdeka Generation seniors, and uses MediSave for premium payments, including family support.
A COVID-19 subsidy was introduced to cap net premium increases at about 10% in the first year, with premium payment deferrals for those affected, and no applications are needed for most subsidies which are automatically extended.
For those still facing difficulties, Additional Premium Support (APS) covers outstanding and future premiums for two years, with applications processed within 20 days, and no one loses coverage due to payment issues.
Subsidies are designed as a percentage of premiums, so they increase with inflation, and financial reassessments can be appealed for major changes in circumstances.

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1 Feb 2021

Projected Rise in Cost of Medical Services and Health Insurance in 2021

The Ministry of Health outlined that rising healthcare costs are driven by an aging population, medical advancements, and increased manpower and operating expenses, and it has been publishing fee benchmarks and phasing out zero co-payment Integrated Shield Plans to encourage responsible consumption.
For MediShield Life, the government will adjust premiums to match rising claims and benefits, provide up to $2.2 billion in subsidies over three years to keep net premium increases to about 10% in the first year, and offer support like MediSave top-ups and deferred payments for those affected by COVID-19.
The government encourages Singaporeans to choose healthcare coverage wisely, consider long-term affordability of private insurance, and adopt healthy lifestyles through initiatives like regular screenings and vaccinations to manage costs sustainably.

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1 Feb 2021

Breakdown of Businesses Taking on Re-Align Framework to Terminate Existing Rental Contracts ahead of Schedule

The Re-Align Framework allows small and micro businesses impacted by COVID-19 to renegotiate selected contracts, with termination only as a last resort if negotiations fail.
As of 26 January 2021, 114 Notices of Negotiation were submitted online, but hardcopy submissions are untracked, and the Minister did not provide a breakdown by property sub-sector square footage.
The framework encourages fair and reasonable negotiations during a 4-week period following a Notice of Negotiation, with businesses having until 26 February 2021 to seek relief.

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1 Feb 2021

Tax Incentives to Encourage Companies Doing Well to Donate to Charities

Hazel Poa asked if the government would enhance tax incentives to encourage companies that are doing well to donate to charities, given current fundraising difficulties.
The government highlighted its current multi-pronged approach, including a 250% tax deduction for donations to Institutions of a Public Character and similar incentives for corporate volunteering.
Heng Swee Keat noted that the 250% deduction is already high compared to other jurisdictions, and that the government must balance tax benefits with fiscal needs affected by COVID-19.
The government will continue to review tax and non-tax measures to support sustained charitable giving while ensuring fiscal responsibility.

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1 Feb 2021

Breakdown of 2020 Budgets for Expenditure Items Amounting to $100 Million and above

The Deputy Prime Minister and Minister for Finance outlined that $97.3 billion was committed through five 2020 Budgets to support Singapore's economy and society during the COVID-19 pandemic, with over 85% comprising direct transfers, grants, and loans to individuals, businesses, and households.
Of the total, $13.8 billion was allocated to Ministries and Statutory Boards for operational COVID-19 responses, including $10 billion for medical and emergency operations (MOH/MTI), $2.9 billion for quarantine and migrant worker facilities (MND), and $0.9 billion for managing dormitory outbreaks (MOM).
Multiple agencies awarded contracts to over 100 suppliers for medical supplies and over 150 suppliers for facility management and dormitory support, with procurement adapted to global shortages and aimed at securing value for money.

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1 Feb 2021

Impact of Work From Home Policy on Demand for Commercial Office Space

Sharael Taha queried the Ministry for Trade and Industry on the impact of work-from-home policies on commercial office space demand and potential measures to address it.
Chan Chun Sing noted that the long-term effects of work-from-home on office demand remain uncertain, citing an increase in occupied office space and a slight decrease in vacancy rates in Q4 2020 compared to previous quarters.
The government intends to monitor the commercial property market and may adjust the supply of properties if necessary to manage market conditions.

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1 Feb 2021

Continued Vibrancy and Sustainability of Singapore’s Hawker Culture

The Ministry highlights long-term priorities to sustain Singapore’s hawker culture, focusing on addressing manpower constraints through productivity measures like centralised dishwashing and automation subsidies.
Initiatives are in place to attract new hawkers by keeping rents reasonable, offering incubation stalls, and providing training through apprenticeships and a succession scheme for retiring veterans.
New hawker centres are designed with improved infrastructure, including larger stalls, better ventilation, family-friendly amenities, and provisions for automated systems to support sustainability and hygiene.

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1 Feb 2021

Implications of Consumer Data Monopoly by Firms

The Prime Minister’s office acknowledged that while firms use consumer data to improve services, there is a risk of data monopoly restricting competition, with regulators like the Competition and Consumer Commission of Singapore and Infocomm Media Development Authority having rules to prevent such abuse.
Personal data protection is ensured through the Personal Data Protection Act (PDPA), which requires consent and transparency from financial institutions, alongside cyber hygiene and technology risk management standards, though individuals also bear responsibility for safeguarding their data.
Singapore has explored digital currency through Project Ubin for wholesale payments, but a retail Central Bank Digital Currency (CBDC) is not yet pursued due to concerns over illicit use, impact on bank funding, and a careful assessment of privacy versus other risks.

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1 Feb 2021

Helping Companies Transit into TraceTogether-only SafeEntry Phase

The government plans to implement TraceTogether-only SafeEntry at high-traffic or high-risk venues, with more than half of the 40,000 affected establishments already ready to accept TraceTogether token check-ins.
Businesses will be assisted through guides and ambassador support, and some SafeEntry check-ins may be removed to reduce inconvenience, such as allowing a single mall check-in to cover internal stores.
The government is working on solutions to simplify the transition and will announce details later, with physical scanner upgrades or app downloads suggested for non-compliant businesses.
No specific cost defrayal details for smaller establishments were provided, but support focuses on capability building and smoother implementation.

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1 Feb 2021

Age Limit for Matched Retirement Savings Scheme

Foo Mee Har questioned why the Matched Retirement Savings Scheme caps eligibility at age 70, excluding older seniors from its benefits.
Mrs Josephine Teo explained the scheme targets seniors below 70 to maximize compound interest benefits, noting those over 70 typically already receive CPF payouts and have other support like healthcare and cash schemes.
The government affirmed ongoing reviews to keep the scheme relevant while addressing seniors' retirement needs through existing alternative measures.

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1 Feb 2021

Utilisation Rates of Funds Set Aside to Help Families, Workers and Businesses During COVID-19 Pandemic

Heng Swee Keat outlined three main areas of spending from the $100 billion COVID-19 support package, allocating $13.8 billion to public health, $73.5 billion to protect livelihoods, and $10 billion to social and household support.
The funds supported testing, contact tracing, vaccine procurement, wage subsidies, business loans, and direct payments to households, with over half a million individuals receiving assistance through specific schemes.
The government expects not to fully utilise the $100 billion as some areas saw higher take-up than expected while others required less support, with future resource allocation to be detailed in the 2021 Budget.

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1 Feb 2021

Amount Spent on Supporting Dormitory Operators to Comply With COVID-19-related Measures

The Government spent $4.6 million to reimburse dormitory operators for COVID-19 measures like cleaning, utilities, and infrastructure from April to August last year.
Support was provided because new safety requirements were not originally planned for by operators, and claims are assessed for prudence and reasonableness.
The Ministry of Manpower imposes a cap on claim amounts, and further claims are pending assessment.

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1 Feb 2021

Accelerate and Deepen Efforts Against Climate Change

MP Jamus Lim argued that Singapore's current carbon tax is too low and narrowly focused, urging a higher price per tonne and broader coverage to drive meaningful emissions reductions, while endorsing a carbon tax over a cap-and-trade system for its transparency and revenue benefits.
Minister Grace Fu outlined Singapore’s climate commitments and constraints, highlighting the new whole-of-nation Singapore Green Plan 2030 and the government's intention to review the carbon tax rate by 2023, aiming for a balance between economic growth and sustainability.
MPs Leon Perera and Rachel Ong emphasized protecting natural carbon sinks like mature forests, integrating climate goals into national planning, and ensuring policies address social equity, such as through green dividends and enhanced nature education.
The debate concluded with cross-party consensus to accelerate climate efforts, adopting amendments to recognize climate change as a global emergency and to include civil society in national partnerships, while proposing measures like standardized ESG reporting and green job development.

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1 Feb 2021

Electronic Transactions (Amendment) Bill

The Bill amends the Electronic Transactions Act to adopt the UNCITRAL Model Law on Electronic Transferable Records, enabling legally recognized electronic versions of trade documents like bills of lading to improve efficiency, reduce costs, and enhance security in international trade.
It removes transferable documents from the Act's exclusion list, paving the way for digitalization of transactions such as Lasting Power of Attorney (LPA), with plans to progressively include other items once robust legislative and administrative safeguards are in place.
Members of Parliament supported the Bill but raised concerns about SME digitalization support, cybersecurity measures, and ensuring accessibility for vulnerable groups, with the Minister affirming ongoing efforts like TradeTrust and digital inclusion initiatives.

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1 Feb 2021

Clarification by Minister for Manpower

The Minister for Manpower clarified her earlier statement on the Jobs Growth Incentive scheme, correcting the timeline for CPF payment submissions.
She explained that employers have two weeks after the month’s end to make CPF payments, not two months as previously stated.
The CPF Board validates the data before sending it to IRAS, meaning data for September 2020 hires would only be ready by late November.

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1 Feb 2021

President's Concurrence with Resolution on Treasury Bills

Parliament passed a resolution authorizing the Minister for Finance to borrow up to S$45 billion in Treasury Bills under the Local Treasury Bills Act.
This borrowing brings the total authorized amount to S$105 billion, in line with Article 144(1)(a) of the Singapore Constitution.
The President concurred with the resolution on 25 January 2021, following its passage by Parliament on 5 January 2021.

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