Economy & business — Topics

6 Oct 2020

Flexibility in Administering COVID-19 Relief Schemes for Residents in Landed Property and Those with Chronic Health Conditions

Yip Hon Weng asked if COVID-19 relief schemes could be more flexible for residents in landed properties they may not own and for Merdeka and Pioneer Generation Singaporeans with chronic health conditions.
Heng Swee Keat explained that relief schemes like the COVID-19 Support Grant and SIRS target those with less means, using criteria such as property Annual Value to prioritize need, but appeals for extenuating circumstances are considered case-by-case.
The government noted that broad-based support like the Solidarity Payment and Care and Support–Cash schemes did not use property value criteria and included extra payouts for seniors, including Pioneer and Merdeka Generations.
Merdeka and Pioneer Generation seniors receive lifelong healthcare benefits like MediSave top-ups and premium subsidies to help with healthcare costs.
Those needing further help can approach MSF Social Service Offices, with ComCare applications exercised more flexibly during the pandemic.

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6 Oct 2020

Increasing Support for the Sustenance of Livelihoods amongst Performing Arts Workers

MP Carrie Tan highlighted the arts sector's struggles, noting a 50% funding drop and proposing measures like extended JSS, broader Digitalisation Fund eligibility, wage guidelines, and capacity-building, using examples of low-income artists and international success stories like South Korea.
Minister Low Yen Ling clarified that arts funding actually increased, outlined existing support schemes including the $55 million Arts and Culture Resilience Package, and explained that JSS provides up to 50% wage support for the sector, contradicting Tan's claim of only 10%.
The government is implementing measures such as the Capability Development Scheme, Digital Presentation Grant for arts, and commissioning projects to support freelancers, while also working with institutions to help workers access relief and promote fair employment practices.
Both sides emphasized the arts' role in national cohesion and recovery, with Tan calling for greater investment akin to historical examples like the New Deal, and Low urging continued partnership to strengthen the sector post-COVID.

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6 Oct 2020

Housing and Development Board (Amendment) Bill

The Bill allows approved financial institutions to use HDB flat loans as collateral to obtain liquidity from MAS, ensuring no impact on flat owners' rights or loan terms, while providing a fallback if banks default.
It empowers HDB to compulsorily acquire flats as a last resort if owners make misleading or false statements during transfers between related persons, aiming to deter misuse while safeguarding innocent co-owners.
Administrative changes streamline HDB's court procedures for depositing compensation and enhance Board management by increasing membership to 15 and clarifying appointment processes to bring in diverse expertise.

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6 Oct 2020

Goods and Services Tax (Amendment) Bill

The Bill seeks to amend the Goods and Services Tax Act to update tax regulations and administration.
It was presented by the Second Minister for Finance, Mr Lawrence Wong, and received the President’s recommendation.
The Bill was read for the first time and is scheduled for a second reading in the next parliamentary sitting.

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6 Oct 2020

Aviation Recovery

Singapore’s aviation sector has been devastated by COVID-19, with passenger traffic at Changi Airport falling to 1.5% of pre-pandemic levels and affecting thousands of jobs and related industries, prompting the government to prioritize reviving the air hub.
The Minister outlined a phased, risk-managed approach to reopening borders, leveraging improved testing capacity, tracing technology, and lower community infection rates to replace quarantine with testing for travelers from low-risk countries.
Key measures include pursuing Reciprocal Green Lanes for business travel, facilitating safe airport transfers, unilaterally opening borders to countries with comparable low infection rates, and exploring Air Travel Bubbles for general travelers.
The government is providing targeted financial support to airlines and aviation firms, including the Jobs Support Scheme and an Enhanced Aviation Support Package, while pausing Terminal 5 construction to reassess long-term plans.
The debate emphasized the need to balance economic survival with public safety, with the goal of restoring Singapore’s status as a global aviation hub through gradual, cautious reopening steps.

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6 Oct 2020

Profile of Employees Retrenched due to COVID-19 Pandemic

The Minister for Manpower highlighted that while retrenchments have increased during COVID-19, the incidence for seniors aged 60 and above is comparable to the overall local workforce, and the government is actively monitoring the situation and providing support through various job assistance and training programmes.
Ministers and Members raised concerns about ageism, the protection of Singaporeans in retrenchment policies, and the need for a legislated baseline retrenchment benefit, with the Minister explaining that the tripartite consensus opposes a mandated baseline to avoid straining businesses and reducing long-term contract offers.
The government emphasized its commitment to preserving a strong Singaporean core, offering enhanced hiring incentives, mid-career pathways, and targeted support for senior workers, while enforcing anti-discrimination laws and promoting fair retrenchment practices.

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6 Oct 2020

Plans to Help Aviation Sector Recover from COVID-19 Impact

Members of Parliament raised questions about the number of transit passengers through Changi Airport, plans to ease entry requirements for business and leisure travelers, and the revival of the aviation industry to safeguard Singapore's air hub status.
Concerns were voiced about the impact of Singapore Airlines' retrenchment on recovery plans, government support for the airline during a prolonged pandemic, and how to preserve industry capabilities while adapting to post-COVID realities, including potential revisions to projects like Changi Airport Terminal 5.
Additional questions focused on finalizing reciprocal travel arrangements within three months and the factors, including carbon emissions, for approving no-destination flights.
The Senior Parliamentary Secretary sought permission to address several questions through a later ministerial statement.

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5 Oct 2020

Percentage of Rejected Applications under Self-employed Person Income Relief Scheme due to Spouse's Income and Plans to Review Criterion

Melvin Yong asked for the percentage of SIRS applications rejected due to a spouse earning over $70,000 and for a review of this criterion amid the COVID-19 economic impact.
Mrs Josephine Teo explained that SIRS is means-tested, and married applicants are ineligible if their spouse's annual income exceeds $70,000 to target those with limited household wealth.
She noted that $70,000 is above the median income and aligns with other national schemes like Workfare, and the Ministry exercises flexibility on this criterion.
Approximately 10% of unsuccessful SIRS applicants were rejected because their spouse's income far exceeded the $70,000 threshold, which could not be covered by appeal guidelines.
The Ministry's response addresses the question while indicating that the criterion is part of a broader means-testing approach rather than committing to a review.

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5 Oct 2020

Measurement of Success of SkillsFuture and Related Continuing Education and Training Programmes in Providing Opportunities for New Careers and Employability

The government tracks placements for placement-related training programmes, with 5,140 placements via Professional Conversion Programmes and 9,554 via SSG's Train-and-Place programmes since 2016.
Longitudinal studies show training improves employability and wages, such as a 5.8% wage premium for WSQ training graduates and a 10% wage premium for SkillsFuture Work-Study post-diploma graduates.
Employer surveys indicate strong support, with 77% of employers saying SkillsFuture programmes helped employees take on more responsibilities and 75% agreeing they aided recruitment and retention.
Industry alignment is fostered through company-led training, including partnerships with firms like Google and IBM and the use of SkillsFuture Queen Bee companies to support SMEs.

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5 Oct 2020

Companies Applying for Enterprise Singapore's Financing Support Schemes Not Meeting Minimum 30% Local Shareholding Criterion

Ms Yeo Wan Ling asked how many companies applying for Enterprise Singapore’s financing schemes do not meet the 30% local shareholding criterion, how many of these have received support, and whether concessions can be made for companies with high local employment.
Chan Chun Sing explained that the 30% local shareholding criterion is required due to the high government risk-sharing of 50% to 90% and to ensure support primarily for Singaporean-owned companies.
As of September 30, 2020, over 18,000 companies used the enhanced financing schemes, and Enterprise Singapore may consider exceptional cases based on factors like local employment and strategic importance.
Six companies with local shareholding below 30% were supported under the enhanced financing schemes on a case-by-case basis.

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5 Oct 2020

Support for Affected Businesses in Central Business District since Circuit Breaker Period

Businesses in the Central Business District (CBD) have experienced reduced footfall and sluggish sales, especially in F&B and retail, due to continued remote work arrangements despite gradual reopening after the Circuit Breaker.
The government has announced revised workplace measures to allow more employees to return to offices, which is expected to improve CBD business activity, while remote work remains the default.
Support for affected businesses includes multi-billion dollar packages such as the Jobs Support Scheme, loan schemes, and grants like the Enterprise Development Grant, Productivity Solutions Grant, and e-Commerce Booster Package to aid transformation and cash flow.

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5 Oct 2020

Update on Internal Review of National Archives Project that Exceeded Renovation Budget

Miss Cheng Li Hui asked the Minister for Communications and Information about the timeline for the internal review of the National Archives project’s budget overrun and whether it would assess strengthening financial controls.
S Iswaran responded that the National Library Board completed its internal review and tightened procurement and contract management processes to ensure proper approvals for variation works.
The National Library Board also took disciplinary action against staff involved in the lapses identified by the Auditor-General’s Report.

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5 Oct 2020

Requiring Financial Institutions to Display Pop-up Reminders to Prevent Singaporeans from Being Scammed When Performing Overseas Remittance Online

Don Wee proposed requiring financial institutions to display pop-up reminders during overseas remittances to prevent scams.
K Shanmugam responded that MHA, MAS, and banks are already implementing measures like OTP warnings, fraud monitoring, and multi-factor authentication.
The government is exploring additional ways to detect suspicious transactions and improve information sharing to recover scammed funds.
An online scam quiz is being developed to enhance customer awareness before opening internet banking accounts.
The proposal for pop-up reminders will be studied as part of ongoing scam prevention efforts.

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5 Oct 2020

Disbursements of Jobs Support Scheme Payouts to Singapore-registered Companies

The Jobs Support Scheme was designed to support employers in retaining local employees quickly during the COVID-19 crisis, without using profitability as a criterion for payouts, as timely information on business profits was not available.
The government tiered JSS support based on the severity of the economic shock faced by different sectors, with higher support for harder-hit sectors like aviation and travel, and reduced support for better-performing sectors like biomedical sciences and financial services.
The government does not require firms that report profits to return JSS payouts, but encourages them to voluntarily decline or return the support, with over 700 firms having done so as of September 2020.

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5 Oct 2020

Extending Remission of Additional Buyer's Stamp Duty to Singles Purchasing Second Property vis-a-vis Married Couples

Sitoh Yih Pin questioned why single buyers of a second property do not qualify for the Additional Buyer’s Stamp Duty (ABSD) remission that married couples receive when changing homes and asked if this could be extended to singles.
Heng Swee Keat explained that ABSD aims to moderate demand and stabilize the property market, applying to all Singaporeans’ second property purchases regardless of whether they sell their first home.
The only exception is for married couples, who can claim an ABSD refund if they sell their first property within six months, due to changing family needs like having children.
The Minister stated that this concession is not available to other groups, including singles, to maintain the policy’s objective of controlling demand for second residential properties.
Buyers seeking to avoid higher ABSD on a second property are advised to sell their first property before making the new purchase.

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5 Oct 2020

Approvals Given for High Net Worth Individuals to Set up Family Offices in Singapore

Mr Ang Wei Neng asked for data on high net worth individuals setting up family offices in Singapore, including numbers, assets attracted, and local employment over the past three years.
Tharman Shanmugaratnam stated that Single Family Offices (SFOs) are not licensed by MAS and thus lack hard data, estimating around 200 SFOs managing approximately US$20 billion in assets.
SFOs typically employ small teams and generate indirect employment through external professional services, with several hundred people working in the industry.

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5 Oct 2020

Promoting Green Financing amongst SMEs

Ms He Ting Ru asked the Prime Minister about tracking SME take-up rates of green financing and plans to improve SME accessibility to such products.
Tharman Shanmugaratnam, for the Prime Minister, noted that green financing in Singapore has grown significantly but remains a modest share of total transactions, with no specific SME take-up data available.
The government is promoting simplified lending frameworks, like HSBC's SME Green Loan Framework, to make green loans more accessible to SMEs without needing customised external reviews.
MAS will launch a Green and Sustainability-Linked Loan Grant Scheme later this year to help SMEs and corporates defray costs of independent external reviews for green financing.
The government aims to anchor green finance capabilities in Singapore to mainstream these loans and encourage more SMEs to adopt sustainable financing.

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5 Oct 2020

Measures to Minimise Recurrence of Recent Cases of Trade Financing Fraud

The government is collaborating with banks, regulators, and trade agencies to develop a code of best practices for commodity financing, with finalisation expected in Q4 2020, to strengthen transparency and governance.
The Monetary Authority of Singapore is leading efforts to digitalise trade financing by replacing paper-based systems with electronic documents and data flows to reduce fraud risks and improve authenticity checks.
Trading companies will face more rigorous credit assessments and tighter financing conditions, ensuring access to bank financing commensurate with their creditworthiness while enhancing Singapore’s resilience as a global trade hub.

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5 Oct 2020

Regulators' Response to Recent Reports on Local Banks' Involvement in Suspicious Transactions and Money Laundering

The government clarified that the leaked FinCEN reports are not evidence of money laundering and that MAS is reviewing whether Singapore banks detected suspicious transactions properly and will take enforcement action if breaches are found.
MAS has a robust regulatory framework aligned with international standards, applies intrusive supervision for higher-risk institutions, and uses firm enforcement actions including penalties and license revocation when necessary.
Singapore authorities are enhancing detection through technology like network analytics, sharing intelligence with financial institutions, and collaborating internationally via FATF and partnerships with foreign jurisdictions.

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5 Oct 2020

Standardised Clauses for Non-renewal of Telecommunications Service Contracts

Melvin Yong asked whether telcos use standardised non-renewal clauses, if requiring seven days' notice to avoid penalties aligns with contract law, and whether consumers face higher fees after auto-renewal.
S Iswaran replied that telcos must offer termination flexibility, with varying notice periods; IMDA has influenced one telco to drop a strict seven-day requirement.
Contracts have minimum periods with discounted rates; services auto-renew after expiry, and fees may rise to non-discounted rates if not renewed or terminated.
IMDA mandates telcos to disclose key terms, including post-minimum-period rate changes, upfront during sign-up or renewal to protect consumers.

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