Economy & business

• MNC headquarters in Singapore increased, with more professionals employed, indicating stable job opportunities for youths.
• Government plans to retain MNCs by enhancing governance, workforce skills, and global connectivity to create good jobs.
• No data collected on Singaporean youths relocating overseas due to MNC relocations.

• Complaints on defective non-vehicle goods received 156–176 yearly from 2021 to 2025, with over two-thirds resolved for consumers.
• Top reasons for unresolved cases: disputes over defect vs wear-and-tear, refund policies, and insufficient partial refund offers.

• Parliament questioned Singapore's energy resilience against Middle East disruptions, including supply safeguards for GasCo and monitoring of petrol prices. The government addressed these through ministerial statements on contingency measures, fuel stock sufficiency, and potential business support for energy cost volatility.
• MPs sought targeted support like pooled procurement and hedging for firms facing energy price shocks. This ensures businesses manage volatility without harming long-term economic efficiency, with the government confirming a review of current safeguards.

• No plans to reintroduce course fee relief or new tax reliefs for skills upgrading, as direct support measures already exist.
• Existing support includes course subsidies, training allowances, salary support, and SkillsFuture Credit for lifelong learning and upskilling.

• Ministers assessed how Middle East conflict raises energy and food prices, affecting households differently, and explained existing targeted support measures.
• Government evaluates current and potential impacts, ensuring aid addresses distributional effects on vulnerable groups in Singapore.

• MAS sets a four-hour annual downtime limit for banks. A one-hour DBS outage on 19 March 2026 was caused by an erroneous system change; MAS will require stronger change management.
• The government reassured that ATMs, credit cards, and debit cards remained operational during the outage. DBS restored services swiftly. MAS will ensure banks enhance change processes to strengthen digital resilience.

• MPs queried the Iran conflict’s impact on SMEs, energy policy, and workers, seeking cost relief and long-term solutions.
• Ministers addressed the effects on logistics, retail, and energy diversification, outlining plans to cushion businesses and workers.

• Wan Rizal questioned if S&CC rebates sufficiently shield HDB households from higher energy costs and broader cost-of-living pressures.
• Ministers addressed the issue in statements on Middle East impacts, directing reference to the official parliamentary report.

• Patrick Tay asked about job security risks in fuel-exposed sectors due to Iran war and fuel price surge.
• The minister referred to a prior statement on the Middle East situation’s impact on Singapore.

• Minister highlights existing safeguards like Total Debt Servicing Ratio and HDB's concessionary loans to curb over-borrowing.
• HDB loans are pegged to CPF rates, buffering homeowners from rising interest rates.
• Government urges prudence amid global uncertainty but does not propose new targeted measures.

Minister Chee says it is too early to discuss funding for VERS, including extending the asset-conversion framework. He notes VERS is long-term and complex, with details still being developed. He did not confirm if the President’s Office has been consulted.

• Kenneth Tiong questioned why the $60k CPF extra interest cap is unchanged since 2008 and if it should track retirement sums.
• Tan See Leng explained the cap helps boost savings and is not linked to FRS growth, with no interest forgone.
• The government supports retirement through various schemes and enhancements, including recent CPF top-ups for older citizens.

• There are 1,338 VCCs in Singapore as of April 2026.
• MAS monitors VCCs; 25 were de-registered for holding no assets.

Household liabilities rose due to mortgages and personal loans, but assets grew faster overall.
Singapore’s balance sheets remain strong with ample buffers against financial shocks.
MAS has safeguards and education programs to encourage prudence among borrowers.

Singapore must develop a low-altitude economy with eVTOLs and drones, focusing on cross-border mobility and logistics. Government, industry, and academia should collaborate on talent, infrastructure, and innovation. A national strategy is needed to overcome airspace and safety constraints.

• The Bill extends energy efficiency standards to goods imported for personal use, closing a regulatory gap to strengthen national energy security and reduce costs. The government addressed concerns about affordability and implementation by waiving fees and offering support grants.
• Operational details were clarified: importers must register goods individually for accountability, but the process will be streamlined for individuals. Online platforms will be required to remove non-compliant listings to protect consumers.

• The Senior Parliamentary Secretary clarified that Career Conversion Programmes provide salary support to employers.
• This addresses a specific parliamentary question about labour market demand and retrenchments for professionals.

• Minister assessed closures’ impact on vibrancy, social cohesion, and resilience.
• Vacancy rates stable; churn allows new businesses to meet needs.
• HDB uses trade mix controls and fast tendering for shop diversity.

• Government and unions provide job matching, career coaching, and financial aid for affected platform workers.
• Platform operators must collaborate with associations on transparency and worker communication during transitions.
• Structured support across agencies helps redeploy workers and reduce income disruption.

• MPs raised concerns over GIRO safeguards following erroneous deductions, prompting the government to confirm that MAS and banks are reviewing the framework. The review will consider consumer-set limits, enhanced due diligence, and better transaction monitoring to improve protection.
• Officials acknowledged the need for stronger measures like monthly caps and pre-debit notifications. The review will address suggestions from the UK's direct debit model, though major system changes will take time to implement.