Economy & business — Topics

7 Apr 2020

COVID-19 (Temporary Measures) Bill

The Bill introduces temporary measures to address COVID-19 impacts, including allowing remote meetings and court proceedings, and providing relief for scheduled contracts like leases and event bookings to prevent forfeiture of deposits or legal actions for non-performance due to the pandemic.
It mandates that property owners pass on property tax rebates to tenants in a timely manner, with enforcement mechanisms and dispute resolution through Valuation Review Panels, ensuring tenants receive intended benefits.
Part 7 grants the Minister for Health powers to enforce enhanced safe distancing measures, such as closing non-essential premises and restricting gatherings, with penalties for non-compliance, to curb COVID-19 transmission during the circuit breaker period.

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7 Apr 2020

COVID-19 (Temporary Measures) Bill

The COVID-19 (Temporary Measures) Bill aims to provide temporary relief for individuals and businesses affected by the pandemic, focusing on event cancellations, hire-purchase agreements, and secured loans for SMEs.
It introduces a dispute resolution mechanism through Assessors, who will make quick, free, and final decisions without lawyers, to ensure equitable outcomes for all parties.
The Bill modifies bankruptcy and insolvency laws to raise debt thresholds and extend deadlines, giving individuals and companies more time and space to recover financially.
The legislation was developed rapidly with input from private sector experts and government agencies to address over $120 billion in affected sectors, emphasizing collective responsibility and fairness.
The Bill is part of broader efforts to mitigate economic impacts, encouraging parties to find compromises and seek solutions during the crisis.

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7 Apr 2020

COVID-19 (Temporary Measures) Bill

The Minister for Law introduced the COVID-19 (Temporary Measures) Bill to provide temporary relief for businesses and individuals affected by the pandemic, emphasizing that while Singapore upholds the sanctity of contracts, the unprecedented crisis necessitates government intervention to prevent widespread economic collapse.
The Bill offers targeted relief for specific contracts, including non-residential leases, construction agreements, and event-related contracts, allowing for deferred payments, defenses against breach claims, and restoration of deposits, with measures lasting up to one year and overseen by Assessors to ensure just outcomes.
The Minister justified the intervention by citing historical precedents from the Great Depression and other crises, highlighting the need to share the economic burden fairly across landlords, tenants, and other stakeholders to protect jobs and the broader business ecosystem.

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7 Apr 2020

Revised Supplementary Supply (FY 2020) Bill

The Revised Supplementary Supply (FY 2020) Bill was passed in a single Parliamentary sitting to urgently implement support measures announced in response to the COVID-19 crisis.
The Bill, certified by the President as urgent under Standing Order 86, allows for its three readings to be conducted in one sitting to expedite financial aid to workers, enterprises, and households.
The measures, approved in the Committee of Supply, aim to provide swift assistance amidst heightened safe distancing measures affecting all Singaporeans.

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7 Apr 2020

Revised Supplementary Supply (FY 2020) Bill

The Second Minister for Finance introduced the Revised Supplementary Supply (FY 2020) Bill with a Certificate of Urgency signed by the President.
The Bill was read for the first time to provide supplementary funding for additional expenditure in the financial year 1 April 2020 to 31 March 2021.
The Minister proceeded directly to the Second Reading after distributing copies of the Bill to Members.

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7 Apr 2020

Supplementary Supply (FY 2020) Bill

The Second Minister for Finance moved to discharge and withdraw the Supplementary Supply Bill (FY 2020) as Parliament had already approved funds for COVID-19 pandemic response through Committee of Supply resolutions.
The original Bill introduced on 26 March 2020 needed to be withdrawn to allow for a revised version incorporating all approved sums.
The motion to withdraw the Bill was agreed to by Parliament, clearing the way for a Revised Supplementary Supply Bill to be introduced for approval.

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7 Apr 2020

Supplementary Estimates of Expenditure for the Financial Year 1 April 2020 to 31 March 2021

The Ministry of Manpower received a $500 million increase to its budget to provide employers with a Foreign Worker Levy Rebate, temporarily easing labour costs for affected firms.
The Ministry of Trade and Industry was allocated an additional $200 million for enhancements to business support programmes, including the Temporary Bridging Loan Programme and Enterprise Financing Scheme.
A $4 billion increase was approved for Head Z, with $2.9 billion to enhance the Jobs Support Scheme and $1.1 billion for a one-off Solidarity Payment to households.

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7 Apr 2020

Amendments to Supplementary Estimates of Expenditure for FY20/21

The Leader of the House moved a Motion to amend the Supplementary Estimates for FY2020/2021 to increase funds for Heads S, V and Z, citing the need for additional COVID-19 support measures explained by the Deputy Prime Minister and Minister for Finance.
The Speaker consented and sought general assent from Members, who indicated agreement, leading to the Motion being put and agreed to.
The House resolved to take the amendments in the Committee of Supply for the respective heads of expenditure, despite Standing Orders, to vote on the additional funds required.

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7 Apr 2020

Additional Support Measures in Response to COVID-19 Pandemic

The Deputy Prime Minister outlined a comprehensive response to the COVID-19 pandemic, emphasizing the use of three historic Budgets totaling $160 billion to protect lives, save jobs, and ensure Singapore's future through fiscal prudence and drawing on past reserves.
Key measures include enhanced support for businesses through the Jobs Support Scheme, property tax rebates, and credit facilities, as well as direct cash assistance and income relief for workers, including self-employed persons and low-wage employees.
The government is prioritizing health by implementing circuit breaker measures while building economic and social resilience, with initiatives like the Emerging Stronger Task Force and the Singapore Together movement to navigate the crisis and prepare for recovery.

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7 Apr 2020

Additional Support Measures in Response to COVID-19 Pandemic

Parliament overwhelmingly supported the government's Resilience and Solidarity Budgets, praising the massive financial package for providing swift and comprehensive support to businesses and workers impacted by the COVID-19 pandemic, with many speakers expressing confidence in Singapore's ability to overcome the crisis through strong leadership and public cooperation.
Several members highlighted specific gaps and called for more targeted aid, including extending the Jobs Support Scheme to business owners and directors, increasing assistance for self-employed persons (SEPs) and those on unpaid leave, providing more relief for commercial tenants, and offering support to permanent residents and long-term visit pass holders.
While the government's means-tested approach was largely acknowledged, a notable proposal from a Nominated Member advocated for a temporary Universal Basic Income Scheme to provide weekly cash payouts to all citizens, financed by a temporary income tax increase, to ensure no one falls through the cracks during the rapid economic downturn.

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7 Apr 2020

Proceedings on Supply Business and Rearrangement of Business

The Leader of the House, Ms Grace Fu Hai Yien, proposed a Motion to immediately debate the Deputy Prime Minister's Ministerial Statement on additional COVID-19 measures, ensuring Parliament concludes its consideration before voting on the Supplementary Estimates and Bill for FY20/21.
Parliament approved the Motion, with Members indicating general assent, allowing the debate on the Ministerial Statement to proceed without delay as per the Standing Orders.
The debate centers on the multi-Ministry programmes outlined in the Ministerial Statement, which require Parliament's approval and are reflected in the Supplementary Estimates and Bill for necessary funding.

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6 Apr 2020

Adequacy of Estimated $100 Billion for Coastal Defences over Next 100 Years in View of Rise in Sea Level from Melting of Antarctica

The $100 billion estimate for coastal defences over 100 years was based on a 2013 study and older climate reports that did not fully account for Antarctic ice melt.
Newer scientific findings, including a 2019 IPCC report, indicate higher sea-level rise for tropical regions like Singapore, prompting ongoing research and updates to projections.
The government has allocated $5 billion to a Coastal and Flood Protection Fund and plans detailed studies on specific coastal areas to refine cost estimates and adaptation measures.
The $100 billion figure is an initial estimate that may change as climate science evolves, and Singapore’s approach will remain flexible to accommodate future data.

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6 Apr 2020

Community Improvement Projects Committee Funding Applied for and Allocated to Each Grassroots Adviser and/or Citizens’ Consultative Committee from FY2016 to Date

Pritam Singh asked for the amount of Community Improvement Projects Committee funding applied for and allocated to each grassroots adviser and Citizens’ Consultative Committee from FY2016 to date.
Lawrence Wong explained that the CIPC funds HDB estate improvement projects like walkways and playgrounds, with budgets allocated based on HDB units and requiring CCCs to co-pay 10%.
Town Councils must agree to maintain completed CIPC projects on common property before construction begins, ensuring long-term upkeep.
Comparisons of CIPC funding across constituencies are not meaningful due to differing resident needs, so CCCs decide on project selection.
The CIPC allows grassroots groups closer to residents to choose projects that best meet local needs.

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6 Apr 2020

Additional Support Measures in Response to COVID-19 Pandemic

The government’s Resilience and Solidarity Budgets provide broad support for workers, businesses, and families affected by COVID-19, with measures including cash payouts, rental and loan relief, and enhanced job support schemes, which were widely praised for their generosity and timeliness.
Several MPs highlighted specific gaps, calling for faster disbursement of aid, expanded eligibility for self-employed and gig workers, more support for sectors like sports and retail, and automatic renewal of assistance to reduce administrative burdens during the circuit breaker.
Concerns were raised about the long-term mental health impact of the crisis, with suggestions for a national mental health strategy, free first consultations, and targeted support for vulnerable groups such as low-income households, seniors, and migrant workers.
The debate also emphasized the need for structural reforms, including improving housing conditions to reduce overcrowding, enhancing food security, accelerating digital transformation for SMEs, and ensuring sustainable use of national reserves for future generations.
Members urged collective solidarity and responsibility, with calls for all Singaporeans to adhere to safe distancing measures, support one another, and use this crisis as an opportunity to innovate, upskill, and build a more resilient and equitable society.

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6 Apr 2020

Additional Support Measures in Response to COVID-19 Pandemic

The Parliament unanimously endorsed the multi-Budget response to COVID-19, with lawmakers praising the swift, decisive action and the unprecedented scale of support drawing on national reserves to protect lives and livelihoods during the "circuit breaker" period.
Key measures highlighted include enhanced wage support through the Job Support Scheme, cash assistance for displaced workers and the self-employed, and targeted aid for severely impacted sectors like aviation, with ongoing concerns about implementation speed and eligibility criteria.
Looking ahead, speakers urged leveraging the crisis to build long-term resilience, such as strengthening food security, accelerating digital transformation, and creating short-term jobs, while emphasizing the need for unity and tripartite cooperation to emerge stronger.

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6 Apr 2020

Additional Support Measures in Response to Elevated Safe Distancing Measures

The Deputy Prime Minister introduced a $5.1 billion Solidarity Budget to support workers and businesses during a four-week "circuit breaker" period of heightened safe distancing measures, including a 75% wage subsidy for April and enhanced financing schemes.
Direct cash assistance will be provided to households through a one-off $600 Solidarity Payment for all adult Singaporeans, while eligibility for the Self-Employed Person Income Relief Scheme is broadened to include more affected individuals.
Additional measures include waiving foreign worker levies for April, providing rebates to employers, and requiring landlords to pass on property tax rebates to tenants, with funding partly drawn from past reserves and the fiscal budget.

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6 Apr 2020

Update on SMEs that have Benefited from Support and Stabilisation Package

As of March 31, 662 enterprises took up the SME working capital loan, with 575 being micro and small enterprises.
The government enhanced support by raising loan quantum limits and capping lending rates at 5% per annum under the Temporary Bridging Loan.
Borrowers can request to pay only interest for the first year to ease monthly cash flow, subject to financial institutions' assessment.
Additional measures include corporate tax rebates, rental waivers for government properties, and enhanced job support schemes.
MAS and financial institutions have announced a package to help enterprises, while a new COVID-19 bill aims to provide further relief.

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6 Apr 2020

Impact of COVID-19 Restrictions on Singapore’s Economy and Robustness of National Stockpile of Essential Items

The Minister outlined Singapore's multi-pronged strategy for national stockpiles, emphasizing that stockpile sizes are dynamically determined based on consumption rates, supply chain reliability, and local production capacities, and he stressed that panic buying severely disrupts these efforts.
The Minister highlighted that COVID-19 travel and trade restrictions have disrupted global supply chains and Singapore's economy, prompting the government to commit S$55 billion in support packages and collaborate with international partners to keep trade flows open.
In response to concerns about essential items like masks, the Minister confirmed prioritizing PPE for frontline workers, building domestic mask production capacity, and ensuring vulnerable patients can access masks through medical channels.
The Minister advised that stable prices for basic goods rely on import diversification, domestic production, and maintaining stockpiles, while cautioning that the circuit breaker measures will seriously impact the economy but are necessary to control the outbreak and avoid greater long-term damage.

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26 Mar 2020

Rational Immigration Policy in an Irrational Age

Assoc Prof Walter Theseira highlighted that public misperceptions about immigration—such as overstating immigrant numbers and their economic impact—often distort policy debates, and argued that Singapore must adopt a fact-based, research-driven approach to immigration that treats immigrants as partners rather than just economic solutions.
He presented estimated data suggesting Permanent Residents (PRs) in Singapore tend to be more skilled and earn more than citizens but face higher retrenchment risks, underscoring the need for transparent labour market statistics and targeted support for locals adversely affected.
Minister Josephine Teo responded that Singapore’s immigration policy prioritizes integration and long-term commitment over purely economic criteria, and that attracting skilled PRs aligns with national interests, while noting that current selective policies remain sustainable due to high application numbers.

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26 Mar 2020

Additional Support Measures in Response to COVID-19 Pandemic

The Deputy Prime Minister announced a $55 billion Resilience Budget to combat COVID-19's medical, economic, and social impacts, with $17 billion drawn from Past Reserves for exceptional circumstances.
The budget prioritizes saving jobs and livelihoods through enhanced wage support schemes, cash assistance for households, and new initiatives like the Self-Employed Person Income Relief Scheme and SGUnited traineeships.
It includes targeted support for hard-hit sectors like aviation and tourism, along with broad measures like property tax rebates and rental waivers to help businesses with cash flow and costs.
The plan also builds economic resilience through investments in R&D, digitalization support for companies, and skills upgrading for workers to prepare for recovery.
Political office holders, including the President and Speaker, will take a three-month pay cut in solidarity with Singaporeans during the crisis.

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